I'm not a BitCoin guy so this is not based on anything other than idea but I expect China's currency devaluation to pump up a pretty big BitCoin balloon. It's illegal to trade BitCoin in China but I understand people still do it. BitCoin seems to be one of the few hedges Chinese have against a devaluation effort.
Every time some currency or country has issues, they always pitch the "this is good for bitcoin" story. Truthfully most of the people who buy into this are already bitcoin traders and not your average Joe trying to hedge a currency.
Indeed, your assessment is right on. BTC price seems to have been stable over the last 4 days. It would seem, reports of Chinese using BTC as a currency hedge is demonstrably a fallacy.
IRS Followed Bitcoin Transactions, Resulting In Takedown Of The Largest Child Exploitation Site On The Web https://www.forbes.com/sites/kellyphillipserb/2019/10/16/irs-followed-bitcoin-transactions-resulting-in-takedown-of-the-largest-child-exploitation-site-on-the-web/?fbclid=IwAR31WtG9vrXvFhYYDcw6_ltAxBLx1dDt6qS1X9sVu_YV9UudfM9e4iqJCvA#64063f6b1ed0
