Cryptocurrency hub Genesis Block has taken an active role in the ongoing Hong Kong protests, by providing water bottles and umbrellas to demonstrators funded with Bitcoin Cash.
Hong Kong Protests
According to a report by Forbes, the items were paid for with international donations made in bitcoin cash. Genesis Block, which operates cryptocurrency ATMs in the region, included BCH QR codes on the supplies to allow protestors to further contribute. The umbrellas were given as a symbolic nod to the 2014 ‘Umbrella Revolution’ in Hong Kong, during which hundreds of thousands of residents took to the streets in protest.
The current movement has extended into its eleventh week of protest, with an estimated 1.7 million people–roughly 25% of the population of Hong Kong–participating in the demonstrations over the weekend.
Hong Kong Develops Bitcoin Premium as Protests Continue https://t.co/1fT8FJpsBt #HongKong #Bitcoin #Crypto #Argentina
— CryptoGlobe (@CryptoGlobeInfo) August 14, 2019
Cryptocurrency advocates have been taking an interest in the region’s struggle for autonomy against China, with many seeing a connection to using decentralized currencies in lieu of national fiat. Data from P2P bitcoin exchange LocalBitcoins shows that citizens of Hong Kong are paying an average of $300 or more in premium to purchase bitcoin.
The ongoing struggle in Hong Kong has also contributed to the brewing atmosphere of distrust in centralized systems, which some analysts are predicting will help adoption for crypto.
A report from Delphi Digital at the beginning of the month called these global economic factors a potential “perfect storm” for the price of bitcoin leading into the second half of the year.