{"id":386364,"date":"2019-06-17T11:20:43","date_gmt":"2019-06-17T11:20:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=386364"},"modified":"2024-06-11T13:44:17","modified_gmt":"2024-06-11T13:44:17","slug":"merit-of-crypto-as-safe-haven-showing-bitcoin-volume-in-hong-kong-spikes","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/merit-of-crypto-as-safe-haven-showing-bitcoin-volume-in-hong-kong-spikes\/","title":{"rendered":"Merit of Crypto as Safe Haven Showing: Bitcoin Volume in Hong Kong Spikes"},"content":{"rendered":"<p>Throughout its short history,\u00a0<a href=\"https:\/\/uniquehot.com\/2019\/06\/12\/bitcoin-btc-halving-year-ltc-pacesetting\/\" data-wpel-link=\"internal\">Bitcoin (BTC)<\/a>\u00a0has been seen as anything but centralized, sovereign, and censorable. The crypto asset was created by a pseudonymous individual, is secured by a global group of miners, and is backed by no government, traditional finance system, or common entity.<\/p>\n<p>And as a result, many have looked to Bitcoin and its brethren \u2014 other digital assets \u2014 as a much-needed\u00a0<a href=\"https:\/\/uniquehot.com\/2019\/04\/16\/industry-exec-bitcoin-to-be-the-escape-hatch-in-impending-global-recession\/\" data-wpel-link=\"internal\">escape hatch<\/a> from fiat and government overreach. Indeed, the cryptocurrency was released in the wake (and seemingly as a result) of the 2008 Great Depression, and many that have since flocked to the cryptocurrency are staunch anti-establishment proponents.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/uniquehot.com\/2019\/06\/17\/bitcoin-btc-price-next-bullish-break-could-hit-10k\/\">Bitcoin (BTC) Price Defies Gravity: Next Bullish Break Could Hit $10K<\/a><\/h6>\n<p>Most recently, it seems that those against the recent actions of the Hong Kong government have found value in the cryptocurrency, flocking to it as a means to hedge their bets against financial surveillance and macroeconomic turmoil.<\/p>\n<h2><strong>Bitcoin Volumes Spike for Hong Kong<\/strong><\/h2>\n<p>Over recent weeks, Hong Kong has been a hotbed of political controversy. Carrie Lam, the so-called \u201cchief executive\u201d of the island city, <a href=\"https:\/\/uniquehot.com\/2019\/06\/11\/is-the-future-of-crypto-in-hong-kong-in-danger-extradition-protests-spark-fear\/\">brought forward a controversial bill that<\/a>, if implemented, would allow for those deemed criminals to be seized and then extradited to Taiwan, Macau, and mainland China.<\/p>\n<p>This was purportedly done in response to a criminal case, in which a man murdered his girlfriend, fled to Hong Kong, and was caught by authorities. While this legislature has an innocent premise, as there are so-called \u201cloopholes\u201d in the law, many in <a href=\"https:\/\/uniquehot.com\/?s=Hong+Kong&amp;lang=en\">Hong Kong<\/a> aren\u2019t too sure that this amendment to the city\u2019s extradition treaties is what it seems to be.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\" wp-image-386373 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/shutterstock_1425443858-e02.jpg?resize=925%2C617\" alt=\"\" width=\"925\" height=\"617\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/shutterstock_1425443858-e02.jpg?w=3000 3000w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/shutterstock_1425443858-e02.jpg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/shutterstock_1425443858-e02.jpg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/shutterstock_1425443858-e02.jpg?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/shutterstock_1425443858-e02.jpg?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/shutterstock_1425443858-e02.jpg?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/shutterstock_1425443858-e02.jpg?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/shutterstock_1425443858-e02.jpg?w=1140 1140w\" sizes=\"(max-width: 925px) 100vw, 925px\"><\/p>\n<p>Those against this bill claim that if the new rule is put in place, Chinese authorities will be able to silence any political dissident, outspoken journalist, or \u201ccorrupt\u201d businessman\/woman as they please, without any regard for the judicial process or human rights. Also importantly, China would be able to seize the assets of any &#8220;criminal&#8221; in Hong Kong.<\/p>\n<p>Due to this, the weekly volume on LocalBitcoins, a peer-to-peer Bitcoin trading service, in Hong Kong has spiked \u2014 moving from ~HK$3 million to ~HK$6 million (US$380,000 to $US760,000) \u2014 within a few weeks&#8217; time.