Hong Kong protests provoke record Bitcoin demand

Posted 03 October, 2019

In Hong Kong, the level of interest in Bitcoin exceeded the figures of the end of 2017, when the price of the first cryptocurrency set a historic maximum of $20,000. Last week, digital money worth $1.6 million was reportedly exchanged through the LocalBitcoins service. The last time Bitcoin enjoyed a comparable level of interest in 2017-2018.

"Bitcoin volumes in HongKong have spiked to their highest level ever recorded LocalBitcoins trading site. About $13 million HKD exchanged in the last week. For a portfolio manager, BTC is still considered a risk asset but for some people, it is clearly treated as a safe haven,"  tweeted eToro analyst Mati Greenspan. 

Currently, Hong Kong continues to protest against the law on extradition to the mainland China, which began in June. Bitcoin attracts participants in Hong Kong protests seeking to hide from the persecution of authorities, but these observations were not confirmed by real data.

The last time trading volume at LocalBitcoins was updating the record in the summer. Also, the platform has complicated verification for users since September. In this regard, the platform also asked customers not to use the Tor browser.

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