Bitcoin [BTC] value and volume increases in Hong Kong amidst political protests
Hong Kong has been gripping through 3-month long protests with no signs of ending. Fears are gripping the city of a possible intervention by Beijing, as the protest becomes increasingly violent. Fears of financial markets crashing due to protests have caused a massive demand for Bitcoin in Hong Kong.
Bitcoin priced surged on LocalBitcoins, with buyers paying a premium on the price of Bitcoin. Currently, the price of Bitcoin is $300 more in Hong Kong than the rest of the world. At its peak on Monday, prices soared up by almost $500.
Bitcoin, the political neutral currency?
From the past year, status of Bitcoin is seen to be changing to a politically neutral global reserve currency than a speculative investment. Previously, Bitcoin adoption increased in Argentina after the Pesos collapsed due to political turmoil. Bitcoin still sells for a $1,000 premium.
It seems like Argentina, unlike China, does see a Bitcoin premium (localbitcoin, ~$1000 premium) any exchange there has decent liquidity?
The key diff is: In China there is sufficient local supply of Bitcoin (miners, exchanges etc) but Argentina is lacking local liquidity
— Dovey Wan 🗝 🦖 (@DoveyWan) August 12, 2019
Both the cases of Hong Kong and Argentina have shown the evolution of Bitcoin to a safe haven in times of unpredictability around the local fiat currency.
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Did you like the news you just read? Please leave a feedback to help us serve you better