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Chinese Billionaire: Happy to See Bitcoin Plummet Last Month So That I Can Buy More

Bitcoin is in rally mode after crossing 5,000 USD barrier. At 10AM, the price spiked to 40,700 CNY briefly on btc38, the only Chinese Bitcoin exchange that accept CNY deposit at the moment. Continuous ATH stirs up mixed feelings among the mainstream media and the audience. Some regret to say that they are off-board too early. Xu Bo, one of the top 10 richest in China’s IT industry, said on weibo that he actually acquired more coins during last month’s plummet.

“I am happy to see Bitcoin plummet last month and I dispatch someone to buy more.”

As the only Chinese exchange that still accepts CNY deposit at the moment, BTC38 records a new ATH of Bitcoin at 10am this morning. 40,700 CNY is around 6,177 USD at the spot exchange rate. Major financial media soon cover the story today.

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Caijing:

Bitcoin refresh ATH for the 2nd day in a row and rise to 5,800 USD, or 6% up.

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WallstreetCN:

JP Morgan Chase CEO Jamie Dimon said he is no longer going to comment on bitcoin. He criticized Bitcoin as “a fraud” last month. after much his-publicized criticism of calling the cryptocurrency ‘a fraud’ last month.

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Meanwhile, the authority still bashes Bitcoin. on a recent meeting. Yao Qian of PBoC: It would be a disaster to adopt Bitcoin as currency according to a report by Sina Financial. He says the value of bitcoin comes mostly from speculation and has no anchorage.

“In the modern economy that is based on credits, it would be a disaster to use Bitcoin as currency.”

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And the feelings on such news are mixed among the general public.
Xiaoxiao Fenhong:

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Antshares: Stock market, housing market are all driven by speculation.  The “dechinalization” of Bitcoin has been completed. The rally has nothing to do with China. Other countries don’t have follow China’s suit. Media has been bashing Bitcoin everyday but was embarrassed to see the price keep on climbing up.

UtanCn :It is indeed a disaster, impact on daily money-printing.

When (Bitcoin) was 2000, some said it was tulip mania, which was repeated over and over when Bitcoin price kept setting new highs. Why? I think it’s because of ignorance of economics.

Guardian of Angry Birds:

(Bitcoin) was less than 100 USD when I was in university. Now it is 5800. It’s a storage of value more powerful than housing.

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Housing has long been considered as the most effective means of storage of value by Chinese in the past two decades. Now it has a challenger.

As the “exchange ban” are still in effect, one thing in common on the mainstream coverage of Bitcoin is that only USD is mentioned in the titile to avoid direct connection with Chinese yuan. But Chinese buyers still find their way to access Bitcoin through OTC market.

Zhuzhou: I am happy to see Bitcoin plummet last month and I dispatch someone to buy.

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As disclosed by a report, “Zhuzhou” is owned by Xu Bo, one of the top 10 IT tycoons in China. His wealth is said to be over 28 billion Yuan. He started his career as a game producer for NetEase in 2003. Then he started his own gaming business and released several phenomenal online games. Aside from being a hardcore supporter of Bitcoin, he is also famous for his unorthodox views on marriage and other topics.

China has no leading role in terms of bitcoin price but have to follow other countries now.

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