29 Oct '13, 6pm

The Chinese Are In Love With Bitcoin And It's Driving The Digital Currency's Prices Into The Stratosphere

The Chinese Are In Love With Bitcoin And It's Driving The Digital Currency's Prices Into The Stratosphere

crashed after the government shut down illicit online emporium Silk Road ? That now seems like a distant memory. Since reaching a low of $109 on the Mt. Gox exchange the day of Silk Road incident Oct. 2, prices have climbed nearly $100, reaching as much as $233. Prices haven't fallen below $200 since Sunday. The reason is simple: China. Even before the Silk Road crackdown, Chinese had been nudging the market up. In September, in a story headlined "Bitcoin Mania Grips China," BloombergBusinesseweek's Lulu Yilun Chen reported on the surging investment in Chinese-based Bitcoin exchanges and "miners," or firms that set up computers with the processing power to unlock new packets of currency. “In China, the stock market, property, and bond market are all not so good, so people get really excited when they hear of a new investment that generates high returns,” Peter Pak, head of...

Full article: http://www.businessinsider.com/china-and-bitcoin-2013-10

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