It has been a while since the US-China Trade war begun and the results appear to favor the crypto economy with Bitcoin being the major beneficiary. The blockchain industry might still be young but it is gaining trust among investors who are fed up with the fiat economy whose systems and process are more centralized.
Satoshi Nakamoto vision was to come up with a currency that is borderless, not controlled by a central authority and accessible to all and sundry. Lack of trust in the Chinese Yuan has seen the currency depreciate and locals are turning to crypto, especially BTC, to stake up.
Bitcoin (BTC) Price Current Form
Apart from early this years’ BTC price spike and the subsequent fear of missing out (FoMo) the coin has hit the year high to trade above the 9k mark and things are looking up and the bight part of it is yet to come. On the contrary, the Chinese Yuan is headed south and this is something the Chinese should be worried about.
The BTC price gain makes the crypto the safe haven for investors at a time when the two economies, US and China, are engaged in a trade war. Things are so bad that even the stock markets ae bleeding. BTC has had its bottlenecks and the last two year have seen the market get hit by crypto volatility largely blamed on microeconomic instances.
BTC Price Surge: Research
According to recent research findings by Grayscale, BTC has gained about 47% between May 5th and May 31st. On the other hand, the Chinese Yuan has gained a paltry 2.1% during the same period.
With the stalemate unresolved, it is not only the US and China citizenry is going to suffer, the effects are soon to trickle to other countries across the globe. It is interesting to see how long the war is going to last and whether it will send Bitcoin to the $20 threshold.