China becomes largest Bitcoin market
Print Edition
Bitcoin has seen another round of price surges worldwide this week, and researchers have said its popularity among Chinese investors may be contributing to the bull market.
The price of 1 Bitcoin, a type of digital e-money, stood at about US$1,117 yesterday on Mt Gox, the world’s best-known Bitcoin trading platform. At the same time, the price of gold per ounce on the New York Mercantile Exchange was about US$1,214.
An estimated 1.8 million Bitcoins were traded on BTC China in November, the platform with the highest trading volume in the world, according to statistics gathered by bitcoincharts.com, which provides financial and technical data related to the Bitcoin network.
BTC China is the country’s largest Bitcoin trading platform aimed at investors trading with the yuan.
Mt Gox ranked second in trading volume in November, with nearly 700,000 Bitcoins traded, according to bitcoincharts.com.
Ling Kang, vice president of BTC China, said 92 percent of its users are male, 93 percent are younger than 40 years old, and 90 percent have a bachelor’s degree or higher.
Most users work in the IT industry, said Ling.
Some economists said Bitcoin has heated up at a time when Chinese people are searching for new investment channels.
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