{"id":433720,"date":"2020-08-07T20:00:15","date_gmt":"2020-08-07T20:00:15","guid":{"rendered":"https:\/\/wncen.com\/?p=433720"},"modified":"2024-06-11T14:06:13","modified_gmt":"2024-06-11T14:06:13","slug":"hong-kong-wealthy-move-gold-offshore-for-security-why-bitcoin-is-the-fix","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/hong-kong-wealthy-move-gold-offshore-for-security-why-bitcoin-is-the-fix\/","title":{"rendered":"Hong Kong Wealthy Move Gold Offshore: Why Bitcoin Is Better"},"content":{"rendered":"

Precious metal<\/a> dealers in the political and protest torn Hong Kong claim that the wealthy are moving gold offshore following a new security law passed by Beijing in July.<\/p>\n

Investors fearing that their wealth is at risk and must be stored out of arm’s reach is a sign that the wealthy are ready for the digital age of gold, powered by a budding new asset called Bitcoin.<\/p>\n

Hong Kong FUD Prompts Wealthy To Move Gold Offshore Over Safety Concerns<\/h2>\n

New laws in Hong Kong imposed by China have prompted the wealthy to move gold out of the country’s financial hub and to safer havens like Switzerland, Singapore, and more.<\/p>\n

The trend first began last year, according to local metals dealers, as protests began sweeping the nation and political tensions boiled over.<\/p>\n

Related Reading | Silver Fractal: Are Crypto Altcoins On the Cusp of an Explosive Surge?<\/a><\/strong><\/em><\/p>\n

The factors promote investors moving capital into safe haven assets like gold, silver, and recently, Bitcoin and cryptocurrencies<\/a>. But holding precious metals carries risks not associated with crypto assets, such as physical theft.<\/p>\n

“Investors are moving gold from Hong Kong to Singapore because they don’t like the risk and uncertainty,” metals analyst Ronan Manly told FT<\/a>. <\/span>“This could, in the mind of gold holders, snowball into concerns about safety of bullion and certainty of property rights.”<\/p><\/blockquote>\n

For the wealthy concerned with safety and property rights, but want a similar asset to gold, Bitcoin is the answer.<\/p>\n

