Bitcoin As a Potential Last Resort For Hong Kong

Bitcoin and altcoins appear as the solution to the ongoing geopolitical tensions between Hong Kong and China. The demand for decentralized currency is growing day by day in these countries, proving how fragile cash has become for common folks.

Hong Kong Banking System Is Paralyzed

Videos posted on the internet paint a sharp picture of financial panic in Hong Kong these days. The initiative of the army of millions of activists, that is, to extort all funds from banks, has resulted in difficult access to funds for other split-wing citizens and tourists.

Over the weekend, Hong Kong media outlets warned of panic among citizens over the lack of cash at ATMs. Rows of empty ATMs are accumulating.

Run on banks: ATMs out of money across Hong Kong. Many queuing up to withdraw. Many have run out of cash. #HongKongProtests #AntiELAB #FreeHongKong

Should we all line up at ATMs as an act of civil disobedience?

Source- LIHKG pic.twitter.com/DtC9c0toUi

— Hong Kong World City (@HKWORLDCITY) October 5, 2019

There are fears the government will freeze citizens’ assets as it bows to Beijing. There are also fears of monetary devaluation as a result of domestic turmoil. Chief Investment Officer at Hayman Capital Management, Kyle Bass, thinks that account seizures could become a reality as the HK legal system crumbles.

Bank runs all over Hong Kong now. ATM machines running out of cash but there is something more important…failed leader carrie lam(b) can now officially confiscate bank accounts and assets without recourse. The HK legal system is essentially gone. #Bankruns #HKexit https://t.co/jz9sPrA30U

— Kyle Bass (@Jkylebass) October 5, 2019

Bitcoin and other forms of currencies are widespread in the country, so Hong Kong’s Securities and Futures Commission has accelerated its crypto-asset regulation agenda in a recently published document. The report supports fund managers in all areas of crypto assets, including ICOs.

Morgan Creek Digital co-founder and partner Anthony Pompliano commented on the situation saying:

“When you’re worried about your assets being seized or becoming inaccessible to you, Bitcoin’s non-seizability becomes very attractive. This aspect of Bitcoin just became important for 1+ billion people in India & Hong Kong.”

Since you’re here… Please follow us on Twitter or Facebook to receive the timely crypto price and news updates. Also, download CoinStats’ cryptocurrency portfolio management app to stay updated with the minute-to-minute crypto price movements, manage your personal cryptocurrency portfolio, and check on the market sentiment with our interactive social trading tools.

The post Bitcoin As a Potential Last Resort For Hong Kong appeared first on CoinStats Blog.

from CoinStats Blog https://blog.coinstats.app/bitcoin-as-a-potential-last-resort-for-hong-kong/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-as-a-potential-last-resort-for-hong-kong