Fun

China’s Changing Perception of Bitcoin: Bitkan CEO Shares Insights After 7 Years in Crypto Industry

News Feed - 2020-03-20 08:03:49

China"s Changing Perception of Bitcoin: Bitkan CEO Shares Insights After 7 Years in Crypto Industry


Since the advent of bitcoin in 2009, cryptocurrencies have gone from being a niche topic for tech nerds to ubiquitously recognized — if not always understood — staples of modern finance. Bitkan CEO Liu Yang recently took some time out to give news.Bitcoin.com a peek into the Chinese bitcoin community and its changing ideas and perceptions of crypto, throughout Bitkan’s seven years in the business. Though general narratives have changed and evolved, and the recent covid-19 crisis impacted markets, the CEO says that overall China is still bullish on bitcoin.


Also read:Tether Launches Stablecoin Token on Bitcoin Cash via Simple Ledger Protocol Following Bitcoin, Forming Bitkan


An integrated platform for multiple crypto services, Bitkan was launched in March 2013 by former members of China tech giant Huawei‘s R&D department. CEO and co-founder Liu Yang was head of the Huawei Wireless Technology R&D department at the time, leaving to pursue business in crypto when, according to Bitkan, “most people saw Bitcoin as a Ponzi scheme.” bitkan.com


“Bitkan started out as a geek product,” the company told news.Bitcoin.com. “The actual time that Bitkan was created was back in December 2012. At that time, most of the major exchanges for bitcoin geek players in China were all from abroad, hence Chinese bitcoin community users need some market alerts tools to facilitate price monitoring.”


After launch in 2013, the Bitkan platform grew to be a hub for market data, and an OTC and aggregated trading platform with an active community. Shenzhen, China. Chinese Community’s Perceptions of Bitcoin Change, OTC Trading Remains Popular


According to CEO Yang, bitcoin was initially a point of general intrigue for Chinese, but soon “went from being an item of curiosity to becoming deemed a Ponzi scheme by the Chinese community.” From there, the perception evolved. Yang elaborates: Towards the end of 2014, everyone began to focus their attention onto blockchain technology. After the ICO wave in 2017, Bitcoin was characterized as a revolutionary digital currency. After the madness at the end of 2017, people have generally heard of Bitcoin. The common man is still rather wary of cryptocurrency while some people regard Bitcoin as the best digital investment product.


When it comes to China’s legal restrictions on the crypto industry, and OTC trading in the country, Yang told news.Bitcoin.com there will always be a demand.


“I would say that there is always a demand for OTC trading. Due to restrictive legislation on exchanges, the need for OTC will continue to exist to satisfy investment and trading needs. Thus, after regulations, OTC transactions will inevitably develop more vigorously than before.” Yang makes a small caveat: “However, from the perspective of the entire crypto market, I would say that the number of users are declining as a whole. This is due to regulation and the price of bitcoin.” Covid-19 Crisis and Ensuing Market Slump “I think the financial crisis has arrived. In other words, we are already caught in it,” Yang asserts. Incidentally, the financial crisis this time is not quite the same as the financial crisis of 2008. This time, as the epidemic situation worsens, many production lines and commerce have stagnated. This may cause a more significant harm to the markets.


Noting government efforts to stem some of the economic carnage, Yang details: “From China’s $7 trillion planned infrastructure spending to U.S. interest rate cuts and the $400 billion plan to boost their economy to protect their businesses, we can see that global governments will likely take steps to save the markets.” Workers at a factory in Jiujiang, China.


He also notes that some Chinese see the covid-19 crisis and ensuing crypto market plunge demonstrating “a certain degree of correlation between bitcoin and gold” as they have not appeared to follow the S&P stock market index in more recent events.


“We can see that the [crypto] price slump this time happened after the plunge of the U.S. stock market and crude oil,” he elaborates. “Likewise, it has also led to gold to fall as well. This morning (March 19), the S&P 500 circuit breaker occurred for the fourth time this month. However, gold did not fall together with the index and neither has bitcoin.”


Yang views the recent plummet in crypto prices as “a rapid deleveraging process” which will ultimately help crypto. “In the long run, it is conducive to the long-term development of cryptocurrencies. After this plunge, the development of cryptocurrencies will be more healthy and positive.” Despite a Rough Start to 2020, China Still Bullish on Bitcoin


Challenges of the new year notwithstanding, Yang says that “when there is a crisis there are opportunities,” and “While some older traditional businesses may fall, at the same time, new business models may arise … the epidemic in China has actually accelerated the rise of e-commerce, remote working, online education and many other industries that were not that popular before.” He also predicts good things for bitcoin’s price, detailing: I think that this round of decline is the result of the leverage effect in the crypto market, and it needs to burst its bubble. There will still be some fluctuations, but all in all the market is likely to have a strong recovery within a year, and is very likely to exceed the previous all-time-high. Bitkan’s goal into 2020 remains to make crypto investment easier by way of a “one-stop crypto investment platform,” the CEO notes. As for China, Yang maintains that there is a marked difference between speculators and investors, the latter typically remaining steadfast through storms while some of the former peel off in defeat, and summarizes: “Although the view of the Bitcoin community in China is still relatively fragmented, the overall voice of the community is still bullish as it is currently in a period of severe volatility.”


