http://www.nbcnews.com/business/chinese-buying-california-housing-2D11650640
To me, this practice, of draining practical wealth from the US is something that is calculated on the part of the chinese. Nobody in the US will pay for absorbent house prices nor is the US apt at the thought of $800 bitcoins, thus we sell, and chinese buy. As the article states, the chinese want to find a safe store of value for their wealth and they think housing in america is a good investment, and as we've seen btc as well. The chinese may play a bigger role in the eventual acceptance of bitcoin than we think. Similar to every time I walk into the grocery store everything is made in china, I have to accept that reality, because china cornered that market, and sooner or later, everyone will have to use bitcoins, because china cornered that market as well.
To me, this practice, of draining practical wealth from the US is something that is calculated on the part of the chinese. Nobody in the US will pay for absorbent house prices nor is the US apt at the thought of $800 bitcoins, thus we sell, and chinese buy. As the article states, the chinese want to find a safe store of value for their wealth and they think housing in america is a good investment, and as we've seen btc as well. The chinese may play a bigger role in the eventual acceptance of bitcoin than we think. Similar to every time I walk into the grocery store everything is made in china, I have to accept that reality, because china cornered that market, and sooner or later, everyone will have to use bitcoins, because china cornered that market as well.
