Reporting from the ongoing Singapore bitcoin conference:
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"There are two things affecting bitcoin in China," Linke Yang, co-founder and vice president of BTC China – the world's largest bitcoin exchange by volume – told CNBC on the sidelines of the conference.
"One is that there are a lot of [bitcoin] miners in China," Yang said, referring to those participating in the process of adding transaction records to bitcoin's public ledger and who can earn bitcoins for their efforts.
"The second is that, traditionally, high net-worth individuals and investors first go to the property market to invest and then the stock market, but since the property market is capped and controlled and stocks maybe aren't doing so well that's changing," Yang said. "After we had the China Central Television piece [on bitcoin in March] people here know about bitcoin and are putting their money into it."
"One is that there are a lot of [bitcoin] miners in China," Yang said, referring to those participating in the process of adding transaction records to bitcoin's public ledger and who can earn bitcoins for their efforts.
"The second is that, traditionally, high net-worth individuals and investors first go to the property market to invest and then the stock market, but since the property market is capped and controlled and stocks maybe aren't doing so well that's changing," Yang said. "After we had the China Central Television piece [on bitcoin in March] people here know about bitcoin and are putting their money into it."