Hong kong and China war can lead to possible Bitcoin popularity

[goaldigger]

We all know that China doesnt want to be involved on cryptocurrency for some reasons but after whats happening to China and Hong Kong, it seems like bitcoin would be the main option.

The two countries are currently under stress because People in Hong Kong vehemently oppose a proposed bill, which would give authorities the power to deport those suspected of crimes to mainland China.

Hong Kong people obviously engaged in a rally for them to change the leader's mind. With this, the people, most specially rich ones wanted to withdraw all their money in China or makes it anonymous that's why they are eyeing on bitcoin as the main option for transferring of wealth.

We dont want to have this kind of war between people or countries. Even though it will be a good way of boosting bitcoin, i hope it will not end in that way and resolve the problem of both countries. Its still not safe there till now. Lets pray for the people's safety.

Here's the full article
https://bitcoinist.com/hong-kong-protest-china-bitcoin-assets-offshore/

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[maydna]

But the possibility for that war to happen will be wide open since Hong Kong and China will have a different opinion. They will decide for their own good, and I don't think that they will think about their people from using cryptocurrency.

And even if the war is really happening in the future, that will help bitcoin to increase the popularity on that country because people will try to search the other way to keep their wealth on other things. And perhaps, they will use bitcoin to save their money, and they will use the bitcoin in the other country which they can free to use bitcoin.

I guess that will attract a demo in that country if China still want to ban cryptocurrency and the worst is we will go to see an economic crisis in Asia because China is a larger country which still supplies their products to all countries. But that will be the worst scenario, and we hope that it will not happen because people will suffer from those situations.

[damberg]

It is still a war of words, we are far from the real conflict in Hong Kong area. Situation is now fragile, but I don't think that Bitcoin (or any other cryptocurrency) is not that tip the scales between the two countries. 

[celot]

Have big problem between CHhina and Hongkong but we don't know have positive or negative effect for bitcoin and altcoin price, China have not accepted bitcoin anymore and have banned using bitcoin as transaction payment last several years.

[waynechong1995]

To put it simply any negative news that could cause any fear of economical sactions would induce buys on bitcoin as store of value, in fact many institutional investors had prefer crypto versus bonds or stocks that far less risky and it's really a good sign forward. It might also be catalyst for people to start looking at alternatives, with bitcoin gains crypto has dubbed safe bay for frowning assets.

[stompix]

The two countries are currently under stress because People in Hong Kong vehemently oppose a proposed bill, which would give authorities the power to deport those suspected of crimes to mainland China.

Two countries?
Hong Kong is not a country, is just a special administrative region of China, just like Macau.

Hong Kong people obviously engaged in a rally for them to change the leader's mind. With this, the people, most specially rich ones wanted to withdraw all their money in China or makes it anonymous that's why they are eyeing on bitcoin as the main option for transferring of wealth.

Why would people move their money from Hong Kong into China and not somewhere further away?
It's exactly the opposite.

We dont want to have this kind of war between people or countries

There can't be any war.
Hong Kong doesn't have an army and there are about 50 000 PLA soldiers stationed near the border around Shenzen, less than 20 km away plus another 6000 directly in Hong Kong.

It will be over in less than a day.

[Febo]

Hong kong and China war can lead to possible Bitcoin popularity

Hong Kong = China   Not sure what war are you talk about.

[Kakmakr]

Hong kong and China war can lead to possible Bitcoin popularity

Hong Kong = China   Not sure what war are you talk about.

It is more a Cold War of words at this moment.    China's extradition plans is causing a uproar in Hong Kong and a lot of people are fearing that their relatives would be extradited to mainland China if this bill is passed. They call these people criminals but a lot of them are political opposition to China's rule. 

A lot of these people can use Bitcoin to protect their wealth, if they are extradited to mainland China because it is borderless and capital controls can be bypassed if it is used correctly. 

Just another small win for the small guys. 

