Chinese investors are loading up on bitcoin, which may help explain the cryptocurrency’s dazzling rise

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Explaining bitcoin’s dazzling rise has always been a fool’s game. Scarcity (bitcoins are limited by design to 21 million), gambling gone mad, utility, inflation hedge, global market acceptance, voodoo. All these possibilities and more have been cited for the cryptocurrency’s ability to mint thousands of new millionaires each week. Here’s another theory: China’s slowing economy and its crackdown on the rich are behind bitcoin’s recent surge. Fortunes are flowing out of China, and why not use bitcoin BTH24 as the funnel? It is easy to buy if you know how to work the system – bitcoin is technically illegal in...