Protesters in Hong Kong have taken to a new non-violent tactic, withdrawing cash in mass from ATMs and banks and converting it to U.S. dollars\u2014foreshadowing things to come for Bitcoin.<\/p>\n
On Aug. 16, protesters in Hong Kong announced plans to withdraw their cash from the banking system in protest of overreach from mainland China, reported<\/a> Business Insider. Bitcoin may play a key role in these kinds of protests in the near future.<\/p>\n The demonstration, said organizers, is meant to protect people\u2019s wealth from the possibility of devaluation following a mainland military crackdown while reasserting the freedom of Hong Kong\u2019s independent financial regime.<\/p>\n Protests began in response to an extradition bill ordered by Hong Kong chief executive Carrie Lam. The bill would have allowed case-by-case transfers of fugitives to jurisdictions without extradition treaties with the city\u2014including mainland China.<\/p>\n The inclusion of mainland China in the treaty is a major concern for pro-independence activists. In part, people fear that Hong Kong\u2019s judiciary would be abused by the Communist party via the treaty, potentially using the treaty to eliminate political opponents and dissidents who were previously out of reach in Hong Kong.<\/p>\n And, those fears are not unsubstantiated. When Xi Jingping rose to power in 2012 the space for dissenters shrunk substantially. Human rights activists say forced \u2018disappearances\u2019 have been on the rise<\/a>, while the BBC described<\/a> the Communist Party\u2019s control becoming \u201ctougher and more systematic.\u201d<\/p>\n As a result, there is a very real concern that the inclusion of an extradition treaty could lead to more overreach from the mainland.<\/p>\n However, as protests turned into clashes with police, mainland China started to flex its military strength\u2014seemingly to intimidate Hongkongers into submission. State run media outlets ran videos<\/a> of military vehicles amassing near the border of the city. Military buildup was reaffirmed in a tweet from President Donald Trump:<\/p>\n Our Intelligence has informed us that the Chinese Government is moving troops to the Border with Hong Kong. Everyone should be calm and safe!<\/p>\n — Donald J. Trump (@realDonaldTrump) August 13, 2019<\/a><\/p><\/blockquote>\nBackground on the Hong Kong extradition protests<\/h2>\n
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