Quote from: muasktak10 on November 26, 2013, 06:12:32 AM

http://www.nbcnews.com/business/chinese-buying-california-housing-2D11650640

To me, this practice, of draining practical wealth from the US is something that is calculated on the part of the chinese. Nobody in the US will pay for absorbent house prices nor is the US apt at the thought of $800 bitcoins, thus we sell, and chinese buy. As the article states, the chinese want to find a safe store of value for their wealth and they think housing in america is a good investment, and as we've seen btc as well. The chinese may play a bigger role in the eventual acceptance of bitcoin than we think. Similar to every time I walk into the grocery store everything is made in china, I have to accept that reality, because china cornered that market, and sooner or later, everyone will have to use bitcoins, because china cornered that market as well.

The same issue is happening in Australia in relation to overpriced unaffordable housing. Australia statiscally is the most unaffordable place to buy a home on the planet (for an Australian), a house costs approx 12+ times the average annual income, but you'd be shocked that despite that fact the housing sector is undergoing another so called "boom" this year, it never corrected in 10 years, pretty much everyone from GenY or Genx doesn't own a home (or under a 30year mortgage slavery/debt) and despite unaffordability the housing prices keep going up, all thanks to Chinese money investing into the sector.

The lack of local investment options clearly push chinese investors to spend their money overseas, and i think we're going to see a similar endless massive price rise in XBT for a while due to the same reasons we see in real estate.