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Aleksey Muratov: Bitcoin exchange rate in China rose to a three-year high

Amid the running down of the Chinese stock indices, Bitcoin exchange rate on the exchange markets rose to a three-year high, Chairman of the Board of the International Public Movement Change the World Together (CWT) Aleksey Muratov said.

In particular, on the leading Chinese cryptocurrency exchange market OKCoin Bitcoin price rose to $ 789.23. According to Aleksey Muratov, the stock market reacted to the restrictions imposed on investments of insurance companies in the Chinese securities in such a way.

"Another reason for the growth of Bitcoin exchange rate is the reduction of yuan exchange rate. As the financial experts of such leading publications as the Financial Times and Wall Street Journal noted, in connection with the continuing running down of the Chinese currency, local investors are looking for more stable assets and invest in Bitcoin," Aleksey Muratov commented the situation.

He also noted that the growth of Bitcoin exchange rate can also be connected with the decision of governments of many countries as well as in the Asia-Pacific region, as in Europe, to withdraw banknotes with the highest nominal value from circulation. "Many state regulators have been trying recently to fight corruption through the withdrawal banknotes with the high nominal value from circulation. I have already told about the currency reform in India, for example. From today, December 14, the withdrawal banknote of 100 bolivars from circulation is beginning in Venezuela. The citizens will have only ten days for the exchange of old banknotes for coins and new banknotes of higher value," the Chairman of the Board of CWT said.

We remind that earlier Aleksey Muratov has already predicted that China will soon become the global leader in financial technologies. So, for the last six years, the volumes of fintech have been increased here from $103 million in 2010 to nearly $10.5 billion by the end of September 2016 ($6 billion in the US and $2 billion in Europe for the same period).

Source: CWT News

  • December 14, 2016 3:34 PM MSK