Two months ago, I wrote a post about Bitcoin and all the Chinese Investors. Specifically, I was concerned about:

  1. The fact that 94% of all Bitcoin trades were taking place on Chinese exchanges;
  2. The fact that China has exchange controls – which could make it difficult to liquidate your Bitcoins in the case of, say, a Bitcoin sell-off; and
  3. Oh, well, the fact that Chinese investors have a history of speculative bubbles (even over garlic futures, if you can believe).
An Update

Here’s a graph from, showing all the Bitcoin trades for the last 30 days:

Bitcoin trades in November 2016

The top four exchanges on that list are all based in China. I make that 99.15% of all trading activity since November 5th.

Then consider this:

Bitcoin trades by currency in November 2016

That’s the Chinese Yuan with 99.03% of the market share in Bitcoin trades.

I’m not really sure what to tell you here.

But I think we can safely say that Bitcoin is now effectively Chinese.

Rolling Alpha posts opinions on finance, economics, and the corporate life in general. Follow me on Twitter @RollingAlpha, and on Facebook at