Chinese cash to boost Bitcoin?
Chinese cash to boost Bitcoin?
In an effort to raise market sentiment, China has injected more than 810 billion Chinese yuan (approx. $130 billion) into its economy over a five day period. This move is intended to solidify the country’s economy and give a boost to the national supply, but they may actually have just done their greatest enemy a favour.
The Chinese government controversially banned Bitcoin exchanges and ICOs in September. Since then, it has been preoccupied with working to keep capital within Chinese borders. Consequently, the quashing of Bitcoin and other cryptocurrencies has been seen as a prudent measure.
However, this killing blow from financial regulators has not been able to completely erase the cryptomarket in the Asian country. And this new cash injection might actually be beneficial to the ravenous Bitcoin investors that still exist in China.
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