China bitcoin market alive and well as traders bypass exchanges
Peer-to-peer marketplaces and messenger apps spring to action, overseas ICOs marketed
Weeks after Beijing banned fundraising through initial coin offerings (ICOs) and several exchanges announced they would close on orders from authorities, traders say the market is alive and well.
Reuters reports on Friday, citing industry insiders, that traders have moved to buy and sell the cryptocurrency directly on peer-to-peer marketplaces and messenger apps. Overseas-based ICOs are also reportedly being marketed.
The news supports the criticisms levied against establishment investors such as Jamie Dimon, Ray Dalio, and Warren buffet that bitcoin’s days are numbered.
Dimon recently said bitcoin is a “fraud” that will be taken down by government regulations. Clearly, China’s crackdown has had little effect.
Quartz broke down today where financial bigwigs stand on the issue: