Bitcoin Eyes Demand as Hong Kong Protestors Announce Bank Run

Bitcoin is hoping to become a hot property in Hong Kong.

The region’s political crisis has swept over its banking sector, which is now seeing protestors withdrawing large bundles of cash out of ATMs.

The move is the latest tactic to reduce People’s Bank of China’s influence on the Hong Kong economy. Protestors have warned that they would withdraw as much Hong Kong dollars (HKG) as they can. They would further exchange their cash holdings for the US dollar as a strategy to protect their assets and to show the Chinese government that they are in full control.

Cryptocurrency evangelists believe the disturbing scenario could fuel bitcoin’s demand in Hong Kong. Influential Twitterati Rhythm Trader said on Wednesday that protestors would eventually want to park their cash in non-sovereign assets like bitcoin.

BREAKING: Hong Kong activists are calling for a run on Chinese banks tomorrow, asking that everyone withdraw their money on the same day.

One of the best ways to peacefully protest, the next step is buying bitcoin!

— Rhythm (@Rhythmtrader) August 15, 2019

HK$70 Million Out of Chinese Banks, Already

The Hong Kong student who launched the “peaceful protest” claimed that protestors have already withdrawn more than HK$70 million. Meanwhile, many participants shared their withdrawal receipts on a Telegram channel dedicated to Hong Kong protests, which has over 1,500 members already.

“This may work because Carrie Lam and the PRC care much about the economy,” the Hong Kong student told Insider, adding that he and others like him would stop if the Chinese government fulfills their five demands. They are:

“Completely withdraw the extradition bill; retract the proclamation that the protests were riots; withdraw criminal charges against all protesters; thoroughly investigate abuse of powers by the police; dissolve the Legislative Council by administrative order, and immediately implement dual universal suffrage.”

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