Bitcoin Forum

Some of you probably saw the news that bitcoin will be fully legal to its citizens in June. What do you guys think will happen to Bitcoin?

Then if the news is actually true, then bitcoin will be more accessible to people? (which is great, obviously) But what else are you expecting? A bombastic green candle that would bring bitcoin to all-time highs? Lol

That would be good for Hong Kong citizens. Nothing will change for Bitcoin. When the time comes, most countries will have to accept it anyway. No one can stand in the way of technology.

I don't know if there is another article related to this, but this what I saw:
https://dailycoin.com/bitcoin-surges-12-to-8-month-high-with-hong-kong-set-to-legalize/


HongKong is related to China, and it's said on that article that expect a huge influx of money coming from the Chinese people. Well, I guess this is what will happen. Expect more money coming into the crypto market. This news alone already made Bitcoin's price go up again, but unfortunately it can't surpass still the $25,000 price resistance.

To be honest there's no change because Hong Kong had been accept Bitcoin since 2013 [1] their citizens can buy, sell or hold Bitcoin. But the difference is Hong Kong want to regulate Bitcoin, but they're not accept Bitcoin as a legal tender. But many journalists are exaggerating this news and it make people think it will give huge influence towards Bitcoin adoption. Some people even confuse between China and Hong Kong, they think China wanted to accept Bitcoin again after they completely ban it, but it's not and China is still ban Bitcoin.

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[1] https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory#Hong_Kong

I am bullish if this is true and will become effective immediately. Hong Kong could gain a lot of business, especially with cryptocurrency.
For the cryptocurrency market, I am positive there will be a lot of new platforms that will start to pop and most of these are backed by Asians, Chinese particularly and I believe these projects could have a potential next unicorn company.
Take note that most of the top cryptocurrency exchanges were born in Asia just like Binance, so for me, bullish!

A pretty good step taken by Hong Kong in legalizing bitcoin, because in the future the Hong Kong community can buy, sell and hold bitcoin as a long -term investment asset in the country, another positive impact of this legalization will have an impact on the cryptocurrency business and a new platform Starting developed, because many companies in this field will place Hong Kong as a new destination in the development of both.

What is certain is that positive values will continue to be in contact with the legalization carried out by the Hong Kong government and certainly the person involved in the investment will increase with legal certainty about the legalization carried out by the Hong Kong government. But what must be underlined the Hong Kong government does not receive bitcoin as a valid payment tool.

Are you looking forward to increasing Bitcoin prices from these events? You can expect it, but I'm not sure it will happen. But it is a positive news for Bitcoin when we can see that many countries have begun to see the potential of Bitcoin and accept it. Not only Hong Kong, I hope that this year we can hear much news like this, many countries will accept Bitcoin, and countries that ban it will soon remove the Bitcoin ban. Bitcoin is an inevitable revolution.

I didn't read in the news that Bitcoin or crypto was banned in Hong Kong. It is just regulated, but if this is some sort of making Bitcoin legal, then I think it will have the same impact as other countries that legalize it; it will make more users of bitcoin, more buyers, and also more holders at the same time. We also see a bitcoin sticker stating that they will accept bitcoin as a payment method. It could possibly affect the price, but not to the point where you'll reach ATH.

With the policy adopted by the Hong Kong Regulator, it will provide space for retail investors and its citizens to trade crypto assets which were previously prohibited by the local government. Plans to legalize crypto assets began to be outlined in the Securities and Futures Commission (SFC) consultancy proposal published on February 20, 2023. The content contained in the proposal outlines SFC's plan to legalize individual retail investors to trade crypto assets on government-licensed crypto exchanges.

https://i.postimg.cc/t1P0MFsh/IMG-20230222-115001.jpg
Source: https://twitter.com/WuBlockchain/status/1627587806590799872?t=p-NjtkZSs_Ijz04KuYgPrg&s=19

No one can resist technology, initially countries that once looked down on Bitcoin, finally gave a place to exist in their country. This news is certainly good for the majority of Hong Kong residents.

