Leak Reveals China's $1.4 Trillion Earthquake Could Be About to Hit Cryptocurrencies as Bitcoin Price Surges to Over $70,000

Bitcoin rose more than $70,000 per bitcoin, rising to its highest level since June, as Tesla billionaire Elon Musk declared a “financial emergency.”

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The price of Bitcoin surged higher through 2024, rising on the back of a cryptocurrency “revolution” on Wall Street led by BlackRock, and the Federal Reserve’s dovish pivot that created a “nightmare” scenario.

Now, with the Federal Reserve and European Central Bank accused of quietly declaring war on Bitcoin, a leak has revealed that China may be about to drop a $1.4 trillion bomb to kick-start its faltering economy — with analysts predicting it could send Bitcoin's price sharply higher.

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Forbes “Your Money Is Wasting” – Tesla Billionaire Elon Musk Declares a “Financial Emergency” as $35.7 Trillion “Debt Bomb” Leads to Bitcoin Price Boom to Rival Gold

Chinese President Xi Jinping is trying to revive the country's faltering economy, by… [+] The stimulus measures are expected to boost the price of Bitcoin and the broader cryptocurrency market.

Xinhua News Agency via Getty Images

China could approve an additional 10 trillion yuan ($1.4 trillion) in debt to revive its economy, with the package increasing if former US President Donald Trump wins the US presidential elections scheduled for next month, Reuters reported, citing anonymous sources.

The massive new measures, following a tsunami of stimulus earlier this month, could reportedly be given the green light by the Standing Committee of China's National People's Congress during a meeting held from November 4-8.

Before the leak, Bitcoin and cryptocurrency market observers expected that the price of Bitcoin would be boosted if China opted for further monetary stimulus measures.

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Forbes 'Declaration of War' – Fed and ECB plan to 'tax or ban' Bitcoin and use price gains to escape $35.7 trillion doom loop

Bitcoin price surpassed all-time high this year, booming at the Fed and… [+] China stimulus measures

Forbes digital assets

Nikolai Karpenko, director of institutional cryptocurrency liquidity provider B2C2, told DL News: “If Beijing announces more aggressive financial measures, particularly regarding infrastructure and liquidity support, we could see renewed upward pressure on bitcoin, as it benefits from increased appetite for “At risk.” .

“I still think more fiscal stimulus is coming, this year and in the coming years,” Mohit Kumar, chief financial economist for Europe at Jefferies, told Reuters earlier this month after the first round of stimulus measures in China.

Arthur Hayes, co-founder of leading Bitcoin and cryptocurrency derivatives firm BitMex, who founded the Maelstrom investment fund, predicted that China's “bazooka” combined with federal easing will create a “glorious” bull market for Bitcoin and cryptocurrencies until 2025.

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