Protests in Hong Kong Drive Higher Bitcoin Prices

Asia Blockchain Review
August 23, 2019

Bitcoin prices are soaring in Hong Kong as protests have spilled over into unsanctioned areas and stretched on for weeks. The often violent demonstrations are considered the greatest political turmoil in the history of the special administrative region since Hong Kong’s handover from British to Chinese rule in 1997, driving the price of the world’s most popular cryptocurrency to trade at a premium compared to other countries.

Hong Kong Traders Paying $300 More for BTC

According to a report by Cointelegraph, Bitcoin traders in Hong Kong paid approximately US$300 more per BTC on August 14th, 2019 compared to other markets. This represents a premium of about 2% according to data from the peer-to-peer Bitcoin exchange, LocalBitcoins.

If enacted, Hong Kong’s proposed extradition bill would have deported its criminal suspects to China to attend court proceedings on the mainland. The bill’s introduction at the beginning of April 2019 has caused widespread outrage among Hong Kong residents and subsequent political turmoil. This, in turn, has brought about economic uncertainty and driven many Hong Kong traders to turn to cryptocurrencies.

Political Uncertainty Drives Demand for Crypto

Rayne Steinberg, CEO of Arca, a crypto hedge fund, recently stated in an interview with Bloomberg that the role of Bitcoin has become more prominent during times of turmoil.

“Bitcoin is becoming the asset of last resort in areas of extreme currency devaluation and political uncertainty,” Steinberg concluded. 

Bitcoin, as a decentralized currency, can provide anonymity to its owners and is not controlled by any centralized authority, nor does it have ties to any sovereign nation.


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