- According to CryptoLark, Hong Kong will bring massive funds to Bitcoin.
- Many activities relating to Bitcoin are going on in Hong Kong.
- The cryptocurrency community is reacting positively to these developments.
Lark Davis, also known by his moniker CryptoLark, who is a supporter of Bitcoin and a cryptocurrency educator claims that Hong Kong is set to bring large amounts of Chinese money to Bitcoin.
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This comes in the wake of a myriad of operations relating to Bitcoin that has been going on in the special administrative area of China.
For instance, CryptoLark sites recently launched bitcoin and ether ETFs that raised nearly $79 million on their debut on the Hong Kong stock exchange. A press release said that trading of these exchange-traded funds (ETFs) had begun on the Hong Kong Stock Exchange on December 16. According to CSOP, these ETFs will be the first to offer bitcoin and ether futures in Asia.
Second, on January 13, the Samsung Bitcoin Futures Active ETF, which offers mainstream access to indirect BTC price exposure, began trading in Hong Kong. According to Fortune Korea, the fund plans to invest in bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME) in an effort to achieve returns that are comparable to spot BTC.
Third on CryptoLark’s list is the announcement by Singapore’s largest bank, DBS, that it is applying to Hong Kong regulators for permission to provide cryptocurrency services to local consumers. The demand for the bank’s bitcoin (BTC) trading service increased by a factor of four in comparison to the previous year.
Finally, Interactive Brokers (IBKR), in conjunction with crypto exchange OSL Digital Securities, has launched cryptocurrency trading in Hong Kong for institutional investors.
Individuals with over 8 million Hong Kong dollars (about US$1 million) in investable assets and institutions with over 40 million Hong Kong dollars (about US$5 million) in investable assets are considered qualified customers.
However, amid all these activities, it is to be seen how the general public reacts to the developments as some of them have already reacted positively in their early stages.
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