Weibo, China’s biggest social media network with some 500 million active users has been watching bitcoin’s quick rise in the past few days to $11,000.
So much so that Bitcoin Bull (比特幣公牛) rose to the fourth most talked about topic in the entire country.
Currently the world’s second biggest economy is still talking about what they call the bitcoin bull market with it in top ten.
China kind of has banned bitcoin exchanges but just how much that is enforced in practice is not too clear with no law passed in their Parliament as far as we are aware, it all being by arbitrary diktat.
Thus representatives from Binance, OKEx and Huobi, the three biggest China-originated exchanges, joined this Bitcoin Bull trend by weiboing to advertise their own exchanges according to local media.
Mao Shixing, CEO of the bitcoin and ethereum mining pool F2Pool, also weiboed to ask: “what will you guys buy after achieving financial success in the 2020 great bull?”
The enthusiasm there seems to be far bigger than in the west where there’s still caution regarding whether there is really a proper bull market with that usually not know until after quite some time.
But in China there have been some small banking problems and there are worries over whether America might place limited sanctions on one or two banks to maybe make an example out of them if they breach recent sanctions that were imposed on some high ranking Chinese officials.
Therefore it is probable quite a few Chinese citizens are diversifying to non-banking currency like assets, such as gold or bitcoin and eth.