[hatshepsut93]

We dont want to have this kind of war between people or countries. Even though it will be a good way of boosting bitcoin, i hope it will not end in that way and resolve the problem of both countries. Its still not safe there till now. Lets pray for the people's safety.

Since Bitcoin was created, a plenty of new wars have started, and there's absolutely zero data suggesting that any of them had any sort of impact on Bitcoin's price. Therefore Honk Kong protests have absolutely nothing to do with Bitcoin.

This starting to look exactly like the previous rally - journalists are losing their minds and are looking for crazier and crazier theories about how Bitcoin can go to the moon, or they are making up some stupid explanations about existing price increases. People, especially newcomers, should realize that it's all just bullshit, and it's important to properly check facts if you don't want to be manipulated and lose money due to hyped trading.

[jhongzjhong]

We can't tell yet since there are no steps/initiated yet. I get the point why the war between their mainland-China and Hongkong. But I can't clearly see bitcoin as a great option for them to move their assets. Chinese are only doing things if they are sure of success and bitcoin is not an ideal option they can have. They would rather choose a diamond or golds instead of bitcoin. They always wanted to be secured and don't want to lose their hard earned money. But let's see. As I said, we can't tell it yet but there's a possibility.

[DreamStage]

It's still too soon to make a prediction on which if Bitcoin popularity will increase due to such protests.

Moreover, the city is already suffering from liquidity problems, fueled in part by the China-U.S. trade war. Many now fear that if the extradition bill passes, it will increase capital outflows, thus further reducing liquidity.

Who knows if it will bring downside upon Bitcoin's informations and trusted investors making it a bad thing to use rather a good one.
We will need to wait for further developments till clarifying which pros and cons will bring to the Cryptocurrencies society.

[jseverson]

Bitcoin is already trading at a premium in Hong Kong:

https://www.ccn.com/crypto/bitcoin-price100-premium-hong-kong-violent-protests/2019/06/17/

That being said, I'm not sure if this conflict can make a large enough impact to have significant effect on global prices. I also don't think the CCP would be very keen on taking drastic actions with the whole world watching, but I also kind of don't see them giving in to protests. I only hope they reach a compromise.

[stompix]

Bitcoin is already trading at a premium in Hong Kong:

https://www.ccn.com/crypto/bitcoin-price100-premium-hong-kong-violent-protests/2019/06/17/

Nope, it's 99% fake news.
The exchange they mention is tidebtc, it's volume and price are ignored even by coinmarketcap and hkd volume was only 11 btc.
And anyhow, the variation was of only 100_$, right now even bitfinex is at 9127 and  kraken at 9081.

[thehun]

The only scenario where this can affect BTC prices is if HK residents have their bank accounts somehow intervened by China and they can't get their money out, or if the HKD ends up hyperinflating as is the case of Venezuela and to a lesser extent Argentina.

[Cnut237]

I think there's a chance it could lead to privacy coin popularity.
Did you see the huge queues at ticket machines? Protesters were buying with cash because they didn't want ticket purchase history to be tracked and to link them to being at the protests.

https://www.coindesk.com/crypto-is-an-important-defense-against-todays-orwellian-surveillance

[tonyja2017]

We all know that China doesnt want to be involved on cryptocurrency for some reasons but after whats happening to China and Hong Kong, it seems like bitcoin would be the main option.

The two countries are currently under stress because People in Hong Kong vehemently oppose a proposed bill, which would give authorities the power to deport those suspected of crimes to mainland China.

Hong Kong people obviously engaged in a rally for them to change the leader's mind. With this, the people, most specially rich ones wanted to withdraw all their money in China or makes it anonymous that's why they are eyeing on bitcoin as the main option for transferring of wealth.

We dont want to have this kind of war between people or countries. Even though it will be a good way of boosting bitcoin, i hope it will not end in that way and resolve the problem of both countries. Its still not safe there till now. Lets pray for the people's safety.

