The demand for bitcoin in Hong Kong has soared higher and higher by the weeks as protesters seek the anonymity of transactions and privacy from law enforcers in the country.
Bitcoin Trades At A Premium On TideBit
At the moment, the price of bitcoin on popular Hong Kong crypto exchange, TideBit is about $11,477.34, about $80 higher than figures derived from coin market cap and most other crypto exchanges outside Hong Kong. As a matter of fact, the figure had been around $160 within the last week.
Thousands took to the streets of Hong Kong in a series of supposed peaceful protests that lead to the intervention of the police. As protesters are using lasers to channel their way through tear gas and overcome the barriers created by the presence of the police, these actions have encouraged some assaults on policemen. In a bid to arrest and bring to justice those who seemed to have launched such assaults, a pilot has been grounded and several others arrested. As the search continues, young protesters are now seeking to go completely anonymous in every possible way, including monetary transactions.
Bitcoin Demands In Hong Kong Grows Rapidly
It is not a coincidence that bitcoin is riding this turbulence times in Hong Kong. The anatomy of bitcoin as a cryptocurrency and the anonymity of its transactions has possibly appealed to this set of people who now use bitcoin in their everyday activities in order to escape the police.
Over the past two months, bitcoin price has surged for a few obvious reasons. As the Hong Kong protest get more intense with a growing number of protesters, there has been an increasing demand for bitcoin and this has helped in driving the price of bitcoin up the charts. A combination of few other factors like FED cut, US-China trade wars, and the inbound May 2020 halving are also major catalysts that sent the price of bitcoin up for a 40% increase since 9th of June.