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Currency Fears Drive Chinese Into Bitcoin
While nearly 5,000 cryptocurrency fans gleefully gathered at the Consensus conference in New York this week, investors on the other side of the globe appeared to be the ones pulling the levers behind bitcoin’s seven-day, 40% price surge. Cryptocurrency industry veterans say the Chinese are trying to exchange the yuan for other assets, like dollars and bitcoin, because they believe the yuan will continue to drop. As President Trump has raised tariffs over the past two weeks, the Chinese yuan has fallen 2% versus the dollar. Some fear President Xi Jinping will devalue the currency significantly to keep Chinese goods ... (full story)