As far as I know bitcoin has never been "illegal" in Hong Kong or even in China for that matter. They just banned certain things in China like mining and even less things in Hong Kong where people are still mining bitcoin.
So it depends on what "legalize" means in this context. The regulations they put in place will determine their effects. For example it could be positive regulations for exchanges and mining farms which means it would attract a lot of investors from China and possibly elsewhere to build the industry there.

It won't change anything, because Bitcoin has always being a thing in Hong Kong.


It was In, 2018 when  Bitcoin trading in Hong Kong  was only restricted to top professional traders or investors with a very high portfolio. And this reduced the amount of investors coming into the country as not all of them could meet up with such requirements given by the government of Hong Kong.


It will only affects their country in a positive way because individuals with low investment capitals can now take part in cryptocurrency trading activities and not left behind and also give way for more investors to come in.

Taking into account what @LogitechMouse and @Despairo wrote in their posts and what can be read in the linked article, I do not see how all this that is announced will increase the legality of trading in HK, especially in the context of the fact that the new regulations are aimed at HK residents, not foreign nationals or companies.

In addition, there is also talk about "Asian currency-based stablecoin", which is a scenario that has already been seen in many cities around the world that have used "Bitcoin" to actually promote their tokens/stablecoins. And finally, I wonder how China will react to such decisions, because regardless of its status as a special administrative region, the communists in Beijing will not be thrilled that such things are happening on their doorstep.

However, considering the current situation in the China - Russia - US relationship, I assume that CP's focus is elsewhere.

The groundbreaking step Hong Kong has taken to legalize Bitcoin is truly commendable. In September 2021 Salvador declared Bitcoin legalized and every people in Salvador spontaneously started using Bitcoin for their daily activities. Although the majority of the population of EI Salvador was against legalizing Bitcoin. As Hong Kong is going to recognize Bitcoin as legal tender, Hong Kong is taking this step realizing the far-reaching value of Bitcoin.

what will happen is the usual thing that happens when positive news comes out. i.e. the market is excited again. Bitcoin holders are growing rapidly. hype increased. and other habits that usually occur in the crypto market when there is news that is considered quite good. then a new FUD appears and so on one after the other.
However, I really appreciate Hong Kong's efforts. even some big exchanges like huobi, gate.io and bitget are applying for licenses to trade crypto in hongkong. that's what I read from each CEX's twitter.

and I hope with this we get closer to wider bitcoin adoption in the future.

Why not provide a link to this news, there's nothing nuch regarding using bitcoin, allowing it payment in the economy a legal thing and lastly accepting it as a legal tender, we don't know which of these will be acceptable yet with them not until then, we may also have other countries to come onboard before Hong Kong while it decision is still yet not finalized, but base on what we have now El-Savador and Central African Republic only adopted bitcoin as a legal tender.

Hong Kong people have been using Bitcoin for a long time, with a 2021 survey showing that 3.27% of Hong Kong's total population, or 245k, use the cryptocurrency directly and indirectly. However, despite being a country in Asia, Hong Kong, which is dominated by China, has launched the Digital Yuan announced by the China Central Bank in Hong Kong. Although China directly and indirectly bans cryptocurrencies, it is a matter of concern how reasonable it is for China to support the legalization of Bitcoin in Hong Kong. However, the people of Hong Kong will not oppose the legalization of Bitcoin, rather they support Bitcoin.

It is good for Hongkong, their nation and their citizens initially. After that, it is good for cryptocurrency companies that have their licenses and main offices in China mainland. They will be able to move to Hongkong and get more friendly, legally business environment there. Like years ago, many cryptocurrency exchanges had to move their offices to other locations, just moved out of China mainland.

In long future, I don't think it is big deal. Countries will accept and legalize Bitcoin more and it is a trend for all countries. In addition, we as citizens don't need legal tender to use Bitcoin. If you have a self custodial wallet and have bitcoins, you can move your coins with confirmation from miners that are everywhere globally.

