Inside China Business Bitcoin and the BRICS will make Hong Kong the biggest financial center in the world
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Hong Kong is rapidly building its banking and trading systems to compete as a major hub for Bitcoin and other cryptocurrencies.
But the objectives for China, and Hong Kong’s advantages as a major financial center, do not necessarily involve crypto speculation by hedge funds and wealth managers. Instead, Hong Kong will serve as the banking center for companies and countries that use Bitcoin for real business activities, and the trade of tangible products and actual services.
Most of the world’s natural resources economies can profitably mine Bitcoin, based on recent market prices. To do so, they need access to capital equipment that produces power, and Bitcoin rigs that convert electricity to crypto. China has most of the world’s market share in that equipment.
Countries also need a banking system that is removed from US and European banking regulators, which has built the regulatory and functional frameworks for using Bitcoin to freely buy and sell, and one that allows for easy access to China’s giant industrial and factory sectors.
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Video transcript and direct links:
Electricity Costs to Mine 1 Bitcoin at Home, Around the World
China has a Trojan Horse in US Bitcoin mining infrastructure
Current market price, Bitcoin (BTC)
Bloomberg, Sanctioned Russian LNG Ship Fails Four-Month Quest for Buyer
Zerohedge, Sanctioned Russian LNG Shipment Travels Around World, Finds No Buyers
Reuters, Russia is using bitcoin in foreign trade, finance minister says
South China Morning Post, Hong Kong is becoming hub for financial crime, US lawmakers say
Hong Kong Gives Green Light for Four More Crypto Exchanges
Pitchbook, Hong Kong follows US to propose crypto tax breaks
10 Best Bitcoin Mining Machines in 2024
Why Hong Kong has grown into a crypto hub — CEO of WOW Summit
Hong Kong proposes tax breaks to attract crypto hedge funds, investors
The Bitcoin Halving: What it Is And Why it Matters
Top 50 Global Heavy Electrical Equipment Manufacturers
U.S. 10 Year Treasury
Bitcoin Price Chart - 6 Month Price History BTC to USD
Closing scene, Qingdao, Shandong province
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