â€˜Capital Flight out of Asia Is Taking Bitcoin Expressâ€™ Says Max Keiser
Bitcoin is one of the few ways to move an entire fortune abroad, Bitcoin bull Max Keiser says.
Max Keiser, a famous American broadcaster and known Bitcoin bull, is confident that rising tensions in Asia are one of factors for Bitcoinâ€™s rally up to $12,000.
â€œYou canâ€™t take it with you, unless itâ€™s Bitcoinâ€�
In an Aug. 10 tweet, Keiser argued that Bitcoin is a solid method to move big amounts of money abroad while crossing borders. According to Keiser, a number of people in Asia are using Bitcoin to move their money out of the continent as geopolitical tensions risk affecting markets. â€œCapital flight out of Asia taking the Bitcoin express,â€� Keiser wrote.
Comparing Bitcoin to gold â€” one of the world’s most popular safe-haven assets, Keiser argued that Bitcoin is one of the few ways to move a fortune abroad. Keiser said, â€œYou canâ€™t take it with you, unless itâ€™s Bitcoin – then you can take IT ALL with you. (Something near impossible with gold).â€� The news comes amid reports of Chinese citizens illegally crossing into the United States with $28,000 worth of gold bars.
#Bitcoin up as tensions rise in Asia
Capital flight out of Asia taking the #Bitcoin express
You canâ€™t take it with you, unless itâ€™s Bitcoin – then you can take IT ALL with you
(Something near impossible with Gold)
â€” Max Keiser (@maxkeiser) August 10, 2020
Security law triggers Hong Kong to dump gold for â€œsomething elseâ€�
While Keiser did not clarify exactly which situation he was referring to, the Financial Times reported on Aug. 7 that Hong Kongâ€™s wealthy are moving large amounts of their gold out of the financial hub after Beijing imposed a new national security law on the city in July 2020.
Joshua Rotbart, head of J Rotbart & Co, a Hong Kong-based gold dealer and storage provider, reportedly said that after the national security law was passed, there could be â€œimmediate response from Hong Kong residentsâ€� asking to store gold â€œsomewhere else.â€�
Earlier in July, Cointelegraph reported that major global banks like Credit Suisse and HSBC were limiting services to Hong Kong clients amid the ongoing protests over China-backed national security law.
Last week, another Bitcoin bull, Anthony â€œPompâ€� Pompliano, predicted that Bitcoin will eventually become a bigger market than gold thanks to its superior digital nature.
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