Industry Leaders: "China's Tariff Response Strategy Could Be a 'Boom' for Bitcoin"

Claims have emerged from key figures in the virtual asset (cryptocurrency) industry that China's tariff response strategy could be a positive factor for the rise of Bitcoin (BTC).

On the 8th (local time), Arthur Hayes, co-founder of BitMEX, stated on X, "In addition to the US Federal Reserve (Fed), the People's Bank of China (PBOC) could create a 'boom' for Bitcoin," adding, "The devaluation of the yuan against the dollar signals that capital outflowing from China is flowing into Bitcoin." He further assessed, "In fact, in 2013 and 2015, the devaluation of the yuan had a significant impact on the rise of Bitcoin," and "It is highly likely to work this year as well."

Ben Zhou, CEO of Bybit, also shared a similar opinion. He stated on X, "Due to the tariff war between the US and China, China will try to devalue the yuan," adding, "Historically, when the yuan falls, a lot of Chinese capital flows into Bitcoin, positively affecting the price rise."

Meanwhile, some experts predict that the People's Bank of China is likely to consider 'yuan devaluation' as a countermeasure to US tariff policies, as it can maintain China's export competitiveness by lowering the value of the yuan.

As of 3:51 PM, Bitcoin is trading at $79,442, up 5.76% from 24 hours ago, based on the Binance USDT market.