If you bothered to read the other posts in this topic other than the one written by OP ((even he didn't say that) you would see that Hong Kong has no plans to make Bitcoin as a legal tender and instead just make it easier for people to buy/sell/trade. While that's a positive news nevertheless, its far from making bitcoin legal tender and I have no idea how you came to that conclusion.

Bitcoin doesn't need to be a legal tender in Hongkong to be adopted, there were already people using BTC even before 2017. Hongkong plans to be the cryptocurrency hub in Asia, I guess this will make it very huge. There were already many Chinese altcoins pumping recently when Hongkong announced they are reopening crypto trading for retailers such as VET.

Despite China banning BTC which there is a chance the PRC will prevent from happening, there is no attempt from the communist party to stop it.

Not sure if the new is true because HongKong's administration is heavily influenced by China and we all know about the anti-crypto stance of Chinese government. So it may not be true!

However if it is real then it will be a good news for the crypto market. Hongkong is a wealthy country and we can expect a lot of liquidity to come into crypto market. Let's hope for the best.

From the thread, it seems like nothing changes much because Bitcoin was already available in Hong Kong, and it's not like Hong Kong is making a leap forward by making it legal tender (I mean, it's not making Bitcoin legal tender). As others have mentioned, China's influence should not be underestimated here, as Hong Kong is legally a part of China, even if it does have a special status and a distinct history. I don't think China would allow a very drastic departure from its own crypto policies in Hong Kong, and China is in control there, so it's not like Hong Kong could ignore China's restrictions and do its own thing. So, unfortunately, I don't think anything will change even if some legislation gets approved soon.

The one country two systems I think work in Hongkong. The Island is the only business area where the Chinese can do things including gambling which I think the Chinese government will not really mind. So if Hongkong media are saying it publicly, there is a chance that is true and so is the reason why Chinese coins are rising like Filecoin and NEO. 

Before China bans, the coins that use to be popular in China are LTC and EOS but these days, it's not anymore. They seem to only buy the coins where developer teams are Chinese.

It would be a good news for Bitcoin market but not such good that btc will move to its highs in one day …lolz…..Bitcoin market will stabilise slowly and gain volume …but such news will not cause it to boom to its all time highs

But with this it makes me wonder when China continues to make it look like bitcoin is bad but supports hongkong now and is behind it.
Is it really the kind of thing they want by making fud everywhere and then ushering in a new era for themselves?
But indeed with this there are a number of things that might happen as it is indeed very good for Hong Kong residents even though there will definitely be some new regulations in the future.

I meant it's good news only for them, it doesn't affect Bitcoin and global prices at all. If OP have a dream about big green candles, this news ain't it. Unless all of mainland China take a decision like this, it won't have such an effect.

There could be an increase with the market price. It will create a wave in the demand given that Hongkong is one of the placed wherein many people are rich which could be huge investors of this blockchain unless this technology has already a bad image on that area.Why won't it have? Any positive news will have a positive impact with the marjet prices especially if it is regarding adoption of this technology. Try making the past as a basis when countries announced their acceptance of cryptocurrencies as a mode of payment. That is how factors affects a demand.

Because Hong Kong is a very small country with only 7.5 million population. It can't affect whole global Bitcoin market whatever they decide. If a giant country like China took such a decision it would've had an impact but the steps of such small countries usually don't have big influence over the market. As you can see there isn't any positive move in Bitcoin price.

For some, it would certainly seem like super bullish news, but I don't think that China in this kind of political system could ever honestly accept Bitcoin considering that, like many others, they are completely obsessed with absolutely controlling everything. Therefore, it is better that such "false acceptance" does not happen, because who says that after some time there would not be a complete ban again and we would again go through the same situation as the first time when China banned crypto trading.

Smart people in China (or anywhere in the world) can use Bitcoin regardless of what their government thinks about it and what laws they pass.

The regions of Hong Kong, Macau, and Schengen will prosper.

They don't need to be too smart to do that. It is only they have interest in and want to do this or not.

