Bitcoin Bulls May Rise as China Weighs Yuan Devaluation

Arthur Hayes, founder of crypto exchange BitMEX, believes a weakening yuan against the US dollar could trigger another surge in Bitcoin prices. In his recent X post, Hayes noted that such a move by China’s central bank would incentivize Chinese investors to seek refuge in cryptocurrencies like Bitcoin as they try to navigate capital controls and protect their wealth during economic uncertainty. Hayes recalls the past successes of Bitcoin’s adoption during previous yuan devaluations, citing instances in 2013, 2015, and potentially again in 2025.