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Interest from China, Wall Street stirs Bitcoin speculative frenzy

bitcoin in China, chinese market

After a long period of quiet, the price of the virtual currency Bitcoin is surging again as signs of interest from China and Wall Street have helped kick off a new speculative frenzy.


The price of a single Bitcoin has been steadily rising in recent weeks. On Nov. 4, it spiked particularly sharply, rising above $500 on some exchanges, and bringing the value of a single coin up over 100 percent from a month ago. By the end of Nov. 4, the price had fallen back closer to $400.


The recent rally has been the biggest since the online currency entered a sustained decline after the collapse of what was once the biggest Bitcoin exchange, Mt. Gox, in early 2014. That incident — and the use of Bitcoin for drug sales — led many people to write off the virtual money as a passing fad.

近期行情是2014年年初以来比特币最大的一波涨势,曾经最大的比特币交易市场Mt. Gox在2014年年初崩溃之后,这种网上货币就进入一个持续的下降通道。那次事件以及有人使用比特币买卖毒品的现象,导致很多人对这种虚拟货币印象欠佳,认为它只是昙花一现。

Nonetheless, many banks and financial firms continued to study the technology behind the scenes and have recently been expressing their interest — and announcing new investments — in the technology underlying Bitcoin, which is being heralded as a new way to conduct a broad array of financial transactions.


There has also been a surge in demand for Bitcoin in China, where the new interest is being explained by a number of factors, including the drop in the stock market there, as well as the emergence of a new Ponzi scheme tied to Bitcoin. The price of Bitcoin has been rising faster on Chinese exchanges than elsewhere in the world.


Bobby Lee, the chief executive of one of China's biggest Bitcoin exchanges, BTCC, said that, as was the case in past price spikes, a critical mass of reports on Bitcoin was drawing a new wave of speculators, betting more on the future of the virtual currency than on its current use.


"There are a few tipping points in a row, and you get a tidal wave," Mr. Lee said. "It's classic bull market."



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