Understanding the Chinese Yuan’s Influence on the Bitcoin Price

[Crypto-News]

Since Bitcoin was released and started gaining popularity, the market was filled with reports referring to how the price of traditional currencies could actually have an impact on the value of bitcoin. Such examples of bitcoin volatility being influenced by the changes in value of fiat have been observed in the past, and the Chinese Yuan may just be one of the most relevant examples.

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https://www.crypto-news.net/understanding-the-chinese-yuans-influence-on-the-bitcoin-price/

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[mobnepal]

Gone through article and i also agree on few of the events like brexit and current yuan devaluation have played a significant role in price pump. Basically bitcoin is becoming a way for citizens of all developing countries to keep them in safer side from devaluation of their local currency.

On the other side,in developing countries there are only few good projects where citizens can put their investment and bank interest are like hell.  So this may also add up more money into bitcoin as a way of investment for all those investment seekers from developing countries like ours.

[shinratensei_]

Gone through article and i also agree on few of the events like brexit and current yuan devaluation have played a significant role in price pump. Basically bitcoin is becoming a way for citizens of all developing countries to keep them in safer side from devaluation of their local currency.

Just a little devaluation, it's having a role in the price pump but not giving a lot of the contribution for that, and i should believe other factors are giving more about the price pump. it's can but everyone will not for tasting the effect for a little devaluation.

[clickerz]

I think some are storing or parking their money on bitcoin as a safe haven but I do not know ,until when this price can sustain. Cinese are a bigger market, and more are mining there.But still I am hopeful  since its not only the Chinese influence affecting the bitcoin price.

[capoeira]

Bitcoin goes up > China
Bitcoin goes down > West
lol

[Scott J]

Over the coming years, I think inflation will be the next big thing that impacts on the price of Bitcoin.

As the value of fiat is reduced, people will move to Bitcoin to protect their funds like they do in China now.

[Mogul59]

you mean the inflation fiat currency?