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What Is The ‘Why?’ of The Bitcoin Price-Spike?

brought to you by as-fast-as-i-can-type journalism:
“ . . . if a few hundred million Chinese decide that the time has come to use bitcoin as the capital-controls-bypassing currency of choice, and decide to invest even a tiny fraction of the $22 trillion in Chinese deposits in bitcoin (whose total market cap at last check was just over $3 billion), sit back and watch as we witness the second coming of the bitcoin bubble . . . ”
http://www.zerohedge.com/news/2015-11-03/bitcoin-surges-1-year-highs-100-china-capital-controls-august-lows

Perhaps the most important global economic indicator at this second is:

http://money.cnn.com/data/world_markets/se_composite

But let’s back up a little:

‘There’s mania in China right now. Stock market mania.’
http://fortune.com/2014/12/17/chinas-stock-market-goes-boom
That was December, 2014.

So, how is Shanghai doin’ today? eleven months later?

http://money.cnn.com/data/world_markets/se_composite
Look to the top right. Note that about 2.5% per annum increase is all that’s left of the manic rise. Find the ‘6-month chart.’ The drop began in June.

But the above is just background. What we want to know is:

what is the big economic picture in China today? It's not just bad, it's appalling; and the behaviour of the Shanghai Exchange is a great insight. If they can't prop it up, they can't prop anything up.

Note the lift in Shanghai’s index in the last couple of months. Recovery? Not a bit of it! The Chinese Government is ‘backstopping’ the market with print-as-required capital:

‘China’s heavy-handed interventions ha[ve] turned their stock markets into “a government bureaucracy.” ‘
http://www.bloombergview.com/articles/2015-07-13/u-s-plunge-protection-team-s-lessons-for-china
“ . . . the government will act to [try to . . . ] keep the bull market intact . . . ”
http://www.bloomberg.com/news/articles/2015-06-19/jpmorgan-says-buy-china-stocks-now-as-government-backstops-rally

And then (August) came:

“China devalues yuan for third straight day, adding to fears of currency war.”
http://www.theguardian.com/world/2015/aug/13/china-devalues-yuan-for-third-straight-day-adding-to-fears-of-currency-war
So Chinese investors have seen the Government muff The 2009-Launched Quantum Leap to Domestic Demand (from decades of orientation to exporting). This involved The Property Boom that created the ‘ghost cities’ (which I was reading about a zillion years before the mainstream press knew of their existence):
https://www.google.com.au/search?q=chinese+ghost+cities&espv=2&biw=1745&bih=890&site=webhp&tbm=isch&tbo=u&source=univ&sa=X&sqi=2&ved=0CCEQsARqFQoTCIzswcG99cgCFYQypgodxAMEUA
The Property Boom involved the mushrooming of the ‘shadow banking’ industry, which now has gangrene half way up its thigh:
http://www.washingtonsblog.com/2015/07/the-75-trillion-dollar-shadow-banking-system-is-in-danger-of-collapsing.html
[Then came the stock-market boom we started with.]
Next is The Macau Thang: don’t confuse the fate of the casinos with my point. **Woven into the trips were opportunities to convert Yuan to other currencies.88 The crackdown is about that:
http://qz.com/491724/chinas-crackdown-on-corruption-is-killing-macaus-economy
Then the miserable state of the Chinese economy began to be apparent even to the deaf and dumb of Wall Street:
http://www.theguardian.com/business/2015/aug/28/chinese-economic-slowdown-jackson-hole-bankers-investors
Conclusion: the future of cryptos lies in global economic turmoil.
submitted by indiamikezulu to CryptoCurrency [link] [comments]

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