So with China devaluing currency and the Chinese citizens looking to get their money out of Yuan, do you think buying BTC will be one of their means for doing so? I dont know much about the capital controls, but if the citizens cant easily take their Yuan and buy other currencies maybe buying BTC will be easier and more efficient for them? This would be very good news for the BTC price. Thoughts?
i'm sure this is will affect to bitcoin price,china is big country with big population,and they interest to start buying bitcoin,i think this is one of many reason why bitcoin price is higher for now. 
Topic: China currency and effects on BTC - page 6. (Read 5358 times)
So with China devaluing currency and the Chinese citizens looking to get their money out of Yuan, do you think buying BTC will be one of their means for doing so? I dont know much about the capital controls, but if the citizens cant easily take their Yuan and buy other currencies maybe buying BTC will be easier and more efficient for them? This would be very good news for the BTC price. Thoughts?
Yes I agree. The big question is what is and what will be the chinese government reaction as things progress.
So with China devaluing currency and the Chinese citizens looking to get their money out of Yuan, do you think buying BTC will be one of their means for doing so? I dont know much about the capital controls, but if the citizens cant easily take their Yuan and buy other currencies maybe buying BTC will be easier and more efficient for them? This would be very good news for the BTC price. Thoughts?
I'm really not sure whether all chines are buying bitcoins. But what you said is correct than this will be a very good news for btc price stability because more and more people hold bitcoins price may not fluctuate so much in future. If that happens traders may not like it because they want every day price movement to make profits for them but for general public who is not a trader it will be a great news. Currently prices are constantly moving and reaching again around 500 level soon. Any idea what is the real cause for this up move? is it a bubble or real one?
I'm not sold on the premise that Chinese citizens are "looking to get their money out of the Yuan." The Chinese government is actively pumping the Chinese stock market and attempting to entice people to invest in it. It seems more likely that people will chase the bubble there than look to get their money out of the Yuan all together.
Second, if people are looking to get their money out of the Yuan, bitcoin is only a temporary transfer method, at best. They're not looking to convert to bitcoin and hold, they're looking to convert to bitcoin, move their money outside of the country, and convert to something more stable like the Euro or USD. In that case, any purchasing pressure this activity causes would be canceled by the selling pressure, with a net of zero. But this still seems unlikely to be happening on a scale large enough to matter.
Second, if people are looking to get their money out of the Yuan, bitcoin is only a temporary transfer method, at best. They're not looking to convert to bitcoin and hold, they're looking to convert to bitcoin, move their money outside of the country, and convert to something more stable like the Euro or USD. In that case, any purchasing pressure this activity causes would be canceled by the selling pressure, with a net of zero. But this still seems unlikely to be happening on a scale large enough to matter.
So with China devaluing currency and the Chinese citizens looking to get their money out of Yuan, do you think buying BTC will be one of their means for doing so? I dont know much about the capital controls, but if the citizens cant easily take their Yuan and buy other currencies maybe buying BTC will be easier and more efficient for them? This would be very good news for the BTC price. Thoughts?
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