Bitcoin

China Loves Bitcoins

By Forexminute - Jonathan Millet | Bitcoin |

It is no funny theory but accuracy that China is taking a huge interest in Bitcoins. The recent reports from a reliable source have suggested a sudden increase in Chinese downloads of the original Satoshi client. In January, China was on seventh spot among the countries which downloaded the client software. But the recent reports showed that China current downloads 13.5 percent of the total downloads around the world, though still lagging the US client downloads, which is 27 percent.

The changes have been quite sudden if one notices the pace at which China downloaded the Satoshi client. There had been also a point at which China topped the charts; even surpassing the US in terms of client downloads. But what is this sudden interest China has developed in Bitcoins and why the world’s second largest economy is holding on to a virtual currency that has been continuously mistreated by US and many other countries.

The reason might be the threat Bitcoin flaunts to dollars, the leading world currency. China’s support to Bitcoins might have to do with shifting the world’s currency dependency from dollars to some easy and non-regulated currency, for which Bitcoins is all known for.

The logic can be seen on China’s TV which is openly encouraging its 1.4 billion populations to use Bitcoins for their business. Everyone with a mind knows that China controls its media seriously and their permission would have been a viable link for Bitcoin promotion.

There is no proof behind the intentions of China messing up the current financial schemes, but there is a certain hint that dollar will soon find itself on a secondary spot if China continues to support and expand bitcoins.

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About: Forexminute - Jonathan Millet

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Jonathan Millet is currently the proud CEO of ForexMinute.com, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it off...


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