The cost of the main digital coin increased at a time when the Chinese currency fell sharply by 7% and fell to an 11-year low. These events may be interconnected.
On Monday, August 5, the value of Bitcoin increased sharply and reached the mark of $ 11 786. Over the past day, the growth was 8%.
At the same time, the Chinese yuan fell to an 11-year low of $ 7. US President Donald Trump said the Chinese government is manipulating the price of the renminbi. “China lowered its currency to near historic lows. Are you listening to the Federal Reserve? This is a serious violation that China will seriously weaken over time! ”Trump wrote.
Financial expert and implacable critic of bitcoin Peter Schiff complained that the media is too focused on bitcoin. Peter Schiff, a well-known advocate of investing in gold and a cryptocurrency critic, has decided to refute the theory that the collapse of the yuan could cause today’s growth in bitcoin.
“The Chinese do not buy bitcoin as a safe asset. This is bought by speculators who are waiting for the Chinese to start buying when they see it as a safe asset! ”Writes Schiff.
“CNBC is struggling to fool its audience by pushing to buy bitcoin. Despite the fact that gold is a much larger market, CNBC devotes much more airtime to bitcoin. ” Earlier, some commentators did pay attention to the fact that the rise of bitcoin began before the depreciation of the renminbi.
“Is Bitcoin ahead of the decision of the central bank?” Asks analyst Alex Krueger.
Schiff also mentioned CNBC in his tirade, which, in his opinion, is trying to persuade the audience to buy bitcoin.
“Despite the fact that a much larger market is associated with gold, CNBC devotes much more airtime to bitcoin,” he wrote.