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Bitcoin Price Surge Dampens Altcoin Rally Hopes

There has been no Monday correction for Bitcoin this week as the top cryptocurrency has held on to its weekend gains. With market dominance, a touch under 60% many traders and crypto aficionados are beginning to wonder if the altcoins will ever recover.


Bitcoin Price Holding Steady Above $11000

Bitcoin is back at its 2019 high of just over $11,200 at the moment. It has spent most of the past day consolidating around $10,800 but started heading north again during the morning’s Asian trading session. Since the same time, last week BTC has made a solid 20% and has shown no signs of slowing down.

crypto

Bitcoin price 1 hour candles – Tradingview.com

There is a lot of resistance in the $11,700 region but that has not thwarted Bitcoin previously. A correction right now would be healthy though as parabolic charts are not. That thirty percent plus chart move that many have speculated about would drop BTC from its current high back to around $7,800. At this level or lower, there is likely to be a lot more accumulation before the next leg up.

Remember 2017? When Altseason?

Many traders on Crypto Twitter are starting to express concern about the performance, or lack of, for most of the altcoins. While some such as Litecoin have done extremely well the majority still appear to be frozen over from crypto winter. An earlier tweet by blockchain entrepreneur ‘The Crypto King’ served as a reminder from 2017.

“All the focus is on BTC… did everyone forget 2017?
BTC pumps. BTC Stagnates.
Alts go absolutely bananas.
Altseason 2.0 Tik Tok.”

This sentiment has been echoed by crypto trader ‘Moon Overlord’ who has also looked back at patterns in late 2017 when altseason took off.

“The altcoin sentiment feels eerily similar to mid to late 2017. Bitcoin just went up and up and $ALTS got smoked. Then all of the sudden WHAM, a few alts lead the way and they started going 50, 100X out of nowhere. I suspect this time will be no different, you won’t get a warning,”

It is true that many of the top performing altcoins from 2017 have done very little in 2019. Big pump coins such as Cardano and Stellar have now been dumped out of the top ten and are still down from ATH by 91% and 85% respectively. Other previously high performing altcoins such as IOTA, NEO, OmiseGO, ICON, Qtum, Lisk, VeChain and 0x are still battered and bruised showing very little sign of recovery.

Many have speculated that a lot of 2017’s tokens will fade away and be usurped by new offerings this year but at the moment Bitcoin is still dominating markets and an altcoin season has yet to begin.

Will Bitcoin give altcoins a chance to move higher? Let us know what you think in the comments below. 


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CZ on India Bitcoin Ban: The more it’s banned, the more people want it

With bitcoin currently trading at a $500 premium in India, Binance CEO, Changpeng Zhao (CZ), argues that the nation’s decision to outlaw cryptocurrencies is only driving more people towards decentralized assets.


Binance Contests India Bitcoin Ban

Binance CEO, CZ, posted a tweet this week commenting on India’s latest anti-bitcoin bill, which seeks to dish out jail sentences to anybody caught holding cryptocurrencies.

The head of the world’s largest centralised crypto exchange argued that the newly proposed changes to ban cryptocurrencies will only serve to make “more people want it”.

This has become increasingly evident over the last couple of days, as Bitcoin’s spot price on Bitbns platform – one of the few remaining bitcoin exchanges in India – has been reportedly trading at around $11,120 . This price is more than $500 higher than the average BTC price in other markets across the world, and is currently $450 higher than Binance’s BTC spot price.

This substantial premium compared to the rest of the market highlights the overwhelming demand for BTC in the country.

Bitcoin Premiums On the Rise

Premiums aren’t a strange occurrence for cryptocurrencies in general, and only last week a $160 Bitcoin premium was identified on a Hong Kong exchange, Tidebit, as reported by Bitcoinist.  But the situation in India is particularly peculiar, given the government’s increasing anti-crypto stance. With fewer avenues to purchase bitcoin, the increasing scarcity and rising demand appear to be rocketing up prices.

$500 Bitcoin Premium India

Bitcoin continues to be the poster child for a real life manifestation of the Streisand effect – where the more people that try to suppress it, the greater it grows. Despite numerous efforts from Indian lawmakers to restrict cryptocurrency adoption in the country, it appears the appeal of the top-ranked cryptocurrency hasn’t stopped growing.

