What do you think will happen once Hong Kong legalizes bitcoin?

[fullhdpixel]

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?

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.

[Oneandpure]

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.

[Baofeng]

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?

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.

[coolcoinz]

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.

[BenCodie]

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.

[CryptSafe]

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.

[GiftedMAN]

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?

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.

[Stephanpomp]

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.

[summonerrk]

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.

[gabbie2010]

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.

[Xampeuu]

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

[death69]

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.

[Halime Anatolia]

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.

[DanWalker]

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.

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.

[QuinielaPosible]

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

[tbct_mt2]

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.

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.

[DanWalker]

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.

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.

[mendace]

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.

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.

[TimeTeller]

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.

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.

[molsewid]

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?

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.