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Large amounts of gold fleeing Hong Kong! Max Keiser: Only Bitcoin can let you take it with you

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Large amounts of gold fleeing Hong Kong! Max Keiser: Only Bitcoin can let you take it with you

According to reports, nearly 10% of high-net-worth individuals in Hong Kong have moved their gold holdings out of Hong Kong. Prominent Bitcoin supporters, however, point out that the escalating tensions in Asia highlight Bitcoin's functionality as a store of value and a tool for cross-border fund transfers, attributing this as a major factor in Bitcoin's surge to $12,000.

Large Amount of Gold Flees Hong Kong

According to a report by the Financial Times on August 7th, over the past twelve months, nearly 10% of investors in Hong Kong have moved their holdings of gold outside of Hong Kong due to geopolitical uncertainties and chaotic anti-government actions. Joshua Rotbart, head of the Hong Kong-based gold trader J Rotbart & Co, stated that many clients now perceive greater risks in Hong Kong compared to other jurisdictions, leading to a swift reaction from Hong Kong residents to store their gold elsewhere following the passing of the National Security Law.

From the first half of 2019 to 2020, burglary cases in Hong Kong have increased by 47%, indicating the risks of keeping precious metals in Hong Kong. Ronan Manly, precious metals analyst at Singapore's BullionStar, mentioned in an interview with the Financial Times:

"Investors are moving gold from Hong Kong to Singapore because they dislike risks and uncertainties. These external factors weigh on the minds of gold holders with concerns over asset security and property rights."

During times of geopolitical turmoil, gold and other precious metals remain popular among the public. However, a prominent Bitcoin supporter recently pointed out that the escalating tensions in Asia reflect the functionality of Bitcoin as a store of value and a tool for cross-border fund transfers, citing this as a major factor in Bitcoin's rise to $12,000.

Only Bitcoin Can Be Carried Anywhere

Max Keiser, a well-known Bitcoin advocate and host of the "Keiser Report" on RT, pointed out in a tweet on August 10th that Bitcoin is the most reliable way to transfer funds abroad. According to Keiser, due to the impact of geopolitical tensions on the market, many Asians are using Bitcoin to move capital from Asia to other countries.

Keiser believes that when comparing Bitcoin to gold (one of the world's most popular safe-haven assets), Bitcoin is one of the ways to move assets abroad. Keiser stated:

"No other form of asset allows you to carry it with you. (Almost impossible with gold.)"