Bitcoin Making Great Inroads in China

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Bitcoin Making Great Inroads in China
Bitcoin Making Great Inroads in China

Bitcoin Making Great Inroads in China

After the giant search engine Baidu’s unit accepting Bitcoin, a real estate developer in Shanghai has announced that it’s now accepting Bitcoins for one of its mid-range flats in a posh Shanghai suburb. Currently, half of the world’s daily Bitcoin trading volume comes from China. Any encouragement coming from China will help Bitcoin at large, particularly when the U.S. is at loggerheads with the digital currency.

Investing in Real Estate Using Bitcoin

Though three buildings on a 700,000-square-meter plot of land in the Pudong district of Shanghai are no way different from any other real estate in any other city in China, a major difference is that the developer of these has announced that he will accept Bitcoin as payment. Any visitor to the three buildings can read the bulletin that displays the latest Bitcoin exchange rate for convenience of customers.

Shanda Tiandi, the owner of the buildings, is quite particular about the latest exchange rates and ensures that the prices are updated daily so that if a buyer wants to purchase a unit in Bitcoins, he knows what price he would actually need to pay. He says that several interested parties came and inquired about the properties in exchange of Bitcoins, yet nothing has been concluded so far.

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However, Shanda Tiandi does not seem to be feeling frustrated from the lazy outcomes; rather he is enthusiastic that he is playing his role in promoting the virtual currency. A representative from his company says that they want to act differently from the traditional ways the real estate sector is run and at the same time they want to see if Bitcoins can replace hard currency in the real world.

Bitcoin on Rapid Growth Lane

It is not just China that growth is coming from, almost from every corner of the world, it is receiving acceptance as it touched $400 in exchange market. Bitcoin’s capitalization has reached to 4 billion; however, according to Cameron Winklevoss it may go up to $400.

Talking at the Dealbook conference in New York, the Winklevoss was confident about the potential of Bitcoin; however, he requested regulators not to push innovation out of the U.S. and into China.

The major determinant of Bitcoin prices is supply and demand i.e. the more demand there is, the higher the price goes. From the current exchange rate of the digital currency it appears that it has become a popular investment and trading option for investors and traders who realize the potential it has for quadrupling their investment.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com