China News by Thebittimes.Com

According to Citadel founder Ken Griffin, investors are moving away from the US dollar and putting their funds into safe havens like gold, silver, and Bitcoin. The move, called a debasement trade, has Griffin worried about a “substantial asset inflation away from the dollar.” The increase in gold and Bitcoin investments has further pushed the de-dollarization agenda, which has seen significant subscribers over the last decade. Are Bitcoin and Gold Further Pushing the De-Dollarization Movement? Image: Watcher Guru The increase in gold and Bitcoin investments is apparent in the recent price surges for both assets. Bitcoin (BTC) hit an all-time high of $126,080 on Oct. 6. Gold rose to a new peak of $3,977.19 earlier today, Oct. 7. The pivot from the US dollar could be due to macroeconomic uncertainties arising from geopolitical tensions and trade wars. Bitcoin (BTC) and gold are expected to continue their respective upward trajectories over the coming months. October has also h...

Turkey’s gold imports of just over 39,000 kilograms in September 2022 are more than 16 times the quantity that was brought into the country in September 2021. The surge in Turkey’s gold imports is reportedly being spurred by the rise in demand for the precious metal by individuals and entities using it in foreign currency transactions. ‘Gold Instead of Turkish Lira’ According to data from Borsa Istanbul’s Precious Metals and Diamond Markets, the quantity of gold imported into inflation-stricken Turkey in September 2022 was over 1,700% more than the quantity brought into the country during the same period last year. The country’s September haul of 39,000 kilograms (kg) takes the total quantity of the precious metal imported by Turks in 2022 to 140,126 kg. As noted in a report published by the Hurriyet Daily News, Turkey’s January 2010 import figure of 44,210 kg remains the country’s largest. Explaining why Turkey is seeing a surge in the quantity of ...