'Shock and Awe' – China May Be About to Destabilize $1.4 Trillion Bitcoin and Cryptocurrency Prices

Bitcoin and cryptocurrencies have surged in value this year, fueled by fears that the US dollar is “on the verge of a complete collapse,” setting up Bitcoin’s price for a “critical turning point.”

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Bitcoin's price has nearly doubled in the past 12 months, rising as Russia prepares to overturn Bitcoin and cryptocurrencies.

Now, as former US President Donald Trump talks about a mysterious crypto project that could rival Bitcoin, economists are calling on China to launch a $1.4 trillion “shock and awe” stimulus package that could jumpstart the economy and lead to a “glorious” Bitcoin price boom.

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Bitcoin Price Warning: $40K Crash After Fed Suddenly Prepares for US Dollar Crisis That Could Lead to ‘Complete Collapse’ By: Forbes

Chinese President Xi Jinping has overseen a crackdown on Bitcoin and cryptocurrencies, and now he must navigate the… [+] Slowing economy.

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“There is a phenomenon here of a lack of confidence, like the high household savings rate for example. People don’t want to spend,” Fred Newman, HSBC’s chief Asia economist, told the Financial Times, describing the nearly $1 trillion stimulus package as “the bottom line.”

“Shock and awe is sometimes the right approach,” Newman said. “There is a risk that we have been taking incremental steps over the past 18 months so that each announcement does not rebuild the trust we need.”

The latest economic data from China suggests consumer inflation has remained stagnant, with the consumer price index rising just 0.6% in August from a year earlier, below the 0.8% rise forecast by a Wall Street Journal poll of economists, fueling fears of a deflationary spiral.

By the second quarter of 2024, China’s GDP is expected to grow 4.7% from a year ago, although nominal GDP, which does not take into account inflation, grew by just 4% in real terms, suggesting that broad-based price pressures are weighing on the economy.

“The longer the deflation lasts, the greater the demand for reinflation,” Morgan Stanley’s chief China economist Robin Sheng told the Financial Times, adding that China’s “bullish case” was $1.4 trillion in stimulus over two years.

Last month, Arthur Hayes, co-founder of leading bitcoin and crypto derivatives firm BitMex and founder of the Maelstrom investment fund, wrote in a blog post that he expected China to “finally launch its long-awaited fiscal stimulus package” next year, predicting that “the Sino-US crypto market will be glorious.”

Meanwhile, China-focused bitcoin and crypto entrepreneurs and investors said they expect China to back down from its bitcoin ban.

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BlackRock Issues Dire Fed Warning as Crypto Braces for Expected 50% Bitcoin Price Crash

Bitcoin's price fell over the summer after a significant price surge at the beginning of the year. [+] The year.

Forbes Digital Assets

In June, crypto investor Brock Pierce predicted that it was only a matter of time before China reopened its digital doors to cryptocurrencies, while Justin Sun, founder of the Tron blockchain, called China’s recent legal ruling “very important.”

Will China open up? [to crypto]“I think this is inevitable,” Pierce, a former child actor who co-founded Tether, a stablecoin issuer pegged to the US dollar, in Hong Kong a decade ago, told the South China Morning Post. “The question is not if it will happen, but when.”

In May, attendees at a Bitcoin conference in Hong Kong raised speculation that Hong Kong’s much-touted exchange-traded funds (ETFs) could eventually open up to mainland Chinese investors.

China's ban on Bitcoin in 2021, which made trading and mining cryptocurrencies including Ethereum and XRP illegal, led to a sudden collapse in the price of Bitcoin at the time.

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