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My theory is that Bitcoin is used by the elite in China as just another way of transferring money out of the country. Buying Bitcoin from a Chinese exchange, an
by eliteraspberrie 12y ago
My theory is that Bitcoin is used by the elite in China as just another way of transferring money out of the country. Buying Bitcoin from a Chinese exchange, and selling it on an American exchange, allows you to transfer money between countries, avoiding foreign exchange regulations.
- kolev 12y agoI've heard this so many times! The elite has billions and although you can buy and sell many times working around the market cap of Bitcoin, I don't think it's practical to transfer tens and hundreds of millions as the low liquidity will drive prices up and down crazily. Plus, I have friends in China with money, there are no practical limitations of moving money around as the Bitcoin propaganda portrays it, only because it serves it well.