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">nice spike in notional HK LBC vol<\/p>\n<p>wonder why that is &#8230; <a href=\"https:\/\/t.co\/mOM9NHBDYQ\" rel=\"nofollow\">pic.twitter.com\/mOM9NHBDYQ<\/a><\/p>\n<p>&mdash; #333kByJuly2025 (@CarpeNoctom) <a href=\"https:\/\/twitter.com\/CarpeNoctom\/status\/42064130?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 16, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>This trend, first spotted by Brave New Coin&#8217;s Josh Olszewicz, comes as an <a href=\"https:\/\/in.reuters.com\/article\/hongkong-extradition-capitalflight-idINKCN1TF1D6\" rel=\"nofollow\">exclusive from Reuters<\/a> reveals that\u00a0\u201csome Hong Kong tycoons\u201d have begun to send their personal wealth offshore. The outlet cites financial advisors, bankers, and lawyers familiar with such transactions. One advisor states:<\/p>\n<blockquote><p>\u201cIt\u2019s started. We\u2019re hearing others are doing it, too, but no-one is going to go on parade that they are leaving\u2026 The fear is that the bar is coming right down on Beijing\u2019s ability to get your assets in Hong Kong. Singapore is the favoured destination.\u201d<\/p><\/blockquote>\n<p>One man, who remains anonymous for obvious reasons, has started to move more than $100 million via Citibank to Singapore. Others have been making similar moves, finding ways to siphon money out of Hong Kong to other locations deemed prime.<\/p>\n<p>In a similar string of news, some protestors have begun to avoid using fintech solutions, like Hong Kong&#8217;s Octopus Card, to ensure that they aren&#8217;t leaving any paper trails to their involvement in the demonstrations via centralized ledgers. Bitcoin and other cryptocurrencies are an obvious alternative.<\/p>\n<p>Hong Kong&#8217;s intriguing case of increasing LocalBitcoins adoption isn&#8217;t the first case of its kind. Per <a href=\"https:\/\/uniquehot.com\/2019\/05\/30\/bitcoin-trading-volume-skyrockets-in-latin-america-value-hits-ath-in-argentina\/\">previous reports from NewsBTC<\/a>, Bitcoin purchasing volume through the popular service have exploded in Chile, Argentina, Venezuela, and other Latin America nations over recent years. This has coincided with bouts of political and economic troubles in those nations.<\/p>\n<p>https:\/\/twitter.com\/brian_armstrong\/status\/68465920<\/p>\n<h2><strong>Finding Use as A Hedge<\/strong><\/h2>\n<p>This uptick in Bitcoin use in Hong Kong, which is presumably tied to the political scene in the city, confirms crypto asset&#8217;s growing use as a hedge in some macroeconomic hubbub. As<a href=\"https:\/\/uniquehot.com\/2019\/06\/16\/multi-billion-dollar-crypto-firm-bitcoin-finding-use-as-hedge-for-global-crisis\/\"> reported before<\/a>, Grayscale Investments claims that BTC can be used to hedge high \u201cliquidity risk\u201d, the \u201crisk of a real decline in wealth resulting from an imbalance in the amount of money and credit relative to debt in a given economy.\u201d<\/p>\n<p>To back this point, Grayscale looks to three primary facets of Bitcoin\u2019s existence: store of value, spending viability, and growth possibility.<\/p>\n<p>Firstly, as the company has explained, BTC can act (and has acted) better as a store of value than gold. Unlike the metal, the crypto is mathematically scarce, capped at 21 million units; BTC is decentralized and verifiable through the Internet; BTC is portable and divisible through digital technologies, and is unconfiscatable.<\/p>\n<p class=\"svecc-content-banner-added\">Secondly, Grayscale purports that due to having similar properties to physical cash, Bitcoin will retain a solid value proposition amid a liquidity crisis. They look to<a href=\"https:\/\/uniquehot.com\/2019\/05\/24\/corporate-giants-embracing-crypto-is-massive-boon-for-bitcoin-researcher\/\" data-wpel-link=\"internal\">the recent adoption<\/a> of crypto by Whole Foods, AT&amp;T, Overstock.com, Microsoft, Expedia, PayPal, and Dell to corroborate their claim.<\/p>\n<p>Thirdly, they remark that the potential that blockchain technologies have to grow and create value will only stimulate demand further, which should mitigate most, if not all negative effects of any downturn in global markets.<\/p>\n<p>Indeed, all these characteristics should give Bitcoin value, even during ruckus on the global stage of politics and finance, hence why many believe that BTC will eventually surmount gold as the go-to store of value.