China restricted bitcoin so they could devalue their yuan without
any safe place for people to hedge off. Now you know. 'the rest of the story' (a little paul harvey for ya) THIS IS WHAT CENTRALIST DO. they eat their young basically. Thank god and your neighbor you are not under total tyranny like the poor chinese who have NO FREEDOM what so fkn ever. Very sad.. china currency is BLOWN OUT!
Bitcoin standing confidently in environment of Brexit, $12T in QE, ZIRP, Chinese yuan devaluation, $10T in neg-yield bonds, slashed World Bank global GDP estimates, Venezuela collapse, 654 int'l rate cuts, and contentious US elections. BTC is a lifeboat in an ocean of global financial mismanagement.
Reading through these headlines this afternoon and am reminded why I think that crypto will clean up this mess in the long run. Edit: include negative German bund, China corporate debt, $630T in derivatives, Operation Twist, movement to ban large cash bills, NIRP, Puerto Rico $72B default, growing currency black markets to avoid capital controls, Rio de Janiero missed debt payment to France just 60 days ahead of 2016 Olympics.
China buying oil with Yuan instead of USD. Will this give Bitcoin more relevance as a hedge against devaluation in the USD?
China is the worlds #1 importer of oil, and for about 50 years the US dollar was used as the worlds reserve currency and no other country has used their own currency to pay for oil imports. (when countries tried this, they ran into sanctions or worse) On March 26th China began a new plan to pay for oil imports in Chinese Yuan which is backed by gold, and it appears for the first time in decades this will be happening. This is happening in other areas too and there is a trend of moving away from the USD as the worlds only main or only reserve currency. The topic is complicated, and I want to hear ideas about how it may relate to Bitcoin. For things like growing US debt and the slow move away from the US petro dollar has been one of the long term reason I've held Bitcoin. In this specific way of thinking Bitcoin relates to gold. And since the Mar 26th futures contract has begun gold has gone up in price. Here's one link about the Mar 26th story that inspired me to ask the reddit community. https://oilprice.com/Geopolitics/International/China-Prepares-Death-Blow-To-The-Dollar.html How will this impact Bitcoin going forward and what indicators can we be watching?
Another wave of yuan devaluation rocked financial markets in early 2016 and the currency ended that year with a 7% loss. Again, bitcoin rallied by nearly 125%. Furthermore, both bitcoin and Traders using Chinese yuan bought up 18 times as many Bitcoin as those using USD over the past day. Bitcoin is currently trading at just over US$530, compared to a value of US$453 last Thursday. Bitcoin linked to yuan devaluation; CNBC correspondent’s take Cryptos | Aug 05 2019, 14:45 GMT China is going to conduct itself in the spirit of the G20 leaders’ summit. Related Reading: Falling Renminbi Serious Use Case for Bitcoin: DBS Chief Economist Bitcoin Trading at Record Inverse Correlation With Yuan. Bloomberg has reported that the 30-day inverse correlation between Bitcoin and the yuan has reached a record low, implying that the trade war has forced Chinese investors to adopt BTC. According to the PBOC, in 2019, 223.34 billion electronic transactions valuing a total of 347.11 trillion yuan (49.1 trillion U.S. dollars) were made in China. Among these transactions, almost half were mobile payments worth 347.11 trillion yuan, up 67.57 percent and 25.13 percent year on year respectively.
Why is China suddenly devaluing the yuan? - Duration: 2:52. ... How China's devaluation impacts the ... Fox Business 23,006 views. 3:52. John Stossel - Currency Devaluation and the Bitcoin ... -US Digital Dollar & Digital Yuan-Digital Yuan & Control-XRP Being Utilized by 14 Companies ... Bitcoin Documentary Crypto Currencies Bitcoins Blockchain Digital Currency ... The devaluation of the Chinese Yuan has allowed China's products to be cheaper than its foreign competition; giving China a competitive advantage in exports in the global trade market. Marc Faber On Yuan Devaluation, Fed Rate, Indian Economy & More - Duration: 18:44. ET NOW 23,793 views. 18:44. Tucker Carlson on when politics intrudes on art in Hollywood - Duration: 9:41. August 11 -- The yuan dropped the most in two decades, sparking a tumble in Asian currencies after China devalued its exchange rate to combat an economic slowdown. The devaluation follows economic ...