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Cryptocurrency, another popular form of virtual currency or digital cash that largely makes the use of cryptography is gaining a lot of momentum in the present market. Not issued by any central authority, it possesses this organic nature of having based on Blockchain technology, which is mainly distributed and managed by a network of electronic devices such as computers.
A decentralized system that operates on a secure online transaction basis in the form of “tokens” has several other forms working now, for example, “bitcoins.” With its growing ease, convenience, and its semi-anonymous nature, cryptocurrency has become very well suited for a host of other online activities. The rate at which it can be exchanged in the market widely depends on its supply and demand.
Theory of the US-China trade war and Bitcoin
Taking into account the history of cryptocurrency and its substantial other forms during the US-China war trade, it was observed that the incision of the US-China war trade had led the Bitcoin price to spike. It was believed by DigitalX CEO Leigh Travers that it might have been caused by Chinese wealth getting pumped into “Bitcoins” for security reasons.
Concentrating on how US-China war trade affected the use of bitcoins in the market, it was seen that the falling Yuan, i.e., the falling Chinese currency post this trade war led the Chinese citizens to go for diversifying their portfolio and might as well put some part of their money into cryptocurrency in order to face the challenges that resulted out of the trade war.
It was not that the US parties did not suffer from this war, they did, but it was mainly the Chinese traders and citizens who suffered more. Thus, this eventually led them to go for an alternative path, i.e. the Bitcoin path when all the conventional frames of finance and investment seemed to fade away.
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Having said that, Bitcoin is by far the largest form of cryptocurrency presented by market capitalization, which also regularly leads by trading volume. Still, cryptocurrency is looked as a hope that a currency can exist that facilitate smooth exchange, not influenced by any centralized authority and is also more easy to transport than hard metals.
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