Is #Bitcoin the new #Gold for the Chinese?
Laurent Lequeu
![Laurent Lequeu]()
Laurent Lequeu
Self Employed Independent Financial Consultant-Writer of The Macro Butler Substack
#CNY #PBOC
Self Employed Independent Financial Consultant-Writer of The Macro Butler Substack
8 年China Steps in Against Bitcoin https://www.armstrongeconomics.com/international-news/china/china-steps-in-against-bitcoin/ 39139 Blog/China Posted Jan 13, 2017 by Martin Armstrong bitcoin The Chinese government has been strengthening requirements for citizens by converting their yuan. With Trump coming into office, China fears that lower values for the yuan will turn into a trade war even if the government is not actively trying to depreciate the yuan for trade. Conversions of yuan are already subject to a quota or currency controls in an effort to curb capital outflows. Bitcoin has been the escape method for capital fleeing China. China’s major bitcoin exchanges halted or otherwise updated their bitcoin trading services. The changes to bitcoin are being made in response to interactions with the People’s Bank of China. The People’s Bank of China delivered “informal guidance†that is beginning to take notice of the capital flight through bitcoin exchanges. The central bank called in the big exchanges for a discussion.
Self Employed Independent Financial Consultant-Writer of The Macro Butler Substack
8 年Bitcoin And Gold - The Trend Continues. https://seekingalpha.com/article/4032953-bitcoin-gold-trend-continues ‘’Bitcoin is a very useful currency for those living in #China, #Russia, Venezuela, Brazil or any nation where local currency is subject by tight governmental controls or where currency volatility and inflationary pressures cause the value of paper government-issued currencies to fluctuate in a wild fashion. #Gold used to be the asset of choice during periods of uncertainty and it was for many centuries a vehicle for flight capital. After all, ten ounces of gold is currently the equivalent of 114 one hundred dollar bills. However, when stored on a wallet on laptop, iPad or even a small mobile phone, the possibilities for the utility of Bitcoin transcend gold's when it comes to flight capital.’’ I fully agree with this comment and think that #Bitcoin will continue to attract retail investors in countries where there is tight capital control.