{"id":571423,"date":"2024-01-25T18:00:26","date_gmt":"2024-01-25T18:00:26","guid":{"rendered":"https:\/\/wncen.com\/?p=571423"},"modified":"2024-06-11T12:02:57","modified_gmt":"2024-06-11T12:02:57","slug":"bitcoin-millions-chinese-capital-despite-ban","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-millions-chinese-capital-despite-ban\/","title":{"rendered":"Bitcoin Attracts Millions In Chinese Capital Despite Ban: Report"},"content":{"rendered":"

Chinese investors remain resolute in their pursuit of Bitcoin, despite the government’s ban<\/a> since 2021. Bitcoin continues to attract substantial investment from Chinese capital, as Reuters reports<\/a> today.<\/p>\n

Mainland China Is Still Buying Bitcoin<\/h2>\n

Dylan Run, a finance executive in Shanghai, epitomizes this trend. Concerned about China’s economic outlook and the sluggish domestic stock market, Run ventured into Bitcoin in early 2023.<\/p>\n

As detailed in the Reuters report, he employed an astute strategy, utilizing bank cards issued by rural banks and keeping each transaction below 50,000 yuan ($6,978) to evade regulatory scrutiny. In his view, “Bitcoin is a safe haven, like gold.” Run has now allocated nearly half of his investment portfolio to BTC<\/a>, which has surged heavily, outperforming China’s ailing stock market.<\/p>\n

Remarkably, Run’s journey reflects a broader movement among Chinese investors who are actively seeking unconventional pathways to access Bitcoin. The Reuters report highlights that Chinese Bitcoin investors operate within a regulatory gray area, as cryptocurrency trading is officially banned in mainland China, and strict controls govern capital flows across borders.<\/p>\n

Related Reading: Bitcoin ETF Day 8 Update: Market Rebound Signals Bottom As Grayscale Selling Slows Down<\/a><\/div>\n

Despite these constraints, Chinese investors persist in trading Bitcoin on offshore exchanges<\/a> such as OKX and Binance, or via over-the-counter channels. Additionally, as noted in the Reuters report, Chinese citizens have ingeniously leveraged their $50,000 annual foreign exchange purchase quotas, typically reserved for overseas travel or education, to fund BTC accounts in Hong Kong<\/a>.<\/p>\n

This phenomenon is driven by a growing appetite for diversification amid China’s economic uncertainties. One investor succinctly expressed the sentiment, stating, “Given the economic climate in China, exploring alternative investments like cryptocurrencies has become a necessity.”<\/p>\n

Bitcoin, along with other digital assets, has emerged as a sanctuary for these investors as they navigate China’s complex economic landscape. Importantly, this trend extends beyond retail investors. Chinese financial institutions are also exploring opportunities within the cryptocurrency sector, as highlighted in the Reuters report.<\/p>\n

An executive from a Hong Kong-based cryptocurrency exchange underscored the rationale, stating, “Faced with a sluggish stock market, weak demand for IPOs, and contraction in other businesses, Chinese brokerages need a compelling growth narrative for their shareholders and boards.”<\/p>\n

Off-Shore Crypto Exchanges Facilitate Trading<\/h2>\n

As the report observes, access to Bitcoin remains relatively accessible within mainland China. Off-shore crypto exchanges like OKX<\/a> and Binance<\/a> continue to offer their services to Chinese investors, providing guidance on converting yuan into stablecoins through fintech platforms like Ant Group’s Alipay and Tencent’s WeChat Pay.<\/p>\n

Related Reading: Real Reasons For Bitcoin Price Crash Revealed, Not GBTC: Arthur Hayes<\/a><\/div>\n

Chainalysis, a cryptocurrency data platform, shed light on the extent of this resilient activity. Contrary to the regulatory ban, the report reveals that crypto-related activities in China have surged.<\/p>\n

China’s global ranking in terms of peer-to-peer trade volume skyrocketed from 144th in 2022 to 13th in 2023. Astonishingly, the Chinese crypto market recorded an estimated $86.4 billion in transaction volume between July 2022 and June 2023, far surpassing Hong Kong’s $64 billion in crypto trading. Notably, the proportion of large retail transactions, ranging from $10,000 to $1 million, nearly doubled the global average of 3.6%.<\/p>\n

