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China will drive Bitcoin’s rise, says son of Wall Street legend
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Bill Miller IV, known as Bill Four, is the Co-Portfolio Manager of the Miller Income Fund and son of legendary investor Bill Miller III. In a recent tweet, Bill Four expressed his belief that China will play a crucial role in the next Bitcoin price rise. When sharing an analysis by Michael Pettis on China, Bill stated that the Asian Giant will drive Bitcoin’s next rise. Furthermore, he suggested that now is the perfect time for the US, in the form of Donald Trump, to consider creating a strategic Bitcoin reserve.
Bill Four’s statement was given as a response to a broad analysis of China’s monetary policy presented by Michael Pettis. In a Twitter thread, Pettis highlighted that the People’s Bank of China (PBoC) is preparing for a significant change in its monetary policymoving from “quantitative objectives” to a greater focus on interest rate adjustments. This move is seen as a response to internal and external economic pressures, and could have profound implications for the Chinese economy and, by extension, the global cryptocurrency market.
Pettis argues that if the PBoC actually implements this change, This will represent an important transformation in the way monetary policy is conducted in China. He notes that so far, the PBoC has carried out credit guidance, in which the central bank’s instructions direct banks on how to expand their lending in specific sectors. This practice has been a powerful way to subsidize economic growth, but it also has its limitations.
With the possible change in PBoC policies, Bill Four sees an opportunity for Bitcoin to stand out as a store of value in an uncertain economic environment. The interconnection between China’s monetary policies and the cryptocurrency market suggests that as China seeks to balance its economic growth, Bitcoin could benefit from these dynamics.
Strong winds coming from the West
Because of this, Bill Four reinforced the message to President Donald Trump, who takes office on January 20th. The expectation of investors, and everyone in the cryptocurrency sector, is that Trump will announce the creation of a Bitcoin Strategic Reserve. The news that China will change its fiscal policy is one more reason for this measure to be taken quickly by the next American administration.
China will drive Bitcoin’s rise, says son of Wall Street legend
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China will drive Bitcoin’s rise, says son of Wall Street legend
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China will drive Bitcoin’s rise, says son of Wall Street legend