Do Chinese governments can ban all their citizens to use the Internet and get access to news globally that are not controlled and censored by the People's Republic of China?
They did not completely block all their citizens to access to real news, not censored ones. If citizens one, they can access to freedom. Freedom in news and freedom in their own banks by Bitcoin.

Maybe that's your opinion, but I wouldn't agree that knowledge is some universal thing that comes by itself, especially in a country that censors the internet like no other country in the world. You need to be smart in order to bypass such censorship, and not only smart in the sense that you know how to use VPN or TOR, but also that you know how to stay under the government's radar, given that China, like every communist country that exists or has existed, is not afraid of the most difficult punishments for those who are considered enemies of the state and the system.


The fact that the average Chinese still lives in such a political system that limits basic human freedoms speaks volumes about how significant the influence of that same state is on society. Real changes are only possible if a critical mass of people is created who are aware that something is wrong, and it seems to me that the majority of Chinese people live in some parallel reality within their country. I didn't hear of a single protest when China banned Bitcoin trading or mining in a country of 1.4 billion people.

For a country that is well exposed to technology...

I think bitcoin will fit in well into people's daily lives, and should see a price bump going upwards once this news is made official...

By the way, this is the kind of news that's also influences other countries to get onboard and let the citizens to enjoy the same kind of financial freedom as the new tech adopters, and probably get help on how to regulate these digital currencies.. being a new territory for most.

The primary advantage of Bitcoin legalization is it scalability and accessibilty since Hong Kong citizens will have full legal access to Bitcoin without any restriction and even at that we should also note is the fact that this will be an advantage to the government since their will be bitcoin income tax.

-Aside from El Salvador whom have made bitcoin a legal tender some time ago no other country have done that and if Hong kong join the list, the total will now become three countries,  which is favourable enough for Bitcoin adoption rate.

Hong kong is a important country when trade is mentioned in the world, many importers and exporters worldwide have Hong kong as a strategic place where they can store some goods before they are resent to another location. If Hong Kong legalizes bitcoin, many of these businesses and companies will seek to explore and possibly adopt bitcoins as a medium for payment. For companies and businesses that record success with this new option for payment, they will want to extend it to other countries and location where they have branches and bitcoin is legal or there is no law prohibiting bitcoin use.

Previously I would like to know what you mean in terms of legalizing this, is it legal as a means of transaction or re-legalized bitcoin transactions (buying and selling such as stocks or commodities) or something else.
But yes, if this legalization refers to the news that is circulating (buying and selling bitcoins), yes, that is very good, especially for the people who are there and can openly say that they own bitcoins without worrying and this is probably bullish news for bitcoin in its cyclical journey. right now, but considering what the impact on the market would be in the upside I'm not really sure.

as far as I know Hong Kong is very accepting of cryptocurrencies, the fact that they are even considering imposing stricter sanctions towards centralized exchanges to protect the common investor's safety and interests just goes to show how they see potential in this industry, when they can easily just outright ban the usage of cryptocurrencies in their country much like what China did. In that regard, I think you're mistaking Hong Kong for China which aren't so happy with cryptocurrencies in their country which is the reason why they banned its usage and mining since 2020. In any case, I think Hong Kong will be one of the biggest hubs of cryptocurrency in the future provided that their country follows through with their plans.

It's definitely going to be fundamentally bullish indicator for Bitcoin, because the news will go viral, and more people in Hong Kong will now have access to investing and trading Bitcoin, meaning more demand and more money will flow from bonds, Stock, Gold etc and will be melting into Bitcoin and thereby increasing the marketcap of Bitcoin.

Of course the news is very bullish, but anyway the market doesn't work just because one country has legalized bitcoin. We know that adoption will increase demand and use cases, but specifically regarding price I think it will depend lot on how trader react in the market.

That bullish expectation and green candle is always a possibility regardless of whether a country succeeds in legalizing bitcoin or not, and basically any news of the adoption will strongly support that possibility.

