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President Trump’s re-election campaign is saying sayonara to some of its own pollsters after their bad-news data leaked in recent days, NBC News reports. Trump denied this week that such polls exist, but now a campaign source says certain internal pollsters are getting the ax. “We are winning in every…
Right now, thousands of citizens from Hong Kong are protesting certain leaders and opposing a proposed extradition law. Alongside the protests, the country’s political issues are reportedly pushing wealthy Hong Kong residents to move their capital offshore. Since last week, the price of bitcoin core (BTC) has gained a premium in Hong Kong as the digital asset has been trading between $ 75-150 higher than the global average.
Political and Economic Unrest in Hong Kong Spurs Capital Movement Offshore
Tens of thousands of Hong Kong protestors have filled the streets of downtown Victoria Park and started marching toward government buildings on Sunday, June 16. The crowds of people dressed in black have been chanting things like “resign” and “withdraw” due to their hatred for the proposed extradition law. The ruling would basically allow Chinese authorities to come in and extradite any Hong Kong citizen to mainland China if they are accused of a crime. It all started in 1997 after Beijing took over and promised to keep Hong Kong’s government intact under “one country, two systems.” Before 1997, Hong Kong was a British dependent territory but the sovereignty over Hong Kong was transferred to China. Everything was fine up until 2014 when pro-democracy protests called the Umbrella Movement stirred the Chinese government and things have never been the same since.
Crypto proponents believe the current political strife will push more people toward decentralized assets. The protesters demand that Chief Executive Carrie Lam resigns and withdraw her plans to initiate the extradition law. “Our demands are simple. Carrie Lam must leave office, the extradition law must be withdrawn and the police must apologize for using extreme violence against their own people,” John Chow a Hong Kong-based banker, told press on Sunday. Additionally, a few days ago, Reuters reported that wealthy Hong Kong residents have started moving funds offshore to escape possible economic turmoil.
“Some Hong Kong tycoons have started moving personal wealth offshore as concern deepens over a local government plan to allow extraditions of suspects to face trial in China for the first time, according to financial advisers, bankers and lawyers familiar with such transactions,” Reuters explained on June 14. One specific tycoon who wished to be unnamed revealed that the capital outflow has “started,” adding:
We’re hearing others are doing it, too, but no-one is going to go on parade that they are leaving — The fear is that the bar is coming right down on Beijing’s ability to get your assets in Hong Kong. Singapore is the favored destination.
The BTC/HKD Premium
In addition to the wealthy individuals moving capital, crypto enthusiasts have noticed a premium on BTC growing larger in Hong Kong. For instance, over the last few days on the cryptocurrency exchange Tidebit, the price of BTC has been $ 75-150 higher than the global average. At the time of writing, 1 BTC is currently 73,100 HKD or US$ 9,337 in Hong Kong which is more than $ 100 higher than the Bitstamp price at $ 9,230. Speculators believe the unrest in Hong Kong has sparked some flow into bitcoin so people can hedge against uncertainty. Other exchanges such as Bitpoint and Liquid show similar BTC/HKD premiums as well.
There’s also been some demand in Hong Kong for bitcoin cash (BCH) on Local.Bitcoin.com as there are buyers looking to purchase BCH in person for cash and alternative payment methods as well. On the data aggregation website Coin Dance, BTC/HKD volumes have been rising week after week on Paxful as well. It’s difficult to say how the Hong Kong government will handle the large protests and whether more money will flow into the crypto economy. As of right now, Hong Kong is not China and they are still two very distinct systems but many citizens fear that some day that will change.
What do you think about the recent political and economic climate in Hong Kong? Do you think the unrest will push more people into seeking out cryptocurrencies? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Pixabay, Getty, Merlin, and Twitter.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.
The post Bitcoin Trades for a Premium in Hong Kong During Protests appeared first on Bitcoin News.
Caitlyn Jenner would like all the dads in her life — and, by extension, the Kardashians’ lives — to know she appreciates each and every one of them … except one Tristan Thompson. Kylie and Kendall’s father posted a Father’s Day tribute Sunday,…
Angela Reddock-Wright, 49, is president of the Southern California Mediation Assn., which describes itself as “the biggest professional mediator association in Southern California for those who provide mediation services or work in the area of conflict resolution.” Mediation can be used in many…
Illinois farmers gathered to tell their tales of woe Thursday at—of all places—The Happy Spot. With heavy rains and record floods forcing them to leave millions of acres unseeded, corn farmers gathered with sellers of equipment, chemicals, and seed at the Deer Grove restaurant to swap stories over…
The Trump name graces apartment towers, hotels and golf courses. Now it is the namesake of a tiny Israeli settlement in the Israel-controlled Golan Heights, the AP reports. Israeli Prime Minister Benjamin Netanyahu’s Cabinet convened in this hamlet Sunday to inaugurate a settlement named after President Trump in a gesture…
Crypto debit cards supporting bitcoin cash expand their international reach and a platform offers shopping at Walmart using BCH. Watch these and other developments discussed in this week’s video update on Bitcoin.com’s Youtube channel, and get a chance to take part in a futuristic promotion.
Futuristic Promotion in the Weekly Video Update
This week’s show features a number of technological and businesses developments that make bitcoin cash payments more accessible around the world. These include Coinbase expanding its Visa debit card service to six new European markets, allowing its users from these countries to spend BCH from their accounts to pay in millions of locations where Visa is accepted, as well as to make fiat cash withdrawals from ATMs.
The show also provides an update on Local.Bitcoin.com, the privacy-focused peer to peer global marketplace for trading bitcoin cash (BCH) which was officially launched on June 4. Over 14,000 people have already signed up to the service and created thousands of active orders. Additional topics cover Coinex exchange listing the SLP token honestcoin (USDH), a stablecoin issued on the Bitcoin Cash network backed 1-to-1 for USD, Cointext integration into Electron Cash allowing users to send BCH to any phone with SMS messaging capabilities, and the Alagoria platform which lets you buy items sold by Home Depot and Walmart using BCH and get a 10% discount.
The weekly update also features a promo code to the Blockchain Futurist Conference 2019, taking place August 12-14 in Toronto, Canada. Starting this Monday, you can save 50% off the price of tickets when paying with bitcoin cash and using the code shown in the video. Bitcoin.com will take part in this event as a sponsor, with a special video presentation from Roger Ver.
Make sure to subscribe to the Bitcoin.com Youtube channel and leave a comment on the latest video.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.
The post Crypto Cards Expand and a Futuristic Promotion in the Weekly Update From Bitcoin.com appeared first on Bitcoin News.
Carli Lloyd scored a pair of goals for the US in a somewhat subdued 3-0 victory over Chile that advanced the defending Women’s World Cup champions to the round of 16, the AP reports. The Americans were criticized after their record-breaking 13-0 rout of Thailand when players celebrated goals even…
“I think it needs to be clear, and hopefully it is clear to Iran, that basically, this is it,” Kinzinger said.