The Man Who Would Reform China’s Economy
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  • Todd Fletcher

    The last few weeks have seen a massive increase in Bitcoin client downloads and purchasing led by China. Because of this the price per btc has risen from about $210 to pass the all time high of $266.

    Several events in China have fed this rally: Baidu, a major Chinese internet services company has started accepting bitcoin for payment for some services, and a state TV program had a feature on Bitcoin that was very favorable. Some are speculating that this means the Chinese government is signalling that it approves of the purchase of Bitcoin by citizens in China.

    All of which makes sense in light of this article: if there is move to liberalize the Chinese economy it’s hard to imagine a firmer sign then the government approving consumer adoption of Bitcoin.

    • Jacksonian_Libertarian

      The Chinese have accumulated $1 Trillion in US Treasuries, in it’s effort to manipulate its currency and give its exporters a price advantage. Bitcoin’s can’t be manipulated in this way, as there isn’t any Bitcoin Treasuries. So it isn’t that China approves of Bitcoins, it’s that China sees no way of taking advantage of them and is ignoring them for the moment.

      • Todd Fletcher

        Interesting thanks

  • lukelea

    There are beautiful ideas in China. But entrenched interests rule. And I mean deeply entrenched. It’s hard to imagine the Party reforming itself short of a collapse.

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