Currently, there is a growing interest in Bitcoin among Chinese investors in light of escalating trade relations between the US and China. Ben Zhou, co-founder and CEO of the crypto exchange Bybit, has shared his optimistic expectations regarding Bitcoin.
Bitcoin Prospects Amid Trade Conflicts
Ben Zhou expressed a bullish outlook on Bitcoin, pointing to possible capital inflows from China. He highlighted a message from Arthur Hayes, co-founder of BitMEX, suggesting that amid US-China trade wars, many Chinese investors might direct their funds towards Bitcoin in response to the depreciation of the yuan.
Impact Analysis of Yuan's Exchange Rate on Cryptocurrency
According to Hayes, if the yuan depreciates, it may trigger a capital influx into Bitcoin, as seen in 2013 and 2015. With increasing pressure on the Chinese currency, investors are becoming interested in Bitcoin as a hedging tool.
Support for Ben Zhou's Opinion
Commenting on the overall situation, Ben Zhou emphasizes that growing geopolitical instability and its impact on the Chinese economy could increase demand for Bitcoin, particularly among Asian investors.
Thus, experts see the intensification of trade relations as a factor that may drive demand for Bitcoin. The views of Ben Zhou and other professionals indicate a correlation between China's currency policy and interest in cryptocurrencies.
