中國股市的動盪引發了比特幣投資興趣

儘管中國股市持續下跌和經濟低迷，但中國投資者越來越多地轉向加密貨幣作為避風港。中國對加密貨幣挖礦和交易的禁令並沒有阻止投資者透過灰色市場和金融科技平台尋求比特幣和其他數位資產的避難。這一趨勢凸顯了在經濟不確定性和股市波動的情況下，加密貨幣作為替代投資選擇的吸引力。

Image Source: Unsplash

圖片來源：Unsplash

Since July 2021, China’s stock market has declined and shows no signs of sustained reversal. The CSI 300 index of Chinese stocks fell to 1.6% on January 22nd, while the Hang Seng index fell to 2.3%, three times lower than at the beginning of the year. While the Chinese authorities have been coming up with plans to bootstrap its stock market, it has not prevented investors from seeking refuge in Bitcoin and other cryptocurrencies, despite the country’s ban on crypto mining and trading since 2021.

自2021年7月以來，中國股市一路下跌，並沒有持續逆轉的跡象。 1月22日，滬深300指數跌幅為1.6%，恆生指數跌幅為2.3%，較年初跌幅三倍。儘管中國當局一直在製定引導股市的計劃，但這並沒有阻止投資者尋求比特幣和其他加密貨幣的庇護，儘管該國自 2021 年以來就禁止加密貨幣挖礦和交易。

Crypto as a Safe Haven

加密貨幣作為避風港

As the Chinese stock market prolonged its downturn, many Chinese investors have been seeking refuge in cryptocurrencies despite their ban in the country. Shanghai-based finance sector executive Dylan Run described Bitcoin as a “haven” and even likened it to gold, as the decline in the country’s economy has made investing in the mainland challenging yet disappointing, so people want to move their money and assets abroad.

隨著中國股市持續低迷，儘管中國禁止加密貨幣，但許多中國投資者仍在尋求加密貨幣的庇護。上海金融業高管迪倫·潤(Dylan Run)將比特幣描述為“避風港”，甚至將其比作黃金，因為中國經濟的下滑使在內地的投資充滿挑戰但又令人失望，因此人們希望將資金和資產轉移到國外。

According to Run, more and more investors are making a run for crypto assets and cryptocurrencies. Despite it being banned in China, procurement of Bitcoin has been relatively easy through the grey markets and fintech platforms. The process works by using platforms like WePay to convert yuan to stablecoins and trade them with middlemen. Another way is to opt for rural bank cards and a relatively low purchase price to work around the implemented ban.

根據 Run 報道，越來越多的投資者正在追逐加密資產和加密貨幣。儘管比特幣在中國被禁止，但透過灰色市場和金融科技平台購買比特幣相對容易。該過程透過使用 WePay 等平台將人民幣轉換為穩定幣並與中間商進行交易。另一種方法是選擇農村銀行卡和相對較低的購買價格來規避禁令。

China’s Economic Downturn

中國經濟低迷

The economic downturn didn’t happen in a snap. Problems that concern internal and external affairs have slowly built up to this moment since 2017. The real estate market, which used to be strong, is now dealing with a debt problem and slowing sales. This is affecting not only construction but also related industries and investor confidence. Another problem also manifests in the demographic situation, as an aging population and a falling birth rate mean that fewer people are working and less money is being spent at home, which slows down economic growth generally.

經濟衰退並非一蹴可幾。自2017年以來，內憂外患的問題慢慢堆積起來。曾經強勁的房地產市場現在面臨債務問題和銷售放緩。這不僅影響建築業，也影響相關產業和投資者的信心。另一個問題也體現在人口狀況上，人口老化和出生率下降意味著工作的人越來越少，家裡花的錢也越來越少，這總體上減緩了經濟成長。

Moreover, policy changes happen all the time, especially when it comes to how tech companies are regulated, which has made things less stable on the ground. It is now harder for businesses to run, which discourages investments from both inside and outside the country.

此外，政策變化一直在發生，特別是在科技公司的監管方式方面，這使得實際情況變得不穩定。現在企業經營更加困難，這阻礙了國內外的投資。

The rising geopolitical tensions, especially with the US, also cause uncertainty on the other side of the world. It affects Chinese exports and messes up global supply lines. The global economic slowdown is making China’s economic chances even worse. This is because of things like the conflict in Ukraine and stricter monetary policies. Metal, oil, and other commodity costs that go up and down make it more expensive for Chinese companies to make things, which limits their ability to make things.

