The world of cryptocurrency moves at lightning speed—so fast that “a day in the crypto world feels like a year in real life.” Nowhere is this more evident than in the journey of Yang Linke, widely regarded as the first person to bring Bitcoin to China. His eight-year odyssey mirrors the explosive growth, fierce competition, regulatory crackdowns, and resilient reinvention that have defined the evolution of digital currency in the country.
From Sauna Equipment to Digital Gold
In 2011, Yang Linke was running a modest business selling sauna equipment in Beijing. At 26, he had already served two years in the military and tried his hand at hospitality and retail. But like many entrepreneurs during the early internet boom, he sensed a shift—a new frontier was emerging.
One day, a simple QQ status update changed everything: “Willing to talk about Bitcoin?” It was from his friend Huang Xiaoyu, an economics enthusiast and one of China’s earliest Bitcoin adopters. Curious, Yang asked, “What is Bitcoin?” That single question launched him into a world that would redefine his career—and Chinese crypto history.
Back then, Bitcoin was barely known outside niche tech circles. The Japanese exchange Mt. Gox dominated global trading, but there was no local platform for Chinese users. Seeing an opportunity, Yang and Huang pooled a few thousand yuan and built China’s first cryptocurrency exchange: Bitcoin China (BTCChina)—all within a month.
They also coined the now-universal Chinese term for Bitcoin: bì tè bì (比特币), a phonetic yet meaningful translation that stuck. On June 9, 2011, Bitcoin China went live. That same day, Bitcoin surged from $1 to $30—a sign of things to come.
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Surviving the First Crypto Winter
Despite the auspicious launch, the road ahead was rocky. Public awareness was low, and just weeks after launch, Bitcoin crashed dramatically. For two years, Bitcoin China operated at a loss, averaging only a few hundred bitcoins traded per day. To survive, Yang continued running his sauna business while quietly nurturing the exchange.
But persistence paid off.
By April 2013, Bitcoin broke the $100 mark—an astronomical rise from its initial trading value of $0.03 in 2010. By November, it hit $1,000. Demand exploded. At its peak, Bitcoin China handled over 100,000 BTC daily, capturing up to 80% of global trading volume.
“It was insane,” Yang recalled. “Honestly, it was a little terrifying.”
With growing legitimacy came investment. LightSpeed China poured $5 million into Bitcoin China, prompting the team to relocate operations from Beijing to Shanghai. The dream was scaling fast—but so were the risks.
The Rise of Rivals and Regulatory Crackdowns
Success attracted competition. New platforms like Huobi and OKCoin emerged, fragmenting the market and sparking fierce rivalry. What began as a two-man startup soon evolved into a high-stakes industry.
Then came the hammer blow.
On December 5, 2013, China’s central bank and four other regulatory bodies issued a joint notice declaring that Bitcoin was not legal tender and banning third-party payment processors from supporting crypto exchanges. Overnight, prices plummeted.
Though the platform survived, the writing was on the wall. By late 2014, Yang stepped down from management, stepping away from the project he helped create.
“I felt some regret,” he admitted. “You raise something like your own child—you want to keep growing with it.”
A Brief Comeback and Final Exit
In May 2017, amid the ICO (Initial Coin Offering) frenzy sweeping Asia, Yang reunited with Huang Xiaoyu to relaunch Bitcoin China as a crowdfunding platform. Hope returned—until September 4, 2017, when seven Chinese regulators banned ICOs outright and prohibited any service facilitating cryptocurrency trading or valuation.
Within a month, Bitcoin China shut down all operations. By February 2018, Yang sold 100% of the company to a Hong Kong-based investment fund and exited the scene—for good.
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Reinvention: From Exchange Founder to Blockchain Philanthropist
In early 2025, Yang made headlines again—not for launching a new exchange, but for buying back Bitcoin China in full. This time, however, his vision had shifted. No longer focused on speculation or trading, he aimed to transform the brand into a blockchain technology enabler for real-world industries.
Based in Hangzhou, Yang now runs a blockchain-focused investment fund. But his most ambitious project lies closer to home: his hometown of Ledong Village in Yueqing, Wenzhou.
Working with local officials, including Village Committee Director Lin Xiaozhang, Yang is turning Ledong into China’s first blockchain-themed village—a blend of education, tourism, and community development.
Over half of the village’s 2,000 residents—mostly aged 25 to 50—have some exposure to blockchain or digital assets. Infrastructure projects are being funded through donations in cryptocurrency: 11 BTC and dozens of ETH have already been contributed.
A 1,000-meter riverside walkway features engraved stone panels displaying 40+ blockchain-related concepts—from mining to smart contracts. A blockchain-themed park and exhibition center are under construction.
“It’s not about launching a token or making money,” Lin emphasized. “This is purely public welfare. Some say we’re chasing hype—but we’re building knowledge and legacy.”
Frequently Asked Questions
Q: Who is considered the 'first person' behind Bitcoin in China?
A: Yang Linke is widely recognized as the pioneer who co-founded Bitcoin China—the country’s first cryptocurrency exchange—making him a foundational figure in China’s crypto journey.
Q: What happened to Bitcoin China after 2018?
A: After regulatory pressure led to its shutdown, Bitcoin China was sold to a Hong Kong fund. In 2025, Yang Linke reacquired it with plans to pivot toward blockchain solutions for traditional industries.
Q: Is Ledong Village launching its own cryptocurrency?
A: No. Despite using crypto donations for development, village leaders stress that no native token will be issued. The initiative is educational and cultural, not financial.
Q: Why did Yang Linke leave the crypto space twice?
A: Both exits were driven by tightening regulations—in 2014 due to payment restrictions and in 2017 following the ICO ban. Each time, compliance took precedence over continuation.
Q: How is blockchain being used in Ledong Village?
A: Primarily for public education and tourism. Physical installations explain blockchain concepts, while future plans include workshops and tech partnerships for rural innovation.
Q: Can foreigners visit Ledong Village’s blockchain projects?
A: Yes—the site is open to visitors as part of a broader effort to promote blockchain literacy and sustainable tech adoption in rural communities.
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Legacy Beyond Price Charts
Yang Linke’s story isn’t just about gains and losses—it’s about vision, resilience, and reinvention. From humble beginnings selling sauna gear to shaping the foundation of China’s digital asset ecosystem, his journey reflects the volatile yet transformative nature of innovation.
Today, as global interest shifts from speculation to utility—from exchanges to enterprise solutions—Yang’s pivot from trader to technologist feels prescient.
“A day in the crypto world feels like a year in real life,” goes the saying. For Yang Linke, those eight years packed a lifetime of change—and perhaps, redemption.
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