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Bitcoin price jumps 21 percent over 4 days, reaching a 21-month high
- nikolay 10y agoChina speculators are doing it again. Not particular reason, but this proves again that Bitcoin is doomed. I think it's all orchestrated, though - people know Bitcoin is going to be replaced by Ethereum, but there's still a lot of money in BTC that needs to be converted to ETH, and having expensive Bitcoin and cheap Ethereum is a dream come true! I just don't understand who are the idiots buying Bitcoin at these prices!
- anonbanker 10y agothere's a chance that the two can coexist. Yes, BTC is nowhere near as robust, but I don't expect BTC to die in the near future. This is the time to either sell or store your BTC. the price is still on the way up, but the easy money was already made a few months ago.
- nikolay 10y agoThere was... if the general population cared, which it doesn't.
- meric 10y agoI don't they're speculating. They use it to smuggle money out of the country. Spend CNY to buy bitcoin. Go overseas, spend bitcoin to buy USD. This process may take weeks so during that they're holding hundreds of thousands of dollars of bitcoin. Why they spike in people smuggling money out? The PBOC is sending the CNY on a downwards trajectory, appearing to accelerate last week. [1][2] [1] https://www.google.com/finance?q=CNYUSD&ei=StpMV9CCLsuE0gSp27joDw https://www.google.com/finance?q=CNYUSD&ei=StpMV9CCLsuE0gSp2... [2] http://business.inquirer.net/210705/china-fixes-yuan-at-over-five-year-low-against-dollar http://business.inquirer.net/210705/china-fixes-yuan-at-over...