LocalBitcoins Breaks Records in Hong KongLocalBitcoins, a popular platform for directly trading Bitcoin peer-to-peer, posted its highest trading volume ever in Hong Kong last week. Mati Greenspan (@MatiGreenspan) writes that the exchange recorded around $13M HKD exchanged in just the past week.
Bitcoin is still considered a risky asset in Hong Kong, but something seems to be brewing under the surface. Although it’d be difficult to argue Bitcoin has proven itself as a ‘safe haven’ just yet, it does possess certain fundamentals that would be attractive to protestors.
Bitcoin volumes in #HongKong have spiked to their highest level ever recorded @LocalBitcoins trading site.— Mati Greenspan (tweets ≠ financial advice) (@MatiGreenspan) October 2, 2019
About $13 million HKD exchanged in the last week.
For a portfolio manager, BTC is still considered a risk asset but for some people, it is clearly treated as a safe haven.
Cryptocurrencies and ProtestorsThe cryptocurrency space and the Hong Kong protestors would seem, on the surface, to be natural allies. Given that the Chinese state monitors its citizens through their spending habits, cryptocurrencies allow citizens to move to an altogether different form way of transferring value that’s not backed by the state. Although previous reports of protestors turning to cryptocurrencies were false, they weren’t off the mark entirely. They were just premature. Now, it seems that part of the troubled country is actually turning to cryptocurrencies as a means of financial independence. Do you agree that the Hong Kong protests and the cryptocurrency market should be considered natural allies? Let us know your thoughts below in the comments.
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