不斷加劇的地緣政治緊張局勢，尤其是與美國的緊張局勢，也為世界另一端帶來了不確定性。它影響了中國的出口並擾亂了全球供應鏈。全球經濟放緩使中國的經濟機會更加渺茫。這是因為烏克蘭衝突和更嚴格的貨幣政策等因素。金屬、石油和其他大宗商品成本的上漲和下跌使得中國企業的製造成本更高，從而限制了它們的製造能力。

More than the economic downturn itself, stock market volatility imposes even more problems. As a solution to the stock market meltdown, China has been selling out stocks worth close to $10 trillion at this point. To say the least, it has not been looking great for China despite attempts to reverse the plummeting. The investing confidence also went down along with the stocks, which diverts investors offshore and to different ventures like digital assets, even with the country’s prohibited crypto trading. 

除了經濟衰退本身之外，股市波動也帶來了更多問題。作為股市崩盤的解決方案，中國目前已拋投價值近10兆美元的股票。至少可以說，儘管中國試圖扭轉經濟下滑的局面，但其前景並不樂觀。投資信心也隨著股票的下跌而下降，這將投資者轉移到海外並轉向數位資產等不同的企業，即使該國禁止加密貨幣交易。

Ban on Cryptos

禁止加密貨幣

Cryptocurrencies have been banned in China for more than one reason. Its volatility posed a concern, as it was assumed to create a loophole and a threat to the financial system and consumer protection. Additionally, the cryptocurrency’s anonymity raised fears of facilitating money laundering and other illicit activities, prompting China to crack down on Bitcoin transactions.

加密貨幣在中國被禁止的原因不只一個。它的波動性引起了人們的擔憂，因為它被認為會造成漏洞並對金融體系和消費者保護構成威脅。此外，加密貨幣的匿名性引發了人們對促進洗錢和其他非法活動的擔憂，促使中國打擊比特幣交易。

The ban also addresses concerns related to capital control, as Bitcoin provided a means to bypass China’s strict controls, allowing wealth to exit the country without government oversight. Furthermore, considering cryptocurrencies like Bitcoin as potential rivals or sources of technological disruption may have an impact on the ban because China is actively developing its own central bank digital currency (CBDC). 

該禁令還解決了與資本管制相關的擔憂，因為比特幣提供了一種繞過中國嚴格控制的手段，允許財富在沒有政府監督的情況下流出該國。此外，將比特幣等加密貨幣視為潛在競爭對手或技術顛覆來源可能會對禁令產生影響，因為中國正在積極開發自己的央行數位貨幣（CBDC）。

A Spark, Not a Bonfire

火花，不是篝火

While China’s current status implies a promising gateway for cryptocurrency growth in the country, it cannot be taken as a clear go-ahead to expand digital asset investment over there, as the stock market may plummet further despite the massive sell-outs and stimulus program by the Chinese government. Despite the newly found solace in Bitcoin, China’s crypto trading is yet to expand into a viable market for foreign investors and even its local ones.

儘管中國目前的狀況意味著該國的加密貨幣成長前景光明，但這並不能被視為擴大該國數位資產投資的明確理由，因為儘管中國推出了大規模拋售和刺激計劃，但股市可能會進一步暴跌。中國政府。儘管比特幣新近找到了安慰，但中國的加密貨幣交易尚未擴展到外國投資者甚至本地投資者的可行市場。

Even so, the venture for digital assets and lucrative leisure investments has unconstrained possibilities. Crypto gaming is still on a steady rise as cryptocurrency exchange companies, like Binance, debut new gaming platforms and launch new partnerships with blockchains. The landscape has also been competitive with online casinos through the years. Some of the best online casino sites for real money also offer crypto casinos and Bitcoin as a mode of payment. Aside from inclusive payment and bankroll systems, a lot of online casinos today boast generous offers and promotions that make casino gaming even more enjoyable and rewarding.

即便如此，數位資產和利潤豐厚的休閒投資的風險仍然具有無限的可能性。隨著幣安等加密貨幣交易公司推出新的遊戲平台並與區塊鏈建立新的合作夥伴關係，加密遊戲仍在穩步增長。多年來，該領域也一直與線上賭場競爭。一些最好的真錢線上賭場網站還提供加密賭場和比特幣作為支付方式。除了包容性的支付和資金系統之外，當今許多線上賭場還提供慷慨的優惠和促銷活動，使賭場遊戲變得更加愉快和有價值。

China’s current predicament may indicate a huge loss in investments, but such a situation can also open new opportunities for other ventures. However, investments in crypto assets in such countries are still a product of calculated risks and well-informed decisions.

中國目前的困境可能意味著投資的巨大損失，但這種情況也可能為其他企業帶來新的機會。然而，這些國家對加密資產的投資仍然是經過計算的風險和明智決策的產物。