Interesting rumor: the Chinese government has started to buy up Bitcoin as a hedge against global Bitcoin adoption.

Even if it is not true today, it is actually kind of believable as a possibility for the future. As Bitcoin continues to gain traction, there has to eventually be a tipping point at which the governments of the world will say "Oh shit! This is for real. We need to own some of this before it's too late!"


Source: https://www.reddit.com/r/Bitcoin/comments/3qmtbp/bitcoin_just_hit_2000_yuan/

[–]johnnycoin 8 points 6 hours ago
"My very well connected friend from Shanghai says that there is a rumor in China that a few very very big chinese officials/businessmen/oligarchs are currently playing a very dangerous/fascinating game buying bitcoin. Speculation is that there is government influence in purchasing a majority of all bitcoins in the next five years to hedge against global Bitcoin adoption. Apparently, the government is behind some of the mining operations in China actually funding them and providing free power, and some Chinese officials think that it is smart to act now while the rest of the world is sleeping on this sea change in finance."