The relationship between Bitcoin and China has a coloured past, to say the least. The People’s Bank of China has ordered third-party payment processors to stay away from Bitcoin companies; whilst China still remains the world’s largest trading market for the virtual currency. It looks like more and more people in China see Bitcoin as a safe haven, especially now that the Chinese Yuan is devaluating in spectacular fashion.
Bitcoin Not Tied To The Value of Chinese Yuan
Whenever a fiat currency starts losing its value, traditional stock markets will automatically reflect that change and start losing ground as well. In the case of the Chinese Yuan devaluation, Chinese stock exchanges have had a hard time keeping the losses to a minimum in recent days, and there is no improvement in sight anytime soon.
Bitcoin is a different creature in this regard, as the devaluation of the Chinese Yuan is doing absolutely nothing to push Bitcoin adoption to new levels. However, Bitcoin is not gaining or losing ground based on the value of the Chinese Yuan either, making it an interesting investment vehicle from a speculative point of view. With the