Bitcoin Asia, a prominent crypto conference held in Hong Kong, saw a remarkable turnout of over 5,500 attendees, with half of them coming from mainland China. Despite China’s long-standing ban on crypto, the event attracted significant interest from Chinese investors, particularly in the recently launched crypto ETFs.
Organized by BTC Inc., the company behind the renowned Bitcoin Conference in Miami and the owner of Bitcoin Magazine, the conference featured notable speakers such as Benjamin Yi, the executive chairman of Nasdaq-listed Riot Platforms, James Check from Glassnode, and Kevin Zhang, the senior vice president at Foundry, a prominent crypto mining and staking giant.
According to David Bailey, the CEO of BTC Inc., the substantial attendance from mainland China showcases the country’s enduring interest in crypto, despite the government’s crackdown. Hong Kong, as a special administrative region of China with some level of autonomy, has become a favorable jurisdiction for crypto investors. Its recent launch of Ethereum and Bitcoin spot ETFs has positioned it on par with the US. However, Hong Kong’s ETFs have not generated the same level of interest and investment as their US counterparts.
The conference revealed that Chinese investors are using Hong Kong as a channel to invest in crypto. Ben Gagnon, the chief mining officer at Canadian miner Bitfarms, believes that Hong Kong will continue to serve as a bridge for Chinese investors diversifying from stocks and real estate, offering a safer and more regulated entry into the crypto ecosystem.
The ETFs were a major highlight of the event, indicating that Hong Kong is poised to become a significant player in the crypto ETF industry. With its first-mover advantage, Hong Kong is expected to outpace rivals like Tokyo and Singapore. BTC Inc. CEO David Bailey emphasized that the launch of the ETFs was a deliberate move, affirming the long-term presence of Bitcoin. While the Hong Kong ETFs have faced some challenges, Han Tongli from Harvest Global Investments, one of the issuers, firmly believes in their potential, stating that it exceeds that of the US.
In conclusion, the Bitcoin Asia conference in Hong Kong showcased the enduring interest in crypto from Chinese investors, despite the government’s crackdown. Hong Kong’s friendly crypto regulations and the recent launch of ETFs have positioned it as a significant player in the industry, attracting investors from mainland China.