Is President Trump’s Trade War Causing A Spike In Bitcoin Price?

For a long time, gold has been considered a safe haven in times of crisis and uncertainty. The precious metal’s immutability and scarcity have made it an instrument of choice for institutional and retail investors during financial instability. But that could be changing, according to some bitcoin proponents. 

A Price Spike Due To Chinese Investors? 

Bitcoin’s price spiked last Tuesday as trading volumes at crypto exchanges multiplied. At least one theory doing the rounds is that bitcoin’s price increase was caused due to an influx of investors dumping Chinese Yuan into bitcoin markets to escape the currency’s devaluation following President Trump’s announcement of tariffs against Chinese goods. (See also: Trump’s China Tariffs: What’s At Stake For The U.S.?)

“It was the insider reaction to imminent, planned, significant and, perhaps, rolling Chinese currency devaluation that set off this rally,” writes Clem Chambers, Forbes contributor and CEO of private…