According to the government of the most populous nation on earth, BTC is drawing money out of their economy. The blame has been squarely placed on investors who are using the digital asset as a “fleeing asset,” in a cooling global economy. A remarkable shift from initial comments that Bitcoin was an “escape” asset. The US and China now seem to have averted the escalation of the trade war between them, as talks resume.
The two nations have been involved in a heavily contested bilateral trade dispute whose effects have been hefty. United States President Donald Trump has as a result of the tiff, doubled his nation’s import tariffs on Chinese products worth $200 billion in May.