The fall of the Chinese Renminbi relative to the dollar may have a positive effect on the value of bitcoin.
This opinion was expressed on Twitter partner Placeholder Capital Chris Burniske, reports ForkLog.
Subscribe to the channel DELO.UA
The analyst pointed to a correlation between the weakening of the yuan and rising BTC.
The graph shows that over the past five years this pattern was interrupted only a few times.
If China’s $CNY continues to weaken against USD, then we could have a 2015 and 2016 repeat (pictured below), where $BTC strength coincided with yuan weakness. https://t.co/ISVJAZMX5O pic.twitter.com/VApfxe1SFw – Chris Burniske (@cburniske) May 22, 2020
Bernanke highlights 2015 and 2016, when the weakening of the yuan has reached a peak. In his opinion, the third peak can be reached in the near future, which would entail the strengthening of bitcoin.
Miners of bitcoin earned per month almost half a billion dollars
In turn, the head of the Blockware Solutions Matt D”Souza shared the tweet Bernancke and pointed to the first signs of the weakening of the yuan.
He added that bitcoin is already responding to what is happening:
USD/CNY is breaking out and it appears Bitcoin is responding. This could get interesting. Capital Flight/Store of Value.
@PeterLBrandt @Upticken @NicTrades @RaoulGMI @ToneVays @kyletorpey @CubbieBears @PrestonPysh @100trillionUSD @twobitidiot @cburniske @TuurDemeester https://t.co/V0qLWFigvl pic.twitter.com/kWn0WFCf7X – Matt D’souza, CPA (@mjdsouza2) May 22, 2020