Bitcoin adoption in Hong Kong is increasing as trading volumes spike.
As many commentators including Morgan Creek Digital co-founder Anthony Pompliano noted this week, Bitcoin is a genuine solution for Hong Kong residents worried about monetary sovereignty.
Pompliano tweeted: “When you’re worried about your assets being seized or becoming inaccessible to you, Bitcoin’s non-seizability becomes very attractive. This aspect of Bitcoin just became important for 1+ billion people in India & Hong Kong,”
Amongst a crackdown on civil liberties, monetary freedom also took a hit, with worried residents forming queues at ATMs. Hong Kong saw a giant spike in trading on P2P Bitcoin exchange Localbitcoins, seeing 12.3 million HKD ($1.57 million) change hands in the week ending.
Local entities looking for possibilities to escape the grip of authorities had already considered Bitcoin.