<\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Throughout its short history,\u00a0Bitcoin (BTC)\u00a0has been seen as anything but centralized, sovereign, and censorable. The crypto asset was created by a pseudonymous individual, is secured by a global group of miners, and is backed by no government, traditional finance system, or common entity. And as a result, many have looked to Bitcoin and its brethren \u2014 other digital assets \u2014 as a much-needed\u00a0escape hatch from fiat and government overreach. Indeed, the cryptocurrency was released in the wake (and seemingly as a result) of the 2008 Great Depression, and many that have since flocked to the cryptocurrency are staunch anti-establishment proponents. Related Reading: Bitcoin (BTC) Price Defies Gravity: Next Bullish Break Could Hit $10K Most recently, it seems that those against the recent actions of the Hong Kong government have found value in the cryptocurrency, flocking to it as a means to hedge their bets against financial surveillance and macroeconomic turmoil. Bitcoin Volumes Spike for Hong Kong Over recent weeks, Hong Kong has been a hotbed of political controversy. Carrie Lam, the so-called \u201cchief executive\u201d of the island city, brought forward a controversial bill that, if implemented, would allow for those deemed criminals to be seized and then extradited to Taiwan, Macau, and mainland China. This was purportedly done in response to a criminal case, in which a man murdered his girlfriend, fled to Hong Kong, and was caught by authorities. While this legislature has an innocent premise, as there are so-called \u201cloopholes\u201d in the law, many in Hong Kong aren\u2019t too sure that this amendment to the city\u2019s extradition treaties is what it seems to be. Those against this bill claim that if the new rule is put in place, Chinese authorities will be able to silence any political dissident, outspoken journalist, or \u201ccorrupt\u201d businessman\/woman as they please, without any regard for the judicial process or human rights. Also importantly, China would be able to seize the assets of any &#8220;criminal&#8221; in Hong Kong. Due to this, the weekly volume on LocalBitcoins, a peer-to-peer Bitcoin trading service, in Hong Kong has spiked \u2014 moving from ~HK$3 million to ~HK$6 million (US$380,000 to $US760,000) \u2014 within a few weeks&#8217; time. nice spike in notional HK LBC vol wonder why that is &#8230; pic.twitter.com\/mOM9NHBDYQ &mdash; #333kByJuly2025 (@CarpeNoctom) June 16, 2019 This trend, first spotted by Brave New Coin&#8217;s Josh Olszewicz, comes as an exclusive from Reuters reveals that\u00a0\u201csome Hong Kong tycoons\u201d have begun to send their personal wealth offshore. The outlet cites financial advisors, bankers, and lawyers familiar with such transactions. One advisor states: \u201cIt\u2019s started. We\u2019re hearing others are doing it, too, but no-one is going to go on parade that they are leaving\u2026 The fear is that the bar is coming right down on Beijing\u2019s ability to get your assets in Hong Kong. Singapore is the favoured destination.\u201d One man, who remains anonymous for obvious reasons, has started to move more than $100 million via Citibank to Singapore. Others have been making similar moves, finding ways to siphon money out of Hong Kong to other locations deemed prime. In a similar string of news, some protestors have begun to avoid using fintech solutions, like Hong Kong&#8217;s Octopus Card, to ensure that they aren&#8217;t leaving any paper trails to their involvement in the demonstrations via centralized ledgers. Bitcoin and other cryptocurrencies are an obvious alternative. Hong Kong&#8217;s intriguing case of increasing LocalBitcoins adoption isn&#8217;t the first case of its kind. Per previous reports from NewsBTC, Bitcoin purchasing volume through the popular service have exploded in Chile, Argentina, Venezuela, and other Latin America nations over recent years. This has coincided with bouts of political and economic troubles in those nations. https:\/\/twitter.com\/brian_armstrong\/status\/68465920 Finding Use as A Hedge This uptick in Bitcoin use in Hong Kong, which is presumably tied to the political scene in the city, confirms crypto asset&#8217;s growing use as a hedge in some macroeconomic hubbub. As reported before, Grayscale Investments claims that BTC can be used to hedge high \u201cliquidity risk\u201d, the \u201crisk of a real decline in wealth resulting from an imbalance in the amount of money and credit relative to debt in a given economy.