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How China Took Center Stage in Bitcoin’s Civil War

A delegation of American executives flew to Beijing in April for a secret meeting at the Grand Hyatt hotel, just blocks from Tiananmen Square.

They went to meet with the new kingmakers in what has become one of the grandest and strangest experiments in money the world has seen: the virtual currency known as Bitcoin.

Against long odds, and despite an abstruse structure, in which supercomputers are said to mine the currency via mathematical formulas, Bitcoin has become a multibillion-dollar industry. It has attracted major investments from Silicon Valley and a significant following on Wall Street.

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