Capital flight from Asia is one of the main reasons why Bitcoin (BTC) reached new highs in August 2020According to a leading Bitcoin lawyer.
Max Keizer, a famous American broadcaster and well-known Bitcoin optimist, He is confident that mounting tensions in Asia will be one of the factors under which Bitcoin will hit $ 12,000.
“You can’t take it with you unless it’s bitcoin”
In one Tweet on August 10, Keizer argued that Bitcoin is a solid method of moving large amounts of money overseas when crossing borders. According to Keizer Various people in Asia are using Bitcoin to remove their money from the continent as geopolitical tensions can affect markets. “Capital flight from Asia is taking the Bitcoin Express,” wrote Keizer.
Keizer compared Bitcoin to gold, one of the most popular safe havens in the world Bitcoin is one of the few ways to get a fortune abroad. Keizer said, “You can’t take it with you unless it’s Bitcoin … in which case you can take EVERYTHING with you (almost impossible with gold).” The news comes amid reports of Chinese nationals illegally entering the United States with gold bars valued at $ 28,000.
#Bitcoin rising as tensions in Asia persist
Capital flight from Asia by express #Bitcoin
You can’t take it unless it’s bitcoin; In this case, you can take anything.
(Something almost impossible with gold)
– Max Keizer (@maxkeiser) August 10, 2020
Security Act makes Hong Kong gold for “something else”
Although Keizer didn’t make it clear exactly what situation he was referring to, the Financial Times reported on it on Aug. 7 The rich in Hong Kong are pulling large amounts of their gold from the financial center after Beijing imposed a new national security law on the city in July 2020.
Joshua Rotbart, head of J Rotbart Co, a Hong Kong-based gold dealer and storage provider, said so After the national security law is passed, there may be “an immediate response from Hong Kong residents” asking that the gold be stored “elsewhere.”
Cointelegraph reported on this in early July Large global banks like Credit Suisse and HSBC limited their services to clients in Hong Kong as protests continued against the China-backed national security law.
Another Bitcoin uptrend last week, Anthony “Pomp” Pompliano predicted that thanks to its superior digital nature, Bitcoin will eventually become a bigger market than gold.
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