Hong Kong newspaper The Apple Daily recently published a full-page advertisement about Bitcoin. According to the translations, the advertisement reads, “Banks failed me and kicked me today”. After the Bitcoin symbol, the advertisement continues in English. It says, “Bitcoin will never leave you.” The ad continued with a text stating that Bitcoin cannot be closed or controlled by a government or company.
— Larry Salibra (@larrysalibra) August 24, 2020
Bitcoin (BTC) Establishment Purpose Explained
The text also touched on the Genesis Block and 2008 financial crisis that took place at the time Bitcoin was founded. The Apply Daily, an independent newspaper based in Hong Kong, came to the fore when its CEO Jimmy Lai was arrested on August 10 for violating the recently passed National Security Act. He was later released. Some people have suggested that the Bitcoin ad was referring to those who threatened to close the newspaper.
Some responses on Twitter questioned how the Hong Kong dollar could be exchanged for cryptocurrency given the current state of the country. Users have learned to use foreign crypto exchanges and p2p exchanges to support the ecosystem in addition to using physical cash.
While US-based users continue to be the largest Bitcoin hodlers, many countries have experienced an increase in the use of Bitcoin in situations that point to political uncertainty.
In the news earlier this year, Argentines were investing more pesos for Bitcoin due to inflation concerns. Volume has increased by 1,028% in Argentine pesos, 407% in BTC and 139% in USD terms since 2018, according to Arcane Research. Still, while Bitcoin may have potential use cases in these countries, some people don’t want Bitcoin to become a political tool.