Economy Uncertainty in Hong Kong Drives Bitcoin Price

Asia Blockchain Review
July 7, 2019

Bitcoin (BTC) is seeing higher demand in Hong Kong due to economic uncertainty caused by the controversial extradition bill that drove hundreds of thousands of citizens to the streets in recent weeks.

Rising Bitcoin Price in Hong Kong 

According to Bitcoinist, BTC is now trading at about $175 above its spot price in Hong Kong due to events relating to the extradition bill that has caused an uproar among its citizens.

In a tweet posted by eToro Market Analyst Mati Greenspan, he pointed out that BTC was trading at a US$160 premium on Tidebit, a crypto exchange in Hong Kong. 

Greenspan stated that the higher price was due to Hong Kongers turning to BTC as a ‘safe haven’, ostensibly to escape from the controls of Beijing.

Economic & Political Uncertainty Cause Surge in Demand for Crypto

Hong Kong’s proposed extradition bill stated that new laws will be issued that can deport non-mainland criminal suspects to China to attend court proceedings. The news has not only caused citizens to voice their disagreement; it has also brought about economic uncertainty on the special administrative region.

BTC, as a decentralized currency, is one of the more obvious choices of investment, resulting in higher prices of the cryptocurrency. Bitcoin is a cryptocurrency that can provide anonymity to its owners. Its strongest characteristic may be that it is not under the control of a centralized authority with ties to any particular nation.

Source: bitcoinist.com


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