The price of Bitcoin has shown a 30-day positive correlation with the balance sheet of the People's Bank of China over the past eight years

PANews reported on September 28th, according to CoinDesk, data shows that the price of Bitcoin has maintained a positive correlation with the balance sheet of the People's Bank of China (PBOC) over the past eight years.

Currently, the 30-day correlation coefficient between Bitcoin and PBOC's balance sheet is 0.66, while its correlation with the Federal Reserve's balance sheet is -0.88.

The PBOC is considering injecting 1 trillion yuan (about $142 billion) to boost the economy recently, which could drive up Bitcoin and other high-risk assets.