What is your perception of bitcoin currently, amidst the crisis? Let us know in the comments section below.


Images courtesy of Bitkan.com, Shutterstock, fuyu liu, humphery, Joinmepic, fair use.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. Share this story: Tags in this story Bitcoin, BitKan, China, Chinese Bitcoin, Chinese Bitcoin Companies, Chinese Bitcoin Economy, Chinese Bitcoin Exchanges, Chinese Bitcoin Regulations, COVID-19, Covid-19 China, Crypto markets, downturn, Economic Recession, Exchange, Government, Huawei, Liu Yang, Market Downturn, OTC, OTC China, Regulations, stimulus Related 12 Platforms Allowing You to Trade Gift Cards With Cryptocurrencies FEATURED | Lubomir Tassev


In an emergency situation like the current coronavirus pandemic, anything can turn into currency as the fiat system may experience… read more. If You Don’t Trust Yourself, These Crypto Vaults Will Help You Hodl Safely FEATURED | Lubomir Tassev


Hodling in difficult times has historically proven to be a long-term winning strategy. Keeping your cryptocurrency in your own cold… read more. Graham Smith


Graham Smith is an American expat living in Japan, and the founder of Voluntary Japan—an initiative dedicated to spreading the philosophies of unschooling, individual self-ownership, and economic freedom in the land of the rising sun. Please enable JavaScript to view the comments powered by Disqus.

News Feed

India’s Tax Authority Asks Crypto Exchanges for Details of Coins Traded on Their Platforms
India"s Tax Authority Asks Crypto Exchanges for Details of Coins Traded on Their Platforms India’s tax authority has reportedly asked major cryptocurrency exchanges in the co
American Truckers Are Planning a Convoy to Washington, Group Raises Over $100K
American Truckers Are Planning a Convoy to Washington, Group Raises Over $100K While the Canadian government and Prime Minister Justin Trudeau try to quell the demonstrations in Ot
SUI Skyrockets: Bullish Momentum Drives Push Toward $6
Este artículo también está disponible en español. SUI has been going through a remarkable surge recently and has just touched a new all-time high at $5.36. Traders and in
Uniswap cites Chevron in another urge for SEC to drop bid to rule over DeFi
Felix Ng7 hours agoUniswap cites Chevron in another urge for SEC to drop bid to rule over DeFiUniswap Labs argues the SEC’s proposed legal amendments to give it power over DeFi are being made against “a legal backdro
Binance Sees Record Increase in Indian Users After Government Starts Imposing New Crypto Tax
Binance Sees Record Increase in Indian Users After Government Starts Imposing New Crypto Tax The number of Indian users on cryptocurrency exchange Binance has soared after the Indi
Ether ETF is less likely than Bitcoin ETF was — Recharge Capital founder
Zoltan Vardai8 hours agoEther ETF is less likely than Bitcoin ETF was — Recharge Capital founderThe SEC could bring more regulatory scrutiny toward Ether ETF applications, despite the prior approval of spot Bitcoin ETF
CertiK migrates blockchain applications to Alibaba Cloud
Arijit Sarkar36 minutes agoCertiK migrates blockchain applications to Alibaba CloudCertiK"s migration to Alibaba Cloud aims to enhance blockchain development security and resource efficiency in Asia.192 Total views1 Tota
Grayscale withdraws its Ethereum Futures ETF application
Brayden Lindrea1 hour agoGrayscale withdraws its Ethereum Futures ETF applicationThe withdrawal comes a little over two weeks before the United States securities regulator will be forced to make a decision on at least on
Cardano (ADA) loses top 10 crypto spot as Tron sees growth
Nancy Lubale6 hours agoCardano (ADA) loses top 10 crypto spot as Tron sees growthADA falls from the top 10 list of largest cryptocurrencies as competing blockchains see an uptick in users. 998 Total views1 Total sharesL
Bitcoin Demand Outweighs Supply As LTH Enter Active Distribution Phase
Este artículo también está disponible en español. Bitcoin (BTC) has held steady above the $88,000 mark over the past few days, showcasing resilience as the broader market
UAE central bank introduces wholesale, retail digital dirham strategy
Derek Andersen7 hours agoUAE central bank introduces wholesale, retail digital dirham strategyThe CBUAE has been active in CBDC research as a member of Project mBridge and has placed CBDC in its overarching fintech trans
Seamless Protocol introduces Integrated Liquidity Market on Lido
Ana Paula Pereira6 hours agoSeamless Protocol introduces Integrated Liquidity Market on LidoSeamless’ first Integrated Liquidity Market will enable stakers on Lido to automatically use a borrowing strategy and compound