The vast majority of cryptocurrency transactions are in Asia, meaning China, Singapore & Japan according to a sharespost webinar I tuned in to last week. Getting money out of China has been a driver of cryptocurrencies in 2017 and early 2018, with little utility other than moving money around to invest in safer havens.

I can see Chinese capital flight as a driver of transactional bitcoin. How does that lead to holding bitcoin as an investment?

This reminds me of an anecdote from Liar's Poker where the writer talks about how not even the oil traders understood what caused the price of oil to move and so they'd just make up outlandish stories about the Saudis.

I never heard this one... what do you have to back it up?

Jonathan Nelson, Managing Director HACK Fund discussed this on last week's sharespost webinar. The slides and replay should be up soon if you check their site. Discussion was titled 'State of Crypto Markets and Regulation: USA vs. the World – SharesPost Expert Series'

And Santa wears a hat