Source: Cointelegraph Original: "{title}"
According to Arthur Hayes, the founder of BitMEX, China's response to the comprehensive trade tariffs from the United States could lead to capital flowing into the Bitcoin and cryptocurrency markets.
On April 8, Hayes stated on the X platform: "If it’s not the Federal Reserve (FED), then the People's Bank of China [PBOC] will provide us with the 'Yahtzee' element to restore the crypto market bull run."
Hayes mentioned that if the Chinese central bank devalues the yuan, "the narrative will be that Chinese capital outflow will flow into Bitcoin," adding, "It worked in 2013, 2015, and it can work again in 2025."
Ben Zhou, co-founder and CEO of Bybit, stated that China will attempt to devalue the yuan in response to the tariffs, and he also noted that historically, whenever the yuan depreciates, "a large amount of Chinese capital flows into Bitcoin," which is a bullish signal for Bitcoin (BTC).
Since 2022, the yuan has depreciated against the dollar. Source: Google Finance
In August 2015, China devalued the yuan against the dollar by nearly 2%, marking the largest single-day drop in decades. Although there was indeed increased attention on Bitcoin during this period, whether there is a direct causal relationship remains a topic of debate.
When the yuan fell below the symbolic 7:1 exchange rate in August 2019, Bitcoin also saw a price increase during the same period. Some analysts believe that Chinese investors used Bitcoin as a hedge, as the asset rose by 20% in the first week of that month.
In 2019, cryptocurrency asset management firm Grayscale pointed out that the depreciation of the yuan was one of the factors driving the Bitcoin market at that time.
Avoiding Currency Controls and Wealth Preservation
Analysts believe that wealthy Chinese citizens may have used cryptocurrencies to preserve their wealth, transferring it out of government control and avoiding domestic capital controls and restrictions.
Additionally, currency depreciation is also thought to undermine trust in central banks and government financial management, prompting people to turn to decentralized alternatives like Bitcoin.
On April 7, 2025, the U.S. President vowed to impose additional tariffs on China, to which China responded by stating it would "fight to the end."
The Chinese Ministry of Commerce stated: "If the U.S. implements upgraded tariff measures, China will resolutely take countermeasures to defend its own interests."
Related: Reports indicate that a Nigerian court has postponed the Binance tax evasion case until the end of April.
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