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bitcoin

Bitcoin Price Could Surge Following Chinese Economic Stimulus: Here’s Why

Ash Tiwari
by Ash Tiwari
11 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin (BTC) could benefit from the People’s Bank of China’s (PBOC) decision to cut the reserve requirement ratio (RRR) by 50 basis points (bps).

China Injects Economic Stimulus, Will Bitcoin Benefit?

In an announcement on September 24, 2024, the Chinese central bank stated it had slashed the RRR by 50bps. The move bears semblance to a similar step taken by the US Federal Reserve on September 18, when it initiated interest rate cuts with 50bps. 

According to cryptocurrency analyst Jamie Coutts, reducing RRR by 50bps will add $113 billion of liquidity to the Chinese equity market. This fresh liquidity could effectively establish a “stock stabilization fund,” potentially lowering borrowing costs on approximately $5.3 trillion in mortgages.

For the uninitiated, a stock stabilization fund is a financial mechanism typically used to sustain a company’s stock price during times of volatility. In China’s context, the injected liquidity will provide some support to safeguard its beleaguered equity market. 

Coutts further commented, “the bottom is in for global central bank liquidity for this cycle,” suggesting that central banks worldwide may follow suit with rate cuts after the actions of the world’s two largest economies. This global trend of rate cuts could be bullish for Bitcoin.

Related Reading: Bitcoin Price Forecasted To Reach $112,000, Here’s The Trigger

Coutts also pointed to a chart highlighting how BTC has historically responded to PBOC stimulus. For instance, in October 2023, the PBOC injected $367.7 billion into the economy through reverse repos, and in January 2024, the bank cut the RRR by 50bps, adding $140 billion in stimulus.

During this period, Bitcoin’s price hovered around $35,000 in October 2023 but climbed to nearly $40,000 just before the January 2024 RRR cuts. By March 2024, BTC had surged to over $71,000, more than doubling in value since the $367.7 billion stimulus. The latest RRR cut is expected to have a similarly positive effect on Bitcoin’s price.

bitcoin RRR
Source: x.com

Coutts emphasized that Bitcoin’s price remains closely tied to global liquidity conditions. The PBOC’s fresh stimulus could significantly alter investor risk appetite, making risk-on assets like cryptocurrencies more attractive in a low-interest-rate, high-liquidity environment.

What’s Next For BTC?

As central banks worldwide reduce interest rates to address rising unemployment, crypto analysts predict that the combination of Bitcoin’s recent halving with lower borrowing costs could fuel bullish momentum for the leading digital asset.

Related Reading: Bitcoin Price Drops With Fed Rate Cuts On The Horizon: Calm Before The Storm?

An executive from Standard Chartered Bank recently predicted that Bitcoin might reach $200,000 by the end of 2025. However, other analysts are less optimistic, noting that one major driver of Bitcoin’s past price surges—its halving cycles—might no longer be as impactful. At press time, BTC trades at $63,518, up 0.4% in the last 24 hours.

 

Bitcoin remains range-bound on the weekly chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Charts from x.com and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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