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How many Bitcoins do Chinese people have?
Despite a government ban on cryptocurrency exchanges, China holds an estimated 10-20% of the world's Bitcoin supply, with individuals and companies continuing to invest in the asset.
Sep 27, 2024 at 05:06 pm
How Many Bitcoins Do Chinese People Have?
1. Historical Bitcoin Ownership in China
- In 2013, China accounted for over 80% of global Bitcoin trading volume.
- By 2017, China was estimated to hold between 15% and 25% of all circulating Bitcoins.
2. 2017 Bitcoin Ban and Market Impact
- In September 2017, China banned Bitcoin exchanges and Initial Coin Offerings (ICOs).
- This ban significantly impacted Bitcoin's price, which dropped by over 50% in the subsequent months.
- It is estimated that the ban caused a significant outflow of Bitcoins from China.
3. Post-Ban Estimates
- Despite the ban, China is believed to remain a major holder of Bitcoins.
- In 2019, a study by the Cambridge Centre for Alternative Finance estimated that China still holds between 12% and 17% of all Bitcoins.
- This is based on data from peer-to-peer exchanges, over-the-counter trading, and cryptocurrency custody services.
4. Current Ownership Landscape
- The crypto market is highly volatile, making it challenging to determine the exact number of Bitcoins held by any specific country.
- However, it is estimated that Chinese individuals and companies still hold a significant portion of the world's Bitcoin supply.
- The exact percentage is uncertain, but it is likely to be in the range of 10% to 20%.
5. Factors Influencing Bitcoin Ownership in China
- Regulatory Environment: Although the government ban remains in place, China has been exploring new technologies and regulations related to blockchain and digital assets.
- Economic Conditions: The overall economic climate, including currency fluctuations, can influence Bitcoin ownership in China.
- Technical Infrastructure: China has a robust internet and mobile infrastructure, which has historically facilitated the adoption of cryptocurrency.
- Cultural Factors: There is a growing interest in cryptocurrency among Chinese individuals, both as a speculative investment and a potential alternative currency.
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