China's continuing cash outflow, coupled with a weakening Yuan, spells serious trouble for their economy in 2017. Bitcoin is a popular choice for protecting their assets. Due to demand in China, as well as what we see unfolding in Italy with the collapse of a major bank or two, Bitcoin's popularity and value are going to continue their meteoric rise towards $1000!!!
An exert:
“At most, bitcoin could only account for a tiny percentage—probably less than 1%—of capital flight from China,” Bogart explained. “Regardless of whether capital flight from China intensifies or wanes,” he pointed out that “The real question in 2017 is whether Bitcoin will gain or lose market share as a vehicle for capital flight.”
https://news.bitcoin.com/yuan-heading-big-drop-chinas-outflows-mean-for-bitcoin/
China getting into bitcoin and really move the price. India and Venezuela are two others that really should get into bitcoin.
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They have been. That's why bitcoin is up about $250 in just 3 months. Venezuala, Australia, Pakistan, Philippines, India, Brazil are all crunching down on large currency bills (stopping their production and use). This is causing a large influx into the cryptocurrency markets.
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