Just the ordinary day in the new era really. We have seen many nations giving green signals to bitcoin now and then. I have seen multiple threads about El Salvador, Nigeria, Thailand, Europe where bitcoin is treated like just the new normal thing to accept or see in the daily routine. I dont really think it has made us think about bitcoin in any way different now?

If you think it will be big advertisement to the world and the whole world will start accepting bitcoin after that then it does not make any sense because every kid on the street knows about it anyway. The OTT platforms are having documentaries and series about it which are already doing that for us. They are showcasing and featuring bitcoins in the series all the time, just like its something common to hear.

Good for locals in that country. They will at least wont have to go through hassles of banking and we can connect more crypto enthusiasts along the way.

I think it wouldn't really have a big global impact, and the price would be alright as well. Hong Kong is a big financial place, and there are a lot of rich people there, there is no denying that but the fact is that we are talking about a small nation compared to the whole world, we probably wouldn't see to much money going into bitcoin and that would mean that we are not going to see too many people who end up with buying bitcoin enough to make the price go up, which is just my guess, maybe I am wrong but it would be very hard to make it work, I think it would be beyond their capacity. The price would probably stay the same, or even if it moves, it wouldn't be because of this.

Hong Kong can be categorized as a developed country for now in terms of financial and economic conditions, legalizing Bitcoin can be a pretty good indication and have a very significant impact on the cryptocurrency world in the future. But I am not finding with any article yet in Cointelegraph as always updating with new information about Bitcoin.

Bitcoin have been new era digital currencies payment for changing fiat with transaction dominance by USDT, I think got positive viewed if Bitcoin have been legalize in Hong Kong and potential for bigger impact later for other country waiting for make Bitcoin as legal tender payment transaction.

Probably we will see some spike on the price, but still though we are in the bull run so it might not last that long. Of course the first one to benefit is their locals, the citizens who have been using bitcoin for a while and so they can really come out from the closet and maybe spearhead bitcoin's transaction on that island. However, I don't know if this will sit well with the Chinese government, as we all know Chinese have a love and heat relationship with bitcoin. And Hongkong being it's legislative nation, might also interfere, just saying. Although there are news that the Chinese government are going to support it and are softening their stance, who knows what might be going on behind.

It's great news, but many countries in the EU have it recognized as property and a legal investment. It's not as big of a news as if the country was announcing full acceptance, like allowing people to pay taxes in bitcoin and endorsing bitcoin use, the way El Salvador does.
If that happens in June it's going to correlate with the switch from bear into bull market, because we'll be about 9 months from the halving. Wish they were doing all these good things in the bear market to give us a softer landing.

Someone said in another thread somewhere in their speculation on the Bitcoin price that we will see something similar to 2019. Being, a mid year growth followed by another dip between then and the halving, then the real run closer to around the halving (2024).

This makes perfect sense and aligns with this apparent news. Bitcoin to rally around mid year, cool off toward the end of the year and then start rallying again closer to the halving.

If I were to predict the high for this news, it will probably be around 30k. I still suspect a lot of sideways/downward action from here until the supposed mid year rally.

On a normal ground I really do not take all these bullshit seriously and I would advise you to do away with these also as no one can ever predict the direction successfully and accurately. All these talks are just a guess work to see how the masses and holders would give in and sometimes, they do all these to manipulate the market but they forget that the bitcoin market is not regulated and therefore can not be controlled ant how. Speculations are never the reality but just a guess work which in the real sense is not feasible.

How would Hong Kong adopt Bitcoin when it is part of the Chinese government? This will be unbelievable because Hong Kong is regulated by China that had put a ban on Bitcoin or any cryptocurrency activities. This would be a good news if Hong Kong could do that on there own to establish a law that will support the adoption of Bitcoin.
I have come to know that many countries in Asia had put an end to Bitcoin activities or cryptocurrency in general which is very unfair for people who can crypto inclined and make money from cryptocurrency activities. I are hoping that this will be a dream come true soon.

