The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Crypto Influencer Tackles Top 5 Bitcoin (BTC) and Crypto Myths About China

by Daily Hodl Staff
November 18, 2019
in Bitcoin

Dovey Wan, founding partner at Primitive Ventures, a global digital assets holding company, says China’s government is usually quick to draft new regulatory requirements but might not always enforce them effectively.

While attending a recent forum focused on crypto assets, Wan delivered a presentation in which she clarifies that Bitcoin is not banned in China and that people are allowed to legally hold it. She calls out the five top Bitcoin and crypto myths about China.

  • Myth 1 – “Bitcoin is banned in China”
  • Myth 2 – “Exchanges are banned in China”
  • Myth 3 – “Mining is banned in China”
  • Myth 4 – “The Chinese have a hard time accessing crypto assets”
  • Myth 5 – “Chinese people are buying Bitcoin to hedge against RMB devaluation”

Wan says crypto exchanges are not completely banned in mainland China. Although some crypto trading platforms such as BTCChina and Yunbi were shut down, exchanges such as Huobi, OKCoin and Gate continue to operate in the country.

Bitcoin miners are also still operating in China with large pools – Poolin, F2Pool, BTC.com and AntPool – reportedly controlling 70% of the hash rate of the Bitcoin network, according to data from Blockchain.com.

While people think it’s difficult for Chinese residents to access crypto assets, Wan points out that Chinese investors holding around $3 billion in Bitcoin, Ether and EOS unwittingly gave their assets to a fraudulent crypto scheme called PLUSToken that got busted in June.

According to Wan, another myth is that Chinese investors are buying Bitcoin to hedge against the devaluation of the renminbi, the country’s national currency.

However, Wan says the average Chinese trader buys gold to hedge against the renminbi and buys crypto assets to engage in speculative trading or investing.

[the_ad id="42537"] [the_ad id="42536"]
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • DoubleUp : A new generation of GambleFi
    May 13, 2025
  • MoonX: BYDFi’s On-Chain Trading Engine — A Ticket from CEX to DEX
    May 13, 2025
  • Canelo Álvarez Joins 1win as Global Ambassador After Historic Title Victory
    May 13, 2025
  • AB DAO and AB Charity Foundation Join Forces To Build a Trustworthy Infrastructure and Promote Global Philanthropic Transformation
    May 12, 2025
  • Sonic Labs Announces $10 Million Token Sale to Galaxy for US Expansion
    May 12, 2025
  • New Purpose-Built Blockchain T-Rex Raises $17 Million To Transform Attention Layer in Web 3.0
    May 8, 2025
  • Flipster Makes Esports Debut As Official Crypto Exchange Partner of TALON’s Dota Two Team, Powering a New Era of Fan Engagement
    May 7, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$103,693.78
$103,693.78
0.32%
Ethereum
$2,526.08
$2,526.08
1.11%
BNB
$653.52
$653.52
5.22%
Solana
$174.48
$174.48
1.2%
XRP
$2.54
$2.54
1.1%

Spotlight

  • Bitcoin Transitioning From Risk To Hedge Asset As Institutions and Governments Adopt BTC, Says Bitwise CIO
    May 6, 2025
  • Vitalik Buterin Warns Ethereum Has Become Needlessly Complex, Calls for Mass Simplification of Chain
    May 6, 2025
  • Bitcoin Has ‘One Final Leg’ of Outperformance Before Altcoins See Boost, According to Crypto Analyst
    May 6, 2025
  • Matt Hougan Reveals Massive ‘Base Case’ Price Target for Bitcoin by Year-End Despite Potential Political Threats
    May 6, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl