Could Bitcoin Replace the Dollar?
People continue to ask if Bitcoin will replace the dollar. They believe that the recent surge in Bitcoin indicates that it will topple the USD as the world’s reserve currency, [...]
Hong Kong Withdraws Controversial Bill
Hong Kong leader Carrie Lam said that she will withdraw a controversial extradition bill that has sparked months of mass protests. The Hang Seng index rallied around 4%. The bill has been withdrawn after it really became clear that Hong Kong could lose its financial position in Asia to Singapore had Chinese troops intervened.
I have been in Asia for this crisis. Clients on both sides of the controversy were deeply concerned that capital was beginning to flee due to concerns over a troop invasion that could have a tremendous impact on the future stability of Hong Kong in the world financial system.
The bill’s withdrawal has been a major positive event for Hong Kong and the rest of Asia. The protest escalation was clearly impacting capital flows and was a major potential threat to the global stability of the economy we have been warning about over here.
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