That 80% of BTC may be traded for Chinese currency is interesting for a number of reasons. Officially, the Chinese government prohibits using bitcoin within its territory, even if it (probably) heavily subsidizes two of the world's largest bitcoin miners (also located in China). But also, it poses questions about why we're seeing this kind of demand and what opportunities there are to leverage it.
ECONOMYBitcoin still gaining currency in China A buy-and-hold strategy for investing in Bitcoin has proven to be a disastrous strategy in the past 15 months, but the cryptocurrency's following in China continues to build. Goldman Sachs reveals that 80 per cent of Bitcoin exchange volume is now driven by the renminbi, up from about 50 per cent at the start of 2014. Its widespread usage is particularly interesting because China clamps down on traditional currency exchange via capital control measures.