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. At the same time, this news opens more opportunities for Bitcoin, assuming people are willing to take the risk. Individuals who have been following financial news over the past few months will have noticed the devaluation of the Yuan. Now that the Brexit referendum did not have a favorable outcome, PBOC devalued the Yuan fixing even further ... 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%. Again, bitcoin rallied by nearly 125%. The devaluation of their currency has been slashed over the course of the past month. ... The trade of Bitcoin/Yuan captures a very large portion of the market currently. Most likely due to cheaper electricity costs, zero trading fees and the serious devaluation of the sovereign currency over the past few years. Goldman Sachs analysts led by Peter Oppenheimer say that a third wave of economic ... “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 ...
The Bitcoin community will promote countries/cities that embrace BTC. Take note of Yuan devaluation
China devalued the Chinese Yuan and broke the 7.00 USD/CNY today. China has also stopped all farm imports from the US and may devalue the yuan further in the future. 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 ... The offshore Chinese Yuan is losing value. Could this lead even more Yuan to flow into Bitcoin? Is another BTC pump on the way? Thanks Andy Hoffman for sharing that article. The Bitcoin community ... About time. This further complicates China. 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.