The People's Bank of China's (PBOC) balance sheet size has been positively correlated with the price of Bitcoin over the past 8 years. The PBOC is planning to provide 1 trillion yuan ($142 billion) in stimulus to support the economy. This has caused a rally in Asian stock markets, with the CSI 300 Index up 4.5% đ.
The Bitcoin price has a 30-day correlation coefficient of 0.66 with the PBOC balance sheet. BTC has gained 3% this week and 10% in the month. The PBOC stimulus could boost blockchain and crypto investments.
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