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Chinese Hodlers Now Estimated to Have Reached 3 Million Despite Ban

Speaking at “New Financial Trends and 2018 Financial Technology Summit” in Beijing, researcher Li Honghan estimated that are now over 3 million investors in China holding on to cryptocurrency assets, reports Bitcoin.com.

Li Honghan, a researcher with the International Monetary Institute of Renmin University of China was discussing the current state of cryptocurrency in the country.

It appears if Li’s figures are correct then China’s prohibitive stance on the trading of cryptocurrencies have had little effect. China is still a major Bitcoin player with 50 to 70 per cent of global mining taking place in the country, although this number is not comparable with its far more significant figures before the ban was actually put in place.

Given that China is not one of the 91 countries worldwide that is unrestricted in trading in cryptocurrency, it does demonstrate a large following despite the legal ramifications that go with ownership. Li’s estimates would suggest that 0.2174% of Chinese citizens own bitcoin.

Li has predicted that DLT will revolutionize many aspects of the financial sector in the future, a view held by many financial experts in the country. Recent comments by China’s president Xi Jinping that the “blockchain was 10 times more valuable than the internet” clearly highlights the direction that the Chinese government is taking regarding the future of blockchain technology in the country.

In other news from China, a leak of an audio recording reported to be of Li Xiaolai, a renown Chinese Bitcoin tycoon has been released, attacking China’s crypto sector, calling some of the industry’s leaders ‘cheats’ and ‘liars’.  Xiaolai, the founder of Bitfund, also attacks a number of cryptocurrencies and refers to some investors as inexperienced traders, claiming that prominent crypto figures should amass a large social following during a bear market then capitalize during bull upturns.

Jon Ostler, CEO of finder.com has said that “China lifting its ban on cryptocurrency would likely have a significant impact on prices…It is such a big potential market that even murmurings of the ban lifting would probably push value up in the short-term.”

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