This broadening appeal has even moved beyond retail speculation into mainstream institutional adoption.

What’s Causing the Indian BTC Premium?

But why would there be an increase in demand for BTC in India? Well, the country’s government has stepped up its capital control policies in a bid to protect the Indian Rupee (INR). However, with the country’s rising debt profile and growing inflation, the exact opposite of the desired outcome in terms of INR stability seems to be the case.

Bitcoin, therefore, constitutes a haven currency for Indians to store wealth in case the INR loses value significantly.

Indians do not have easy access to cryptocurrencies in general. The country’s central bank banned commercial banks from facilitating transactions for exchanges back in 2018 so platforms have no access to fiat.

Despite a vigorous challenge instituted against the policy, the Supreme Court has yet to reach any verdict. Banks have even gone further to close down the accounts of customers engaged in cryptocurrency trading.

The emerging digital crackdown even goes beyond bitcoin with reports of platforms like Telegram and Reddit being blocked in the country. Some banks have even reportedly ceased offering support for PayPal payments.

Cease Crypto Trading or go to Jail

India is even preparing to pass a law that completely bans all forms of cryptocurrency activity in the country. This new law will reportedly prohibit the trading, holding, and mining of cryptocurrency.

Anyone caught in contravention of the law would face a 10-year prison sentence without the possibility of parole. Such a move would even place India above China in terms of anti-crypto regulations.

Projects like Facebook’s Libra might not be allowed to operate in India given the country’s banking laws which prohibit banking networks from facilitating cryptocurrency transactions. Crypto stakeholders in India say the government’s stance will only drive the industry underground.

Will Modi’s government be able to ban bitcoin completely in India? Let us know in the comments below.


Images via Bitbns.com. Twitter @cz_Binance, Shutterstock

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The Federal Reserve Could Be Helping Bitcoin to $100K

Many factors are contributing to Bitcoin’s renewed trajectory towards its USD 100,000 target. One of them is increasingly gaining prominence: The U.S. Federal Reserve.

Fed Interest Rate Cuts to Weaken Dollar and to Strengthen Bitcoin

The U.S. Federal Reserve’s latest moves might be unintentionally propelling Bitcoin to new 2019 highs with renewed impetus. On Jun 19, 2019, Jerome Powell, the chairman of the Fed announced the decision to maintain the benchmark for the federal funds interest rate within the target range of 2.25% to 2.5%.

Bitcoin federal reserve

However, upon review of the statement, financial experts noticed that The Federal Open Market Committee (FOMC) made several changes to its policy statement. Most relevant, the term “patient” was replaced by a policy language promising to “closely monitor the implications of incoming information for the economic outlook.”

For many, this is a hint that inflation and geopolitical risks are putting pressure on Federal Reserve officials to advance the case for an interest rate cut.

As a result, investors on the trading floors are already betting that the Fed will lower the rates as soon as July, putting the dollar under pressure.

In contrast, investors believe that a Fed rate cut would propel Bitcoin and gold to higher values. For example, according to CNN digital correspondent Paul La Monica,

That has been viewed as a positive for bitcoin as well as gold, which are looked at as alternative currencies that should rally when central banks take actions that reduce the value of government-backed currencies.

Moreover, Central Bankers perspective about Bitcoin might be shifting from a negative to a more positive outlook.

Last week, both Fed Chairman Jerome Powell and his counterpart Bank of England Governor, Mark Carney, reportedly advised that central banks “should look at bitcoin and other cryptocurrencies with an open mind,” writes La Monica.

Moreover, Carney has made it clear that he favors imposing strict controls. At a conference organized by the European Central Bank in Portugal, referring to cryptocurrencies, Carney pointed out, “Anything that works in this world, will become instantly systemic and will have to be subject to the highest standards of regulations,”

More regulations, according to La Monica, would bring benefits to the crypto markets, by smoothing Bitcoin’s volatility and helping to further validate Bitcoin’s legitimacy in global financial markets.

Gold And Bitcoin Solidify Their Safe-Haven Status

In addition to a Fed rate cut in July and a weak dollar, another key factor affecting the financial markets and Bitcoin, in particular, is, as the Fed statement put it, “uncertainty.”

