Oh, look. Another day, another story about China.
Today, reports indicate that the governor of the People’s Bank of China (PBOC) — the Chinese central bank — has no intentions of banning bitcoin. Despite the fact that their hasn’t been talk lately of an outright ban, there’s been chatter about banks discontinuing relationships with bitcoin exchanges.
“It is out of the question of banning bitcoin as it is not started by central bank,” Zhou Xiaochuan was quoted as saying, according to CoinDesk. “Bitcoin is more a kind of tradable and collectible asset, such as stamps rather than a payment currency.”
I, for one, am tired of hearing about China.
Perhaps this will be controversial, but I feel the Chinese are master market manipulators. And since we’re looking at a mostly unregulated space, you can bet the very rich are using this to their advantage.
If you haven’t already noticed, it’s pretty easy to affect the price of bitcoin. One sour rumor, investors panic. They sell, and someone, somewhere has just made a ton of money.
With this news, the price per bitcoin has climbed over 16 percent in the past twelve hours. Incredible.