The researcher named Li Honghan made the statement during a summit held in Beijing on June 29 known as the New Financial Trends and Fin-Tech Summit 2018, according to Chinese news portal Chinatimes.net.cn.
While Li did not reveal his data source, it is well-known that Chinese investors are still active in the cryptocurrency space, making use of advanced censorship-resistant technologies like decentralized exchanges and peer-to-peer marketplaces to bypass government regulation.
As Bitcoin mining has also proved difficult for regulators to crack down on in China. It is estimated that more than 50% of global bitcoin mining capacity is located in China, with the remote provinces of Qinghai and Sichuan having a particularly high concentration of bitcoin miners.
A large number of miners in China has previously led Ripple’s CEO, Brad Garlinghouse, to attack bitcoin by claiming that it is “controlled by China.”
Bitcoin has seen a surge in price and trading volume over the past few days, adding nearly 14% since June 29, according to data from Coinbase.