Given the ongoing Brexit upheaval, China/U.S. trade war, Hong Kong demonstrations, and the Middle East rising tensions, gold and Bitcoin are moving to the foreground as safe-haven assets.

Thus, as of this writing, gold reaches a five year high, hovering on the USD 1,400 per pound. And Bitcoin just smashed through the USD 11,000 mark, within 24 hours of having surpassed the USD 10,000 price barrier.

What are your thoughts on the possible Fed rate cuts and recent Bitcoin’s price surge? Let us know in the comment section below!

_______________________________________________________________

Images via Twitter/@PeterLBrandt, Reddit

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Bitcoin Smashes $10,000; Eyes Next Target of $11,700

Only yesterday Bitcoin bulls were triumphant that the king of crypto had broken resistance and was heading for five figures again. A few hours ago BTC made it to $10k but it didn’t just stop and hold there. A surge of over 10% took Bitcoin to over $10,900 during the Asian trading session this morning.


As reported by Bitcoinist yesterday, the likelihood of BTC reaching $10k within the next 24 hours was strong. A few hours ago Bitcoin lifted off from around $9,900 to surge 10%, or a thousand dollars, in just a couple of hours. According to Tradingview.com it topped out at $10,900, its highest price since March 2018. At the time of writing the hourly candle had yet to close and BTC was trading at 00.

bitcoin

BTC price, hourly – Tradingview.com

Daily volume has cranked up to $23 billion as Bitcoin market cap approached $200 billion. The epic move has reduced the gap to all-time high to 45.5%. Additionally BTC dominance is now over 59% as the altcoins get eaten alive.

PSYCHOLOGICAL AND TECHNICAL RESISTANCE OBLITERATED

Now that both psychological and technical resistance at $10k has been smashed, traders and analysts are scouring the charts for the next resting point for BTC. This appears to be around $11,700 and there is not much but thin air from there all the way up to $16k.

Josh Rager, who noted yesterday that there may be a fair bit of profit taking once BTC hit $10k, has changed his tune a little today adding:

“If you like $BTC at $10k than you’re really going to love when BTC closes above $11,700… And resumes running through every resistance in its path to new all-time highs. Nothing sensational about this just look at the chart. Little will stand in the way besides profit taking,”

BITCOIN FOMO HAS KICKED IN

Major mainstream media is going to be all over $10k Bitcoin which is likely to induce a wave of fomo similar to that seen in 2017. Fundstrat’s Tom Lee was right when he predicted this yesterday, as it has just played out on the charts over the past couple of hours.

The big move this Saturday morning has lifted total crypto market capitalization over $320 billion. Ethereum is getting a lift on the tails of its big brother, breaking $300 for the first time in ten months. The rest of the altcoins are getting slowly dragged up but Bitcoin is the only one in the top fifty making double digits today, and it does not look like slowing down.

Will Bitcoin price reach $11,700 this weekend? Add your thoughts below.


Images courtesy of Shutterstock, @fundstrat, tradingview.com

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Čvn 21

Facebook Filched My Logo For Calibra Crypto Project: Fintech CEO

The founder of an online bank has accused social media giant Facebook of stealing his company’s logo for their new crypto project Calibra. This is the latest eyebrow that has been raised since Zuckerberg and co decided to take on the world’s banks with their latest offering.


According to a report by CNBC, Wall Street trader turned start-up CEO, Stuart Sopp said he sought the help of a San Francisco based design firm called Character to create the logo for his company in 2016. Apparently the same firm also worked on Facebook’s secretive crypto project which was unveiled earlier this week.

SAME SAME BUT DIFFERENT?

There is no doubt that the two logos are uncannily similar and Sopp was not amused telling the news outlet;

“This is a funny way to try and create trust in a new global financial system – by ripping off another fintech firm. Facebook has all the money and resources in the world. If they truly wanted to make banking more inclusive and fair, they should’ve come up with their own ideas and branding, like we have.”

The report added that neither Facebook nor Character responded when contacted for comments. It isn’t the first time the web monopoly has made a questionable move. Funny that last year Facebook bans all crypto advertising and then coincidentally launches its own crypto coin the following year.

The fintech startup Current is a minnow compared to Facebook; it has just 45 employees and 350,000 accounts. Sopp has a similar vision in that the current banking system is bloated, expensive and impersonal. His firm started offering products to teens and has expanded to zero fee accounts for gig economy workers.

