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Chinese Actress Allegedly Hold 4-Digit Number of Bitcoins, Bitcoin Ready to Soar?

A Chinese leading actress, Fan Bingbing, who recently got involved in a tax evasion scandal, was rumored to have purchased a 4-digit number of bitcoins this March, and use bitcoin to get her money out of China given the country’s strict foreign exchange controls.

The incident started with allegations by an outspoken TV host that leading actress Fan Bingbing was involved in tax evasion by signing two contracts for the same work to hide massive payday.

Cui shared several alleged blacked-out contracts on Weibo since May 28, claiming Fan was offered 10 million yuan ($1.5 million) in one contract and a private 50 million yuan ($7.8 million) contract in the other.” According to the state-owned Global Times. He continued to attack Fan for her exorbitant income and bad acting, claiming that she was paid 60 million yuan ($9.3 million) for just four days’ work on a new movie.

The affair rapidly went viral and topped the Weibo (Chinese version of Twitter) topics over the past week, considering the parties involved are celebrities with great influence and the amount of the misconduct disclosed are millions of dollars. China’s tax authorities soon launched a probe into the fiscal affairs of the movie and TV industry, and stocks of the movie and entertainment sector have been in steep drops.

At this sensitive moment, another actress’ weibo post brought the public attraction to another focus. The actress disclosed that a super star transferred her/his asset out of the country by purchasing real estate in foreign countries. She questioned how they made it, for example, “some one’s” 80 million worth house in France, given that each Chinese citizen can only purchase up till US$50,000 foreign currency each year.

A weibo user’s comment was quite eye-catching with hundreds of likes, it replied that buy bitcoin! Buy it and trade it into US dollar in the U.S. Or you can even buy a house there directly with bitcoin.

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Some replies – “that’s why the country shut down bitcoin exchanges.” “Only Bitcoin brings real freedom.” “How to buy it (bitcoin)?” “You want bitcoin crash to zero? (zip your lip!)” “2,000 bitcoins wanted here in Shanghai.”

Some bitcoin whales in the country also posted a rumor that a female with surname starting with F had pumped multi-million dollars buying bitcoin, 4-digit number of bitcoins this March, alongside is a film still with Fan Bingbing in it.

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If it is true, it would be a strong boost to the crypto world, and more people would be informed of bitcoin and lured into the crypto world with more capital flowing in.

It’s difficult to confirm the authenticity of this news. It could be another bitcoin marketing strategy. Anyway, those Chinese super-rich has strong demand in capital transfer under the strict controls on foreign exchange and the potential inflation pressure as Chinese yuan supply this March has reportedly surpassed the sum total of US dollar and euro, bitcoin is offering a new option for their asset allocation globally.

On the other hand, bitcoin’s underlying technology – blockchain, might be an enlightenment to tackle the “yin-yang contract” (aforementioned two contracts for the same work in order to evade tax) problem.

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