Chinese Investor Pegs Bitcoin as a Perfect Currency

Jayanand Sagar | November 20, 2013 | 10:35 am

Chinese Investor Pegs Bitcoin as a Perfect Currency

Jayanand Sagar | November 20, 2013 | 10:35 am

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Is there such thing as a perfect currency? Many people will find issues with currencies in general, but according to a Chinese investor (who was the former CEO of a Chinese social reading service) Xu Mingxing, it just may be.

Xu heard of Bitcoin in late 2011 and began buy in 2012, when the price was below $20 per coin. Today, his coins are worth about $820,000 — up from his original investment of $16,400.

The news here is that this is coming from what could be described as a prominent business man in the world’s emerging Chinese economy. Many are seeing potential in Bitcoin due to its rapid growth rate. Others see the potential to store their money sans having to report it to tax authorities.

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