Two months ago, I wrote a post about Bitcoin and all the Chinese Investors. Specifically, I was concerned about:
- The fact that 94% of all Bitcoin trades were taking place on Chinese exchanges;
- 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
- Oh, well, the fact that Chinese investors have a history of speculative bubbles (even over garlic futures, if you can believe).
Here’s a graph from data.bitcoinity.org, showing all the Bitcoin trades for the last 30 days:
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:
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.