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As China’s economy faces turbulence, investors are placing a $75.4 billion bet on Bitcoin, defying the country's cryptocurrency ban. These massive inflows into crypto brokers signal growing distrust in traditional markets and optimism for Bitcoin’s future.
Even before the Bank of China revealed its stimulus strategy, investors in China were flocking to Bitcoin, according to a report from Chainalysis (via Coingape).
Bitcoin Demand Surges Amid Economic Challenges
Inflows into China's over-the-counter brokers have hit $20 billion in each of the three quarters up to June, according to the report. These brokers have received a whopping $75.4 billion in the past nine months.
Bitcoin and other cryptocurrencies were outlawed in China in 2021. Nonetheless, this demonstrates that digital assets, including Bitcoin, continue to enjoy high demand.
Crypto Brokers Thrive Despite Ban
According to Chainalysis's head in cybercrime research, Eric Jardine, these over-the-counter businesses are probably operating in the "gray zone" of the country's economy, given the prohibition on cryptocurrency trading and mining. He went on to say that the prohibition may be applied leniently.
Bitcoin and other cryptocurrency tokens offered a tempting alternative to the country's faltering economy, which these Chinese investors clearly regarded as a way to hedge their bets.
China’s Economic Stimulus Spurs More Bitcoin Interest
Governor Pan Gongsheng of the People's Bank of China (PBoC) announced monetary stimulus, including a 50 basis point reduction in the reserve requirement ratio and a 20 basis point reduction in important short-term interest rates, in an effort to resuscitate the economy.
Additionally, there are additional indicators that point to increasing crypto acceptance in China, in addition to the interest shown by these Chinese investors. As an example, Russia's efforts to regulate cryptocurrencies suggest that the country plans to use them to settle its international trade with China rather than the US dollar.
Bitcoin Price Hits $64,000 as Demand Increases
After the stimulus program of the Bank of China, Bitcoin's value increased to $64,000. As a result, this development may encourage more Chinese investors to put their money into Bitcoin and other digital assets, which is good news for the cryptocurrency market as a whole.
The country's rate cuts are good news for Bitcoin, according to market expert Dan Tapiero. Real Vision's CEO Raoul Pal shared the opinion that the main cryptocurrency will benefit from this quantitative easing (QE).
Along with mentioning how the macro space appears bullish for Bitcoin, trading firm QCP Capital claimed that they anticipate the Bank of China will ease up even further.
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