Investors of the parallel market represented by stock investors and futures practitioners, WeChat businesspersons, online lenders, as well as Chinese Dama are all flooding into the crypto world with frenzied enthusiasms, as it happens in China.
Regulators have taken a proactive role in shaping the rise of bitcoin and cryptocurrencies in the country, while this digital gold rush still grows despite stifling crackdowns and great price fluctuations.
The country’s clampdowns come as President Xi Jinping targets financial risks in the economy following a decade of booms and busts in everything from stocks to real estate, and now, maybe bitcoin.
According to International Finance News, which is owned by People’s Daily, the official communist party newspaper, Chinese Dama often presented at domestic blockchain conferences, busy exchanging business card and adding WeChat friends.
An organizer of a conference told reporter that you’d better not underestimate these middle-aged women. They are in strong social networks such as large WeChat groups, which is exactly what token issuers are looking to.
These middle-aged aunties, who are usually homemakers with considerable disposable time and money, find WeChat business like cosmetics sales less and less profitable and thus turn their eye to cryptocurrencies. They are pioneers or sometimes followers of investment trends, famous for rushing to purchase gold as an investment in 2013 when gold prices plunged and then they hype the real estate market, now they are focusing their ambition on bitcoin and its peers.
The stories of self-made billionaires in the crypto world lured these middle-aged investors in. They give full play to their advantages on WeChat marketing, recommending tokens to their friends and clients in those social media chat groups which they have operated for long time, even though they know little about the project they invested.
Apart from these aunties, investors of the parallel market such as futures practitioners would also like to have a go at this sector.
“It (crypto market) is fairly like the futures market twenty years ago, we could be the market maker and operate it from private fundraising to listing on exchanges.” a future practitioner surnamed Zhang said.
“The average ROI of issuing a token was lucrative with dozens or even hundreds of times last year, while currently four folds would be great. But we could still find opportunities in this market.”
Online lenders also want to have a share in this market, but they may have no obvious advantages in this area.
With more people get on the crypto trend, regulations are urgently needed rather than a blanket ban. It maybe time for China to lay the regulatory groundwork for its rise as a future digital currency trendsetter.
Global AML Watchdog to Release Crypto Regulations By Next June
A global money-laundering watchdog has said it will begin publishing rules for international cryptocurrency regulation by next summer.
According to a Reuters report Friday, the Financial Action Tas
Sia Network Releases Hard Fork Code to Block Crypto Mining Giants
The sia blockchain network has released the formal code for an imminent hard fork that will block miners using hardware produced by Bitmain and other major manufacturers.
David Vorick, founder and
North Korean Hacking Group Lazerus Stole $571 Million in Cryptos: Report
North Korea's infamous hacking group, dubbed Lazarus, has managed to steal over half a billion dollars in cryptocurrencies, a report indicates.
According to an article published Friday by The Next
Bitcoin's Price Breaks Through Key Support As Stocks Go South
Bitcoin (BTC) has dropped out of the tight trading range seen recently, paralleling losses in the U.S. stock markets.
The leading cryptocurrency, which was trapped in a triangle pattern (narrowing
Chip Maker TSMC Forecasts Weaker Crypto Mining Demand in Q4
Chip-making giant Taiwan Semiconductor Manufacturing Company (TSMC) has predicted weak demand for processors from cryptocurrency miners for the fourth quarter.
TSMC, the primary supplier for crypto
Crypto Exchange Huobi Now Lets Users Swap Between 4 Different Stablecoins
Huobi, the Singapore-based cryptocurrency exchange, has just launched a new solution that enables users to switch between different types of fiat currency-pegged cryptocurrencies, or stablecoins, in e
Bitcoin Price Eyes Triangle Breakout Above $6.4K
Bitcoin (BTC) is again trading in a narrowing price range above $6,400, but the lateral trading may soon give way to a rally, according to technical studies.
The price consolidation comes after Mon
Security firm G4S Has Launched a Crypto Custody Service
U.K.-based security services company G4S now offers a crypto custody service aimed to protect investors' holdings of digital assets.
Announcing the move in a press release on Oct. 16, the firm said