I bought 10 bitcoins about a year ago, when I thought it would worth something someday, far from now... Until recently, I got news from CCTV, which is the leading TV channel in China who says bitcoin is hot. I was shocked when I checked its price online. I believe I knew what happened after some googling and thinking, and I would like to share with you.





Given the current status on commercial adoption, Bitcoin is just overrated, both on concept and value. Maybe it is the breaking tech which has a bright future, but not at a $400+ price today. I havn't seen any store in China who will accept it. The Baidu business only receive several coins after its big announcement. Buying house in Shanghai is by the same nature, no house sold with Bitcoin payment. All news on China's market adoption I know are simply PR activities, except that my friends are starting to buy Bitcoins at all cost. Why? The house price is getting its top, the stock market has no attraction, and actual CPI is high...some people need a channel to invest, and a few need to transfer money out with Bitcoin being the media for better opportunities. Chinese are very talented about buying in good stuff. Now, Bitcoin becomes the new Gold. That is why.





Having said that, I really worry that Bitcoin will get a big bubble as soon than anybody can imagine. I am hoping its price can keep a steady growth as its adoption speed, so people can exchange and spend it without pressure. Some of my friends are planning a business accepting Bitcoin pay, but my other friends said they would rather keep any of their coins for now in a discussion. This is too bad. And it seems there is no way to control it. Maybe someone sees my post will join the race too. It is not my intention. Anyway, people will find out without I say it. I wonder if there is a smart guy who can come up with an idea to stop this trend, and that may save a lot people from a big bubble-burst.