Insiders raise wild speculation that 'absolutely massive' price earthquake in China could be about to hit Bitcoin and cryptocurrencies

Bitcoin recovered after a surprise sell-off last week, rebounding along with a surprise from BlackRock's Bitcoin exchange-traded fund (ETF).

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The price of Bitcoin has risen 15% since it fell to lows of $56,000 per bitcoin last week thanks to “hidden money printing” that Tesla billionaire Elon Musk believes could contribute to the collapse of the US dollar.

Now, with rumors swirling on Wall Street that the floodgates to Bitcoin ETFs may be about to open, an insider has claimed that Hong Kong's new Bitcoin ETFs may be about to experience a major earthquake.

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Forbes Bitcoin Price Alert: BlackRock Insider Reveals Surprising Benefit for Sovereign Wealth Funds After ETF Boom By Billy Bambrough

Hong Kong, a special administrative region in China, has seen the emergence of a handful of spot bitcoins and… [+] Exchange-traded funds (ETFs) launched last week, on the heels of Wall Street Bitcoin ETFs that started a significant rise in Bitcoin prices.

© 2024 Bloomberg Finance LP

“I just got back from Hong Kong. There's talk of that [bitcoin and ethereum] ETFs can be added to Stock Connect,” Richard Byworth, managing partner at SyzCapital, posted to X. “The implications of this are absolutely massive, and it basically means mainland [China] “Money can buy it.”

Stock Connect serves as a link between mainland China's markets and the Hong Kong Stock Exchange, allowing eligible investors from one market to access eligible shares in another market at a specified quota.

Byworth was responding to Samson Mo, the former chief strategy officer at bitcoin developer Blockstream who worked with El Salvador on bitcoin adoption, who posted: “I think you guys should be a little more optimistic,” referring to a report that Hong “acquired a ChinaAMC fund.” Bitcoin traded in Hong Kong for $121 million on its first trading day.

Last week, Bosera Asset Management's Hong Kong units, Harvest Global Investments and China Asset Management (ChinaAMC), launched two ETFs to track Bitcoin and Ethereum prices.

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“A Huge Forbes Disaster” – Congress Just Introduced a Game-Changing Bill That Could Blow Up the Price of Bitcoin and the Cryptocurrency MarketBy Billy Bambrough

Bitcoin prices have skyrocketed over the past year, surpassing an all-time high… [+] Helping the Ethereum, XRP and cryptocurrency market recover from the price collapse in 2022.

Forbes digital assets

Despite the funds' big launch, their debut was considered “tepid” and was well below the $4.6 billion recorded on the first trading day of spot bitcoin ETFs on Wall Street in January.

“On the one hand, you can argue that overall interest in cryptocurrencies is higher in Asia, so there must be many investors interested in these spot ETFs,” Anthony Pompliano, founder of Pomp Investments, wrote in his email newsletter.

“On the other hand, you could argue that the larger number of Asian users means that people in the region have already allocated to local assets, leading to lower interest in publicly traded funds.”

Sources 1/ https://Google.com/ 2/ https://www.forbes.com/sites/digital-assets/2024/05/06/insider-sparks-wild-speculation-an-absolutely-enormous-china-price-earthquake-could-be-about-to-hit-bitcoin-and-crypto/ The mention sources can contact us to remove/changing this article

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