Here's the full article
https://bitcoinist.com/hong-kong-protest-china-bitcoin-assets-offshore/

I think this is possible. For years ago, it seemed everyone was blind about blockchain and crypto and didn't know what it was. But I think after big events because big businesses enter the market, it seems that many people are understanding more about crypto and at times when the market is showing signs of recession, the BTC will be the best place to they invest in. Venezuela is a good example.

[b3llsf1l3s]

We all know that China doesnt want to be involved on cryptocurrency for some reasons but after whats happening to China and Hong Kong, it seems like bitcoin would be the main option.

The two countries are currently under stress because People in Hong Kong vehemently oppose a proposed bill, which would give authorities the power to deport those suspected of crimes to mainland China.

Hong Kong people obviously engaged in a rally for them to change the leader's mind. With this, the people, most specially rich ones wanted to withdraw all their money in China or makes it anonymous that's why they are eyeing on bitcoin as the main option for transferring of wealth.

We dont want to have this kind of war between people or countries. Even though it will be a good way of boosting bitcoin, i hope it will not end in that way and resolve the problem of both countries. Its still not safe there till now. Lets pray for the people's safety.

Here's the full article
https://bitcoinist.com/hong-kong-protest-china-bitcoin-assets-offshore/

I guess even if things like this are true, the use of Bitcoin that is only used to transfer funds I don't think will be that easy, of course with such a lot of funds they only have 2 choices.

1. Buying in a clear exchange for withdrawal will require KYC
2. Using OTC is quite high risk

[goaldigger]

I think there's a chance it could lead to privacy coin popularity.
Did you see the huge queues at ticket machines? Protesters were buying with cash because they didn't want ticket purchase history to be tracked and to link them to being at the protests.

https://www.coindesk.com/crypto-is-an-important-defense-against-todays-orwellian-surveillance

So if thats the case, maybe bitcoin as a legal currency will debut on Hong Kong unofficially. If you really dont want to get tracked, use cash or cryptocurrency. Im sure people there are aware of crypto now because they need it in this situation but it will be a bad image if crypto starts in a crisis.

[Kemarit]

We all know that China doesnt want to be involved on cryptocurrency for some reasons but after whats happening to China and Hong Kong, it seems like bitcoin would be the main option.

I don't think Bitcoin will be the main options, wealthy Chinese or Hong Kong citizens can still go to traditional assets like Gold.

We dont want to have this kind of war between people or countries. Even though it will be a good way of boosting bitcoin, i hope it will not end in that way and resolve the problem of both countries. Its still not safe there till now. Lets pray for the people's safety.

Here's the full article
https://bitcoinist.com/hong-kong-protest-china-bitcoin-assets-offshore/

Don't exaggerate things, there will be no war between the two, remember they still shared the same President and that is the current President of China.  . But what I admire about Hong Kong residents is that they march in the street because they know the future of their country is at stake. But as to the net effect on crypto? I'm still divided though, maybe some of them has shifted their wealth to Bitcoin but for sure majority is still undecided because they know that this will settle down.

[fortunecrypto]

We all know that China doesnt want to be involved on cryptocurrency for some reasons but after whats happening to China and Hong Kong, it seems like bitcoin would be the main option.

The two countries are currently under stress because People in Hong Kong vehemently oppose a proposed bill, which would give authorities the power to deport those suspected of crimes to mainland China.

Hong Kong people obviously engaged in a rally for them to change the leader's mind. With this, the people, most specially rich ones wanted to withdraw all their money in China or makes it anonymous that's why they are eyeing on bitcoin as the main option for transferring of wealth.

We dont want to have this kind of war between people or countries. Even though it will be a good way of boosting bitcoin, i hope it will not end in that way and resolve the problem of both countries. Its still not safe there till now. Lets pray for the people's safety.

Here's the full article
https://bitcoinist.com/hong-kong-protest-china-bitcoin-assets-offshore/

That could be their best option since it's untraceable but not only Bitcoin all the other good coins in the market can benefit from all of these, because they will diversify their portfolio, so all the other coins can experience a surge on its price, let's see if these things will materialize