A view from the Chinese reality. Bitcoin, Capital controls and speculation (reddit.com)

As somebody who has been living there on/off for years, I can tell you this. This common reccurent idea pushed by Zerohedge and others that Chinese are using Bitcoin against capital controls and that explains why they lead many rallies make no sense at all. It’s very easy to convert RMB to foreign currencies. There’s a variety of way to do this and outflows can be in the hundred of billions of $ in a year. Bitcoin is insignificant on that scale. The fees to convert RMB on the black/grey…

Bitcoin