Cryptocurrencies Thriving In Hong Kong?
What role do cryptocurrencies have to play in the fight for democratic freedoms? As this week’s protests in Hong Kong intensified, so too did the demand for bitcoin.
Residents of mainland China cannot trade in bitcoin or other cryptocurrencies on exchanges, and neither can companies raise funds through ICOs. Meanwhile, however, cryptocurrencies are thriving in Hong Kong. Bitcoin is currently trading in Hong Kong at a premium of about $80 compared to exchanges elsewhere in the world.
Bitcoin found stability near $10,000 on Thursday after falling some 20% in less than a week.
Jeff Dorman, chief investment officer of asset manager Arca, said that the digital currency was “bound to come down when the yuan stabilized and Trump walked back the tariffs for the time being.”