China suffers worst capital flight in years, but could it pump Bitcoin?

cointelegraph.com:

Bitcoin (BTC) could see “substantial inflows” from China within the next few months amid a weakening Chinese yuan and one of the country’s biggest capital flights in years.

“The familiarity of Bitcoin by Chinese investors in times of a weakening domestic economy could see substantial inflows into Bitcoin over the next few months,” said Markus Thielen, head of research and strategy at Matrixport.

The latest official data, compiled by Bloomberg, shows China’s capital outflows hit $49 billion in August, the largest monthly capital outflow since December 2015, potentially spelling more pressure for the yuan.

China just experienced a capital outflow of $49 billion last month, the largest outflow in more than 7 years pic.twitter.com/X4Or9k3Oiu

“The USD/CNY exchange rate is trading at a 17-year high as the U.S. economy is strongly expanding while the Chinese economy appears to have weak growth momentum,” said Thielen.

Thielen believes continued pressure on the yuan and the “absence of growth” among local companies could see investors searching for opportunities outside of China.

However, considering the country’s strict capital controls, crypto may turn out to be one of the few channels available, he said, arguing:

In a Sept. 20 post on X, BitMEX co-founder Arthur Hayes alluded to a similar possibility, suggesting that Chinese capital may already be flowing into gold and paying down United States dollar offshore debt. He also shared hopes that some of the capital would “find its way” to Bitcoin.

As long as the $JPY weakens, the $CNY must weaken so that Chinese exports remain competitive vs. Japan.

Wherever the Chinese capital is going, it will keep going in SIZE.

I hope some finds its way to Lord Satoshi and $BTC

In fact, such a