Media: The central bank is wary of the "shoes" boom, but there is no indication that investor interest is weakening

According to the South China Morning Post, the Shanghai Branch of the People's Bank of China recently issued a financial briefing on the theme of “Warning the “Spirited Shoes” to Prevent Financial Risks” and clearly pointed out that “shoes hot” and “sautéed shoes” appeared in the domestic resale of shoes. In order to beat the drum-style capital game, the agencies are reminded of the high level of attention and take effective measures to prevent such risks in time. According to Matthew Graham, CEO of Sino Global Capital, “WeChat’s investor base has proliferated, and the group name is “XX Sneaker to da Moon!”” he added, adding that the main interest of these investors is gambling. "These are similar to the cryptocurrency speculative groups that emerged during the cryptocurrency boom of 2017." Sneaker trades are also beginning to penetrate from e-commerce platforms to cryptocurrency exchanges (such as 55.com), where high-priced shoes are made with bitcoin and others. Encrypted currency trading. In China, token and cryptocurrency transactions are banned, but this does not prevent some Chinese investors from using alternatives to purchase. Graham said this is accompanied by a clever cryptocurrency marketing concept that leads to excessive speculation. This speculation ultimately hurts Chinese sneaker enthusiasts, and some actually rely on online loans to get the money they buy. Since the release of the newsletter, the sports platform for sports shoes such as Nice has removed the price list. Warnings about losing money and counterfeit goods have also been circulating. But it is not clear whether this will curb speculation. There is no indication that investor interest is waning.