When it comes to Bitcoin, there is no denying that China has had a significant influence over the cryptocurrency. After all, China is home to some of the largest Bitcoin mining pools and exchanges in the world.
However, does this mean that China actually controls Bitcoin? Let’s take a closer look.
It is true that a large majority of Bitcoin mining takes place in China. However, it is important to remember that anyone can mine Bitcoin from anywhere in the world.
NOTE: WARNING: There is no evidence that China has any control over Bitcoin. While it is true that a significant portion of Bitcoin mining takes place in China, this does not equate to control. Furthermore, any attempts to manipulate the price of Bitcoin by Chinese entities would likely be unsuccessful given the global nature and distributed computing power of the Bitcoin network.
The reason why so much mining takes place in China is because of the cheap electricity and abundant resources.
Similarly, a large number of Bitcoin exchanges are based in China. However, again, anyone can set up a Bitcoin exchange anywhere in the world.
There are numerous exchanges based outside of China that cater to a global audience.
So while it is true that China has a lot of influence when it comes to Bitcoin, it would be inaccurate to say that they control the cryptocurrency.
4 Related Question Answers Found
Yes, Bitcoin is illegal in China. The Chinese government has banned the use of Bitcoin and other virtual currencies within the country. This ban was first put into place in December of 2013, and has been enforced since then.
-Bitcoin ownership in China is on the rise, with estimates suggesting that as much as 20% of all Bitcoin is now owned by Chinese investors.
-This increase in ownership is due to a number of factors, including the recent bull run in the cryptocurrency markets and the Chinese government’s crackdown on traditional financial investments.
-There are concerns that this concentration of ownership could lead to manipulation of the Bitcoin markets, but so far there is no evidence of this happening.
-Overall, the rise in Bitcoin ownership in China is a positive development for the cryptocurrency, as it shows increasing mainstream adoption in a key market. The exact percentage of Bitcoin owned by Chinese investors is difficult to estimate, but it is clear that their share of the market is on the rise. This increase is due to a number of factors, including the recent bull run in the cryptocurrency markets and the Chinese government’s crackdown on traditional financial investments.
Since China’s Central Bank declared that Bitcoin is not a currency in 2013, the crypto-community has been asking if Bitcoin is allowed in China. The simple answer is “Yes”, but there are a lot of nuances to that answer. Here’s what you need to know about Bitcoin and China.
As of September 2019, it is estimated that approximately 30% of all Bitcoin (BTC) is owned by Chinese investors. This is a significant increase from just a few years ago when China only accounted for around 5% of the global BTC market. There are a number of reasons for this surge in Chinese investment, including the country’s volatile stock market and the recent crackdown on cryptocurrency exchanges by the Chinese government.
