While Bitcoin rebounded toward $80,000 after Monday’s tariff-driven dip near $74,000, Bybit co-founder and CEO Ben Zhou suggested the real catalyst for the next major surge might come from China, echoing recent analysis from Arthur Hayes.

Zhou highlighted the potential devaluation of the Chinese Yuan (RMB) by the People’s Bank of China (PBOC) as a primary factor to watch. 

Chinese Yuan Devaluation Spotlighted

He argued a sharp RMB depreciation, potentially used to counter U.S. tariffs and maintain export competitiveness, has historically triggered significant capital flight into Bitcoin. He warned traders, “Ignore China at your own peril,” reinforcing Bitcoin’s role as a global hedge asset.

China Capital Flight Fueled Past Bitcoin Rallies

This isn’t just theory, Zhou noted, pointing to past cycles. In 2013, 2015 (when the PBOC devalued the Yuan against the dollar), and 2017 (following capital outflow crackdowns), Chinese investors reportedly sought alternatives, driving significant funds into Bitcoin and fueling major price appreciation. 

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Zhou believes this pattern could repeat in 2025, viewing a potential PBOC devaluation as the key “Yachtzee ingredients” for a bull run, aligning with Hayes’ prediction.

Bitcoin Fundamentals Contrast USD Outlook

Zhou acknowledged that U.S. tariffs might temporarily boost demand for the dollar. However, he sees the dollar’s long-term outlook as bearish as global markets potentially deleverage from dollar debt.

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This macro shift, he argues, boosts the appeal of decentralized alternatives like Bitcoin, whose hard cap and liquidity provide fundamental strength when fiat systems face pressure.

Recent Price Action Shows Resilience

Technically, Bitcoin demonstrated resilience by regaining ground after its recent sharp drop. Having successfully retested a trend line near the lows, analysis mentioned by CryptosR_Us suggests potential for a V-shaped recovery, reinforcing the bullish case if macro catalysts like Yuan devaluation materialize. BTC traded near $76,561 when the commentary was analyzed.