China's trade tariffs may lead to capital flight to Bitcoin, potentially positive for Bitcoin.
From Cointelegraph
April 8, 2025 2:03:00 am:
China may see capital flight to Bitcoin due to trade tariffs, says BitMEX founder Arthur Hayes. Bybit co-founder Ben Zhou predicts yuan devaluation will drive Chinese capital into BTC. Yuan has weakened against USD since 2022. In past devaluations, Bitcoin saw increased interest, suggesting a potential link between the two. Wealthy Chinese citizens may use crypto for wealth preservation and to avoid capital controls. US president vows additional tariffs against China, which promises to defend its interests.
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1. Bitcoin reaches a new all-time high of $50,000, driven by increased institutional interest and positive market sentiment.
2. Ethereum’s price also surges to a new record, surpassing $2,000 for the first time as demand for decentralized finance (DeFi) projects grows.
3. Dogecoin experiences a 50% price jump after Elon Musk tweets about the cryptocurrency, fueling speculation and excitement among investors.: China’s tariff response may mean more capital flight to crypto: Hayes