Bloomberg: the weakening of the yuan increased the demand for bitcoin in China

The inverse correlation of Bitcoin and RMB increases over time. This may indicate that the Chinese are increasingly considering BTC as a protective asset, according to Bloomberg .

Inverse interdependence peaked at the end of August:

According to Garrick Haileman, researcher at the London School of Economics and head of research at Blockchain.com, this trend became apparent back in April-May, when the trade confrontation between the United States and China was gradually gaining momentum.

“When the yuan fell, people in Asia paid more for bitcoin than anyone else. This is evident at the inflated price of Huobi, where the Chinese are mainly served , ”he added.

The devaluation of the renminbi is facilitated by a slowdown in the Chinese economy, a trade war with the United States, and easing monetary policy.

China's GDP Growth Rate (YoY). Source: tradingeconomics

Recall that earlier in Bloomberg found a significant increase in the correlation of bitcoin and gold .

The fact that demand for both assets is growing with each round of the trade war was also noted by eToro analysts.

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