A friend in China mentioned today there's growing curiosity about BTC there after it was featured this weekend on CCTV. It's made it to the daily hot topic on sina weibo. Anyone want to speculate on whether/when this might be reflected in the exchanges?
We've discussed this quite a bit since the first CCTV news. Word is that the latest news was neutral to somewhat positive. I think we are going to see adoption in China, both as a speculative investment but also because of the world economic situation. Something we have to consider also, is that people may start to get behind it as a big FU to the USD. That is probably why the government has been pretty open to it.
I imagine that over the next 6 months to a year that China will be the biggest holders of BTC. Just on population alone, it only takes a few thousand wealthy people to make that happen. Just a feeling of a guess.
As the price of BTC goes up, we either need to go to another term e.g. mBTC or do a split (if that is possible). With the latter no one loses holding power as with creating new shares. I just don't see people being as game to buy when the price is high. But, if it truly starts to grow and is seen as valuable, then mBTC will be the new term.
IAS
I agree. It's psychological as much as anything. When we start using mBTC as the standard, I would be surprised if the price didn't increase almost immediately.
If you're a nobody investor without much money, would you feel more comfortable bragging to your friends that that you bought into the BTC market for .1BTC or would you rather say I bought 10,000 mBTC?
I agree that mBTC is psychologically better. It doesn't matter if it seems silly to the scientifically minded among us. Several laymen I have spoken to have told me they feel Bitcoin is now too expensive for them to buy in.
We all know you can buy fractions, but laymen typically do not and those are the folks we are trying to bring onboard.