Bitcoin-buying Chinese have raised its course to a two-year high

ZeroHedge, a popular economic and political resource , reports a sudden rise in the Bitcoin rate over the past couple of days. According to the conclusion of the resource, Chinese users are all the blame, in a hurry buying up the "cue ball" in order to withdraw capital abroad.

Despite the official restriction that exists in China, according to which citizens can not bring abroad more than $ 50,000 a year, in reality, the dream of most Chinese who have developed into the "middle class" is a house somewhere in Canada or Australia, where will be able to move with his family.
')
Therefore, in the country of red capitalism, various complex schemes for the withdrawal of capital earned from the homeland are flourishing, and every year the volume of overseas property purchases by the Chinese increase by 40-50% .


Private capital inflows to China

In anticipation of a serious devaluation of the yuan, under the influence of increasing control over the withdrawal of capital and sinking of the yuan to the dollar, Chinese citizens rushed to buy bitcoins - this is indicated by the sudden rise of the BTC / CNY rate on the Huobi exchange, which pulled the BTC / USD rates on other exchanges.

Bitcoin in China is about the same position as in Russia - not officially banned, but there are no rules for working with it either. While the government is eyeing cryptocurrency, everyone who dares to work with it is in some kind of shadow economy.

Now the bitcoin rate jumps right up to $ 540, only a week ago he was resting around $ 440, and in the summer of last year he sank below $ 200. According to some estimates, the Chinese have about $ 30 trillion dollars in private accounts, while the market capitalization of bitcoins at the current rate is around $ 8 billion. If the Chinese comrades will actively use BTC to withdraw capital from the country, we can expect an even more serious take-off.