Bitcoin Surges to $88,000 as China Increases Its Gold Reserves!
Jakarta, Pintu News – In the past month, China has added five tons of gold to its reserves, a move that has not only taken global markets by surprise but also had a positive impact on Bitcoin prices. Currently, Bitcoin (BTC) has managed to remain at $88,000 despite facing various unfavorable macroeconomic reports.
Check out the full analysis below!
China’s Gold Addition and its Impact on Bitcoin
The People’s Bank of China (PBoC) continues to show interest in gold with the addition of five tons to their reserves this month. The move is part of a larger strategy that appears to be benefiting Bitcoin (BTC) as well.
Despite global concerns, Bitcoin (BTC) price remains strong, showing its resilience amidst uncertainty. Four days ago, the value of Bitcoin (BTC) and other cryptocurrencies plummeted after US President Trump announced 245% import tariffs on Chinese goods.
However, the recent announcement from the PBoC about its gold reserves has triggered a recovery in Bitcoin (BTC) prices, which surprised many investors. This shows that Bitcoin (BTC) is increasingly seen as a safe-haven asset, especially as China begins to reduce their reliance on the US dollar.
Read also: Dogecoin (DOGE) Price Prediction on ‘Dogeday’: Will it Reach $0.20?
Gold Price Rise and Bitcoin Outlook
Gold prices recently hit a new record high, trading at $3,326 per ounce, after rising by almost $100 in the past week. This rise has been driven by heavy interest from institutions, with China being a major player.
This phenomenon has also fueled speculation that Bitcoin (BTC) price will follow in gold’s footsteps. On the other hand, renowned analyst Peter Schiff warned that Bitcoin (BTC) remains in a bear market, which dampens hopes that it will soon match gold’s price performance.
Nonetheless, Bitcoin (BTC) has shown remarkable resilience, remaining at high prices despite the largest drawdown since the launch of the spot Bitcoin ETF.
Also read: Will the crypto market collapse if Trump fires Powell? Here’s the analysis!
Tariff War and the Search for Safe-Haven Assets
The tariff war between the US and China has triggered a surge in demand for safe-haven assets, such as gold. It has also potentially increased institutional interest in Bitcoin (BTC) as a complementary asset.
Despite reports that China sold 15,000 BTC on overseas exchanges, speculation about China possibly preparing a Strategic Reserve of Bitcoin continues to circulate among investors.
The rise in gold prices and the potential rise in Bitcoin (BTC) prices suggest that these two assets can serve as a hedge against inflation and economic instability. This highlights the importance of asset diversification in an investment portfolio, particularly in the current global economic uncertainty.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference
- Coingape. Bitcoin Price Flashes Brilliance as China Increases Gold Holdings by Five Tonnes. Accessed on April 22, 2025
- Featured image: Generated by AI
