Friday, January 6, 2017

Through Rally or Crash, Here's Why Bitcoin Buyers Are Nervous About China

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.”
Read the article HERE

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