Positive values will continue to be linked to the legalisation process process carried out by the Hong Kong government, and the individual making the investment will undoubtedly grow as a result of the legal certainty surrounding the legalisation process carried out by the Hong Kong government. However, it is important to note that the Hong Kong government does not recognise bitcoin as a legitimate form of exchange.


The report mentions that Hong Kong is connected to China and that there will be a significant inflow of capital from Chinese citizens. I suppose this is what will occur. Expect more funding to enter the cryptocurrency industry. The price of Bitcoin has already increased as a result of this news, but regrettably it is still limited by the $25,000 price barrier.

If you anticipate rising Bitcoin values as a result of these events? Although I'm not certain it will occur, you can anticipate it. However, it is encouraging to see that more nations are starting to recognise the value of Bitcoin and embrace it. In addition to Hong Kong, I hope that this year will bring us a lot of news about how many nations will accept Bitcoin and how those that currently forbid it will shortly lift their restrictions. Bitcoin will undoubtedly spark a revolt.

It is clear that this will affect the price of Bitcoin, given the experience of legalizing cryptocurrencies in Japan. It was a real celebration. The price will fly up, because it will mean that the world has become a huge step closer to making everyone pay with bitcoin.

Hong Kong legalizing Bitcoin is just another usual adoption which wouldn't have much impact on it price just like when the news of El Salvador adoption of Bitcoin filtered in then of course that didn't have effect, from my own view the news of adoption by Hong Kong would have had impact on the price had it happened few years back probably Bitcoin wasn't that popular then, those period any clampdown or ban on exchange especially in China and festive periods always have negative impact on the price likewise any positive news will automatically result to pump in price.

I think it will be the same as usually what happens when Hong Kong legalizes bitcoin, at the beginning and at first it might move the bitcoin price up, but this will only happen temporarily, and it will return to normal because of the psychological influence of the bitcoiners who bought it. but if more and more countries legalize it, of course it will be a different story, especially if developed countries follow it which has a lot of influence on other countries

When it comes to the adoption of Bitcoin in Hong Kong, we gotta be reel and honest. Sure, it'd be dope to see Hong Kkong become a crypto hub, but let's face it - the Chinees govornment has banned that stuf. And since Hong Kong is a part of China, they gotta follow the rules. Its not imposible to adopt Bitcoiin, but it'll take some major effort and negotiation with the Chinese government.

Plus, some Asian countries have already shut down crypto activities. But before we judge, lets understand why. Cryptocurrency is often linked to sketchy stuff like money laundering and terrorist financing. That's why some countries are playing it safe with crypto. But, that doesnt mean crypto is all bad. Legit biases are already accepting Bitcoin and other cryptocurrencies as payment. We just need to find a balance between innovation and regulation to get the benefits without the risks.

One always wonders what happens in a second economy like this and whether or not it will end up being very strong, overtaking the government currency. I think it really depends on the world's acceptance of bitcoin as a mainstream currency and what role governments play in its regulation and Hong Kong is a densely populated area with lots of people wanting to get involved in bitcoin because of its many benefits. So once bitcoin is legalized there is likely to be an explosion of growth which can be very positive for the cryptocurrency.

I think the opposite, it won't make a significant difference to the price of bitcoin since Hong Kong is a small country, so it won't have a huge impact on the market. If it's China or some other power, then that's really big news and will have a positive impact on bitcoin. But you are right, this shows that the world is gradually accepting bitcoin and becoming more crypto-friendly. At the current rate of development, I believe that the countries banning bitcoin will soon lift the ban, and the whole world will soon accept bitcoin.

It's a good thing for us. It will push more countries to fully legalize bitcoin or they will be left behind. ;D

If you consider HongKong is a small country and can not create big effects, you are wrong. Is El Salvador a big country in your opinion?

Effects from El Salvador Bitcoin Legal Tender, Bitcoin Beach City and many activities in that country contributed lot of effects on Bitcoin bull run in 2020 and 2021. Hongkong is a nation that has very close connection with Mainland China and please don't think that China must repeat the same things Hongkong do to see big effects in cryptocurrency market.

