The Bitcoin price and for that matter mostly all cryptocurrency on this planet has been in orbit for the better part of 2017, but the insane price action of Bitcoin over the past month price looks like its tied directly to the sharp fall in the Shanghai Index.
There is so much fake news surrounding the euphoric price of Bitcoin its rather difficult to scan and identify real news supported by facts. I think I found one 🙂
In an article by Forbes the author appears to have found the reason behind the swift and striking price launch of Bitcoin. If this is indeed accurate and the rise of all Digital Currency is correlated to the Shanghai index like I presume, it shows just how entrenched Digital Currency is run by the Chinese. As you can clearly see by the charts below the fall of the Chinese index was the exact time Bitcoin launched into a different stratosphere.
“Where’s the demand coming from? It looks like China. Chinese stocks are down around 8% in the past month. Meanwhile, global stocks have been bid (German stocks +6%, U.S. stocks +7%). And gold is flat. But bond yields (as discussed above) are down about 15 basis points (all over the past month)–which means demand coming into the safety of Treasuries (bond prices up, yields, down).
With that, it looks like Chinese money is going into bitcoin, global stocks and bonds. But not gold. Remember, the story of the latter 2016 and early 2017 period, out of China, has been the Chinese government’s efforts to restrict domestic capital from leaving China. It doesn’t appear that they are winning.”
We are all going to have to wait and see if this phenomenon is indeed true in the coming months but from the charts and the fact that China and its huge holders of Bitcoin have certainly flexed their muscle and fled the Chinese index and scooped up every Bitcoin from here to TimBuck2. Not only has the Bitcoin price entered orbit so has mostly all cryptocurrency. Seems to me the smart money have been buying ALL DIGITAL CURRENCY NOT JUST BITCOIN in a basket.
Can Bitcoin Price Rise Help Onecoin
This is straight from the Onecoin website and although Onecoin is a totally different animal compared to other Digital Currency, I think the incredible Bitcoin price action we are seeing bodes extremely well for companies like Onecoin.
“OneCoin is a digital currency, using cryptography, and created through a process called mining. Just like the serial number on a paper bill, each digital coin is unique.
When joining OneCoin, users become part of a global network of millions of OneCoin users and are able to mine the coin and benefit from its value. OneCoin is not an altcoin, which means OneCoin is not a Bitcoin alternative or clone with slight alterations; it has an entirely different structure. In the future, users will also be able to make payments and transfer money to and from any part of the world.” source
You can plainly see that the colossal move in all digital currencies is mostly a Chinese/Asian event. This move does not have the ear marking of a Joe & Sally six pack type move if you know what I mean. This puppy is moving on deep pockets mostly from China it appears.
If you look at the structure of Onecoin and its 3.2 million members who mined and own Onecoin, a huge consensus of the holders of Onecoin are from China. Now, hearing from Dr. Ruja Ignatova herself that Onecoin and its IPO is set to happen in early 2018 on a major Asian Stock Exchange makes one think that Onecoin is WAY AHEAD OF THE CURVE.
The facts are that whether you western world folks want to admit or not, the Digital Currency or future money systems are being lead by China leaving all other countries far behind. The west has delayed to adopt this innovative technology to its detriment in my opinion.
If this move is indeed because of people fleeing the Chinese index or not remains to be seen, however, watching the Chinese bid up Bitcoin and the other digital currency should be a warning sign just what this bunch can do and how fast they can do it. Knowing that China is a massive holder of Onecoin is vehemently positive news IMO..
Beam Me Up China !
*I am an independent marketing associate of Onelife and all information, writings and opinions on this blog are mine alone with zero connection to the company Onecoin or Onelife unless directly sourced by company.*