Escalating Protests in Hong Kong Reinforce Bitcoin’s Safe Haven Status

Asia Blockchain Review
August 21, 2019

As Bitcoin’s valuation continues to soar in inverse correlation with stock markets and other assets vulnerable to turbulent economic and political conditions, so too has its reputation as a safe haven currency.

As reported by CCN Markets, demand for Bitcoin is surging amid crippling political turmoil in places like Hong Kong and Venezuela, with the cryptocurrency having previously exceeded US$6,000 in May in correlation with rising trade war tensions between the United States and China.

Bitcoin Sellers in Hong Kong Demand Premiums

On the back of intensifying anti-government protests, Hong Kong sellers of Bitcoin on peer-to-peer (P2P) exchange LocalBitcoins are demanding a premium of between HK$1,170 and HK$39,000 (US$150 and $US5,000).

Hong Kong also recently slashed its interest rate for the first time in a decade, reducing its target to 2.5% and joining a growing list of central banks worldwide that are cutting their benchmark targets.

All flights departing Hong Kong International Airport were recently grounded after protesters swarmed the terminal and disrupted operations.

Bitcoin Proves Reliable Amid Tougher Sanctions

In Venezuela, Bolivar-to-Bitcoin trading volumes surged to 73 billion for the week ended August 10, smashing the previous record of 69 billion Bolivars set just a week earlier.

The record spending on Bitcoin came as the United States slapped Venezuela with tougher sanctions, after U.S. President Donald Trump signed an executive order freezing all Venezuelan government assets in the U.S.

With Venezuela’s future looking more uncertain than ever, Bitcoin has rapidly emerged as a relatively stable store of wealth in an increasingly unstable country. 


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
South Korean Mobile Service Provider Unveils Blockchain OS
Union Mobile, a major mobile service provider in South Korea, has recently unveiled its blockchain o...

September 22, 2019

UK, US Top List of Most Crypto Exchanges by Country followed by Hong Kong and Singapore
Blockchain analytics platform Crystal has revealed a breakdown of the countries with the most regist...

September 22, 2019

Thai Oil Major PTT to Create Renewable Energy Blockchain Platform
Thai energy giant PTT has partnered with Energy Web Foundation to launch a blockchain-based platform...

September 22, 2019

Five Privacy Coins to be Delisted at OKEx South Korea
The South Korean branch of OKEx has announced it will be delisting privacy coins including Dash and ...

September 21, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us