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China Takes Center Stage in Bitcoin

The American delegation flew to Beijing because that was where much of the Bitcoin power was concentrated.


China has become a market for Bitcoin unlike anything in the West, fueling huge investments in server farms as well as enormous speculative trading on Chinese Bitcoin exchanges.
Chinese exchanges have accounted for 42 percent of all Bitcoin transactions this year, according to an analysis performed for The New York Times by Chainalysis.


Just last week, the Chinese internet giant, Baidu, joined with three Chinese banks to invest in the American Bitcoin company Circle.
The American delegation in China had a software proposal, known as Bitcoin Classic, that would change all that.

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