After having fallen from $ 271 per month in early August , to a low of $ 198 after China devalued its currency and the ' Black Friday ' event of 24 August , the price of one Bitcoin has now recoved to $ 268 . This article suggests that if China implements further price controls as its economy slows , consumers may well seek to invest in Bitcoin to protect their wealth from the government . The effect of using Bitcoin to shield one 's wealth may be particularly pronounced in China , as the country is likely to restrict use and ownership of gold , the more traditional store of value .
After having fallen from $271 per Bitcoin in early August, to a low of $198 after China devalued its currency and the 'Black Monday' event of 24 August, the price of one Bitcoin has now recoved to $268. This article suggests that if China implements further capital controls as its economy slows, consumers may well seek to invest in Bitcoin to protect their wealth from the government. The effect of using Bitcoin to shield one's wealth may be particularly pronounced in China, as the country is likely to restrict purchases and ownership of gold, the more traditional store of value.