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DeepSeek's Italian App Store Ban: A Blessing in Disguise for Bitcoin?

Coin WorldWednesday, Jan 29, 2025 1:00 pm ET

1min read

DeepSeek's Removal from Apple and Google App Stores in Italy

DeepSeek, a popular AI-powered app, has been removed from both the Apple and Google App Stores in Italy. This move comes amidst growing concerns over the app's potential impact on the global economy and financial markets. The Italian government has cited regulatory and security concerns as the primary reasons for the removal.

The removal of DeepSeek from the Italian app stores has sparked a wave of speculation and debate among analysts and investors. Some have expressed concerns that the app's absence could lead to a decrease in market liquidity and increased volatility in the cryptocurrency market. Others, however, have argued that the removal could have a positive impact on risk assets, including Bitcoin, by reducing inflation-related pressures.

Geoffrey Kendrick, an analyst from Standard Chartered, has suggested that the emergence of DeepSeek could ultimately benefit Bitcoin in the long run. He believes that lower AI-related prices could help reduce inflation, thereby benefiting risk assets like Bitcoin. Kendrick has also noted that the recent removal of accounting rule SAB 121 could pave the way for U.S. institutions to engage more in the digital asset arena, potentially leading to an influx of institutional investment in Bitcoin.

Despite the removal of DeepSeek from Italian app stores, the long-term outlook for Bitcoin remains resilient. Analysts anticipate a gradual resurgence driven by growing institutional interest and a potential pivot in risk asset sentiment. As Lou Kerner, founder of CryptoMondays, has remarked, "BTC's price action will benefit from a world in crisis," underscoring Bitcoin's evolving role in the global financial landscape.

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