Fear of mainland China control drives Hong Kong protesters to Bitcoin
- Bitcoin premium prices likely to rise as fear continue to rise among Hong Kong residents.
- The government has since suspended the proposed extradition bill but fear remains.
The ongoing protests against the controversial extradition law have culminated in premium Bitcoin price in Hong Kong. Bitcoin has been exchanging higher above the global average by $75 to $160 local exchanges like Tidebit. Moreover, experts say that premium could go up.
There is a proposed law by the Chinese authorities seeking to extradite all the citizens of Hong Kong to mainland China. According to most citizens, this law would impact greatly on the freedoms they currently enjoy due to the autonomous Hong Kong status.
The more than 2 million protestors asked for the resignation of Hong Kong’s CEO Carrie Lam in addition to the entire removal of the proposed law. While the government has said that the law will be suspended, most citizens still fear the increasing control from China.
An article by Reuters says that China implementing the proposed law could have the capacity to freeze assets that have been acquired in relation to crimes committed on the mainland and elsewhere. This has seen most wealthy residents moving funds to offshore accounts.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
