Record sales for Xiaomi smartphones could benefit bitcoin users

posted over 2 years ago
On July 10, 2016, Chinese smartphone manufacturer, Xiaomi, announced that their cheap line of phones, known as Redmi, had sold over 110 million units in just 3 years. This news could have implications for bitcoin, as cheaper smartphones could directly result in higher trading volume in the country.

Cheaper smartphones mean easier access to bitcoin in an emerging market that has also become a rapidly growing market for the cryptocurrency. Also, cheaper smartphones alleviate a price burden that once restricted the ability of the Chinese to obtain bitcoin.

Although China is quickly becoming a developed economy, a large percentage of its population is still very poor, with more than 82 million people living under the poverty line. Therefore, cheaper phones could dramatically increase bitcoin’s trade volume within the country, further contributing to the currency’s network effect.
Tags: bitcoin, opinion