China recently experienced its capital outflow reaching a staggering $49 billion in August. Experts are currently engaged in a debate regarding the potential positive effects of this on Bitcoin and the wider cryptocurrency market.
With the Chinese currency weakening and significant movements of capital it is plausible that Bitcoin will witness investments from China in the coming months. Markus Thielen, a leading figure at Matrixport highlights how investors familiarity with Bitcoin during economic downturns could lead to increased investments in this digital currency.
Recent data from Bloomberg reveals that August saw the substantial capital outflow from China since December 2015 which may place additional pressure on the yuan. Thielen points out that the USD/CNY exchange rate is currently at its level in 17 years. He attributes
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First found on: Potential Chinese Capital Flow Could Impact Bitcoin Amid Weakening Yuan
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