The Force Behind Bitcoin’s Meteoric Rise: Millions of Asian Investors

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Retail investors, mostly in Asia, are pushing the price of bitcoin to new heights

https://www.wsj.com/articles/the-force-behind-bitcoins-meteoric-rise-millions-of-asian-investors-1513074750

“Bitcoin is one of the few markets we’ve ever had in history where you’ve seen these astronomical gains around the world and the retail investors in Asia are the ones driving it,” said Chris Weston, chief market strategist at IG Group, one of the world’s largest online trading platforms. “It feels like this whole thing is being driven by the average Joe who isn’t nearly as financially literate as a professional fund manager.”

“Too many people have jumped in to invest without knowing the basics,” said Josephin Jung, a former teacher turned bitcoin trader in her mid-40s, who regularly gives private lectures on bitcoin in Seoul. “And too many are getting cheated in the process.”