Trump tariffs lead to weaker yuan, says Hayes

As trade tensions between the U.S. and China intensify, cryptocurrency exchange BitMEX co-founder Arthur Hayes argued on April 8 that crypto assets such as Bitcoin could once again be the beneficiaries of the trade war. In a post on X, he pointed out that a devaluation of the yuan is expected in China's response to new U.S. tariffs.

Related: Arthur Hayes maintains bullish prediction that Bitcoin will reach $250,000 by the end of the year, hoping for monetary easing from the U.S. Federal Reserve

According to Hayes, this weakening of the yuan will encourage capital flight to cryptocurrencies, repeating a historical trend that has supported Bitcoin (BTC) during periods of economic stress in China in the past...