China still going gaga for Bitcoin

Bitcoin's bubble has burst, recently breaking below the $100 support level, but trade is still growing rapidly in the digital currency.

Chinese investors go crazy for Bitcoin
A BTC craze is sweeping China, as hundreds start to invest and trade large amounts of the virtual currency Bitcoin. The craze has given birth to a huge industrial chain, covering trading, mining, chip production and mining-machine assembly.

Tencent, China's largest internet company by value, said that the currend demand for Bitcoin can be regarded as a type of futures investment involving the growth forecast of BTC's value and mutual bets on credit standing between upstream and downstream players. The major risk for the BTC investments lies in whether the currency can be embraced by even more people and become a standard online currency. While the company added that the new currency's lucrative outlook is attracting the participation of a growing number of savvy investors.

Yang Yaojun, former founder of a university campus website, became a convert of the Bitcoin currency or BTC one month ago, when he set up the website asicme.com to explore BTC business. He was inspired by the success of Zhang Shenpeng, a BTC enthusiast, who posted an announcement of advanced sales on May 22, selling 1 million yuan (US$163,000) worth of BTC-denominated products in just two days.
I can personally speak to the boom in Bitcoin because my Weibo account gets the most activity whenever I post my forecast for Bitcoin prices or discuss the currency.

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