FXCoin Analyst: “Weakening Chinese Yuan Will Help Bitcoin Growth”

According to Yasuo Matsuda, senior strategist at the Japanese cryptocurrency exchange FXCoin, the weakening of the Chinesenational currency can play into the hands of bitcoin.

Matsuda stressed that the US is introducing more and moresanctions against China, and this could lead to a depreciation of the renminbi. Against this background, citizens of the country, “disappointed with the decline in the domestic economy”, can begin to invest more actively in bitcoin and other cryptocurrencies. FXCoin strategist said:

“China has always been quite tougheconomy, but the coronavirus pandemic has led to an economic downturn. Moreover, economic sanctions are imposed by the United States. Now the citizens of the country have an incentive to withdraw assets outside the PRC, and the purchase of BTC is likely to become even more popular. ”

The analyst noted that the yuan and bitcoin are far from always correlating, and the influx of Chinese money into the first cryptocurrency can lead to a noticeable increase in the BTC rate.

Let us remind you that China is actively developing a state cryptocurrency – the digital yuan. However, it is still unknown when exactly the People's Bank of China project will be launched.

</p></p>