Bitcoin Safe Haven Sucking in Money From China, Says Blockchain Executive

Investors looking for an escape from yuan devaluation are flocking to Bitcoin as well as traditional fallbacks, says Chris Reinertsen.

Bitcoin( BTC) actually does function as a safe haven asset in 2019, another source has told mainstream media as the United CountryChina swap crusade rages.

Bitcoin ever more important amid fiscal uncertainty

Speaking to Forbes in an interrogation on Aug. 8, Chris Reinertsen, bos marketing officer of blockchain consultancy Rhythm Technologies, said investors were pouring into Bitcoin in addition to traditional safe haven assets.

“There is a flight of asset to safe-haven resources across the board, which now includes Bitcoin, ” he told the publication.

He included:

“Throughout the last few years, we have been seeing the trend of Bitcoin increasingly becoming fundamentally correlated to more macro moves as increased fiscal misgiving in the world increases.”

Bitcoin as a fence against inflation

As Cointelegraph reported, Reinertsen is far from alone in his hypothesis. The latest strife involving China, which checked the U.S. government symbol Beijing a money manipulator, appeared to fuel a fresh upturn in the Bitcoin price this week.

Thereafter, investors were happy to go on record about the cryptocurrency’s appeal as a hedge against volatility in fiat business.

“It’s been an amazing roll, it’s terrific technology; some people are using it as a direction to hedge against inflation, ” the CEO of consultancy firm Agecroft Partners, Don Steinbrugge, told CNBC on Tuesday.

Reinertsen likewise pointed to China’s deliberate devaluation of the yuan to an 11 -year low-grade against the dollar as a factor driving money into Bitcoin.

His view on China more broadly was shared by Circle CEO, Jeremy Allaire, who similarly mentioned macroeconomic motivation while justifying Bitcoin’s sudden bull market this week.

“I think the broader theme of, you are aware, Bitcoin specific, crypto more broadly participating in these world macro forces-out is becoming more and more clear, ” he said.

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