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‘Financial weapon’: Bitcoin becomes another factor in China-US contest – Sydney Morning Herald

Bitcoin’s value is going through the roof. But investors and analysts are divided over how cryptocurrencies will play out in global politics.



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Of those figures, 36 per cent takes place in Xinjiang, the province where the Muslim minority Uighurs are subject to what the US considers to be genocide. Bitcoin mining is the energy-intensive process in which networked computers verify the cryptographic puzzle of the digital coin, earning a portion of the tokens value.
But bitcoin, a decentralised cryptocurrency, is designed to flourish outside the control of any government, including Beijings.
China isnt likely to support bitcoin, especially…

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