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Beijing Crazy For Bitcoin, China To Lag Behind US – Kitco News Outlook 2014 Series

January 16th, 2015 | by BTC News
Beijing Crazy For Bitcoin, China To Lag Behind US – Kitco News Outlook 2014 Series
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Kitco News introduces its first interview of its Outlook 2014 series with Gordon Chang, author of The Coming Collapse of China. Chang talks about the Chinese…
Video Rating: 3 / 5

 

I think this week is arguably the last Chinese government induced panic sell-off that Bitcoin markets will ever experience. I also think Bitcoin is one of th…
Video Rating: 4 / 5

 

28 Comments

  1. avatar Kitco NEWS says:

    #OUTLOOK2014 | Beijing Crazy For #Bitcoin, #China To Lag Behind U.S. —
    Gordon Chang [The Coming Collapse of China] ▸ http://youtu.be/ZaDUn3rxHiw

    Kitco News introduces its first interview of its Outlook 2014 series with
    Gordon Chang, author of The Coming Collapse of China. Chang talks about the
    Chinese and US economies as well as gold for the coming year. “I think the
    U.S. is a stable economy and I think it will continue to do well over the
    coming near term,” Chang says. In contrast, Chang says the Chinese economy
    has a real problem in the sense that independent data, such as employment
    numbers and corporate results, may suggest the economy is stagnating. “I I
    don’t think China is actually contracting but nonetheless it’s not growing
    at the rate that the National Bureau of Statistics claims,” he adds. Chang
    also chimes in on the bitcoin craze in Beijing and says he was surprised
    when the Bank of China announced on Thursday that is prohibiting banks from
    handling bitcoin transactions. “I still think it will be a good story in
    2014 because the Chinese people love this currency,” he says. With regards
    to gold, Chang says the tensions in the East China Sea will eventually be
    positive for the metals. “I’m a gold bull for 2014.” Watch now to see which
    economy he thinks will triumph in the coming year and what he thinks of
    Chinese gold demand.

  2. avatar Pramod Somwanshi says:

    nice video

  3. avatar johnnieace45 says:

    The US can finance their own debt? I guess he feels that printing trillions
    of dollars out of thin air is financing. I call it theft.

  4. avatar Y Liu says:

    Gordon Chang has been repeating his liar again and again shamelessly sine
    more than 12 years, and western medias even bought his stories, shame on
    both.
    This news reflects that US medias or even US is not a ” democratic” system
    or country any more. There the people always get one-side story. US medias
    become a brain-wash machine.

  5. avatar skymaster04 says:

    Is that good news ?

  6. avatar AndroidGZS says:

    Gordon Chang lolol.

  7. avatar ARXD says:

    BitCoin = Ponzi scheme
    US to decline WITH China and the rest of the world as well, we are all on
    the same global monetary system – wake up.
    Gold/Silver prices are manipulated UP & DOWN
    The big players make their money either way, but they can’t do that without
    you, so keep pushing those chips in!

  8. avatar Samantha Corby says:

    The Interviewer id HOT! HOT! HOT! What is her name?

  9. avatar Michael D says:

    I’d be sweating too if I just lost my entire savings. Now you want more
    people to buy so you can dump? Not cool, not cool at all. This is one wave
    you don’t want to ride to the end. Get the hell out while you still can.
    Not trying to be mean, just real.

  10. avatar Vention1MGTOW says:

    With the new funds that are coming online this fall, the ones that will
    allow those with brokerage accounts to pickup a position in bitcoin, I
    suspect we’ll see money flowing in. And as time goes on we get more and
    more bitcoin integration into the normal economy so that will also increase
    investment. And every few years the banksters pull the plug on the economy
    and scoop up more of the wealth of the nation through confiscation of homes
    and businesses, purchasing of stocks after a stock market crash, as well as
    government bailouts. During such times people want to remove some of their
    money from government control. Bitcoins become pretty attractive at those
    times (especially if there is fear of a Cyprus style bail-in occurring).
    Some of these banksters may elect to slam a few million into bitcoins then
    flee the country instead of killing themselves the way some of these
    banksters have been doing recently. Then when there’s blood in the water on
    wall street we’ll see people pulling money out of companies that are
    crashing and start buying up bitcoin funds.
    So, I’m not concerned about my bitcoins. It might take a year or two but I
    have reason to be optimistic.
    That said, I intend to continue buying precious metals as well as bitcoins.
    I’m currently only buying bitcoins at the moment but when my bitcoins equal
    my precious metals I will invest in whichever side is lower. The mass of
    metals acts as a shock absorber, keeping me from being concerned about the
    wild swings in bitcoin.

