Bitcoin’s Non-Seizability Just Made it “Very Attractive” to Over 1 Billion People: Pomp
Amidst the ongoing Hong Kong protests, ATMs in the city are running out of cash leading to currency shortage.
Hong Kong citizens are looking to convert their savings into fiat currency while HSBC owned ATMs have been found empty.
The political unrest, that has no end in sight has led to about $4 billion moved to Singapore, according to Goldman Sachs.
As previously reported by BitcoinExchanegGuide, the shortage of physical currency and political unrest has demand for BTC rising.
There has been a huge spike in OTC bitcoin trading in the city.
Bitcoin is different things to different people.
When you’re worried about your assets being seized or becoming inaccessible to you, Bitcoin’s non-seizability becomes very attractive.
This aspect of Bitcoin just became important for 1+ billion people in India & Hong Kong. pic.twitter.com/nLLaUlRpBz
— Pomp 🌪 (@APompliano) October 6, 2019
In other news, Punjab Maharashtra Co-operative Bank (PMC) of India recently restricted the withdrawal to only Rs 1,000 and prevented from granting loans.
The bank has been caught tampering the books and misreporting non-performing loans. As per the Reuters report, PMC hid the bad loans with 21,000 fictitious accounts.
The complaint says the bank's Chairman Waryam Singh and Managing Director Joy Thomas were at the center of the fraud.
The central bank of the country, The Reserve Bank of India took over PMC last week while informing about 900,000 depositors that capital controls are being placed on their accounts for six months.
Buy Bitcoin. https://t.co/8Qa8qaDMhK
— Dan Hedl (@danheld) October 7, 2019
Morgan Creek Digital’s Anthony Pomplaino says both the situations
“illuminate the importance of Bitcoin on a global scale.”
Bitcoin, the decentralized asset, provides a transparent, disciplined system and full control without the risk of the government seizing and censoring it.
Although given the fact the leading cryptocurrency is still highly volatile, these individuals are not going to place 100% of their wealth in Bitcoin.
“Bitcoin’s properties of 24/7/365 access, non-seizability, and non-censorship become much more important to people in areas where lack of access to your wealth becomes a problem,”