Bloomberg Businesswee reported that the Bitcoin frenzy had gripped China. The world's second largest economy had become the second largest maker of Bitcoins worldwide, according to data compiled by SourceForge. SourceForge is a website that keeps track of Bitcoin activity around the world. China even briefly overtook the US in bitcoin creation in May.
The Bitcoin mania in the mainland was attributed by an analyst to the lack of other investment opportunities that give high yields. BOCI Securities Head of Trading Peter Pak told Businessweek, "In China, the stock market, property, and bond market are all not so good, so people get really excited when they hear of a new investment that generates high returns."
Bitcoins are digital currency created four years ago by an entity that went under the name of Satoshi Nakamoto. It could be used to purchase various online goods and services. Currency tracker Blockchain.info reported that around 11.6 million Bitcoins are in circulation worldwide.
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