|>>|| No. 7200
It's been difficult to measure just how much the Chinese actually use Bitcoin, because their biggest exchanges (BTCC, Huobi and OKCoin) had 0% trading fees for several years, hence saw huge amounts of action and trading bot activity. By comparison, most other exchanges had around ~0.1% in taker fees, or similar; seemingly tiny, but enough to significantly dampen rapid trading, especially automated. I'm speaking in the past tense since the "big three" in China ended 0% fee trading (and margin trading) around the start of this year, at the same time as the Chinese government started clamping down on Bitcoin and their domestic exchanges, all of which precipitated the sharp cut-off you see in >>7158. Over that period the Japanese government moved to legalise and open up Bitcoin trading, which accounts for the growth in "Japanese" trading you see then; many traders jumped ship to Japanese/US/Korean exchanges (these also having the benefit for Chinese traders of being outside of the purview of the Chinese government).
If you're talking about transactions on the Bitcoin network itself, it's even harder to say which are from which country, because of its pseudonymous nature and the ease of spoofing IP geolocation. Even if you were to track geographical points of exit from exchanges (which, as alluded to above, are a poor metric upon which to base assumptions of nationality), users regularly move coins into new wallets (or more accurately, fresh addresses), and exchanges regularly move large amounts of bitcoin between hot and cold wallets. Neither of these are transactions in any meaningful sense, and both would skew transaction analysis. Then there are bitcoin tumbler services, which assist in a significant amount of on-chain coin movement, but are intermediaries to transactions rather than transactions per se.
>I feel like this statement is internally contradictory.
The statement isn't internally contradictory, and I harbour no resentment towards stockbrokers. I concur that most have watched a five minute video, though, and precious little else, as this would explain the behaviour we've seen of late. Pumping millions into Bitcoin with prices around the level they are now is lunacy; as the value continues its spiral upwards it increasingly detracts from the fundamentals of the thing it represents.
Most would advise holding onto a bit, but congratulations on your windfall, and it's refreshing to read someone having the strength of conviction to cash out completely.