Founder of BitMEX, Arthur Hayes, believes that Chinese stimulus plans could lead to a surge in Bitcoin trading as Chinese investors seek a hedge against the devaluation of the yuan.
Hayes asserts that Bitcoin trading is thriving in mainland China despite official bans, as investors use peer-to-peer methods to bypass restrictions.
He suggests that the ban on BTC/CNY trading pairs is an attempt by the government to reduce the usefulness of Bitcoin as an indicator of currency devaluation.
Hayes predicts that if China goes ahead with its stimulus plans, the value of the yuan will drop and wealthy Chinese investors will turn to Bitcoin as a safe haven.