Is Bitcoin enabling Yuan exit?
Warren Pollock is no cryptocurrency fan and to be fair he presents rational arguments for this position. The space is, after all, lacking the vast monetary history of precious metals and is untested in any serious geo-political or financial upheaval.
One thought provoking idea that Warren proposed in an interview on Greg Hunter’s USA Watchdog released today was the idea that Bitcoin is (or is likely to be) used as a vehicle for flight from the Chinese Yuan. This idea makes for interesting pondering regarding the sort of activity the recent take-off in the Bitcoin price could be symptomatic of.
Warren points out that some Bitcoin exchanges (Coindesk for example) are denominated importantly in Chinese Yuan and he suggests that this is very interesting. “The Yuan is not convertible but through bitcoin it is. There is probably organised crime in China that is facilitating the flow of capital from China to the US via bitcoin.”
In the interview, Warrens suggests that “you can have your bitcoin laundered internationally to get out of the terrible debt based disaster which is China and get it into the US which is on high land in comparison to China and that’s what a lot of Chinese are probably doing. “
Original source https://www.youtube.com/user/usawatchdog
USA Watchdog website : http://usawatchdog.com/
I think this is it.
Makes sense. I was speculating into a similar direction: https://steemit.com/bitcoin/@rapshmelth/legal-and-geopolitical-speculations-regarding-bitcoin
Good to read some calm reasonable voices among all the hype.
Could there be a connection to the scaling debate? Bitcoin Unlimited (BU) is called "China coin" by the SegWit camp, because of preference by the chinese miners. BU on the other hand accuses SegWit to be a trojan horse of the AXA group, with Blockstream being their proxy. BU calls SegWit also a "poison pill".
Another good point @rapshmelth. It's all very political and only time will reveal the true motivations. We can only read the tea leaves for now.