Chinese are Not Buying Bitcoin: Peter Schiff
The Chinese investors do not think of , and they are not buying it, believes Peter Schiff of Euro Pacific Capital.
The statement appeared amidst international media coverages about bitcoin’s price rise against a gloomy macroeconomic outlook. On August 1, US President Donald Trump said that he could impose 10 percent additional tariffs on $300 billion worth of Chinese imports. The move prompted Beijing to artificially devaluate its national currency yuan to its weakest since December last year.
Global stock markets, which was already facing the heart fromescalating trade tensions between the US and China, slid further on Monday following Beijing’s yuan cut. The pan-European Stoxx 600 Index plunged by 1.6 percent. The MSCI’s broadest index of Asia-Pacific shares also slipped by 2.5 percent, while the Dow futures were down by about 100 points.
Bitcoin, on the other hand, surged by more than 9 percent on the day to establish a local high towards $11,860. The move prompted CNBC, a US-based business channel, to cover a report connecting yuan’s devaluation with bitcoin’s rise.