Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: rasangaya on May 29, 2020, 08:19:50 PM
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U.S.-China Tensions Escalate: Is A Bitcoin Boost On The Horizon?
(https://i.imgur.com/ubQnAb4.jpg)
Since last year, there have been ongoing demonstrations in Hong Kong. The citizens are resisting a new security law introduced by the Chinese government. The law, while disguised as a measure to combat terrorism, would see China grab a better hold of Hong Kong. Countries including the U.S and the U.K believe that the new law will lead to a violation of Hong Kong’s freedom.
Last year, it was argued that when protestants decided to cripple the banking system by withdrawing all their money, it triggered a Bitcoin surge. Since then, the crypto community has been watching and by the extent in support of Hong Kong.
Toward the end of 2019, it was also clear that the trade war going on between China and the U.S was boosting Bitcoin. This added to interest rate cuts in recent months and proved that whenever the Chinese Yuan weakens, it eventually triggers a mammoth Bitcoin surge.
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It is hardly possible to agree that the trade war between the USA and China will significantly affect the strengthening of bitcoin. These states will fight each other with the help of their digitized currencies.
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So far the trade war between China and the USA has only affected fiat money, but I'm sure that there will soon be a crypto war between the two countries, now PayPal will begin to adopt crypto for payment and that is a signal for China. Hopefully it will be able to trigger an increase in cryptocurrency, including Bitcoin.
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This is possible that BTC will make a boost becasue these are the world strongest countries and they start work on blockchain.
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I think the trade war between the United States and China will have a negative impact on bitcoin. The fight will continue with bitcoin. Which may prevent its price increase. We want bitcoin to be in a good position.
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China's own citizens are exporting their money using cryptocurrencies, despite the crypto trading ban there, according to recent reports. (https://theforexreview.com/2020/08/21/china-traders-transfer-50-billion-in-crypto-last-year/) I don't think cryptos will be negatively affected.