Circle CEO Jeremy Allaire said in an interview with CNBC on August 5 that macroeconomic turmoil is the reason for the recent growth in bitcoin (BTC). In the geopolitical and macroeconomic turmoil, Bitcoin has become a safe haven for storing wealth. There has been a link between the recent rise in bitcoin and the depreciation of the yuan, which just hit an 11-year low. The broader theme is that the power of cryptocurrencies, especially Bitcoin, to participate more broadly in these global macro events is becoming clearer. Rising nationalism, increasing currency conflicts, and trade wars all clearly support non-sovereign, highly secure digital value storage.