• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
bitcoin boom us china trade war
Advertisement

China Buying More Gold, Bitcoin Accumulation Inevitable?

Martin Young by Martin Young
4 years ago
in Bitcoin News, Bitcoin
0
Advertisement

As economic tensions escalate and the Trump administration continues with its war on trade, China has started stockpiling safe-haven assets. Gold appears to be the asset of choice for the central bank but Bitcoin is likely to be a good option for the people.


China Adds 100 Tons to Gold Reserves

According to a Bloomberg report today, China has stockpiled 100 tons of gold bullion adding to the accumulation it began in December.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

China’s gold-buying spree nears 100 tons as trade war drags https://t.co/ZxuqBv9KGS

— Bloomberg Markets (@markets) September 9, 2019

Data from the People’s Bank of China indicates that it has increased its bullion holdings to 62.45 million ounces in August from 62.26 million in July. Last month almost 6 tons of gold was added to China’s reserves which are now at around 100 tons accumulated over the past eight months.

As central banks cut interest rates in reaction to economic slowdowns, the price of gold inevitably increases. Russia has also been on a gold-buying spree as the US applied sanctions continue to hurt its economy.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

As a result, the price of gold has increased by over 18% this year alone, and reached a six-year high of $1,550/oz last week according to goldprice.org. The buying spree is set to continue, according to an economist at National Australia Bank Ltd., John Sharma, central banks now have an incentive to diversify.

“Also, with increasing political and economic uncertainty prevailing, gold provides an ideal hedge, and will therefore be sought after by central banks globally.”

Goldman Sachs Group is among investment banks that expect the precious metal to top $1,600 an ounce within the coming months.

Yuan Down, Bitcoin Up

The ongoing trade war has already affected the Chinese Yuan which has fallen to its lowest level against the dollar in over a decade. This has been observed with a negative correlation to the price of bitcoin which has also fallen to a record low recently.

Bloomberg noted the drop in a report last week suggesting that the ‘digital gold’ is likely to become a hedge for the people as the national currency weakens. Other evidence of this is the BTC premium that can often be seen on exchanges catering to Chinese traders. London School of Economics researcher, Dr. Garrick Hileman, added;

“You can see it in the premium price paid sometimes for Bitcoin in exchanges like Huobi that primarily cater to Chinese.”

Recent protests in Hong Kong have also added to the lure of bitcoin as demonstrators attempted a run on Chinese banks. All indicators are pointing to further accumulation of BTC by the world’s largest population as its central bank loads up on gold.

Will Chinese demand for bitcoin push prices higher? Add your thoughts below.


Images via Shutterstock, Twitter: @markets

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Martin Young

Martin Young

Martin has been writing on technology for 15 years, he has a keen eye for emerging cryptocurrency news, blockchain developments, and market sentiment.

Related Posts

Bitcoin

Bitcoin On-Chain Data Shows No Signs Of FUD Among Binance Users

6 hours ago
ChatGPT Bitcoin

The Top Ten Reasons To Buy Bitcoin According To ChatGPT

7 hours ago
Bitcoin

Bitcoin Mining Hashrate Registers Third Largest 3-Month Spike In Last 5 Years

1 day ago
Micheal Saylor Microstrategy accumulates Bitcoin (BTC)

Microstrategy Repays Silvergate Loan As It Expands Bitcoin Holdings

1 day ago
Bitcoin United States Government

US Government Holds More Bitcoin Than MicroStrategy, Tesla Combined

2 days ago
Bitcoin and crypto this week

Bitcoin And Crypto Face These Key Dates In The Week Ahead

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Trending Projects

  • 5 Best Upcoming ICO List of March 2023

    6 days ago
  • Crypto Investment for Long term: 3 Coins to keep your eye...

    6 days ago
  • Cryptocurrency to invest in March 2023

    6 days ago
  • Crypto Predictions for Crypto Market Investors

    7 days ago
  • 4 New cryptocurrency to Invest: March 2023

    7 days ago
  • Best Crypto to Buy now: 5 Coins Worth Investing in 2023

    7 days ago

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Top Potential High Growth Crypto Tokens To Buy In 2023...

    11 hours ago
  • $14 Million Plus and Counting. Metacade’s Crypto...

    14 hours ago
  • Cardano (ADA) and Polygon (MATIC) Price Forecast 2023...

    15 hours ago
  • TMS Network (TMSN) Presale Strikes Gold As Solid Altcoins...

    16 hours ago
  • Top 3 Tokens To Diversify Your Portfolio: With Maker (MKR)...

    16 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.