• 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
Breaking misconceptions: The trials and tribulations of a US crypto trading venue
Advertisement

‘Chinese Buying Up Bitcoin’ Narrative ‘Very Dubious’

Emilio Janus by Emilio Janus
4 years ago
in Bitcoin, Bitcoin Politics, Bitcoin Price, News, News teaser
0
Advertisement
Advertisement

The narrative that China is ‘buying up bitcoin’ is very dubious, according to a local investor and Primitive founder, Dovey Wan. However, as a foil to ‘moon BTC‘, she is behind it all the way.


China Unlikely To Be ‘Loading Up’ On Bitcoin

Bitcoin’s most recent rally, along with the seemingly synchronized devaluation of the Chinese Yuan, prompted speculation that the two were linked. Could Chinese investors be fleeing the weakening Yuan and running into the open arms of BTC?

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

However, Dovey Wan took to Twitter to pour cold water on the suggestion, chiefly for two major reasons:

  1. On Chinese-centric exchanges, bitcoin is actually trading at a negative premium.
  2. Over The Counter (OTC) bitcoin price denominated in RMB (Yuan), is within its normal range, at a 1% premium.

"Chinese buying up Bitcoin" is a VERY dubious narrative IMO

1. Bitcoin is trading at a negative premium in Chinese centric exchanges like Huobi and Okex

2. RMB denominated OTC price is now at 1% premium, within its normal range since the bull

— Dovey Wan ? ? (@DoveyWan) August 5, 2019

Global Financial Uncertainty Increasing

The ongoing trade war between the United States and China has caused global financial uncertainty, which can certainly help to boost the bitcoin market. But Wan feels that the capital is more likely to be coming from outside of China.

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!

Most recently, U.S. President Donald Trump vowed to impose 10% tariffs on an additional $300 billion worth of Chinese imports. China pledged to retaliate, and the U.S. has accused it of being a ‘currency manipulator‘, following the devaluation of the Yuan yesterday.

But Wan suggests that a surer hedge against global financial uncertainty would be Tether, although this is also currently selling at a negative premium in Chinese markets.

In fact, in Yuan terms, it was gold which saw a spike in volume and prices yesterday.

But If It Gives BTC A Boost, Why Not?

After pointing out her reasoning against the ‘Chinese buying up bitcoin’ narrative, Wan conceded that we would all be pretty happy with a sound narrative to encourage bitcoin price to ‘moon’.

On this basis, she concurred, tongue firmly in cheek: “I totally buy into this”

Do you think the Chinese are stacking sats as the yuan is tumbling? Let us know in the comments below! 


Images via

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Emilio Janus

Emilio Janus

Related Posts

Bitcoin

Research Firm Breaks Down Impact Of MicroStrategy Purchases On Bitcoin Price

3 hours ago
Bitcoin

Bitcoin Open Interest Shoots Up With Price Rise, Long Squeeze Brewing?

9 hours ago
Bitcoin

Bitcoin: Why This Is The Best Time To Buy The Crypto, According To R. Kiyosaki

16 hours ago
bitcoin inflation

This Chart Says Bitcoin Is A Leading Indicator For Inflation

1 day ago
Bitcoin exchange balances

Bitcoin Reclaims $28,000 As BTC Balances On Exchanges Fall

1 day ago
Bitcoin

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

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

    1 week ago
  • Crypto Investment for Long term: 3 Coins to keep your eye...

    1 week ago
  • Cryptocurrency to invest in March 2023

    1 week ago

Top Casinos

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

Press Releases

  • Cryptocurrency News: Analyst’s Top 3 Picks: Polygon...

    5 hours ago
  • The 5 Best Cryptos under $1

    6 hours ago
  • Volt Inu Announce that VoltiCard – A Prepaid Virtual...

    6 hours ago
  • Top Altcoins To Buy For April: Avalanche (AVAX), BNB (BNB)...

    6 hours ago
  • Ripple (XRP) and Nexo (NEXO) on the Rise as Orbeon Protocol...

    6 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.