After the political and economic stir, Beijing saw the aggressive adoption of Bitcoin. Now it is HongKong’s turn. The country has been facing protests against China for the last 11 weeks.
The protests are targeting existing financial systems. Over 1 million protestors threaten the system as they plan to withdraw cash from banks and ATMs. According to the experts, this might cripple the system and weaken the Yuan.
Furthermore, the protests are political in nature. The extradition bill ordered by Carrie Lam, Chief Executive of Hongkong, is the root. The protests seem to target the financial system to threaten the government bodies for attacking people’s freedom.
Most of the protestors may convert the Yuan into USD or Bitcoin. The history might repeat itself as the Yuan drops and Bitcoin price surge showed a correlation in the past.
Over the last couple of weeks, the U.S. trade war and Hong Kong protests have harmed the economy. If the financial system is could lead to a Chinese recession. The restlessness among businessmen in HongKong is on rising. Because of the protests business operations have received a hard hit. Tourism has dipped significantly. As the protests and U.S. trade war seems to be weakening China politically and economically, the value of Yuan is expected to go down. Amidst all this Bitcoin is the only hope for the residents HongKong.