US-China Tariff War Predicts Devaluation of Yuan
"BTC Will Be an Escape Route for China's Yuan Value Decline"
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Hayes said on his X account that Bitcoin would serve as an escape route for the sharp decline of the Chinese yuan.
He stated, "The People's Bank of China (PBOC) will give us good material" and explained that "the devaluation of the Chinese yuan could be a good narrative for Chinese capital to flow into Bitcoin." He added, "This happened in 2013 and 2015 and could happen in 2025."
Attaching a graph of the Chinese yuan's value decline, Hayes wrote, "Ignore the current fear."
Previously, in 2015 and 2019, Bitcoin surged following the yuan's devaluation. In August 2019, when the yuan fell below a 7:1 ratio against the dollar, Bitcoin prices rose by about 20% in a week.
On the 9th, the US-China tariff war officially escalated. The Trump administration announced it would impose a total of 104% tariffs on China in response to China's retaliatory tariffs.
Reporter Seung-won Kwon ksw@blockstreet.co.kr
