Sorry, but the Hong Kong Riots Aren’t Causing Bitcoin to Rise

Reading Time: 2 minutes

Over in Hong Kong, residents are rioting against the system as they seek to oppose a new bill that the government is trying to push through. John Lee – Secretary for Security – proposed the Fugitive Offenders and Mutual Legal Assistance in Criminal Matters Legislation (Amendment) Bill back in February, and since then Hong Kong residents have thrown their toys out of the pram.

With widespread riots and protests shutting down the region’s airport, many people are hypothesizing that these riots are linked to the recent uptick in Bitcoin’s price. However, it’s very unlikely that the two events are linked, it’s more of a mere coincidence.

Confused Protesters

The riots originally began as a protest against this new bill, but as the days roll on, more and more protestors have joined the riots for different reasons. A new wave of pro-privacy protestors are now on the scene and are rioting over the government taking away their privacy. This has nothing to do with the real reason behind the protests, and it’s these protestors that have turned the peaceful demonstrations into all-out war with the police.

But, Bitcoin is On the Rise?

Sure, Bitcoin might be on the rise and there is a huge premium on Bitcoin in China, but that’s down to the US/China trade war. US companies that provide goods and services in China are being forced to cut off their support for China, forcing Chinese citizens to buy Bitcoin in order to access these goods and services. The Bank of China also produced an almanac on Bitcoin, further adding to the huge demand for Bitcoin in the country. It’s these factors that are driving Bitcoin adoption and adding a premium on the price of Bitcoin in the country, rather than riots in Hong Kong.

Does Privacy Really Matter?

A large portion of protestors are claiming that the Fugitive Offenders and Mutual Legal Assistance in Criminal Matters Legislation (Amendment) Bill is reducing their freedom and privacy, but is it really? The bill is designed so that the authorities can detain and extradite people who are wanted in countries that Hong Kong has no legal relationship with – nothing at all to do with reducing citizen’s privacy. If these rioters truly care about privacy and not having the government snooping on them, they wouldn’t be using smartphones, instant messaging apps, or bank accounts.

The riots in Hong Kong are turning deadly, as protestors become more aggressive, losing sight of the true goals and cause of the protests in the process. Whether these riots will roll on for months or not remains to be seen, either way Bitcoin will continue to rise in value and trade at a premium in the country.