He added that they spent months working on the concept for the logo which represents a wave symbolizing the movement of both money and people.

“We put six months of hard work into this with that design firm, which they basically reused for Facebook without changing much. Facebook is a big company that should have done their due diligence on this.”

QUESTIONS RAISED

The big question raised over the Libra crypto project is one of trust, and this latest incident proves it even further. Facebook can barely be trusted with personal data, and recent scandals such as Cambridge Analytica serve as testament. What billionaire Zuckerberg and his consortium of tech giants will do with a currency that a potential 2 billion people may be using is the stuff of nightmares. As Bloomberg aptly put it last month “more than 2 billion users spending one currency, controlled by one billionaire. What’s to worry about?”

Should Facebook be trusted with crypto? Add your thoughts below. 

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Bigger Than Russia – Bitcoin Now 8th Largest World Currency

Still think Bitcoin is a passing fad? Here’s a news flash for you. At $8,940, it’s bigger than Russia’s monetary base. That makes Bitcoin the eighth largest currency in the world. And the price keeps on climbing…


Which Countries Have the Biggest Monetary Base in the World?

The answer might surprise you. Check out the chart below by Crypto Voices. You’ll see that gold is still by far the largest monetary system in the world at almost $8 trillion. However, Bitcoin is hot on its heels.

Bitcoin Base Money

When it comes to a country’s monetary base, however, that is measured in terms of the total amount of currency in circulation or held in commercial deposits in the central bank, not in its gold reserves. 

With its $25 trillion dollar debt, it’s no surprise that despite being the world’s largest economy, the U.S. lags in fourth place behind Japan, China, and the Euro Zone when it comes to base money.

You might wonder why oil-rich countries like Saudi Arabia and the United Arab Emirates don’t appear on this report. Is it because most of their wealth is held in oil and not in fiat?  Crypto Voices says:

Don’t know their methodologies, but Saudi Arabia and Denmark, for example, are pegged currencies, so their base money is the USD and EUR, respectively, and shouldn’t be counted. The correct economic comparison is the monetary base value of each currency’s central bank.

Bitcoin Monetary System Now 8th Largest World Currency

If you don’t count gold and silver, Bitcoin is now the eight largest currency in the world. It comes in at 9th place after the two precious metals.

How significant is this? Well, with a market cap currently at $162 billion and with some analysts predicting a BTC value of over $40k by the end of 2019, after just 10 years of being created, it’s a pretty big deal indeed.

Bitcoin is already bigger than the base money of Russia, South Korea, Brazil, Canada, and Norway. With cryptocurrency adoption on the rise around the world, it won’t be long before it catches up with–and overtakes–the monetary base of India, Switzerland, the UK, and, yes, the United States as well.

Will Bitcoin become the world’s largest monetary base? Add your thoughts below!


Images via Shutterstock, Crypto Voices

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Automatic Bitcoin Micropayments Are Coming to Lightning Network

With the introduction of Joule Allowances, the Bitcoin network takes one step closer to achieving its potential for automated micropayments and ‘streaming money.’


Joule Allowances Enables BTC Auto-Micropayments

Since its inception, Bitcoin has been trying to live up to its promise of being an enabler of frequent, low-value, instant payments. However, this is difficult to achieve on-chain, particularly when a block is mined roughly every 10 minutes

Now, a web-based tool is promising to make Bitcoin a reliable, seamless and affordable payment option. On June 13, 2019, software developer and co-founder at Grant.io, Willie O’Beirne gave an introduction of Joule Allowances.

Joule is a WebLN-enabled browser extension that utilizes the user’s own lightning node to enable seamless micropayments in the background.

To avoid confusing Joule’s users and to make its operation more practical, O’Beirne notes that for now Joule Allowance payments will be restricted to payments made via WebLN only.

WebLN is a library that comprises of specifications for lightning apps and client providers to facilitate secure communications between apps and users’ lightning nodes.

To transact payments with Joule, the user needs an app that accepts or makes Lightning payments, as well as a compatible web browser, such as Chrome, Firefox, and Opera. Soon, Brave will also become compatible.

