Bitcoin broke the record high of 8,000 yuan, and the British media reported that its value was zero.

　　Bitcoin’s "madness" in this round has been somewhat lasting.

　　On January 5, according to the data of Huobi.com, a domestic bitcoin trading platform, at 1: 10 am, the price of bitcoin broke through the historical high of 8,000 yuan three years ago, setting a historical record. As of 8: 45 on January 5, the highest price of bitcoin reached 8650 yuan, and the price increased by more than 260% within one year.

　　The British "Guardian" said that market analysts believe that the main driving force for this round of bitcoin price surge is in China — — In 2016, the RMB depreciated by nearly 7%, the worst performance in 20 years, which triggered a huge demand for Bitcoin.

　　The historical highest price of Bitcoin was 8,000 yuan on November 19th, 2013. A month ago, the price of Bitcoin was still hovering around 1000 yuan, and it tripled in a short time. However, this price fell after less than 1 minute, and then it bottomed out all the way, reaching a minimum of 933 yuan.

　　Compared with that rise, Bitcoin rose slightly steadily this time, from 2,351 yuan in early 2016 to 8,000 yuan in early 2017.

　　Zhu Jiawei, COO of Huobi.com, said that this round of 8,000 yuan market is very different from that in 2013: First of all, the current bitcoin transaction volume is not the same as that of that year. When the highest price of Huobi was 8,000 yuan in 2013, the weekly transaction volume was 393,000 bitcoins, with a weekly amplitude of 103%, which was very small and was greatly affected by funds; Now, when the price of bitcoin breaks 8,000 yuan, the transaction volume in the four days after Huobi Net Festival is 7.35 million bitcoins, which is 37 times of that year’s transaction volume. The price amplitude in the four days after New Year’s Day in 2017 is 15.95%, which is much more stable than that year.

　　In addition, Zhu Jiawei believes that after the application of Bitcoin is promoted, the price tends to be stable. Although Bitcoin rose by 260% from 2016 to 2017, it won the top spot among many investment varieties. However, in the whole year of 2016, according to the data of Huobi. com, the daily price of Bitcoin rose and fell by 10% or more in less than five days, while in 2013, the daily price rose and fell by about 10%.

　　For Bitcoin entering the bull market in the past year, Zhu Jiawei analyzed the reasons: First, the underlying technology blockchain of Bitcoin has been recognized by major banks and financial institutions around the world; Secondly, in early 2016, the central bank held a digital currency seminar to start studying digital currency and blockchain technology; This year, domestic mainstream investment products, including stock market, property market, gold, etc., performed poorly on the whole, while bitcoin rose very well, and funds turned to bitcoin investment channels; Bitcoin halved its output for the second time in July 2016, which also promoted market sentiment fluctuations and pushed up prices.

　　Xu Mingxing, founder and CEO of OKCoin, another bitcoin trading platform in China, analyzed this wave of gains: "According to the laws of the trading market, investment products will rise if they follow a long decline, and will fall if they rise for a long time. Judging from the cycle of Bitcoin, this price increase is a long-term cumulative result after the price peak in 2013. But it is investors’ confidence in Bitcoin that affects the price of Bitcoin for a long time. "

　　The US "Wall Street Journal" reported in May last year that some analysts said that the rise of Bitcoin was mainly driven by the demand in China market brought about by the recent RMB depreciation, and the two major bitcoin trading platforms in China — — Huobi and OKCoin— — At present, it constitutes about 92% of the total global bitcoin transactions.

　　Just as the speculators were ecstatic, the Financial Times "poured a pot of cold water", saying that the value of Bitcoin was zero.

　　"A trading intermediary is always ups and downs, then it is a useless currency. In fact, Bitcoin has all the characteristics of pyramid scams. It requires that believers continue to enter the market to push up prices, and this is based on the promise that more believers will join in the future, so the value of Bitcoin will be the same as that of all pyramid scams. Zero. " The Financial Times reported on January 4th that.

　　In China, bitcoin as a currency has never been recognized by the regulatory authorities. Five ministries and commissions, including the central bank, said in the Notice on Preventing Bitcoin Risks issued in December 2013 that although Bitcoin is called "currency", it is not a real currency because it is not issued by the monetary authorities, and it does not have monetary attributes such as legal compensation and compulsion. In nature, bitcoin should be a specific virtual commodity, which does not have the same legal status as currency, and cannot and should not be used as currency in the market.