[droopyEyelids]

Do we know if this surge is because bitcoin is being used to evade currency controls (and quickly converted into another currency) or if it's being used as a store of value?

It'll be interesting to see what happens if China cracks down on BTC while citizens are left with enormous wallets.

[brilliantcode]

I've always trouble with that logic. If somebody is buying BTC by selling Yuan than somebody is buying the Yuan on the other side which means it's a game of hot potatoes-nobody wants to hold onto a depreciating asset as USD becomes stronger.

But Bitcoin is such an easy target now that the myth has been properly disseminated. Bitcoin may or may not even be used to move money out of China but that won't matter to a communist government!