Chinese mothers who are middle-aged, married and have grown up children are known as ‘Damas’. Damas is a Chinese word,though it is an honourable term, lately it has been used in a derogatory way. This was a result of an incident that took place in 2013 in China,when the gold market plunged, which compelled these damas to rush to the jewellery shops to buy everything they could. Eventually, this led to rise in gold prices in global market.
This harmless community are now entering the latest technology web- Blockchain! This development have left the investors wondering. The picture of Chinese Damas at World Blockchain Conference held at Macau in May became an internet sensation. A lot of sarcastic comments were posted on these pictures on major social media networks across China. The phrase ‘blockchain damas’ has become so popular that it is one of the hottest searches on Weibo- a social network similar to Twitter.
Nobody should be judged on the basis of their looks. So is the case of these damas! Though they appear silly in appearance and behavior to almost every person, they are deep pocketed. In April 2013, when the gold prices were plummeted, they bought around $15.79 billion worth of gold in just ten days! This took the prices of gold futures to 2.7% in New York.
There is no hard evidence to prove the amount invested by these damas in blockchain space. Some people are opine that they are a driving force for the new technologies in this industry. Though this community is often taken lightly by people, they are going to be the most vibrant part of the blockchain technology as they have great power to change the trends in the market!
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