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Business Insight

Central banks drive demand for bitcoin by devaluing their currencies

Cryptocurrency, wildly popular in China, is now safe-haven asset

 Bitcoin has gone from moving in tandem with tech stocks to moving more in line with assets such as gold.   © Reuters

A few weeks ago, a Hong Kong-based hedge fund manager was in Tokyo when he was approached online by a mainland Chinese woman using a function on her phone that identified fellow Chinese in the vicinity. She was looking to sell bitcoin she had bought in China for Japanese yen.

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