29 Feb '16, 7am

Was MMM Really behind Last Year’s Increased Bitcoin Demand among the Chinese? -

In late last year, Bitcoin surged past the established resistance to rise in value. In the month of August and early September, the digital currency was valued at around $200 plus with minimum volatility. However, thanks to the global economic conditions, bitcoin price picked up. The sudden increase in bitcoin price was attributed to multiple economic reasons. The bitcoin price rise was inadvertently influenced by the economic slowdown suffered by Greece and China. The reports on US economy also influenced the increase in bitcoin price. Among all these things, the move to devalue Chinese Yuan turned out to be the major driving force behind increased demand for bitcoin. What Drove Bitcoin Demand in China? With the devaluation of Chinese Yuan, people started looking for ways to move money out of the country to invest in assets that are not at the risk of losing its value. Th...

Full article: http://thebitcoinpro.com/was-mmm-really-behind-last-years...

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