Arthur Hayes, co-founder of BitMEX, pointed out in a social media post that if it were not for the Federal Reserve, the People's Bank of China could also be the catalyst for bitcoin's rise. He believes that the devaluation of the yuan will trigger the narrative of Chinese capital flight into bitcoin, a pattern that worked in 2013, 2015 and could happen again in 2025. Hayes warned investors that "ignoring China will cost you".