In November 2024, the Hong Kong Stock Exchange will launch a series of virtual asset indices. This is an eye-catching choice. After all, mainland China still prohibits Bitcoin trading, and the United States has just adapted to the existence of this virtual currency. So, in the context of profound changes in the global financial market, what does this move by Hong Kong mean? Is it going to lead the new trend of digital assets, or is it taking cautious steps in "testing the waters"? Behind this, it seems that there is an invisible competition brewing.
Since the end of 2022, Hong Kong has shown a strong attitude to catch up with the trend of virtual assets. Bitcoin and Ethereum futures ETF trading became the first substantial move for Hong Kong to promote the virtual asset market. Soon after, Hong Kong launched 6 virtual asset spot ETF products in 2023. This move undoubtedly announced to the world: "We want to take action on digital currency!" In November 2024, after the launch of the virtual asset index series, Hong Kong's virtual asset market will gradually embark on the path of "regularization".
But does all this mean that Hong Kong will fully open up the virtual currency market? Actually not! Although Hong Kong is committed to becoming Asia's leading digital asset center, its attitude is still quite cautious. Take its regulations on virtual asset trading platforms as an example. So far, only three platforms have been issued licenses, and it plans to issue more licenses before the end of the year. In other words, Hong Kong is not diving into this "bottomless" pool, but carefully "crossing the river by feeling the stones", developing while controlling risks. So why does Hong Kong dare to open up digital currency so gradually, while mainland China prohibits it so strictly?
All this ultimately comes down to the different financial strategic choices of the two places. Mainland China has chosen strong financial control, especially taking one-size-fits-all restrictive measures on virtual currency transactions such as Bitcoin and Ethereum. The reason is not difficult to understand. The decentralization and anonymity of virtual currencies make it difficult for the government to control, which undoubtedly opens a convenient door for criminals and money laundering activities. Mainland China insists on giving priority to financial stability to ensure that the market will not fluctuate due to highly speculative emerging things such as "digital assets".
In stark contrast, Hong Kong, as a global financial center, has chosen to gradually open up to the virtual asset market. Hong Kong knows that if it completely closes the door to virtual assets, it may lose an important opportunity for a new generation of investment markets. For Hong Kong, digital currencies may play a more important role in the future financial landscape, and if they do not prepare early, they will miss this financial "revolution." It can be said that although Hong Kong is "bold", this "boldness" is actually more like a careful attempt after considering the consequences in all aspects.
The story of Bitcoin is undoubtedly a legend of ups and downs. From its proposal by the mysterious figure Satoshi Nakamoto in 2008 to its official launch in 2009, the decentralized currency system such as Bitcoin has set off a global craze - but it has also brought a lot of embarrassment and risks.
In the early days of Bitcoin, due to its seemingly "independent" system, it caused panic among governments and central banks, especially in the United States. The Federal Reserve even tried to use the global monitoring system to track down the identity of Satoshi Nakamoto. You read that right. The United States was very "hostile" to this monetary system at the time. Take 2017 for example. When the price of Bitcoin skyrocketed and shocked the world, the United States once said it was "a Ponzi scheme". The subsequent regulatory crackdown was like an invisible hand, secretly curbing the circulation and trading of Bitcoin.
But in a dramatic turn, from rejection to "embrace", the US's attitude towards Bitcoin has changed dramatically in recent years. Today, the Federal Reserve is no longer trying to suppress this former "financial monster", and the United States has become one of the world's largest Bitcoin holders. What's more interesting is that in recent years, Trump has publicly stated that if he returns to the White House, he will consider listing Bitcoin as a strategic asset for the United States to repay its $35 trillion debt. Look, Bitcoin has changed from a "bad bet" to a "solution to save the United States", and the change is so great that it makes people laugh.
Moreover, the international payment system SWIFT has now accepted digital currencies, which is clearly one of the signs that Bitcoin has entered the "orthodox financial system". Once upon a time, could you imagine that Bitcoin could compete with the US dollar? But it has indeed happened. Behind the scenes, the United States has taken control of the "key" to the Bitcoin market faster than any other country.
In this drama, Satoshi Nakamoto, the mysterious figure behind Bitcoin, has become a character that people are increasingly interested in. His identity has been suspected since the birth of Bitcoin, but it has not been solved yet. What's even stranger is that his account with a large amount of Bitcoin has remained almost silent since its birth and has never participated in market transactions, making it elusive.
The US government had originally paid close attention to and tried to uncover this "mystery", but now, as the Bitcoin market has gradually returned to the "right track", the identity of Satoshi Nakamoto seems to be no longer so important. The market has changed, and people always recognize the market potential and capital flow, rather than the shadow of the creator behind the scenes. Just like a play, the role on stage is becoming more and more important, and the director behind the scenes gradually loses people's attention.
The successive actions of Hong Kong and the United States have undoubtedly set off a wave of digital currency craze around the world. In particular, Bitcoin has gradually transformed from an initially marginalized monetary tool to a member of the international financial market. Through Bitcoin, we can see that the global financial landscape is undergoing a huge adjustment. After the SWIFT system accepted Bitcoin, the role of Bitcoin has long ceased to be a simple speculative tool, but has become an important part of global capital flows.
The United States has completed the process from initial suppression to current regulation with its powerful financial system. On the Hong Kong side, although there are still many concerns, it is also trying to find a way for virtual assets and traditional finance to coexist through relatively sound institutional design. Compared with the United States, although Hong Kong is cautious, its position and role in the global market cannot be underestimated.
Bitcoin is no longer a "toy-like financial experiment". It is now an important part of the global financial system that cannot be ignored. Whether it is Hong Kong's eagerness to try or the United States' deep involvement, the global virtual asset market has already begun. But who will ultimately dominate the future, Hong Kong? The United States? Or a "dark horse" that no one expected? The answer may already be vaguely visible in the changing financial landscape. $BTC #市场回调，观望还是上车？ #美国零售销售数据即将公布
