Tuesday Chart Check (Bitcoin Edition)

Sure, many Chinese citizens are so desperate to move money out of the country that they’re willing to risk dealing with shady underground go-betweens using tea shops as fronts to get cash to Hong Kong (more here).

Sure, these same Chinese citizens are willing to travel to Macau to skirt capital controls by using UnionPay cards to make fake purchases from “hundreds of neon-lit jewelry, watch and pawn shops [situated] in a warren of gritty streets around ritzy casino resorts.”

And sure, Chinese capital flight has been variously associated with soaring property prices in far-flung locales like Vancouver.

But they’d never resort to using bitcoin as a conduit. Which is why the relationship depicted in the following chart must be strictly a “coin”cidence….

bitcoin

(Chart: FT)

I guess it beats this…

hong

 

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