China suffers worst capital flight in years, but could it pump Bitcoin?
China's capital outflows reached $49 billion in August, its highest in nearly eight years. Analysts are debating whether it could be a boon for Bitcoin and crypto. Bitcoin (BTC) could see “substantial inflows” from China within the next few months, amid a weakening Chinese yuan and one of the country’s biggest capital flight s in years . “The familiarity of Bitcoin by Chinese investors in times of a weakening domestic economy could see substantial inflows into Bitcoin over the next few months,” said Markus Thielen, head of research and strategy at Matrixport. Latest official data — compiled by Bloomberg — shows China’s capital outflows hit $49 billion in August, the largest monthly capital outflow since December 2015, potentially spelling more pressure for the Chinese yuan. China just experienced a capital outflow of $49 billion last month, the largest outflow in more than 7 years pic.twitter.com/X4Or9k3Oiu — Barchart (@Barchart) September 19, 2023 “The USD/CNY exchange rate...