China: the Bitcoin capital of the world?

Cryptocity

Shanghai's financial district Shanghai’s financial district. Photo by Eilidh Wagstaff

“China has changed more rapidly in the last 40 years than any other civilization in human history, » said Duncan Hewitt, a Newsweek journalist, in a talk last week. The adaptability of the Chinese people goes some way in explaining why China has overtaken the US to become the world-leader in Bitcoin transactions. According to a limited-circulation report by investment bank Goldman Sachs, 77 per cent of all Bitcoin trades are made using Chinese Yuan.

Source:  a 2015 report from  investment bank Goldman Sachs Source: a 2015 report from investment bank Goldman Sachs

As well as being open to change, younger generations of the Chinese population are also among the most numerate in the world. Figures from the Organisation for Economic Co-operation and Development show that Chinese students score about 120 points above the global average in maths tests. Meaning that there is no shortage of engineers who understand and can build upon…

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