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The CNY/USD trading pair appears to have a pronounced effect on Bitcoin’s fortunes, a dip in both occurring almost simultaneously.
To say these are unprecedented times is an understatement. Global Central Banks are using every single monetary policy tool at their disposal to try and fight the forces of deflation and this has resulted in currency wars. In fact, 15 central banks have eased monetary policy in one way or another this year. Since this is a global economy each move made has far reaching affects upon all nations and their abilities to control the imbalances being caused by central bank brute force.
As predicted, 2015 has seen the continued fall in value of the currency that was supposed to fuel an advanced economy. In the last 3 days alone, it has lost 12% in value against Bitcoin.
The global macroeconomic picture is sending out a message and that is one of deflationary forces starting to take hold.
When we last visited this series, I had established that by using services like Gyft and eGifter you could very readily meet your fundamental shopping needs without so much as earning or spending a single US Dollar.
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