China's Absolute Control Over Digital Yuan Will Boost Demand for Cryptocurrencies, Says Analyst
China’s push for the digital yuan will boost demand for cryptocurrencies, according to an analyst at BK Asset Management, citing that the Chinese government wants “absolute power” over the wealth and income of its citizens.
Digital Yuan Push Could Raise Demand for Crypto
Boris Schlossberg, managing director of FX Strategy for BK Asset Management, said in a note last week that China’s absolute control over its central bank digital currency (CBDC) will drive more demand for cryptocurrency, CNBC reported Friday. Schlossberg has more than 20 years of financial market experience, according to the asset management firm’s website which further states that the is “widely known as a leading foreign exchange expert.”