Chinese investors are leaving the stock market for bitcoin markets, with over 94% of bitcoin trading involving Chinese yuan in August, up 60% YoY, according to Bitcoinity. The report also notes that a number of major exchanges have been shut down by authorities since last year, including BTCC, Huobi, and OKCoin. The ability to move money abroad, an absence of transaction fees, the potential for high returns, and the nation's fondness for gambling are said to be factors contributing to bitcoin's popularity as an investment.
Chinese investors are leaving the stock market for bitcoin markets, with over 94% of bitcoin trading involving Chinese yuan in August, up 60% YoY, according to Bitcoinity. China’s two biggest exchanges, Huobi and OKCoin, account for over 90% of global trading, and the country’s bitcoin frenzy is said to resemble the last stock market rally, with a potential negative impact on bitcoin markets if mainland regulators target Chinese exchanges. The ability to move money abroad, an absence of transaction fees, the potential for high returns, and the nation's fondness for gambling are said to be factors contributing to bitcoin's popularity as an investment.