Hong Kong Police Freeze $10M Fund for Protesters - Bitcoin Becomes Attractive

[coin-investor]

The Hong Kong Police, working with China, has frozen a major fund that was intended for arrested and injured protestors. The case for financial freedom with Bitcoin has never been more clear.

Bitcoin’s popularity always seems to spike when people’s wallets are directly affected. Throughout 2019, we’ve seen multiple fears of bank runs and ATMs running out of cash during crises. In October, BeInCrypto reported that Chilean ATMs were reportedly locked during a state of emergency. That same month, Bitcoin trading volume ballooned as Hong Kong residents found themselves locked out of ATMs.

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Now that their funds were locked out, I think it's time for them to take Bitcoin seriously.

Storing them in banks is such a bad idea, especially if they are using it for protests. If they could have stored it in Bitcoin, the police and government cannot stop them as they do not own or control the blockchain technology.

Bitcoin took out the third party or intermediary in peer-to-peer transactions, and this is what Hongkong protesters should need if they want to keep their funds safe from being frozen.

This is Bitcoin's time now. We're not just focusing on the price itself, but how can it be used without the risk of having our funds frozen.

What is happening in Hongkong and especially with that scenario is a good example of government-run investment forcing its people to follow them in exchange of not touching their funds in the bank, because the government knows that if you touch their money it will have an impact on their lives, investors here will think of Cryptocurrency option now, and this is an example why people should not put all their wealth in banks.

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[joniboini]

Bitcoiners should remain neutral.

What does neutral means? Ignoring the problem and continue living as it is?

Pretty sure somebody won't be able to do that. I think there is a thin line between supporting their protest and supporting their well-being. They should be able to eat and rest well imo. This is where 'donation' can come into play and if fiat can't do that, Bitcoin will be the alternative.

[bitcoindusts]

I don't know what Bitcoin is going to gain from all this. China is one of the most important markets for Bitcoin, and the number of users there is approx. 100 times higher than what we have in Hong Kong. I am not taking any sides here... the ongoing demonstrations and riots represent an issue for the Chinese government with the pro-democracy protesters on the other side. Bitcoiners should remain neutral.

What gain?  Of course it is the people's sentiment.  Once they hated the present bank system they will look for alternatives and Bitcoin is one of those.  Having their own fund in their own wallet is always beautiful.  Remember a long exploration always starts with first step and this one I think is another one step forward Bitcoin adoption.

[msarro]

Hong Kong has a history of living under the leadership of UK and that’s why their youth think that protest will give them a solution of their choice but this is China now. I don’t think it’s a good idea to protest under the communist government of China. They have a history of human abuse for anyone who goes against them.

[altcointalk14]

What else is the solution in this case? I think only bitcoin can help the remaining protestors to secure their money. But the question is how will they convert fiat to crypto? In china crypto exchanges are banned and I think same policy will be applicable in Hong Kong also. So it will be difficult to move your fiat to crypto there.

[South Park]

Bitcoin is not solution of every problem. What makes bitcoin an alternative to bank accounts? You can hardly buy anything from it in real life and its price is changing every now and then. Nobody will move its funds from bank to bitcoin wallet as mean of storage, since that’s a big risk.
Let’s not burdens bitcoin by declaring it as solution of every problem.

Bitcoin is not the solution to every problem, that is true, but the characteristics of bitcoin make it a perfect solution for this problem, any movement if it wants to remain active needs money, and the protesters got some money but they made the mistake to keep that money in a bank account and now they have been locked out of funds that belongs to them for no other reason than their political dissension, if they had stored their funds in bitcoin then they will not have this problem.