Only if people speculate about what China do after Hongkong is enough to create hype and pumps. Because they are very closely in geographical locations, many cryptocurrency companies will move from China to Hongkong to enjoy more friendly regulations there.

I really appreciate what El Salvador has done with bitcoin, but to say that they are the cause of bitcoin's price increase in 2021 would be a mistake. If they really influence the market, then with the news in 2022, like they buy one bitcoin a day or news about bitcoin bonds, the inclusion of bitcoin in education has had a strong impact on bitcoin. But look, there isn't any impact.
People often say that China is a great power, but no one says that Hong Kong is a great power, although Hong Kong is considered a part of China, but now as far as I know, it is still two different regimes.

In my opinion you are focusing too much on the price or value that bitcoin can assume, even if Hong Kong were to adopt it as a payment 1 Bitcoin = 1 Bitcoin and if you don't look at the speculative side this will never change.  El Salvador also made no contribution to the bull run.

We will see if HK can push thru this legalization process of btc without the intervention of Chinese government.
They are pretty much autonomous to anything but still there are some limitations.
It may have an impact to the crypto market, but maybe by the time of their announcement regarding legalization.
Because people are seeing a bullish run, but it will subside also. And will go back to the normal trading performance.
If this news is true, a lot of Chinese will go to HK to do their crypto business. And that means, more adoption.

That could be good tho! but also do not get shock if you heard the news that China will make some moves to Hong Kong since we all knew that China claims that they are still part of China but in separate government, we know that Chinese government is very strict to these things they want their citizen to only support, buy, purchase goods from their land that's why most of the products outside their country has a replicated copy or some almost like copy of that rpduct in their country.

I heard that Hong Kong would issue a license for a crypto exchange, which indicates that using Bitcoin will be allowed. That would undoubtedly have a positive impact for bitcoin. We might even spot a tiny bull. Naturally, because it will trigger FOMO. As Bitcoin will be legal in Hong Kong, some new investors will begin there. Despite its drawbacks, this is a good initiative.

Well it's not about what the people think entirely. The point of allowing bitcoin to be used in that particular state/nation is to well, have people use bitcoin in that country. The positive feedback will follow when more and more people who are already aware of bitcoin is and are using it, use it with no worries. As with Hong Kong, this is not just about having people use bitcoin in the country. It's also an act of rebellion against China who we all know are trying to annex them and invade the country.

Being cynical pays, but not in this case. There's a real positive feedback loop that happens with countries allowing and accepting bitcoin usage within their borders. It's not just about clout or whatever the hell you're implying.

Nothing much, other than the fact that bitcoin would find new users, and possibly, more investors as well, transaction on bitcoin blockchain will sure increase as well, but personally, i am not expecting any significant increase in the price of bitcoin, this is if the price even moves up at all, but in all of this though, the most important thing is, let the news be true, if the news is true, its another win for bitcoin and a good win for the cryptocurrency believers, even though  this does not bring any significant positive change to the price of bitcoin.

That is another great step for Bitcoin adoption, Bitcoin will be more accessible to people since Hongkong is legalizing it.  This may push the price up since hype may gather around this news.  Aside from that for sure those who are willing to take advantage of the legalization will set up a company that utilizes Bitcoin and blockchain technology.


Finding new user is a great thing for adoption.  Even one user at a time when accumulated will make the market uptrend.  :D

One of the best cities with a top-notch booming economy and a fantastic location hub for international trades and investments is Hong Kong. As Bitcoin and cryptocurrency has been on the verge of been made legal in such a significant and prominent place as Hong Kong, believe the operation of means of payment to be efficient and dependable. There will be more potential for expansion in the neighborhood as new investors are proud to expand their operations there. There is a significant majority of its residents who place an emphasis on embracing cryptocurrencies and who also go above and beyond to buy bitcoins to be placed in their different portfolios for significant gains when the bull comes. Due to the large number of people who will start trading and making significant investments, FOMO will completely disappear.

