BTC China (BTCC) Founded
The first Bitcoin exchange in China launches, laying the groundwork for the country's future dominance in trading and mining.
In June 2011 (specifically June 9), BTC China (later known as BTCC) was founded by Yang Linke and Huang Xiaoyu. It was the first digital currency exchange in China, a market that would eventually account for the vast majority of global Bitcoin trading volume by 2013-2016. Initially a humble operation, it provided the first Yuan (CNY) on-ramp for Chinese citizens, bypassing the need to use US Dollars or overseas bank accounts. Before BTCC, Chinese users had to rely on complex Taobao trades or international wires.
The founding of BTC China is the origin point of the 'Chinese Era' of Bitcoin. It facilitated the entry of early Chinese miners and speculators who would industrialize the mining sector. Later joined by Bobby Lee (brother of Litecoin creator Charlie Lee) as CEO, the exchange would become one of the 'Big Three' Chinese exchanges (alongside Huobi and OKCoin) that dictated global price action. The exchange operated in a regulatory gray zone that allowed it to offer zero-fee trading, driving massive volumes and volatility.
BTC China's launch signaled that Bitcoin was not merely a Western libertarian experiment, but a global financial phenomenon adaptable to different economic regimes. It proved that despite strict capital controls, the Chinese populace was hungry for alternative assets. The platform played a critical role in the 2013 bull run, where Chinese demand pushed the price over $1,000.
Key Sources: Wikipedia: BTCC | CoinDesk: Bobby Lee Interview