The world is watching the protests in Hong Kong, and BitCoin seems to be playing a role. Protesters are trying to exert pressure on the Chinese economy by swapping out their Yuan for other currencies.
BitCoin is seeing a boost … up from $8K a coin in early-June when the Hong Kong protests started to $10.3K as of yesterday. That’s a pretty solid run for the cryptocurrency – up about 25% – with a lot of the trading happening through Asian brokers services.
I bought my BitCoin stake when they were selling for $4.1K about three years ago. My ‘thesis’ on the buy was that it might be a better hedge against inflation than government currency, since our deficits and debt tend to devalue the US dollar. It was also the time that Venezuela was destroying their economy and citizens were attempting to protect their wealth with the anonymous digital currency.
I certainly didn’t imagine what is happening now in Hong Kong now. I didn’t expect to see citizens attempting to weaponize the value of their own national currency by staging a sell-off. I have no idea how successful they will be, but what an unusual world of finance it has become!
Anyone else thinking about cryptocurrencies differently now?
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