Asian Countries are the Number One Reason Bitcoin Price is Going Up
With the markets and Bitcoin owners watching the ramp up of the Bbitcoin price going up in 2017, we can all thank the stratospheric rise to the Asian people especially to the countries of China and Japan.
Bitcoin has become hugely popular in both countries including China due to the Communist Government stringent control of their currency – the Yuan. Chinese officials are known to artificially control the price of the Yuan so many wealthy entities and individuals are looking for alternative ways to maximize profits from their liquid net worth.
It also helps that China is probably the #1 one source of Bitcoin mining in the world due to the huge abundance of cheap energy, cheap computer hardware and labor which his all conducive to Bitcoin mining on a large scale. One can only wonder about the huge Bitcoin mining operations that exist throughout China.
Japan got into the act also because of China. China started to play around and really crack down on the limits of Bitcoin withdrawals. This caused Japan’s own trading volume to grow several folds from 1% to 6% in less than a year. Japan also is very comfortable with the concept of cryptocurrencies for payment with 3 of its largest banks accepting payment from the Bitcoin exchange – Bitflyer.
Asia Pushes Bitcoin forward
With the Asian countries of China and Japan plus others like South Korea and South-East Asian countries – this has all increased the success of Bitcoin on the world stage. Many major financial institutions like Wall Street are looking into making moves in cryptocurrency systems as well. Due to this rise and interest, Bitcoin has moved from being a niche or curiosity and into a more of a bigger player as a monetary platform. We are just waiting for western countries like the USA to further embrace and adopt the cryptocurrency into their full financial systems.