Bitcoin Is Soaring On Unprecedented Burst In Chinese Buying

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

zerohedge.com / by Tyler Durden on 05/28/2016 17:56

Last September (when bitcoin was trading at $230) we said that “As China Scrambles To Enforce Capital Controls, This Is Great News For Bitcoin” and that it is only a matter of time before Chinese buyers figure out that in a world in which the freeflow of capital out of China is increasingly more suppressed and where physical gold is actively being stored in China but is next to impossible to get it out of the country, it is only a matter of time before bitcoin explodes as China’s bubble berserk population scrambles to buy.

One month ago, we showed a chart according to which it was almost time for the bitcoin breakout, in “Is Bitcoin About To Soar?” At the time bitcoin was trading in the low $400s.

Then, just yesterday, something snapped, and as we reported “Bitcoin Surges To 2016 Highs On Rising Chinese Demand.”

It is unclear if that something is fears about an imminent round of Chinese devaluation following Friday’s dramatic move higher in the US Dollar, something we also hinted at on Friday afternoon…

CNY will be interesting on Sunday night

— zerohedge (@zerohedge) May 27, 2016

… or simply because China’s $30 trillion in deposits had finally found the most efficient way to get their funds out of the country.

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Thanks to BrotherJohnF