Bitcoin advocates say that one reason Bitcoin is talking off is burgeoning popularity in China.
They argue that the anonymous digital currency is naturally going to be popular in a country with such a repressed and archaic financial system.
So is it true? The site Fiatleak.com (via Sophie H who correctly calls it “hypnotic”) has a really cool animated map showing Bitcoin transactions in real time. It shows both the currency denominated for the trade, as well as the country of the transaction.
It’s really addicting and you can watch it here, but in the time we’ve watched it, it becomes clear that China really is big into Bitcoin relative to the rest of the world.
Below is a brief snapshot of what we saw in which the transactions were dominated by Chinese trading (at other times it’s more even, with more US action).