Connect with us

Bitcoin

Bitcoin [BTC] gained popularity in China because it offered ‘a quick profit’, says Joyce Yang

Biraajmaan Tamuly

Published

on

Bitcoin [BTC] gained popularity in China because it offered 'a quick profit', says Joyce Yang
Source: Pixabay

Since the inception of cryptocurrencies, Bitcoin [BTC] has majorly dominated the digital asset industry and at press time, accounted for more than 50 percent of the total market capitalization.

Joyce Yang, the Founder of Global Coin Research, recently spoke about the impact of Bitcoin [BTC] in China and how it had attracted the native population.

On the latest edition of “Off the Chain” podcast with Anthony Pompliano, Yang mentioned that Bitcoin [BTC] had attracted the attention of the mass public because of its speculative trait and the allure of making a quick profit in the market.

She further explained that Bitcoin [BTC] provided a solution to avoid Capital Control in the market and enabled the population to transfer funds across the globe without governance complications.

She said that one of the major reasons behind the increased popularity of Bitcoin [BTC] in China was the fact that Chinese individuals did not trust their government. The populace also doubted their fiat currency Yuan and questioned its authority to stay relevant in a global market.



Joyce claimed that a lot of the young Chinese nationals growing up in China witnessed significant volatility, illegal vending activities, and unreported financial incidents, which led to an internal crisis. Hence, the people wanted to take their money out and peg it against the US dollar or put it on a stable currency.

Additionally, she said that since 85 percent of the Chinese population were used to digital transactions via AliPay or WeChat, the incentive of using Bitcoin [BTC] as a transaction medium was very low. However, China suffered quite a bit from income inequality which was partially a reason for Bitcoin’s raised interest as it offered the population to make a short-term capital profit.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Bitcoin

TD Ameritrade invests in crypto-trading platform Eris-X, to offer spot exchanges and future contracts

Biraajmaan Tamuly

Published

on

TD Ameritrade invests in Eris-X; crypto trading platform to offer spot exchanges and future contracts
Source: Pixabay

TD Ameritrade, one of the biggest companies in the United States offering an electronic trading platform for trading financial assets, recently announced that it was going to launch cryptocurrency trading on its parent platform.

Now, according to an official announcement, the organization revealed that they had made an investment in ErisX, a company which is planning to offer both cryptocurrency spot contracts and future contracts in a single exchange.

The website stated,

“TD Ameritrade will be working with the team at ErisX as they develop and launch their cryptocurrency trading products. This strategic investment is yet another way to demonstrate our ongoing commitment to innovation—and bring our clients a best-in-class investing and trading experience.”

TD Ameritrade had announced the addition of cryptocurrencies to its portfolio last month after Charlie Lee, the CEO of Litecoin, tweeted about tests conducted on its platform.

Bitcoin Futures contract trading was initiated on the official platform earlier, but was only open to high-volume traders. On TD Ameritrade’s platform, the minimum deposit required for trading BTC future contracts was $25,000, at press time. The potential traders also needed two advisory notes from CFTC and NFA to keep in check the risk associated with virtual assets.



Eris-X, a CFTC-regulated derivatives exchange, will now be open to retail crypto-traders and according to the official statement, the firm has plans to offer both spot exchanges and futures contracts based on the digital currencies.

The official statement mentioned,

“This strategic investment is yet another way to demonstrate our ongoing commitment to innovation—and bring our clients a best-in-class investing and trading experience.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending