On Thursday, President Trump explained to a room full of reporters that he and fellow regulators are looking into what their options are for dealing with China. The nation is widely blamed for the release of the coronavirus on the world, and Trump is potentially looking to initiate economic strikes against China in the form of further sanctions and tariffs.
The fact is that bitcoin has a rather healthy presence in China, so if symbolic sanctions are taken against the country, analysts can’t help but wonder what will happen for the asset’s price. Will it sink to record lows, or will its status as a “safe haven” asset grow in the coming months as more people become worried about the state of their economy?
Phillip Gillespie – CEO of B2C2 Japan – explained that he thinks the situation could be good for the world’s number one digital asset by market cap.