Bitcoin price surges as China devalues its currency

At the time of writing, Bitcoins in China are trading almost 10% higher than the global average. The price of a single bitcoin earlier today broke the 3345 YUAN 6-month high, reaching 3585 YUAN, the highest point in 20 months.
This article over at ibtimes, argues that the a devalued yuan has seen investors looking to overcome currency controls, turning to Bitcoin with their capital.

“While the sentiment around bitcoin is currently strong, particularly in relationship to the blockchain technology underpinning the digital currency, the main reason for Friday’s spike is the devaluation of the yuan in China.”

Famous Bitcoin-proponent Andreas M. Antonopoulos agrees with this view in a recent tweet. He also thinks the weakened yuan is one of the causes for the recent Bitcoin price surge in China.

“Chinese exporters move away from accepting RMB given devaluation fears. RMB receipts down 40%” - Dan Burke

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