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.
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.
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.”
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