Bitcoin is up a stunning 1100% in 5 months

Bitcoin is up a stunning 1100% in 5 months.

But why? Is it the coming collapse of the dollar?

No. It is because China just left a hockey puck on the enter key of their computer that prints RMB. Whether they printed $15 Trillion, $24 Trillion, or just 2-8 Trillion. Doesn't matter. Some smart techno-geeks in China have moved $10B of RMB into BTC. For perspective, let's divide everything by 1 billion. For every $2,000 to $24,000 of RMB printed this year, $10 was moved into BTC.

That is still a very interesting fraction - 1/200 to 1/2400!

That is a lot of hot money!

Originally posted on Facebook on December 04, 2013.