The US-China trade war is becoming messier and that is great news for Bitcoin.
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Bitcoin News Today – Why the price of Bitcoin is rising
Analysts and key industry players have got different reasons to explain why there is an increase in Bitcoin price. There are different reasons namely: the role of Bitfinex and Tether, big business moves and coordinated buying. However there is a greater reason investors are attracted to Bitcoin – the US-China Trade war.
The US-China Trade war becomes messier – Bitcoin is the best-secured currency in the world
A week ago, the US president Donald Trump increased tariffs to 25% on $200 billion worth of annual Chinese imports. On Wednesday 15th May 2019, the trump administration decided to prohibit Huawei from selling its technology in the U.S market.
Beijing will react terribly towards this decision against Chinese mobile giant and the world will feel the impact. This aggressive decision made by the U.S will affect the Chinese technology company and as well as the global technology supply chains.
According to a technology policy expert at Eurasia Group risk consultancy, the US has primarily declared its willingness to get involved in a technology war with China.
As stocks drop in the midst of this dangerous game whereby only losers exist, all these are enhancing Bitcoin. Bitcoin has been regarded as a “safe harbor asset” like gold.
According to the co-founder of Morgan Creek Digital, Anthony Pompliano, Bitcoin is the best-secured currency in the world. As at yesterday, the Chinese Yaun depreciated by more than 6.9 to the U.S dollar.
Geopolitical storm for Bitcoin
An increase in the dollar, a depreciating yuan, the certainty of Chinese retaliation and increasing supply pressures on crude oil are factors that make investors seek safe harbor assets.
Bitcoin is proving to be a safer bet while Trump is determined on accomplishing his game of Russian Roulette with China.
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