Last week kicked off with a bang and, as usual, Asia was at the center of it.
In response to new US tariffs, the People’s Bank of China devalued the yuan to its weakest level in some 11 years - sending global financial markets into a tailspin. The Trump Administration retaliated by formally labeling China as currency manipulators, setting the stage for a new era of macroeconomic uncertainty.
Yet as stocks plummeted, bitcoin surged. In response, the mainstream financial press - from CNBC to Yahoo Finance to the FT - began to seriously examine a narrative once confined to the crypto community: the notion of bitcoin as the new safe haven asset in times of turbulence.
Is now the time that bitcoin definitely proves itself as ‘digital gold’? Or is this all just a self-fulfilling prophecy being promoted by crypto enthusiasts?
No matter what side you take, it’s indisputable that the search for answers prompted by the escalating US-China trade war has thrust BTC and crypto onto a new global macroeconomic pedestal.
What does this all mean for crypto investors? We’re bringing the mainstream Asian financial world together with the broader crypto markets at Invest: Asia in Singapore to find out. Register for Invest: Asia, and find out what really matters to the markets.
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