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Apart from investing in real estate abroad, last year, Chinese folks were buying huge amounts of bitcoins. What is the reason, Chinese people trust their econo
by __Joker 12y ago
Apart from investing in real estate abroad, last year, Chinese folks were buying huge amounts of bitcoins.
What is the reason, Chinese people trust their economy less than the western economy ?
- frankchn 12y agoEvading capital controls, perhaps? Since the Yuan is not fully convertible, you can get USD from Yuan by using Bitcoin as an intermediary.
- Canada 12y agoChinese capital controls are easing. The country has a lot of cash and continues to have a lot of income from exports. They're buying nice stuff and taking luxury vacations. They're investing in foreign companies and property. They can afford to, so why not? Were they supposed to just sit on the funds forever?