‘May you live in interesting times’
Amid a protracted trade war with the United States, China has this week redoubled its own antagonistic policies in response to recent fresh tariff threats from U.S. President Donald Trump: first, by allowing the yuan to sink to its lowest levels in almost a decade and second, by demanding that all state-owned firms suspend imports of U.S. agricultural products.
In response, stocks and currencies from emerging markets teetered, while safe-haven assets such as the Japanese yen, U.S. Treasuries and gold saw an uptick, as Bloomberg has reported.
The bookies are meanwhile raising their bets on more interest-rate cuts from the U.S. Federal Reserve as the trade war escalates.
All this appears to be spurring Bitcoin’s uptrend as an emerging safe-haven asset of the digital era — the coin has today surged almost 9% to trade above $11,700 by press time.
As Morgan Creek Digital Assets Anthony Pompliano tweeted: