[2020-08-10] Capital Flight Out of Asia Is Taking Bitcoin Express: Max Keiser

[Karartma1]

In a recent tweet, vocal Bitcoin advocate and TV anchor Max Keiser commented on the current Bitcoin rise in the market, attributing it to the flight of capital from Asia.
He also stated that leaving that region with large amounts of physical gold on one's hands is next to impossible.
"Bitcoin surges on Asian capital flight"
Max Keiser, a renowned Bitcoin maximalist and host of a financial TV show on RT, has taken to Twitter to share his view of what caused Bitcoin to surpass the $10,000 level around two weeks ago and briefly go above $12,000 over the weekend.
According to Keiser, the BTC rise was due to the capital flight that is currently taking place out of Asia—from China and Hong Kong in particular.

more here https://u.today/capital-flight-out-of-asia-is-taking-bitcoin-express-max-keiser

[Lucius]

I think it’s just his personal opinion and that there’s no evidence that it’s really about someone transferring their wealth to BTC, and especially that it is done by the rich in China where trading in BTC has been banned for years. Even if it weren’t a problem for the average rich Chinese to buy BTC, what happens when the origin of that same BTC needs to be proven in another country? If a Chinese man comes to the USA with 100 BTC and tries to sell them on Coinbase, will he succeed?

There may be some truth in the whole story, but I still think that the main reason behind the price increase is the fact that we are in the year of halving, and that Grayscale/Square are buying quite large quantities of BTC, but we also have very positive news from the USA that American banks can offer "custody services for crypto-currencies."

[Slow death]

this year alone he has appeared more than 5 times on news channels related to bitcoin to say his opinion and i am waiting for this:

$20,000 Won’t Pose Any Resistance for Bitcoin Price, Says Max Keiser

and this:

Bitcoin Will Hit $28K and Correct, Then Hit Six Figures — Max Keiser

and I'm more anxious to see this:

Max Keiser: US Hash Rate War With Iran Can Send Bitcoin Price to $500K

I wonder when I will see 500K

[Harlot]

Max Keiser assumes that many of the people who are fleeing Hong Kong, and possibly China, are likely taking their capital with them in the form of Bitcoin. Large amounts of fiat cash or physical gold/silver are impossible to take out of the country due to capital restrictions.

Here we go again with statements on why Bitcoin is surging up without any kind of evidence that is happening at all. Bitcoin as some kind of safe haven for troubled countries/citizens isn't really new and is sometimes always in the news but the problem is they aren't backing it up with anything proving their point. Yeah there is a possibility that this is happening but I don't think this is ran on a massive scale to the point of it being the actual reason why Bitcoin is moving up.

[cr1776]

There is definitely no evidence of this. However, smart people all over the world are using bitcoin to protect their assets, both for capital flight and asset protection.  The authoritarian collectivists the world over don’t like people having the freedom to control their own lives, let alone the freedom to use their assets as they wish.

I know a guy who lived in China for more than a decade and he just left about 10 days ago. He had a few thousand dollars with him and was very concerned they’d be confiscated.  Bitcoin helps with that issue.  Even more so if you have 10s or 100s of thousands of dollars/euros to protect, let alone millions.

Smart people in the US should own bitcoin for similar reasons if Biden wins and keeps channeling Bernie and his ilk. His philosophy is anti liberty, and downright evil. People need to protect themselves.  The time to buy insurance is to do so before the house is on Fire.

Has this impacted the price?  Who knows. It is just speculation that it has, of course it depends on the volume of people using it to do so. All the various uses and factors are cumulative.

[figmentofmyass]

There is definitely no evidence of this.

there is some evidence people in china, hong kong, and singapore are taking the tether express to avoid capital controls. that's how tether added $6 billion in market cap this year. it's being used heavily as an intermediary between chinese investors and offshore brokers/exchanges.

https://decrypt.co/32041/chinese-investors-secretly-buying-bitcoin-helped-fuel-tethers-5-billion-surge
https://news.bitcoin.com/chinas-government-fuels-stablecoin-economy-hong-kong-protesters-singapore-and-mainland-residents-flee-capital-controls/

According to QCP, 80% of capital has poured into stablecoins while the remaining 20% has gone into Bitcoin.

[Kemarit]

There is definitely no evidence of this. However, smart people all over the world are using bitcoin to protect their assets, both for capital flight and asset protection.  The authoritarian collectivists the world over don’t like people having the freedom to control their own lives, let alone the freedom to use their assets as they wish.

I think that's the keyword there, but for average Joe, we don't know, but for those rich Chinese perhaps Bitcoin or some precious metals like Gold (which the Chinese has a penchant for).

Hedge and investing are two different connotations specially for crypto enthusiast. Smart investors hedge their wealth, and then more are into investing and not really protecting their assets but wanted to more money.