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 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!
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?
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. Bitcoin has become a financial haven with gold and silver, and Chinese buyers are eating these assets up. The continued devaluation of the yuan will enable trading solutions like Bitcoin to be a superior trading choice for investors. What do you think about the volume increase in China? Let us know in the comments below. UN testing Bitcoin and Blockchain for Remittances; Dubai to move all Government Documents on Blockchain by 2020; Adding to the above, from a macro perspective, addition of Renminibi to SDR might now see further devaluation of Yuan. And, while there is still reason to question a direct link between the relative strength of the Yuan and Bitcoin, there is also plenty of reason to keep on eye on the Yuan’s devaluation, just in case the correlation between the two is, in fact, an indicator of higher prices for Bitcoin. “Bitcoin is a purely speculative asset,” Zivkovski asserted, adding: “Any news of a yuan devaluation, news which is becoming more expected and less surprising to the market, is merely used ...
In 90 seconds – what the cheaper Chinese yuan means for Europe
Josh Sigurdson talks with author and economic analyst John Sneisen about the most recent Yuan crisis as we seen signs that the Chinese Yuan is heading towards an even bigger devaluation than it ... China devalued the Chinese Yuan and broke the 7.00 USD/CNY today. ... Silver and Bitcoin have responded by a strong uptrend in response to the increasing geopolitical risk and possible currency ... There are many Geo Political influences on the Bitcoin price such as Brexit, the US Elections, European Elections, Chinese economy and devaluation of the Yuan, India's demonetization and ... Following market forces, China again devalued the yuan, rocking world stock and currency markets for a second straight day. According to some analysts, the c... Former Federal Reserve vice chairman Alan Blinder joins "Squawk Alley" via phone to discuss China's devaluation of the yuan amid the U.S.-China trade war.