Bitcoin Could Skyrocket Over Further Yuan Weakening and Other Multiple Drivers: Blockware Solutions CEO

News
Wed, 05/27/2020 - 14:15
Yuri Molchan
The head of Blockware Solutions has commented on a recent tweet by Chris Burniske about the recent yuan weakening and suggests it could push the Bitcoin price way up
Cover image via twitter.com
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On his Twitter page, the CEO of Blockware Solutions and Blockware Mining Matt D’Souza has touched on the topic of the CNY weakening and how this could cause the Bitcoin price to skyrocket.

He refers to an earlier tweet posted by Chris Burniske, a Placeholder partner, who mentioned that if the weakening of the Chinese yuan continues, the Bitcoin price might rise higher, similar to 2016.

Back then, per the charts shared by Burniske, Bitcoin went up significantly, which coincided with yuan devaluation.

Earlier this week, the Chinese currency slipped against the USD to $0.14 – the lowest level since September.

‘USD/CNY is on the move & so is Bitcoin’

Matt D’Souza believes that the current RMB price drop might be good for Bitcoin from a historical point of view – a similar situation unfolded back in 2015-2016. To prove this point, he cites a tweet from the investor Chris Burniske.

He also mentioned that multiple other factors are also likely to play for Bitcoin in the future. The head of Blockware Solutions identified the social unrest in Hong Kong and Venezuela, global central banks conducting aggressive QE programs (the US, Japan, China), negative interest rates, etc.

Earlier, D’Souza tweeted that tighter capital controls in China may push Chinese investors to use Bitcoin as a store of value.

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Bitcoin, Gold and Post-Pandemic Economy – What Goldman Sachs Client Call Today Is About

60% of BTC has remained motionless for at least 1 year

The LookIntoBitcoin.com founder Philip Swift has recently tweeted data that Bitcoin holders may find bullish.

He said that around sixty percent of all bitcoin, assumingly he meant the circulating supply, has not been moved for at least one year. This suggests that investors have been holding to their BTC tight.

Previously, Swift tweeted, the same figures occurred back in 2016 before the BTC bull run started.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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