When configuring the allowance, the user will have the options of setting the maximum amount of satoshis that the application use, the maximum amount per payment, and the frequency with which the payments can be made.

Joule Allowances is still under development. O’Beirne explains,

Joule’s interface is just the start of automatic payments while browsing the web with Lightning. There’s currently ongoing discussion of how to programmatically request, configure, and inspect allowances via WebLN, a discussion of using the HTTP 402 response code for payments (that could be done automatically), and new features that would make programmable auto-payments more feasible (e.g., customizable LND macaroons.)

Bitcoin Micropayment Capabilities Improving

Regardless of whether a fee is high or low, transactions have to wait to be confirmed with the next block, which usually takes around 5-15 minutes.

According to Bitcoinfees.earn.com, as of this writing, the fastest and cheapest transaction fee is 72 satoshis/byte. And for the median transaction size of 225 bytes, the charge is 16,200 satoshis. (One bitcoin equals 100 million satoshis.)

However, technical innovations such as Lighting Network and SegWit are easing network congestion, particularly in terms of scalability and reduced transaction fees. Now, the advent of automated payments such as Joule Allowances gets Bitcoin one step closer to become a viable micropayment option as well.

What impact do you think Joule Allowances will have on Bitcoin micropayments? Let us know in the comments below!


Images via Twitter/@wbobeirne, Shutterstock

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XRP Spikes 10% on Ripple MoneyGram Partnership News

Big partnership announcements have been thin on the ground for many of the major crypto companies recently. That changed for Ripple a few hours ago when the firm announced a strategic partnership with one of the world’s largest money transfer companies, MoneyGram.


XRP Climbs 15% in a Week

Compared to bitcoin and litecoin, XRP has been asleep for the past two months. Even Ethereum has outperformed it in terms of percentage gains.

That all changed a few hours ago when XRP awoke from its range bound channel at $0.42 and surged almost 10% to hit an intraday high just over $0.46. A minor pullback followed in the hours after the announcement but XRP is still one of the day’s top performers.

Ripple

XRP price 1 hour candles – Tradingview.com

XRP 00 has climbed almost 15% over the past week as it was trading just under $0.40 this time last Tuesday. Daily volume has just topped $2 billion as XRP market capitalization approaches $20 billion.

The gap to ETH in second place is still $10 billion in terms of market cap, however. It has been one of the best weeks for XRP in terms of gains as the Ripple token has only made 27% since the beginning of the year.

Big Partnership Driving FOMO

The San Francisco based firm announced the partnership on its company blog late last night. It stated that the initial partnership will last two years during which Ripple will become the key partner for MoneyGram’s cross border payments and foreign exchange settlements.

A substantial capital commitment of $50 million has also been pledged by the blockchain company enabling MoneyGram to draw it over a two year period in exchange for equity.

Ripple’s xRapid system will be deployed for the partnership. It facilitates on-demand liquidity enabling instant transactions by reducing reliance on pre-funding. The XRP token will be used as the ‘real-time bridge’ between different currencies. Ripple CEO, Brad Garlinghouse, stated;

This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies.

MoneyGram has a $600 billion global remittance market supporting multiple currencies in more than 200 countries. Traditional forex markets requiring advance purchases are currently used for international transfers.

The partnership and leverage of Ripple’s native token are expected to reduce costs and increase transfer speeds for the firm. Alex Holmes, MoneyGram Chairman and CEO, added;

Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.

Will XRP hit $0.50 this week? Add your comments below.


Images via Shutterstock, Tradingview.com

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Bitcoin Price Targets Next Key Resistance Level – Is 5 Figures in Play?

The weekend has been extremely bullish for bitcoin price, which has surged to a new 2019 and thirteen month high. Those gains have held into Monday morning in Asia and analysts are now scouring the charts looking for the next move for BTC.


Bitcoin Price Painting a Bullish Picture

Bitcoin has held on to most of its weekend gains and remains over $9k during the morning’s Asian trading session. Yesterday’s surge of 8% from $8,600 to top $9,300 has lifted the king of digital assets to new highs not seen since early May 2018.

