• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
us china bitcoin

Goldman Sachs Predicts US-China Trade War to Continue into 2020, Will It Benefit Bitcoin?

Rick Delafont by Rick Delafont
4 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
Advertisement
Advertisement

Economists at global investment bank Goldman Sachs believe there to be no end in sight to the ongoing US-China trade war. Although damaging to economic interests in both nations, the lack of resolution may well be bullish for Bitcoin.

The cryptocurrency has historically performed well at times of heightened geopolitical tension. This is due to its some of the asset’s hard monetary policy.

Goldman Sachs Economists Fear Trade War May Lead to Recession

According to a report in Reuters, a note to clients sent out yesterday by Goldman Sachs states that the bank is expecting that the US-China trade war won’t be resolved before the 2020 presidential election. Economists from the global banking giant also stated that they believed a recession to be likely.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Goldman Sachs believe the 10 percent tariff on the last $300 billion of Chinese imports will go into effect, as planned, on September 1. In response, China has threatened to stop buying US agricultural products. The bank does not think a resolution likely in 2019.

The trade war has been going on now for more than a year. It has largely focused on issues relating to tariffs, intellectual property, cyber security, and technology.

The note, authored by three of the bank’s prominent economists, Jan Hatzius, Alec Phillips, and David Mericle, read:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

“Overall, we have increased our estimate of the growth impact of the trade war.”

The note also stated that the bank had lowered its fourth-quarter US growth forecast

Bitcoin as a Safe Haven?

As part of the ongoing trade war, the US has accused China of manipulating its currency to damage the profitability of American exports. China denies doing this.

However, whatever the cause, the yuan has been depreciating in value versus the dollar a lot of late. Such economic conditions have caused some Bitcoin analysts to speculate that the recent run up in the value of the cryptocurrency has been caused by members of the Chinese public wanting to protect the purchasing power of their savings against the devaluing yuan.

Maybe just a coincidence but you tell me

Bitcoin is winning the trade war while China and US is a lose-lose pic.twitter.com/8FmVcaHjjh

— Dovey 以德服人 Wan ?? (@DoveyWan) May 13, 2019

If such a theory is correct, Bitcoin may benefit greatly from the continuation of the trade war and a recession following it. If capital has already been flowing from the yuan to BTC, it stands to reason that it would continue during a prolonged trade war.

However, not everyone is convinced that Chinese investors are driving the cryptocurrency’s current price moves. Bitcoin naysayer and gold bug, Peter Schiff Tweeted earlier this month that he thought that the whole suggestion was fabricated by CNBC to push the Bitcoin price up:

“CNBC is trying its best to dupe its audience into buying Bitcoin. Despite gold being a much larger market, CNBC devotes far more airtime to Bitcoin. The Chinese aren’t buying Bitcoin as a safe haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!”

 

Related Reading: Could U.S. Tariffs Be Behind Bitcoin’s Rally Towards $11,000?

Featured Image from Shutterstock.
Tags: bitcoinchinaus
Tweet123Share257ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Related Posts

Monero

Monero Price Stagnates, How Soon Will It Cross This Obstacle?

2 hours ago
Bitcoin

Bitcoin (BTC) To Tap Into $30,000 Region Before A Slow Down, Here’s Why

4 hours ago
US To Sell 41,500 Bitcoin (BTC) In Four Batches, Crash Inevitable?

US To Sell 41,500 Bitcoin (BTC) In Four Batches, Crash Inevitable?

5 hours ago
XLM

XLM: How It Plans To Navigate Bearish Market Sentiment

8 hours ago
Chainlink

Chainlink Price Beneath Crucial Resistance, What To Expect Next?

9 hours ago
Bitcoin

Bitcoin Bear Market Over? This Historic On-Chain Signal Suggests So

10 hours ago

Premium Partners

Play Finance

Trending Projects

  • 4 Best Upcoming ICO For 2023

    1 week ago
  • Crypto Investment for Long Term Growth in 2023

    1 week ago
  • 5 Cryptocurrency To Invest In 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
  • Ripple Not ‘Ripped Apart’ Amid Legal Battle With SEC...

    5 hours ago
  • Top 3 Altcoins For April 2023: Dogetti, Stacks &...

    5 hours ago
  • Top 9 ERC20 Tokens To Buy Now For Growth in 2023

    8 hours ago
  • Bitgert Backed Q-BRISE Set to Outshine Competitors with...

    10 hours ago
  • TMS Network (TMSN) Surges and Attracts Investors as Conflux...

    13 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.