  11. avatar Secondhand Sampler says:

    Best case scenario: It’ll go back up, but price will likely draw down to
    around 250 before it begins a gradual uptrend to the 800 resistance level.
    Once it breaksout of that resistance level, it’ll either sustain for a
    while with 800 to 650 becoming the new general support level, or, depending
    on how many banking oligarchs and billionaires are incrementally scooping
    up bitcoin during this current downtrend, price could rally to new highs
    once they decide to pump it.

    However, the longer price remains in the 300 hundred range, the more cheep
    coin the big boys can pick up incrementally without driving up price
    through their sheer purchasing volume, so consolidation has to be done
    slowly. In that case, it’s likely there will be more FUD news from China,
    etc in an attempt to scare investors into more sell offs. Because if the
    world’s wealthy can snag coins at 150 USD, then those who were late to the
    game and didn’t want to pay 1000 +, will try their damnedest to bring the
    price down, knowing that this is the last opportunity to make substantial
    divestment from fiat without having to go all in on bitcoin.

    Right now is a richman’s best of both worlds scenario, wherein for
    instance, one 8th of their fiat wealth invested today in Bitcoin, could, in
    5 years, exceed the other 7/8ths of their total wealth in dollars, by many
    many times…but it’s still a gamble, as bitcoin could be replaced by
    another protocol.

    Worst case scenario: After a massive consolidation, the price is pumped to
    massive unsustainable highs followed by a crash of bitcoin wherein mining
    becomes unprofitable leaving the network open to attack, thus destroying
    it’s reputation while Bitcoin venture capitalist and technology/application
    developers hunt for the next P2P coin to hop on….followed by the
    domination of the questionable Ripple network.

  12. avatar MrAgentfour20 says:

    I contemplated dumping all my coins today . Then instead I bought more . :D

  13. avatar ACSW33TS says:

    you were wrong about politics and obama like you will be proven wrong with
    bitcoin

  14. avatar kennyvii says:

    I predict the Chinese people will keep finding ways to buy BC and that the
    largest “threat” to BC from China is a seeming willingness by the China
    government to protect their yuan. Their tightening move will restore some
    faith in people looking for alternatives to the Yuan. 

  15. avatar noventar says:

    What if China introduces its own digital currency that can be traded in
    China and the world?

  16. avatar Keith Erickson says:

    Lol to all the non believers. Bitcoin is just above 500$ Right now. Up next
    #zetacoin !!!

  17. avatar Nathan Weller says:

    Weak prediction. It’s going to take out prior highs in the near term. What
    happens when there are no more bitcoins to be mined?? Up, up, and away!!!

  18. avatar Grant Maw says:

    Good observations. Made so much better by your not predicting the bottom,
    as everyone is confidently doing today.

  19. avatar Imafreedomfighter says:

    Bitcoin and cryptocyrrencies haven’t even begun to scratch the scratch of
    the scratch on the surface of the economy and financial world. It’s only
    just getting started. The controlled global economic demolition has begun,
    cryptocyrencies are the way of the future.

  20. avatar James Moat says:

    I actually agree, I believe the “smart money” will enter the market, in,
    and the dumb money have probably left, or have sold / lost it. once the new
    IRS ruling changes or gets reformed as currency, we are going to see a a
    recovery, but by then there the supply just wont be there. I believe a NY
    congressman just filed for a repeal on the IRS ruling just few hours ago. 

  21. avatar JulianTosh says:

    Dump scammers making as much as they can out of the China news. Can’t wait
    to see what the next dump scheme is and watch them run it too into the
    ground. The protocol and network security is as strong as it has ever been.

  22. avatar Dan Ravenscroft says:

    I’m living in Suzhou, China. I’ve been getting Bitcoin from some great
    people on localbitcoins.com, no problem. 

  23. avatar doggies400 says:

    I bought more bitcoin today at $354. it seemed to be a great buying
    opportunity. This is not the end but the beginning.

  24. avatar Bitcoin Odyssey says:

    Tiny market, unsure of itself in these early days. The Cina thing has been
    going on since late 2013…does not seem to end. China may issue a proper all
    out ban in the future. China has not banned bitcoin…but I don’t see an end
    yet to the China saga.

  25. avatar Ricardo H says:

    I bought more bitcoins. China = out. American muscle soon in the game. WALL
    STREET!

  26. avatar usbd mr says:

    nice information

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