RATE Group | Falling Renminbi Serious Use Case for Bitcoin: DBS Chief Economist |
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Falling Renminbi Serious Use Case for Bitcoin: DBS Chief Economist |

14 Aug Falling Renminbi Serious Use Case for Bitcoin: DBS Chief Economist |

Posted at 15:58h in Bitcoin News by

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A weakening Chinese Yuan (Renminbi) is helping to fuel the bullish sentiment of bitcoin, according to Taimur Baig of DBS’ Singapore unit.

The chief economist told Financial Times that the recent run-up in the bitcoin price took place after the People’s Bank of China (PBoC) forced the value of the renminbi below $0.14 for the first time since the last financial crisis. The move increased the demand for bitcoin and similar perceived safe-haven assets – such as gold – higher.

“We have seen a big rally,” said Baig. “A falling renminbi is a serious use case for crypto. From now on it is another thing for markets to watch.”

The comments received support from the data provided by Babel Finance. The Beijing-based cryptocurrency bank reported a 50 percent volume increase in the regional bitcoin market over the past ten days. The firm also stated that the cryptocurrency volumes are on their way to the upside from over a month already.

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