Trump’s Currency War With China Could Be Bitcoin’s Do-or-Die Moment

Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative.

The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers.

The global economy faces its biggest crisis in 11 years.

In theory, this should be bitcoin’s moment to shine, a chance to prove itself as an uncorrelated asset immune from political risks. Eventually, that result may bear out. But a rocky road lies ahead – for bitcoiners and nocoiners alike.

Before we do the bitcoin up or down game, let’s dive into why the current situation in global finance is so disturbing.

The Backdrop

It all begun last Monday, when Beijing let the renminbi fall below RMB7.0 to the dollar.

Almost immediately, the U.S. Treasury Department said it would take the rare step of labeling China a “currency manipulator,” a move that, in theory, would…