A vocal Bitcoin and Tron supporter, Misha Lederman, founder of IamDecentralized.org and CCO at BeatzCoin that powers the VibraVid platform for content monetization, has tweeted a screenshot of a chart that shows another milestone for Bitcoin that BTC is gaining slowly but surely.
Due to the recent strikes in Hong Kong over the extradition law, demand for Bitcoin has surged and ATMs in the streets have run out of cash. The weekly trading volume of BTC has reached an all-time-high.
Local Weekly Bitcoin Volume in Hong Kong spikes to All Time High since ATMs run out of cash as withdrawals accelerate in response to unabated protests & political instability— Misha Lederman (@mishalederman) October 7, 2019
Global & domestic political instability directly correlates w/ higher demand for #Bitcoin. Simple math. pic.twitter.com/9U03h0TQsp
Despite the current decrease in the Bitcoin price, the ‘father crypto’ stays popular in the regions with political instability or economic recession and hyperinflation, such as Venezuela.
On the other hand, the CEO of the Morgan Creek Capital, Mark Yusko, stated in a recent interview that the Bitcoin fundamentals have improved and it is time to ‘buy it’. The price drops and it is another reason to increase your Bitcoin stash, he says.
What are your thoughts on the exposure of Bitcoin in Hong Kong due to the current political situation? Feel free to share them in the comments below!