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Arthur Hayes, the founder of BitMEX, believes that the Chinese government’s stimulus spending could weaken the yuan, potentially drawing Chinese investors towards Bitcoin 
$104,873. Despite the government’s prohibitions, Hayes underscores that Bitcoin trading continues in China.
Impact of Stimulus Spending
China is planning a massive $2.13 trillion stimulus package. This move is said to potentially steer wealthy Chinese investors towards alternatives like Bitcoin in response to possible devaluations in the economy. Hayes noted that these incentives might carry risks of decreasing the yuan’s value while presenting Bitcoin as a safe haven.
Hayes stated, “All signs indicate that Beijing is ready to print yuan recklessly. Citizens need alternatives.”
He emphasized that Bitcoin trading in China persists through direct trading methods on major exchanges like Binance and OKX despite all prohibitions. According to Hayes, the bans on the BTC/CNY pair are merely attempts to conceal the devaluation of the Chinese currency. He remarked, “The Chinese government is aware it cannot completely ban Bitcoin, which is why it prefers people to forget about it.”
Details of China’s Stimulus Plans
Reuters reported that China is in the process of approving a new borrowing plan worth 10 trillion yuan. This debt is expected to be financed through special state bonds and completed within three years. Hayes recalled that Bitcoin appreciated fivefold during the yuan’s depreciation in 2015, indicating a possibility of a similar effect occurring again. However, it may take time for Chinese investors to react; they might want to observe the effects of the stimulus on the yuan.
In conclusion, China’s stimulus packages may create opportunities for Bitcoin. Legally unbanned in China, Bitcoin could serve as an alternative store of value for investors during economic uncertainty.
