Why China is Leading the Global Rise of Bitcoin

Capital controls in China are strict. It’s easy to bring money into the country, but getting it out (to invest or spend) is more difficult. That means there are are plenty of wealthy Chinese citizens and residents looking to move their money around the world with greater freedom. Kapron explained:

“Some people have the equivalent of tens of millions in dollar-equivalent value in China and they want to get it out.

They want to send their children to school in Canada, the US, Australia. Wealthy families, new and old money — it’s not a lack of trust in the local system, it’s just a need to diversify their investments.”

China’s huge population is cash-heavy yet increasingly wired, he said. Domestic investment options are limited to stocks, property, and more property.

Why China is Leading the Global Rise of Bitcoin.

 

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