14 Nov '13, 10pm

Dope news of the day: Chinese real estate developers now accepting bitcoin. #BREAM.

Dope news of the day: Chinese real estate developers now accepting bitcoin. #BREAM.

China’s got the bitcoin bug. A real estate developer in Shanghai just announced that it’s now accepting bitcoins for one of its mid-range flats in a posh Shanghai suburb. That’s after a unit of Baidu, China’s leading search engine, announced it would accept bitcoins in mid-October. Half of the world’s daily bitcoin trading volume now comes from China, according to the Genesis Block, a research firm that follows bitcoin. (That’s a trend we called back in April .) Moves in the yuan-bitcoin exchange rate are now a leading indicator of dollar-bitcoin price spikes, reports the Genesis Block : ​ Will Shanghai real estate sales whip up China’s bitcoin trading frenzy even more? Hard to say—it’s not clear whether the developer’s announcement is a marketing gimmick or a real expansion of bitcoin’s practical value. Even the company’s president isn’t sure. “One reason we’re doing this...

Full article: http://qz.com/147606/look-out-chinas-housing-bubble-is-no...

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