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Reading: Bitcoin Set to Soar? China’s $2.13 Trillion Stimulus Could Be the Catalyst
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Deythere > News > News > Bitcoin Set to Soar? China’s $2.13 Trillion Stimulus Could Be the Catalyst
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Bitcoin Set to Soar? China’s $2.13 Trillion Stimulus Could Be the Catalyst

theme of Chinas stimulus potentially benefiting cryptocurrency. The image should include elements like the Chinese flag su
Milena Volodina
Last updated: October 30, 2024 12:55 pm
By
Milena Volodina
Published October 30, 2024
2 Min Read
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Arthur Hayes, founder of BitMEX, believes China’s massive stimulus spending could weaken the yuan, potentially driving Chinese investors toward Bitcoin. Despite regulatory bans, Hayes suggests that Bitcoin trading remains active in China, with Binance and OKX allowing peer-to-peer trades.

Contents
Impact of China’s Stimulus SpendingDetails of China’s Stimulus Plans

Impact of China’s Stimulus Spending

China is planning a $2.13 trillion stimulus package, a move that may push affluent Chinese investors to seek alternatives like Bitcoin amid potential economic devaluation. Hayes notes that such stimulus measures could devalue the yuan, positioning Bitcoin as a secure alternative. “The signs are clear: Beijing is ready to print massive amounts of yuan, and people need an alternative,” Hayes stated.

Hayes highlights that, despite restrictions on BTC/CNY trading, China’s government cannot fully ban Bitcoin. He argues that the restrictions aim to obscure the yuan’s declining value and suggests that China prefers people to “forget” about Bitcoin rather than eliminate it.

the potential impact of Chinas 2.13 trillion stimulus on Bitcoin. The image should feature a Bitcoin symbol rising alongsi

Details of China’s Stimulus Plans

According to Reuters, China is nearing approval for a 10 trillion yuan bond issuance, to be financed through special state bonds and completed within three years. Hayes draws parallels to 2015, when a similar yuan devaluation coincided with Bitcoin’s value increasing fivefold, suggesting that a similar effect could occur again. However, he notes that Chinese investors may take time to react, as they wait to assess the impact of the stimulus on the yuan.

In conclusion, China’s stimulus efforts could present an opportunity for Bitcoin, which remains accessible to Chinese investors as a legally permitted store of value amid economic uncertainty.

For more insights on how global economic policies affect crypto, follow Dey There for the latest analysis and updates.

Bitcoin, Arthur Hayes, yuan, China stimulus, devaluation

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ByMilena Volodina
Milena Volodina is a blockchain strategist and cryptocurrency expert with 9 years of experience in the industry. With a background in finance and technology, Milena has worked on numerous blockchain projects, including the development of decentralized finance (DeFi) platforms and blockchain-based financial services. Her expertise in both the technical and financial aspects of blockchain technology allows her to provide a comprehensive view of the industry. At DT NEWS, Milena offers readers expert analysis and insights into the latest trends and innovations in the blockchain and cryptocurrency world, ensuring they stay informed about key developments.
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