Has the BTC price rise been affected by Chinese money?
◆ Secret to the relationship between yuan and dollar ....
This month's bitcoin looks good.
It seems that Chinese money is flowing!
China has entered into a fierce trade war with the United States, and is now in the midst of falling into the international position of the RMB.
The People's Bank of China has recently lowered the benchmark exchange rate against the dollar on a daily basis, and by May 15, 2019, it has dropped to $ 6.8649.
On the 20th, the US dollar renminbi of the FX market is one dollar = 6.9420 yuan and it has fallen continuously.
Interesting Chinese investors are increasingly exchanging RMB for Bitcoin (BTC) in search of a safe haven.
Bitcoin price has risen from about 700,000 yen on May 10, when Trump US President announced new tariff on 10% to 25% for China products, and the price has risen to about 900,000 as of the 20th morning It is soaring.
The rise in bitcoin prices is seen to be closely related to the depreciation of the yuan against the dollar.
The yuan has fallen by as much as 2% against the dollar in the past two weeks.
The yuan has fallen the most in the last four months in the week of May 12.
We predict that the value of the yuan will continue to decline, and we are starting to lose confidence in the yuan.
According to CNBC (May 13), Andy Brenner, international bond manager at National Alliance Securities, a leading broker / dealer, said, "If you want to do business in China, In the short term, it is reasonable to think that bitcoin will be an alternative to the yuan.
It is not clear who is buying bitcoin, but the recent trend can be seen as the value of the RMB against the dollar is in line with the big downturn.
Dovey Wang co-founder of Primitive Ventures, which invests in blockchain-related US units, uses a comparison between bitcoin and the dollar renminbi exchange rate as an example. , Maybe a coincidence
Bitcoin is winning a trade war, commenting that both the US and China are losing money.
In Forbes, the demand for stable coins as well as bitcoins has been sharply rising, and more Asian investors are using Tether to move funds from China and Hong Kong.
Many of these transactions are conducted via OTC (Over-the-Counter Market) or Virtual Private Network (VPN).
Therefore, it is difficult to accurately grasp the large trading activity in China.
According to Dave Chapman, chairman of OTC broker OSL in Hong Kong, about 20% of these virtual currency trading volumes originate in China.
He is
"Most of China's OTC deals are conducted on WeChat," he said.
IBM CEO Ginni Rometty warned on May 16 in response to an interview with CNBC that the US-China trade war is threatening the free flow of digital data , Said as follows.
It is desirable that such a thing be solved.
But at the same time, for all consultations on tariffs and physical goods, what must be resolved will be the rules involved with digitized transactions.
Even more important is the free flow of data across borders and not the localization of data.
It addresses all these very important issues and states that we expect trade negotiations to respond.
China’s money is big!
In fact, the global flow of funds has led to an increase in inflows from the original, and the influence on Bitcoin in the Chinese market still continues.
RMB movements and bitcoin prices may be more relevant.
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