Anyone watching the amazing (we don't like this word, but it truly fits here) rise in bitcoin must have asked themselves "what is driving this thing?". The answer appears to lay in the east, as millions of Asian investors appear to the backbone of the recent gains. There are millions of bitcoin buyers in China, Japan, and South Korea. One commentator from a major trading platform commented "Bitcoin is one of the few markets we've ever had in history where you've seen these astronomical gains around the world and the retail investors in Asia are the ones driving it … It feels like this whole thing is being driven by the average Joe who isn't nearly as financially literate as a professional fund manager".
FINSUM : Remember the huge gains and losses in Chinese stocks a couple of years ago? The pattern seems very familiar, but magnified here. One of the other considerations is that bitcoin is probably being used to skirt capital controls in China, which could, in a way, make demand more sustainable in the near-term.
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