- China’s sinking economy is reportedly leading investors to buy crypto.
- China’s economy has made investment on the mainland “risky,” according to a senior executive.
- Decrease in crypto activities in Eastern Asia is due to China’s crypto ban.
The downturn in the Chinese economy and the plummeting of the Chinese stock markets are leading investors to move their money into cryptocurrencies, according to Reuters.
A recent report highlighted Finance Senior Executive Dylan Run, who started to add more cryptocurrencies to his investment portfolio in early 2023 upon realizing that the Chinese economy was “going downhill.”
Run reportedly used bank cards issued by small rural commercial banks to buy crypto through gray-market dealers, as crypto trading and mining have been banned in China since 2021.
Moreover, Run’s crypto investments were up 45%, and he owned approximately 1 million yuan worth of crypto. The report claimed that Run’s crypto investments accounted for half of his investment portfolio, whereas 40% were in Chinese equities.
A senior executive of a Hong Kong-based crypto exchange who declined to be identified shared with…
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