One of the biggest stories in the news these days is the protesting that is going on in Hong Kong. It has been 22 years since the British gave up control of Hong Kong. It has remained a democratic society that is under the military protection of mainland China. However, it would seem that the communist government in Beijing is finally making a move to take over Hong Kong completely. There are many residents of Hong Kong who are very worried that the Chinese government will start to freeze the assets of people in Hong Kong. Therefore, people are buying cryptocurrencies like Bitcoin in an effort to keep their money safe from the Chinese government.
There have been many reports that ATMs in Hong Kong do not have money in them. These machines are no longer being replenished with cash. This has started to make people freak out. Many people have been exploring the cryptocurrency market. In fact, the increase in cryptocurrency trading in Hong Kong has increased dramatically over the past few days. This is clearly in response to fears of assets being frozen. There have not been any confirmed reports of the Chinese government freezing assets in Hong Kong. However, the government in Beijing has used this tactic in the past to assert its power. People believe that it will only be a matter of time until they do it again.
There were millions of dollars in trading in the cryptocurrency market in Hong Kong. This is not surprising when you consider the long lines that have formed at banks with people withdrawing all of their savings. It would appear that the leadership of Hong Kong can now freeze bank accounts without any formal legal action. The financial system in Hong Kong is now in complete chaos. People are nervous about losing all of their savings.
The situation should be very interesting to watch. It will be the first time that we can see if people in a collapsing financial system switch to cryptocurrency in an effort to keep their money safe from government confiscation. The increase in Bitcoin trading started at the same time that ATMs across Hong Kong started to run out of cash. Therefore, it seems logical to assume that both of these things are connected to each other. The financial crisis in Hong Kong is far from over. It remains to be seen how it will play out.