According to Chainalysis, the developments “have created speculation that the Chinese government may be warming to cryptocurrency and that Hong Kong may be a testing ground for these efforts.”<\/p>\n

At press time, BTC traded at $40,268.<\/p>\n

\"Bitcoin
BTC price hovers just below key resistance, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Chinese investors remain resolute in their pursuit of Bitcoin, despite the government’s ban since 2021. Bitcoin continues to attract substantial investment from Chinese capital, as Reuters reports today. Mainland China Is Still Buying Bitcoin Dylan Run, a finance executive in Shanghai, epitomizes this trend. Concerned about China’s economic outlook and the sluggish domestic stock market, Run ventured into Bitcoin in early 2023. As detailed in the Reuters report, he employed an astute strategy, utilizing bank cards issued by rural banks and keeping each transaction below 50,000 yuan ($6,978) to evade regulatory scrutiny. In his view, “Bitcoin is a safe haven, like gold.” Run has now allocated nearly half of his investment portfolio to BTC, which has surged heavily, outperforming China’s ailing stock market. Remarkably, Run’s journey reflects a broader movement among Chinese investors who are actively seeking unconventional pathways to access Bitcoin. The Reuters report highlights that Chinese Bitcoin investors operate within a regulatory gray area, as cryptocurrency trading is officially banned in mainland China, and strict controls govern capital flows across borders. Related Reading: Bitcoin ETF Day 8 Update: Market Rebound Signals Bottom As Grayscale Selling Slows Down Despite these constraints, Chinese investors persist in trading Bitcoin on offshore exchanges such as OKX and Binance, or via over-the-counter channels. Additionally, as noted in the Reuters report, Chinese citizens have ingeniously leveraged their $50,000 annual foreign exchange purchase quotas, typically reserved for overseas travel or education, to fund BTC accounts in Hong Kong. This phenomenon is driven by a growing appetite for diversification amid China’s economic uncertainties. One investor succinctly expressed the sentiment, stating, “Given the economic climate in China, exploring alternative investments like cryptocurrencies has become a necessity.” Bitcoin, along with other digital assets, has emerged as a sanctuary for these investors as they navigate China’s complex economic landscape. Importantly, this trend extends beyond retail investors. Chinese financial institutions are also exploring opportunities within the cryptocurrency sector, as highlighted in the Reuters report. An executive from a Hong Kong-based cryptocurrency exchange underscored the rationale, stating, “Faced with a sluggish stock market, weak demand for IPOs, and contraction in other businesses, Chinese brokerages need a compelling growth narrative for their shareholders and boards.” Off-Shore Crypto Exchanges Facilitate Trading As the report observes, access to Bitcoin remains relatively accessible within mainland China. Off-shore crypto exchanges like OKX and Binance continue to offer their services to Chinese investors, providing guidance on converting yuan into stablecoins through fintech platforms like Ant Group’s Alipay and Tencent’s WeChat Pay. Related Reading: Real Reasons For Bitcoin Price Crash Revealed, Not GBTC: Arthur Hayes Chainalysis, a cryptocurrency data platform, shed light on the extent of this resilient activity. Contrary to the regulatory ban, the report reveals that crypto-related activities in China have surged. China’s global ranking in terms of peer-to-peer trade volume skyrocketed from 144th in 2022 to 13th in 2023. Astonishingly, the Chinese crypto market recorded an estimated $86.4 billion in transaction volume between July 2022 and June 2023, far surpassing Hong Kong’s $64 billion in crypto trading. Notably, the proportion of large retail transactions, ranging from $10,000 to $1 million, nearly doubled the global average of 3.6%. According to Chainalysis, the developments “have created speculation that the Chinese government may be warming to cryptocurrency and that Hong Kong may be a testing ground for these efforts.” At press time, BTC traded at $40,268. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":571424,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,488,656,679,1119,1122,1310],"class_list":["post-571423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-china","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-price","tag-china"],"acf":[],"yoast_head":"\nBitcoin Attracts Millions In Chinese Capital Despite Ban: Report<\/title>\n<meta name=\"description\" content=\"Chinese investors remain resolute in their pursuit for Bitcoin (BTC), despite the government's ban since 2021.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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