\u201d To back this point, Grayscale looks to three primary facets of Bitcoin\u2019s existence: store of value, spending viability, and growth possibility. Firstly, as the company has explained, BTC can act (and has acted) better as a store of value than gold. Unlike the metal, the crypto is mathematically scarce, capped at 21 million units; BTC is decentralized and verifiable through the Internet; BTC is portable and divisible through digital technologies, and is unconfiscatable. Secondly, Grayscale purports that due to having similar properties to physical cash, Bitcoin will retain a solid value proposition amid a liquidity crisis. They look tothe recent adoption of crypto by Whole Foods, AT&amp;T, Overstock.com, Microsoft, Expedia, PayPal, and Dell to corroborate their claim. Thirdly, they remark that the potential that blockchain technologies have to grow and create value will only stimulate demand further, which should mitigate most, if not all negative effects of any downturn in global markets. Indeed, all these characteristics should give Bitcoin value, even during ruckus on the global stage of politics and finance, hence why many believe that BTC will eventually surmount gold as the go-to store of value. Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":386408,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6664,6782],"class_list":["post-386364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-crypto","tag-industry"],"acf":[],"yoast_head":"\n<title>Merit of Crypto as Safe Haven Showing: Bitcoin Volume in Hong Kong Spikes<\/title>\n<meta name=\"description\" content=\"Throughout its short history,\u00a0Bitcoin (BTC)\u00a0has been seen as anything but centralized, sovereign, and censorable. 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The crypto asset was cre 2019-06-17\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/merit-of-crypto-as-safe-haven-showing-bitcoin-volume-in-hong-kong-spikes\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-17T11:20:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:44:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/shutterstock_220687291.jpg?fit=1000%2C667\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nick Chong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Chong\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/merit-of-crypto-as-safe-haven-showing-bitcoin-volume-in-hong-kong-spikes\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/merit-of-crypto-as-safe-haven-showing-bitcoin-volume-in-hong-kong-spikes\/\"},\"author\":{\"name\":\"Nick Chong\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/4c1114650d72d49c455452d2ce5c981a\"},\"headline\":\"Merit of Crypto as Safe Haven Showing: Bitcoin Volume in Hong Kong Spikes\",\"datePublished\":\"2019-06-17T11:20:43+00:00\",\"dateModified\":\"2024-06-11T13:44:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/merit-of-crypto-as-safe-haven-showing-bitcoin-volume-in-hong-kong-spikes\/\"},\"wordCount\":892,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/merit-of-crypto-as-safe-haven-showing-bitcoin-volume-in-hong-kong-spikes\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/shutterstock_220687291.jpg?fit=1000%2C667\",\"keywords\":[\"bitcoin\",\"crypto\",\"industry\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/uniquehot.com\/news\/merit-of-crypto-as-safe-haven-showing-bitcoin-volume-in-hong-kong-spikes\/#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/uniquehot.com\/news\/merit-of-crypto-as-safe-haven-showing-bitcoin-volume-in-hong-kong-spikes\/\",\"url\":\"https:\/\/uniquehot.com\/news\/merit-of-crypto-as-safe-haven-showing-bitcoin-volume-in-hong-kong-spikes\/\",\"name\":\"Merit of Crypto as Safe Haven Showing: Bitcoin Volume in Hong Kong Spikes\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/merit-of-crypto-as-safe-haven-showing-bitcoin-volume-in-hong-kong-spikes\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/merit-of-crypto-as-safe-haven-showing-bitcoin-volume-in-hong-kong-spikes\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/06\/shutterstock_220687291.jpg?fit=1000%2C667\",\"datePublished\":\"2019-06-17T11:20:43+00:00\",\"dateModified\":\"2024-06-11T13:44:17+00:00\",\"description\":\"Throughout its short history,\u00a0Bitcoin (BTC)\u00a0has been seen as anything but centralized, sovereign, and censorable. 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