Capital flight out of Asia is taking over Bitcoin Express,” says Max Keizer
Capital flight out of Asia is one of the main reasons for Bitcoin (BTC) to hit new 2020 highs in August, a leading Bitcoin proponent believes.
Max Keizer, a famous American broadcaster and well-known Bitcoin bull, is confident that rising tensions in Asia are one of the factors for Bitcoin’s rally to $ 12,000.
“You can’t take it with you, unless it’s Bitcoin”
In an August 10 tweet, Keizer argued that Bitcoin is a solid method for moving large amounts of money abroad while crossing borders. According to Keizer, various people in Asia are using Bitcoin to get their money off the continent, as geopolitical tensions risk affecting markets. “Capital flight out of Asia by taking the Bitcoin express,” Keizer wrote.
Comparing Bitcoin to gold, one of the most popular safe-haven assets in the world, Keizer argued that Bitcoin is one of the few ways to move a fortune abroad. Keizer said, “You can’t take it with you, unless it’s Bitcoin, then you can take it ALL with you.” (Something almost impossible with gold.) “The news comes amid reports of Chinese citizens illegally crossing into the United States with gold bullion worth $ 28,000.
Security law makes Hong Kong dump gold for “something else”
While Keizer did not clarify exactly what situation he was referring to, the Financial Times reported on Aug. 7 that Hong Kong’s wealthy are taking large amounts of their gold out of the financial center after Beijing imposed a new National Security Law on the city. in July. 2020.
Joshua Rotbart, director of J Rotbart & Co, a Hong Kong-based gold storage provider and distributor, said that after the national security law was passed, there could be an “immediate response from Hong Kong residents.” asking to store gold “elsewhere.”
In early July, Cointelegraph reported that major global banks such as Credit Suisse and HSBC were limiting services to Hong Kong clients amid ongoing protests over the China-backed National Security Law.
Last week, another Bitcoin bull, Anthony “Pomp” Pompliano, predicted that Bitcoin will eventually become a larger market than gold thanks to its superior digital nature.
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