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Author Topic: [2019-06-16] Hong Kong Protests Could Boost Bitcoin as Wealthy Move Assets Offsh  (Read 88 times)
Jgilpulg
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June 16, 2019, 02:25:42 PM
 #1

Hong Kong Chief Executive Carrie Lam announced that she was suspending the extradition bill she was trying to push through the Hong Kong Legislative Council. But the mere suspension of the bill does not satisfy protesters.

https://bitcoinist.com/hong-kong-protest-china-bitcoin-assets-offshore/
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June 16, 2019, 02:31:38 PM
 #2

Every time something big and bad happens in the world, crypto journalists rush to write an article how this is good for Bitcoin, and they even use coincidences with price increase to support their theories. But this is just plain wrong, there's no such correlation, you can see it by the fact that most of the time Bitcoin doesn't react to any news, for every example of supposed connection between world events and Bitcoin price, there are dozens examples of no price reaction. The news that matter the most are those that directly concern Bitcoin - we saw clear reaction in the past when China was making announcements or ETF's were rejected.

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June 16, 2019, 05:34:05 PM
 #3

Sharing an article that is outdated, the HK executive withdraws and even suspends the bill.

And how does bitcoin will have such huge effect from trading using only localbitcoins? And by moving funds from HK doesn't mean will move their funds to bitcoin or any cryptocurrency.
Might be good news to bitcoin price but giving such understanding from such event will give you doubt.

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June 16, 2019, 05:54:18 PM
 #4

There are many ways to move one's asset/wealth which are easier or/and safer, only people who already use Bitcoin who use Bitcoin to move their wealth.
It would be different story if government prevent them move their asset/wealth off-shore or their economic condition is bad.

Sharing an article that is outdated, the HK executive withdraws and even suspends the bill.

The article is only 2 days, but the protests has been around longer

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June 17, 2019, 09:55:09 PM
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 #5

Hong Kong Chief Executive Carrie Lam announced that she was suspending the extradition bill she was trying to push through the Hong Kong Legislative Council. But the mere suspension of the bill does not satisfy protesters.

https://bitcoinist.com/hong-kong-protest-china-bitcoin-assets-offshore/


Anyone who thinks this is more than temporary hasn't been paying attention to the authoritarians and collectivists (socialist, fascist, communist etc).  They don't like freedom and don't like people having control of their financial lives.

At some point it will come back, and eventually there will be currency controls.  Now is the time for people in HK to either get money offshore, or into something like bitcoin where they can do it later. 

Ditto for every country (e.g. France, US etc) where the collectivist authoritarians like Bernie etc have a chance of taking power. A little diversification into bitcoin, will pay off in spades if they take over.

Back to HK, the communists in China pull the strings, eventually they'll get what they want by wearing the protestors out.  So, prepare an escape plan now.  Even one bitcoin per Hong Kong resident would go a long way to protecting themselves.

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June 19, 2019, 11:10:46 AM
 #6


Back to HK, the communists in China pull the strings, eventually they'll get what they want by wearing the protestors out.  So, prepare an escape plan now.  Even one bitcoin per Hong Kong resident would go a long way to protecting themselves.


I feel for the HK, they are trying to show their will by going in streets in peaceful democratic way. But in the end China will win, they are too big of a player with overwhelming influence.

Back to the article, it is interesting that actual uptick can be seen in localitcoins chart. Honk Kong is large economic hub and it has been banking on foreign and local investments to flow their way to keep their economy on the positive side, this could start very negative spiral for them.

I think that the most appropriate action is for all Honk Kong people and their supporters around the globe to withdraw their money from China banks, this could actually hurt them!

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June 19, 2019, 11:27:33 AM
 #7

At some point it will come back, and eventually there will be currency controls.  Now is the time for people in HK to either get money offshore, or into something like bitcoin where they can do it later.  

Too bad people always need to be proven how bad governments really are in order to appreciate Bitcoin, but with how governments are constantly getting more aggressive towards their own people, it's only a matter of time before people will realize that they can better front run potentially harmful situations by getting into Bitcoin directly instead of waiting for when things turn bad.

Bitcoin is the safest option because China's arm stretches out so far that even having capital parked in forgeign bank accounts and whatnot isn't going to help much either to get people to calm down. With Bitcoin you know that the money is always yours and no one can take it away from you as long as you own the private keys.

For the wealthy elite there are always more doors open to buy into Bitcoin than for the regular folks, but with growing local markets Bitcoin even for the regular folks it should be relatively easy to buy into.

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June 19, 2019, 06:51:17 PM
 #8

China is a cancer to the world, and the Hong Kong government as well as the governments of many African countries kneel  to China. I believe that the people of Hong Kong are right to ask for Carrie Lam to resign because if she does not resign eventually the draft law was again discussed and approved. I also saw the news that Hong Kong magnates are transferring their fortune to other countries. according to what I read, these rich are afraid that China can appropriate funds easily, Now it is premature to say that these rich will buy bitcoin

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June 19, 2019, 08:10:15 PM
 #9

I think that BTC has always been an alternative for people who are affected by stricter capital controls, that want to move their funds off their country/diversify away from simply having domestic deposits.

However, I don't see the instability in Hong Kong as some sort of miracle factor that will all of a sudden boost adoption on a grand scale, or encourage demand for BTC even.

HKD is already something that is relatively liquid and openly traded, as opposed to something like the CNY. Besides, the demand created by this very niche market is likely to be insignificant in the overall grand scheme of things.

 
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