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According to a latest survey report released by Goldman Sachs, 80 percent of total bitcoin trading volume takes place in China where it is traded against the yuan. The US dollar is the second highest traded currency, followed by yen and euro, the report added.
Moreover, the volume traded in China-based exchanges is rising gradually even with bitcoin's price troubles over the last year, and the bursting of the China-led price bubble in late 2013.
However, highlighting the potential of cryptocurrencies, the report said that bitcoin are part of a technology megatrend that would transform the basic mechanics of transactions.
"Innovations in network technology and cryptography could change the speed and mechanics of moving money", it said.
