Bitcoin Asia, a cryptocurrency conference held in Hong Kong, was a major success with over 5,500 attendees. Surprisingly, half of the participants came from mainland China, where cryptocurrency has been banned for years. The event, organized by BTC Inc., the company behind the renowned Bitcoin Conference in Miami, featured notable speakers such as Benjamin Yi, the executive chairman of Riot Platforms, James Check from Glassnode, and Kevin Zhang from Foundry. The main attraction of the conference was the recently launched crypto ETFs, which drew the interest of most investors.
Despite the Chinese government’s crackdown on crypto, the large number of attendees from mainland China shows that there is still immense interest in cryptocurrency within the country. Hong Kong, being a special administrative region with some level of autonomy, has become a favorable destination for crypto investors due to its friendly regulations. The city-state recently launched Ethereum and Bitcoin spot ETFs, putting it on par with the US. However, the Hong Kong ETFs have not been able to generate the same level of interest and investment as their US counterparts.
The conference highlighted the role of Hong Kong as a conduit for Chinese investors looking to diversify from stocks and real estate into cryptocurrency. Ben Gagnon, the chief mining officer at Canadian miner Bitfarms, believes that Hong Kong can become a safe and regulated bridge for Chinese investors to enter the crypto ecosystem. This is particularly significant considering the recent regulations implemented in the city-state.
The ETFs were a major topic of discussion at the conference, and BTC Inc. CEO David Bailey believes that Hong Kong will become a significant player in the crypto ETF industry. While the Hong Kong ETFs have had a disappointing run so far, Han Tongli from Harvest Global Investments, one of the issuers, is confident in their potential and claims that they can surpass the US ETFs.
Overall, the success of Bitcoin Asia and the interest from Chinese investors demonstrate the continued growth and importance of cryptocurrency, despite regulatory challenges. Hong Kong’s friendly regulations and the launch of ETFs position the city-state as a key player in the crypto industry, with potential for further development and investment opportunities.