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China’s Power Crunch Steals Macro Limelight
"Yet another growth shock."
That's how Goldman described China's worsening energy crunch on Tuesday.
You could also call it the latest blow to macro sentiment at a time of gathering headwinds.
In a new note, Hui Shan cut the bank's growth outlook for the world's second largest economy to 0% for Q3. That's a sequential projection. YoY, the Chinese economy likely expanded 4.8% this quarter, Goldman said. Their full-year projection is now 7.8%, down from 8.2% previously.
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So, is China’s “crackdown on Bitcoin” (and crypto) energy (conservation) driven, rather than financial priorities?
China’s crackdown on Bitcoin is all about control:
Control of people and control of data.