\"bitcoin<\/p>\n

Bitcoin and Gold Climbing Together In 2020 | Source: TradingView<\/a><\/pre>\n
How Bitcoin Is The Best Insurance Policy For Political and Economic Chaos<\/h2>\n
Bitcoin was designed by Satoshi Nakamoto<\/a> as a peer-to-peer digital form of cash, but also to include several similarities with gold. Satoshi sought to make the cryptocurrency part commodity or “collectible” and coded a hard cap into the asset’s supply.<\/span><\/p>\n
Only 21 million BTC will ever exist. Even less are circulating today, and millions may be lost or locked away for good. There are risks involved in custody of crypto assets include total loss and the responsibility of having to be your own bank. However, it also means that no third-party can ever access the assets without directly having possession or knowledge of a private key.<\/p>\n
Related Reading | Why Bitcoin is the Best Insurance Policy For Long-Term Wealth Preservation<\/a><\/strong><\/em><\/p>\n
Digital ownership through cryptography is a safe and secure way to protect property rights. Bitcoin also exists only digitally, lacking a physical form that is put at risk by earthly actors, like thieves, family members, or the government’s strong arm.<\/p>\n
It is for these very reasons, that Bitcoin is the ideal solution for the situation taking place in Hong Kong currently, and highlights how the future environment may be ideal for cryptocurrencies. Inflation of the dollar, contactless payment preference, and several other sudden changes in the mainstream market could see a surge in usage and adoption in Bitcoin.<\/p>\n
Gold shares none of these attributes but has been used for centuries for the similarities it does share with crypto. In today’s digital age, economic uncertainty, and political unpredictably, Bitcoin remains the best insurance policy for the future<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"
Precious metal dealers in the political and protest torn Hong Kong claim that the wealthy are moving gold offshore following a new security law passed by Beijing in July. Investors fearing that their wealth is at risk and must be stored out of arm’s reach is a sign that the wealthy are ready for the digital age of gold, powered by a budding new asset called Bitcoin. Hong Kong FUD Prompts Wealthy To Move Gold Offshore Over Safety Concerns New laws in Hong Kong imposed by China have prompted the wealthy to move gold out of the country’s financial hub and to safer havens like Switzerland, Singapore, and more. The trend first began last year, according to local metals dealers, as protests began sweeping the nation and political tensions boiled over. Related Reading | Silver Fractal: Are Crypto Altcoins On the Cusp of an Explosive Surge? The factors promote investors moving capital into safe haven assets like gold, silver, and recently, Bitcoin and cryptocurrencies. But holding precious metals carries risks not associated with crypto assets, such as physical theft. “Investors are moving gold from Hong Kong to Singapore because they don’t like the risk and uncertainty,” metals analyst Ronan Manly told FT. “This could, in the mind of gold holders, snowball into concerns about safety of bullion and certainty of property rights.” For the wealthy concerned with safety and property rights, but want a similar asset to gold, Bitcoin is the answer. Bitcoin and Gold Climbing Together In 2020 | Source: TradingView How Bitcoin Is The Best Insurance Policy For Political and Economic Chaos Bitcoin was designed by Satoshi Nakamoto as a peer-to-peer digital form of cash, but also to include several similarities with gold. Satoshi sought to make the cryptocurrency part commodity or “collectible” and coded a hard cap into the asset’s supply. Only 21 million BTC will ever exist. Even less are circulating today, and millions may be lost or locked away for good. There are risks involved in custody of crypto assets include total loss and the responsibility of having to be your own bank. However, it also means that no third-party can ever access the assets without directly having possession or knowledge of a private key. Related Reading | Why Bitcoin is the Best Insurance Policy For Long-Term Wealth Preservation Digital ownership through cryptography is a safe and secure way to protect property rights. Bitcoin also exists only digitally, lacking a physical form that is put at risk by earthly actors, like thieves, family members, or the government’s strong arm. It is for these very reasons, that Bitcoin is the ideal solution for the situation taking place in Hong Kong currently, and highlights how the future environment may be ideal for cryptocurrencies. Inflation of the dollar, contactless payment preference, and several other sudden changes in the mainstream market could see a surge in usage and adoption in Bitcoin. Gold shares none of these attributes but has been used for centuries for the similarities it does share with crypto. In today’s digital age, economic uncertainty, and political unpredictably, Bitcoin remains the best insurance policy for the future.<\/p>\n","protected":false},"author":517,"featured_media":433730,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,1144,78790,6664,2209,2359,4524,76835],"class_list":["post-433720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-gold","tag-hong-kong","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nHong Kong Wealthy Move Gold For Security, Why Bitcoin Is The Fix<\/title>\n<meta name=\"description\" content=\"Here's why Bitcoin is the answer to growing concerns about safety and security in Hong Kong that's prompting the wealthy to move gold 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Hong Kong Wealthy Move Gold Offshore: Why Bitcoin Is Better","url":"http:\/\/wncen.com\/news\/hong-kong-wealthy-move-gold-offshore-for-security-why-bitcoin-is-the-fix\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/hong-kong-wealthy-move-gold-offshore-for-security-why-bitcoin-is-the-fix\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/gold-bitcoin-gun-fix-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/gold-bitcoin-gun-fix-scaled.jpg?fit=2560%2C1709"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","gold","hong kong","xbt","xbtusd"],"dateCreated":"2020-08-07T20:00:15Z","datePublished":"2020-08-07T20:00:15Z","dateModified":"2024-06-11T14:06:13Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Hong Kong Wealthy Move Gold Offshore: Why Bitcoin Is Better\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/hong-kong-wealthy-move-gold-offshore-for-security-why-bitcoin-is-the-fix\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/hong-kong-wealthy-move-gold-offshore-for-security-why-bitcoin-is-the-fix\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/gold-bitcoin-gun-fix-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/gold-bitcoin-gun-fix-scaled.jpg?fit=2560%2C1709\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"gold\",\"hong kong\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2020-08-07T20:00:15Z\",\"datePublished\":\"2020-08-07T20:00:15Z\",\"dateModified\":\"2024-06-11T14:06:13Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/gold-bitcoin-gun-fix-scaled.jpg?fit=2560%2C1709","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/433720"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=433720"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/433720\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/433730"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=433720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=433720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=433720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}