Re: Problems In Chinas Economy & Escalating Trade War Will Cause Large Bitcoin Rally
I don't think there will be trade wars, what's been happening around is the fear on China getting completely cashless in few years time. Now with the payments app alipay, tencent each and every form of payments were made without any intervention of banking bodies. When it comes to USA the same is being done through visa, and other payment processors along with banking system. In China most of the people even don't have a bank account. This cause a major loss in revenue to big giants and that pressure is getting reflected in such a way.
Actually, trade wars have already been ensuing between the two. Tensions are high right now between the two. The huawei ban on google services may only be the start of it. Even while China has been trying to separate themselves through tencent and alipay, they will still be affected. The huawei ban will affect users globally. But even with these events, we can't say for sure what the Chinese elites will do. It might even be better to keep their bitcoin during these kind of times.
The US has raised their tariffs on $200bn of Chinese products, and is starting to make an additional of $300bn of Chinese goods. If this trade war continues, the global economy will be affected.
