I'm holding some bitcoin, but I'm still not sure whether I'm speculating or if I'm in for the long run.
Sure, the Chinese are plowing huge sums of surplus cash into BTC, but where can it go? If the US, EU, and China decide tomorrow to freeze out bitcoin exchanges (like the US has already pretty much done), then where does that value go? Does it sit in BTC until adoption hits critical mass? How do you reach critical mass if you can't get in and out of fiat during the transition?
All it takes at this point is for China to decide on the socialist side of the fence and seize btcchina. All that Yuan hasn't really left the country and I'm sure Beijing will make damn sure it never does.
Sure, the Chinese are plowing huge sums of surplus cash into BTC, but where can it go? If the US, EU, and China decide tomorrow to freeze out bitcoin exchanges (like the US has already pretty much done), then where does that value go? Does it sit in BTC until adoption hits critical mass? How do you reach critical mass if you can't get in and out of fiat during the transition?
All it takes at this point is for China to decide on the socialist side of the fence and seize btcchina. All that Yuan hasn't really left the country and I'm sure Beijing will make damn sure it never does.