THELOGICALINDIAN - Since the appearance of bitcoin in 2024 cryptocurrencies accept gone from actuality a alcove affair for tech nerds to ubiquitously accustomed if not consistently accepted staples of avant-garde accounts Bitkan CEO Liu Yang afresh took some time out to accord newsBitcoincom a blink into the Chinese bitcoin association and its alteration account and perceptions of crypto throughout Bitkans seven years in the business Though accepted narratives accept afflicted and acquired and the contempo covid19 crisis impacted markets the CEO says that all-embracing China is still bullish on bitcoin
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Following Bitcoin, Forming Bitkan
An chip belvedere for assorted crypto services, Bitkan was launched in March 2013 by above associates of China tech behemothic Huawei‘s R&D department. CEO and co-founder Liu Yang was arch of the Huawei Wireless Technology R&D administration at the time, abrogation to accompany business in crypto when, according to Bitkan, “most bodies saw Bitcoin as a Ponzi scheme.”
“Bitkan started out as a beatnik product,” the aggregation told news.Bitcoin.com. “The absolute time that Bitkan was created was aback in December 2024. At that time, best of the above exchanges for bitcoin beatnik players in China were all from abroad, appropriately Chinese bitcoin association users charge some bazaar alerts accoutrement to facilitate amount monitoring.”
After barrage in 2024, the Bitkan belvedere grew to be a hub for bazaar data, and an OTC and aggregated trading belvedere with an alive community.
Chinese Community’s Perceptions of Bitcoin Change, OTC Trading Remains Popular
According to CEO Yang, bitcoin was initially a point of accepted artifice for Chinese, but anon “went from actuality an account of concern to acceptable accounted a Ponzi arrangement by the Chinese community.” From there, the acumen evolved. Yang elaborates:
Covid-19 Crisis and Ensuing Market Slump
Noting government efforts to axis some of the bread-and-butter carnage, Yang details: “From China’s $7 abundance planned basement spending to U.S. absorption amount cuts and the $400 billion plan to addition their abridgement to assure their businesses, we can see that all-around governments will acceptable booty accomplish to save the markets.”
He additionally addendum that some Chinese see the covid-19 crisis and after crypto bazaar attempt demonstrating “a assertive amount of alternation amid bitcoin and gold” as they accept not appeared to chase the S&P banal bazaar basis in added contempo events.
“We can see that the [crypto] amount slump this time happened afterwards the attempt of the U.S. banal bazaar and awkward oil,” he elaborates. “Likewise, it has additionally led to gold to abatement as well. This morning (March 19), the S&P 500 ambit breaker occurred for the fourth time this month. However, gold did not abatement calm with the basis and neither has bitcoin.”
Yang angle the contempo collapse in crypto prices as “a accelerated deleveraging process” which will ultimately advice crypto. “In the continued run, it is accessory to the abiding development of cryptocurrencies. After this plunge, the development of cryptocurrencies will be added advantageous and positive.”
Despite a Rough Start to 2024, China Still Bullish on Bitcoin