Over the past 24 hours, BTC has retested $9,300 twice before a minor pullback to $8,830. It has currently recovered back to 00 and looks set to retest resistance again.

bitcoin

BTC price 1hr candles – Tradingview.com

As usual, traders and analysts have been scouring the charts looking for the next levels of support and resistance. It appears that a previous high from May last year and a crucial Fibonacci level will come into play as the next major resistance level to be overcome before bitcoin can consider five figures. Trader Josh Rager has been looking at the charts.

$BTC Strong Weekly Close. Bitcoin has been extremely bullish & foresee a test of the major resistance between $9500 to $9600, the 0.382 fib (is a typical “take profit” area is at $9532). But last time everyone expected a major pullback in the $6ks it busted right through to $7k+

Max Keiser also doubled down, maintaining his ambitious price target saying that there is ‘hardly any bitcoin for sale at all” before here and $28,000.

Will the Uptrend Continue?

A big profit taking session from day traders is likely to send BTC correcting back to the high $8,000s. However, as pointed out above, many also expected a massive correction back to $6k which has yet to materialize. Looking at next moves for BTC, analyst ‘Big Chonis’ added.

one more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…

The 23.6% Fib level for the big picture currently sits just below $7k so a correction back to this will be a huge move. At the moment the sentiment is bullish despite last week’s new from Binance that US customers will be forced to migrate to the soon-to-be-launched ‘Binance America’ for regulatory reasons.

A new high for the year could be imminent as the often expected ‘Red Monday’ following a strong weekend has yet to materialize. Most crypto assets are still in the green today and total market capitalization is at $284 billion, which is also around the highest it has been this year.

Will bitcoin hit five figures this week? Add your thoughts below.


Images via Shutterstock

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Hong Kong Protests Could Boost Bitcoin as Wealthy Move Assets Offshore

Bitcoin could be boosted by the current political unrest Hong Kong as the upper and middle classes are reportedly starting to move their assets offshore.


Hong Kong Begins Moving Wealth Offshore

Fears over the hated extradition bill, whose introduction the Hong Kong government has only suspended but declined to withdraw, are causing the wealthy to start moving their capital from Hong Kong to offshore.

People in Hong Kong vehemently oppose a proposed bill, which would give authorities the power to deport those suspected of crimes to mainland China.

hong kong

In protest, Hongkongers have been staging massive street demonstrations for several days, with varying degrees of violence. These demonstrations have caused widespread alarm, particularly for both government and business.

On June 10, 2019, the US State Department warned that “the amendments could damage Hong Kong’s business environment and subject our citizens residing in or visiting Hong Kong to China’s capricious judicial system.”

Moreover, the city is already suffering from liquidity problems, fueled in part by the China-U.S. trade war. Many now fear that if the extradition bill passes, it will increase capital outflows, thus further reducing liquidity.

As a consequence, rich people are now focusing on how to move their wealth offshore. According to Reuters,

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.

In addition, many middle-class Hongkongers are withdrawing their money from Chinese banks in protest.

For many, these events explain in part Bitcoin’s present trajectory towards the $9,000 USD price mark.

Hong Kong authorities are now backing down. However, they are not withdrawing the bill.
On June 14, 2019, Hong Kong Chief Executive Carrie Lam announced that she was suspending the extradition bill she was trying to push through the Hong Kong Legislative Council.

But the mere suspension of the bill does not satisfy protesters. Therefore, they will go ahead with another massive demonstration on Sunday, June 16.

Thus, Lam’s latest move will not remove uncertainty from the political and business environment for a long time because she has not set a date for the next step forward.

Earlier this week Bitcoinist reported that Hong Kong is already seeing an uptick in Bitcoin trading volume on LocalBitcoins platform.

hong kong

If the political unrest continues, it will likely further encourage the rich and the middle-class to protect their assets by moving it elsewhere from the former British colony.

Hong Kongers, therefore, may already be eyeing the world’s first apolitical and borderless store of wealth, i.e. Bitcoin, to prevent the government from tracking their private data and confiscating their wealth. In fact, China is no stranger to paying a premium for cryptocurrencies to not only trade and invest but also as a means to circumvent capital controls.

In October 2018, a Chinese court issued a ruling saying there is no prohibition on owning and transferring bitcoin in China.

Will some wealthy Hong Kongers choose Bitcoin to protect their wealth? Let us know in the comments below!


Images via Twitter/@xinwenxiaojie, Shutterstock

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