Ben Zhou, co-founder and CEO of crypto exchange Bybit, has expressed a bullish stance on Bitcoin, pointing to possible capital inflows from China as trade tensions rise
Ben Zhou, co-founder and CEO of crypto exchange Bybit, has expressed a bullish stance on Bitcoin, hinting at possible capital inflows from China as trade tensions escalate between the United States and China.
In a series of posts on X, Zhou shared his thoughts on the macroeconomic trends that could impact the cryptocurrency market.
One of the key points, highlighted by BitMEX co-founder Arthur Hayes, centers around the potential for China to devalue its currency, the yuan, in response to US tariffs.
Historically, whenever the RMB drops, a lot of Chinese capital flows into BTC. Bullish for BTC.
— Arthur Hayes (@CryptoEng_) August 24, 2023
Translation: US vs China Tariff war … China will try to lower RMB to counter the tariff, historically, whenever RMB drops, a lot of Chinese capital flow into BTC, bullish for BTC. https://t.co/OQ4wtSdDWQ
If not the Fed then the PBOC will give us the yachtzee ingredients. CNY deval = narrative that Chinese capital flight will flow into $BTC. It worked in 2013, 2015, and can work in 2025. Ignore China at your own peril.
— Arthur Hayes (@CryptoEng_) August 24, 2023
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