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0.00%Reading
Trams and major landmarks near Hong Kong’s famed banks will feature Bitcoin ads until October 8, courtesy of an initiative by a local Bitcoin non-profit.
𝗕𝗲 𝘆𝗼𝘂𝗿 𝗼𝘄𝗻 𝗯𝗮𝗻𝗸.@bitcoinorghk #Bitcoin pic.twitter.com/ti4vl2F3Uk
— Genesis Block HK (@genesisblockhk) September 11, 2020
The Bitcoin Association of Hong Kong (BAHK), a non-profit that holds meetups and promotes the use of Bitcoin in the city, is using community donations to advertise the “risks and merits of Bitcoin” via billboard ads at some areas with high footfall in Hong Kong.
“More U.S. Dollars have been printed in 2020 than were in existence in 2009. There will only ever be 21 million Bitcoin,” reads one ad, pointing to the incessant money printing in the US that has led to fears of widespread inflation in the country.
#Bitcoin ads are right in front of #HSBC headquarters in #HongKong - is this a challenge or another step forward for finanical inclusiveness? pic.twitter.com/ywPXY3x7wV
— Jay Hao @OKEx (@JayHao8) September 11, 2020
The BAHK said, in a release, “We hope the campaign will give us the opportunity to discuss how Bitcoin fits into a quickly digitizing global economy, the opportunities and dangers of drastic technological advancements, and the implications of digital, verifiable scarcity.”
Despite the year-long protests that have rocked Hong Kong, and the accompanying political instability, there's no sign of major capital flight out of the territory in either fiat or crypto to date. Data from the Hong Kong Monetary Authority, the city’s central bank, shows that as of May 2020 (the latest data available) the money supply edged up slightly while loans moved down. The authority said such fluctuations are well within “normal” ranges that correlate with regional trends in interest ra...
Carrying the Bitcoin message will be three double-decker trams—which carry over 200,000 passengers every day—and billboards near various bank headquarters, such as the HSBC, Standard Chartered, in the bank district of Chater Garden.
Despite the boldness of the move, the ads are no promotion for BAHK. Instead, they are strictly educational and even come with an attached tongue-in-cheek warning, “Your Bitcoin is your responsibility. There will be no bailouts or quantitative easing. You can verify the total supply of Bitcoin with your home computer on the blockchain.”
Leo Weese, the co-founder of the BAHK, told Decrypt the move helps drive conversation around Bitcoin in the city, one that’s marred with political instability in recent times.
Weeks after Jimmy Lai, the outspoken China critic and founder of Hong Kong tabloid Apple Daily, was arrested (and later released on bail) by authorities in Hong Kong—as part of the ongoing tussle over the controversial security law—his paper delivered a political statement involving Bitcoin. “Bitcoin will never ditch you,” said the full-page ad on the front page of Apple Daily. It further added in Cantonese, “Banks, it’s not you ditching me today. It’s me ditching you.” Today’s full-page ad on...
“There are quite a few people very enthusiastic about Bitcoin who would want to talk more about it. The ads give a good conversation starter and generally elevate the topic in public perception,” said Weese. He added that the team does not expect any backlash from the local governments or the banks for placing the ads.
Hong Kong’s no stranger to Bitcoin ads. Last month, the city’s Apple Daily newspaper took out a full-page Bitcoin ad after its founder Jimmy Lai was arrested for allegedly speaking against Chinese influence in the city.
But will Hong Kong take note?
Texas sheriffs used power tools this week in retrieving $32,000 from a Bitcoin ATM after a Jasper County family said they were scammed out of funds, according to local law enforcement. The family said it had lost $25,000 to the fraudsters. An image shared by the Jasper County Sheriff’s Office on Facebook shows sparks flying as an official uses what appears to be a circular saw to crack into a Bitcoin Depot kiosk. Other images show stacks of hundred dollar bills, evidence bags, and a gas station...
The price of Bitcoin was little changed on Friday as U.S. Federal Reserve Governor Christopher Waller argued that the U.S. central bank could start lowering interest rates as early as July. Bitcoin was recently changing hands at $104,300, flat over the past day and down 0.6% since Israel and Iran began exchanging missile attacks a week ago, according to crypto data provider CoinGecko. Ethereum was flat over the past 24 hours to trade just around $2,500, while Solana ticked up slightly. With infl...
USDC issuer Circle was buoyant in pre-market trading Friday, climbing above $236 ahead of the opening bell. That put it ahead of the $235 price target set by Wall Street research firm Seaport Global, which initiated coverage of the company today with a buy rating. But once the bell rang, the company's stock, which trades on the NYSE under the CRCL ticker, settled and is currently changing hands around $228, or 14% higher than its previous close. Seaport announced that it was initiating coverage...
