ADVFN CEO Attributes Bitcoin’s Price Boost to China’s Currency Devaluation
ADVFN CEO, Clem Chambers, believes that the recent infusion of money from China into the crypto market caused the latest price rally in bitcoin value. Chambers is certain that the ongoing economic struggles and trade wars between China and America will transform bitcoin into a stable alternative for investors looking to hedge against any fallout. According to Mati Greenspan, a senior market analyst, the notable surge in bitcoin price was undoubtedly driven by the Asian countries. The crypto expert did not agree that any other reasons like FOMO, short squeeze or any other ideas being given were the right triggers for bitcoin’s recent price hike. Chambers also offered similar remarks and added that what caused this instant inexplicable hike was the Chinese devaluation and perhaps the insider reactions to the planned currency devaluation.