Global Unrest: Hong Kong Citizens Lose Access to Cash As Bitcoin Advocates Highlight Benefits of Cryptocurrency

Brutal clashes and escalating political conflicts are sending shots around the world – from Hong Kong to Egypt to Iraq – as citizens attempt to push back against government corruption, tyranny, price hikes and unemployment. Anti-government sentiment has set off a mix of pro-democracy rallies, angry looting and peaceful protests in Peru, France and Ecuador.

According to Al Jazeera, hundreds of protestors fighting against rampant corruption and high unemployment rates have been taken into police custody in Iraq amidst ongoing protests and a violent government crackdown. Nearly 100 Iraqis have lost their lives and around 4,000 are injured. The nation’s government is trying to control the situation by shutting down internet services, so that it becomes more difficult for people to plan and coordinate demonstrations.

New York Times journalist Shannon Sims reports that streets are shutting down in Ecuador as protestors strike against increasing gas prices. 

France marks its 47th week of non-stop protests against controversial government policies.

In Haiti, political unrest and violence continues to claim lives. The Miami Herald reports,

“At least 17 people have been killed and 187 have been injured during recent violent protests in Haiti demanding the resignation of President Jovenel Moïse.”

Citizens of Peru are holding demonstrations against the privatization of the public Lima Drinking Water and Sewerage Service.

Political unrest has also erupted in Peru following President Vizcarra’s decision to dissolve congress.

https://twitter.com/rikknives/status/1179138808366940162

US Senator Jeff Merkley shares updates from Egypt, noting,

“Egyptian leaders are still holding more than 2,200 people weeks after anti-corruption protests broke out in Cairo and other cities. These foreign ‘leaders’ Trump chooses to cozy up with are autocrats who quash even the slightest whisper of dissent.”

In Hong Kong, a 14-year-old was shot during a violent protest. The Mass Transit Railway system was shut down due to ongoing clashes sparked by a backlash against China and outrage over a new law banning face masks.

Cryptocurrency advocates are highlighting why Bitcoin and other digital assets are vital to regions experiencing political turmoil because they allow people to maintain access to their funds without needing to go through a bank or other intermediary. They also eliminate the risk of having funds frozen or seized by a government.

There are also multiple reports of Hong Kong ATMs running out of cash due to the uncertainty and instability in the region.

Morgan Creek Digital partner and Bitcoin bull Anthony Pompliano says the cash crunch demonstrates a key strength of crypto assets.

Pompliano adds,

“Imagine not being able to access your own money. Bitcoin fixes this.”

Goldman Sachs reports that investors in Hong Kong have transferred around $4 billion to neighboring Singapore amid increasingly violent protests. 

Bitcoin trading volume in Hong Kong has reached an all-time high on peer-to-peer exchange LocalBitcoins, with more than HK$12 million in BTC worth roughly $1.5 million trading in the past week.

However, not all reports attribute the BTC spike to political unrest. Dlab data scientist Matt Ahlborg reports that the BTC price surge in Hong Kong may have been due to a whale who was buying the dip.

“I looked into the Hong Kong Dollar’s (HKD) record week on LocalBitcoins last week and was put into contact with a pro trader who claims they were the counterparty to most of this volume. The trader claimed that most of the volume was caused by a single customer who conducted ‘over 30 trades’ during the week. When I asked if they knew the reason for the trades, their response was that the customer essentially ‘bought the dip’ (paraphrased)”

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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