Jaw-dropping Bitcoin demand in Hong Kong amid heightened protests
- Bitcoin trading at $80 premium in Hong Kong as demand skyrockets.
- Bitcoin and other digital currencies are arising as alternative payment methods.
The protests in Hong Kong are increasing in frequency making the city a future battleground. Individuals have taken to social media channels like Telegram in a bid to come up with tactics for protests. However, these very channels are target by Chinese servers.
Payment systems are becoming the center stage of the surveillance in Hong Long. The residents are fighting this mode of surveillance especially when it comes to the Octopus payment system. The youth in the city are alarmed and are resorting to other forms of payment to ensure their movements are not being traced.
Bitcoin and other digital currencies are arising as alternative payment methods. These at least distance them from the worrying surveillance of the Chines state power. Bitcoin rose to a $160 premium at the beginning of the protest. Moreover, BTC is still trading at $80 premium amid jaw-dropping trading volumes.
Hong Kong has about 39 BTC and crypto ATMs. Many restaurants and other locations accept digital currency payments across the city. Besides, a significant number of wealthy individuals are opting to convert their funds in crypto and sent then offshore.
Hong Kong supports trading cryptocurrencies, unlike mainland China. The city is home to a large number of blockchain-related developments as well. It lucid laws for crypto assets contrary to the strict mainland China rules.
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
