No let up for Chinese investors on the bitcoin rollercoaster

china-bitcoinBitcoin investors in China might have passed the most restless two nights of their lives as the virtual currency price rose from a little over 3,000 yuan (US$492.3) to nearly 7,000 yuan (US$1,148.8) and dropped back to 3,500 yuan (US$574.4) from Tuesday to Wednesday on the country’s biggest trading platform.

High investment risks have begun to concern investors, despite the huge returns involved.

Bitcoin, a form of digital e-money stored in a virtual wallet, bypasses banks, allows users to remain anonymous. It came to the eye of the Chinese public in April this year, when movie star Jet Li’s One Foundation received a donation of several hundred bitcoin to help quake-stricken Sichuan.

The currency has been heating up ever since, especially after the state-run China Central Television reported on the evening news Oct. 28 that Canada had set up the first bitcoin ATM machine. Investors went even crazier when the country’s largest bitcoin trading platform, BTC China, received an investment of US$5 million Monday.

The platform’s daily volume of business has exceeded 10,000 bitcoin, which is just over 200 million yuan (US$32.83 million) as of the current exchange rate.

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