The financial system in Hong Kong is on the brink of collapse causing Bitcoin Volume to spike as the ongoing protest in the province drifts the Asian financial caliphate to the point of its first recession in a decade, a surprising action allegedly orchestrated by the U.S. government.
China is general facing protest and stiff economic issues this time around, resulting in locals making use of Bitcoin as their last resort. Evidence from the LocalBitcoins site indicates that the Chinese are adopting Bitcoin massively due to the ongoing bank issues and the seemingly unending protest in Hong Kong.
Obvious from the data pulled from LocalBitcoins, the weekly volume of Bitcoin has increased to its all-time high, an indication that Bitcoin users have increased in the country.
Image Credit: Coin Dance.
There are allegations that the U.S government is behind the protests, but Donald Trump has promised to not intervene in the democratic protest despite the dispute between the two countries.
Remember that the U.S and China are entangled in a trade war that has negatively affected the two economically giant countries.
This past week, Hong Kong recorded the highest Bitcoin trading volume in its history, giving hope that this week may even double.
Behind the Bitcoin Spike
Information gathered shows that protesters and locals, in general, are looking to circumvent the alleged spy actions by the Chinese government, making them look elsewhere to execute trade and keep their funds.
With this, protesters are trying to go out of the reach of government, hence the Bitcoin volume spike. In the past week alone, LocalBitcoins recorded close to $13M HKD.
Political and economic instability anywhere in the world, especially in key regions, helps heighten the usage of Bitcoin with the possibility of surging BTC price.
It seems Bitcoin is on the verge of reclaiming its lost glories. After the digital currency went below $8000 in throughout the weekend, BTC is now trading above $8000 with other digital assets appearing to follow the trend.
Ripple, for example, has seen close to 10 percent price increase in the last 24 hours, a sign altcoins are getting set for a bull cycle.