Bitcoin at new record highs, trading in China

The price of Bitcoin has soared in recent months, even though the Dread Pirate Roberts was taken offline. A recent graph shows the currency trading above $800.

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What has changed that would drive the price from $140 to $800? The only simple answer (right or wrong) is China. The South China Morning Post reports –

A US Senate hearing put bitcoin firmly in the mainstream and triggered fresh support from countries that tend to fall in line with America’s financial regulatory regime.

In the past 30 days, the price of a single bitcoin has quadrupled, with Chinese speculators among the most enthusiastic buyers.

The question now is whether bitcoin can fulfill the goal it was conceived for: a fast, cheap online payment method.

From Want China Times

Bitcoin has become the world’s most heated investment target over the past week, appreciating by US$100 daily on average due to widespread speculation, the Shanghai-based China Business News reports.

On Tuesday, on China’s biggest bitcoin platform, BTC China, one bitcoin could be exchanged for more than 6,000 yuan (US$984.57), an intraday high, with the day’s average at 5,888 yuan (US$966.04), up sharply from 3,226 yuan (US$529.29) a day earlier. BTC China just recently surpassed Tokyo-based Mt.Gox to become the world’s largest bitcoin trading platform.

BTC China wisely warns

Important Bitcoin trading can be considered a high-risk activity, where Bitcoin prices are volatile, and can swing wildly, from day to day. Please use your extreme judgement when making the decision to invest in, or to sell, Bitcoins. BTC China is not soliciting for users to buy or sell Bitcoins, as an investment, or for profit. All Bitcoin trading decisions should be made independently by the user.

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