BloombergMarkets
For Felix Yang, nothing beat bitcoin.
After he bought several million yuan worth of the cryptocurrency in June, the 34-year-old finance worker watched as prices skyrocketed 43 percent in the second half of 2016 before reaching an all-time high of $1,162 this week.
Yang is now looking to his nation’s policy makers with trepidation. The last time prices reached a record in 2013, China tightened rules on bitcoin transactions, spurring a rout that caused him losses. Jitters among buyers increased after the asset plunged as much as 23 percent on Thursday before rebounding back above $900.
“The Chinese government’s policy is an important factor," said Yang, who owns about $2 million of bitcoins and lives in Suzhou, Jiangsu. “There may be room for further gains in price, but there’ll be a big pullback soon. It’s hard to sustain such a rapid rise for a long time.”
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