Yuan Prophesized to Fall Further, Bitcoin May Hit $850
Kyle Bass, a hedge fund manager has predicted the value of Chinese yuan to fall by 30 percent, which may spell good news for the price of Bitcoin. Kyle Bass, a virtually unknown hedge fund manager who rose to fame after predicting the 2009 economic crisis has spoken again. According to one of the financial resource website, Kyle has predicted the Chinese legal tender, yuan to drop by about 30 percent. How accurate is his prediction? That is something only time can tell. If for some reason Kyle Bass’ predictions did indeed come true, then the free-falling yuan may spell some good news for....
Related News
Popular digital currency exchange BTC-e announced today it would begin trading in Chinese 'offshore yuan' (CNH), becoming the first international bitcoin exchange to offer both US dollars and yuan, and opening a field of new opportunities for currency speculators. "We are pleased to inform that new trading instruments with Chinese offshore Yuan has been added. Now btc-e clients can trade 3 new instruments. A unique trading instruments that enables you to benefit either from price fall or increase are now available in your btc-e MetaTrader4 and WebTrader platforms under following symbols:....
The bitcoin price has undergone a healthy rise, and is hovering at around $668. Price expansions have been occurring on an incremental basis; anyone who expects bitcoin to strike the $700 mark overnight is undoubtedly expecting too much, yet it’s probably safe to say that should bitcoin continue its present route uninterrupted, it may hit such a point before the year is out. The most common suggestion for bitcoin’s subsequent rise seems to be the continued fall of the yuan in China. As the yuan and related fiat currencies continue to fall, Chinese traders have turned to bitcoin in order to....
Bitcoin price has seen sailing good winds lately, spiking early on October 11 from recent averages of $610-$615 to $630. Prices have seen support since, with a high of $649 on the Bitstamp Price Index, a number that hasn’t been scaled since the end of July. Bitcoin’s rise coincides with the continued fall of the Chinese fiat yuan, sinking to its lowest levels in six years this Monday. Bitcoin price surged to a 10-week high on Tuesday, following an increased demand from Chinese buyers who are stocking up on bitcoin while expectations for the yuan sank alongside the fiat currency. The yuan....
The Digital Yuan is imminent. The time for Central Bank Digital Currencies is near us. Sooner than later, CBDCs will be the norm. And the Digital Yuan will break ground. Here’s what this means for Bitcoin and why the two assets are directly opposed. The Petro And The Digital Yuan Easily monitored programmable money opens […]
The new version will essentially also clear the way for the digital yuan to be the one and only official yuan-pegged token in mainland China.