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.
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.
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