Gold and Bitcoins are two prominent assets which have their own values and profits. One of the major benefits Bitcoin allows is that its digital nature can be used to transfer it anywhere across the globe.
In Hong Kong, gold owners are moving their physical holding outside the city, following the China crackdown. The Financial Times mentions in its report that some 10% of gold holdings from private investors have been moved outside of Hong Kong over the last 12 months in anticipation of tightened security measures from China, which were enacted after a year of protests from Hong Kong residents.
“Many clients now perceive Hong Kong as riskier than other jurisdictions,” said Joshua Rotbart, head of Hong Kong-based gold dealer J Rotbart & Co, a Hong Kong-based gold dealer.
It has been reported that Singapore has emerged as the likely destination to move the valuable asset. Some gold investors are reportedly fearful of the security shifts and any future implications that might follow, plus the report pointed to a 47% rise in burglaries in Hong Kong from the first half of 2019 to the same span in 2020.
“Investors are moving gold from Hong Kong to Singapore because they don’t like risk and uncertainty,” Ronan Manly, Precious Metals Analyst at Singapore’s BullionStar, told the Financial Times. “This could, in the minds of gold holders, snowball into concerns about safety of bullion and even certainty of property rights.”
Meanwhile, the price of gold continues to soar up while Bitcoin is not close to all-time high but has seen quite a few significant moments in the past week.