Chris Reinertsen, the chief marketing officer of Rhythm Technologies, has recently argued bitcoin is now being treated as a safe haven asset by investors looking to hedge against global uncertainties.
Speaking to Forbes, Reinertsen revealed he believes recent developments in the U.S.-China trade war raised global uncertainties and led various investors to bitcoin, in an attempt to ensure their cash will be safely stored in case things turn south.
Recently China devalued its fiat currency, the yuan, to an 11-year low against the dollar. This is the country’s response to tariffs imposed by the Trump administration. Weakening its currency sees China offset some of the tariffs’ impact.