The NY Times reports on the sharp rally in Bitcoin prices (http://www.nytimes.com/2017/01/03/business/dealbook/bitcoin-price-soars-fueled-by-speculation-and-global-currency-turmoil.html?ref=business&_r=0) :
“The price of Bitcoin has been buoyed by increased interest from places like Venezuela, where the local currency has lost much of its value, and India, where the government recently removed the largest cash notes from circulation.
More broadly, a tilt toward isolationism that has emerged in American and European politics — highlighted by Donald J. Trump’s election victory — has given a new sheen to a currency that can move between countries with little oversight.”
China, is a major buyer:
“Still, most of the people actually buying and selling Bitcoin these days are coming from a single country: China.
Some wealthy Chinese have used Bitcoin to evade their government’s strict controls on moving money in and out of the country, according to Bitcoin specialists in China.
But the heavy trading on Chinese Bitcoin exchanges, much of it by automated software, suggests that most of the price movement is a result of bets by speculators.”
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