It is difficult to predict whether the bitcoin price will react to that news, but the good news is that bitcoin is being adopted by more and more countries around the world. As long as the government has a positive view of bitcoin, people will use bitcoin more. Even if bitcoin doesn't react to that news, there is nothing to worry about because as long as users increase, it is only a matter of time before the price of bitcoin increases. Hong Kong is part of China, their legalization of bitcoin will open the door for the bitcoin ban to be lifted in China soon.

Is this for Hong Kong people only? As I cannot see anywhere the news regarding the same. Bitcoins are also famous for it’s decentralised nature, that is, it cannot be controlled by any government. But now as the government is legalising it, so my question is how they gonna regulate it? They will moreover now charge tax on Bitcoins, but due to it’s decentralised nature, the government cannot know until and unless reported that how many coin the users are holding. Yes it will definitely blow up the price. So let’s see what happens next.

I'm not expecting anything at all. It depends on how people will use it there, it may lead to a big pump, but also might do almost nothing for the price. But it's always good when people can use it and don't have to hide it from the government.

There are lots of countries who announce it like this or in a metaphoric way but until they really make it real, we cannot conclude anything about what's about to happen because people are already fed on this kind of manipulation because others are taking advantage with this announcement and they will goona just manipulate the market and there are not actions from them after months or even years. That's why we need to actually see it for real until then, I will just remain silent about it and won't gonna use it as a reference for my future investment.

I understand that Hong Kong could be a great place for crypto, and yet it is a global thing and just one nation or one city won't change much. Remember the fact that New York made it as hard as possible to have any crypto companies in it, I think it was the mayor or something back in the day and all the crypto companies there got closed. You know what happened after?

We broke ATH twice, first to 20k in 2017 and then to 68k in 2021, and this was after what happened in New York. Can you tell me it is not a good place? The place with the most money in the world and wall street? Of course it was a great place but banning didn't change much in the long run.

this is indeed very good news for the growing adoption of crypto and bitcoin. and this news will surely bring more investors who invest their assets in bitcoin. And regarding Exchange licenses in Hong Kong, it has indeed attracted several large Exchanges to submit proposals there to obtain licenses there. I hear Huobi, bitget and Gate.io either will or have done so. even OKX has planned it from last year regarding this license.

I think there will be no big impacts on crypto market and no significant change in BTC price. Even if there is a change in BTC price, it will be a temporary change only (a short-term increase). If you expect a significant move in BTC price, just wait for the BTC halving in 2024!

However, it will be good for everyone in Hong Kong, it will be easier to use Bitcoin in many sectors. When BTC is fully legalized, it means that the Hong Kong government fully supports BTC. It may be almost the same as in El Salvador, the government probably plans to have a special program to utilize BTC massively there.

If the news about Hong Kong Legalizing Bitcoin become a hype and news trend then it will affect the price of Bitcoin.  what I am saying is, whether there is an effect or not depends on the severity of the impact the news can bring.  If it made a lot of noise then it is more likely the reason for some massive adoption in some area.


Not only in Hongkong but also in the entire cryptocurrency.

I think it's only good for Hong Kong which will get a significant difference of course but for bitcoin it will still be the same and the impact is definitely there but not significant.
The problem in this case is that I don't understand what the Chinese government is doing because regardless of anything Hong Kong is still one of China's special administrative regions and currently China is rumored to support them in making Hong Kong a crypto center even though they prohibit it in China.

Whether this is indeed a new tactic from them or indeed they are now starting to return to Crypto we do not know for sure about it.

it's a normal thing. Hong Kong is still a part of china where still the agrarian people who like trading and investment. I don't know why they know this is the right time as the moment to legalize bitcoin?. As I remember, after halving, they will ban bitcoin again and make FUD it again after massive sold on ATH 2025.

more exposure, making crypto closer and more accessible to its citizens. But the regulation will be much more extensive; there will be a tax policy on all licensed dealers, both large and small, citizens will be charged, and all that. It will be both an advantage and a disadvantage to all, but they will mostly support the centralized way of trading crypto since that's the best way to benefit from it.