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The Saudis facing confiscation and raids back home dumped their cash into Bitcoin which fueled the rally to $20k. They are now pulling the money out.
by aviv 8y ago
The Saudis facing confiscation and raids back home dumped their cash into Bitcoin which fueled the rally to $20k. They are now pulling the money out.
- ucha 8y agoI never heard this one... what do you have to back it up?
- olivermarks 8y agoJonathan Nelson, Managing Director HACK Fund discussed this on last week's sharespost webinar. The slides and replay should be up soon if you check their site. Discussion was titled 'State of Crypto Markets and Regulation: USA vs. the World – SharesPost Expert Series'
- olivermarks 8y agoThe vast majority of cryptocurrency transactions are in Asia, meaning China, Singapore & Japan according to a sharespost webinar I tuned in to last week. Getting money out of China has been a driver of cryptocurrencies in 2017 and early 2018, with little utility other than moving money around to invest in safer havens.
- tacon 8y agoI can see Chinese capital flight as a driver of transactional bitcoin. How does that lead to holding bitcoin as an investment?
- dopamean 8y agoThis reminds me of an anecdote from Liar's Poker where the writer talks about how not even the oil traders understood what caused the price of oil to move and so they'd just make up outlandish stories about the Saudis.
- charlesdm 8y agoAnd Santa wears a hat