Hong Kong to Bring Massive Chinese Money to BTC: Lark Davis

  1. According to CryptoLark, Hong Kong will bring massive funds to Bitcoin.
  2. Many activities relating to Bitcoin are going on in Hong Kong.
  3. 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. 

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.

Read Also :

disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer