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Chinese Investors Flee Collapsing Stock Market for Bitcoin in Hong Kong

Jonathan Wong

Jonathan Wong

26 January 2024

Chinese investors are turning to cryptocurrency in response to the collapsing stock and real estate markets in mainland China. Executives like Dylan Run are allocating significant portions of their funds to bitcoin and other cryptocurrency assets, believing them to be safer than traditional investments.

Mainland investors are using unconventional routes to buy bitcoin, despite China's ban on cryptocurrency trading. They are creating bank accounts abroad and transferring funds into cryptocurrency accounts in Hong Kong in order to circumvent capital controls.

Cryptocurrency exchanges in Hong Kong are seeing an influx of mainland investors, following the public support for digital assets in the region. Brokers and financial institutions in China are also seeking growth opportunities in crypto-related enterprises in Hong Kong.

Despite the ban on cryptocurrency trading in mainland China, the country has seen a surge in cryptocurrency-related activities. Physical cryptocurrency exchange shops have proliferated in Hong Kong, and the dark web cryptocurrency market is expanding, catering to private buyers interested in digital assets.