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Full Page Ad in Hong Kong Newspaper Tells Readers to Ditch Banks and Switch to Bitcoin


Hong Kong newspaper The Apple Daily recently ran a full page advertisement on Bitcoin.

According to the translations, the announcement reads: "Banks, today you are not abandoning me, I am abandoning you." After the Bitcoin symbol, the announcement continues in English. "Bitcoin will never leave you." The announcement continued with a text on how Bitcoin cannot be shut down or controlled by a government or a company.

The text also alluded to the Genesis Block and the financial crisis of 2008, the time when Bitcoin was created. The financial crisis of 2008 was also mentioned in the Bitcoin Genesis Block.

Apply Daily is an independent Hong Kong-based newspaper that also made headlines when its chief executive, Jimmy Lai, was arrested on August 10 for violating the recently passed National Security Law. He was later released. Some people posited that the Bitcoin ad saying it cannot be "closed" could refer to the arrest, which threatened to shut down the newspaper.

Some responses on Twitter questioned how the Hong Kong dollar could be exchanged for cryptocurrencies given the current state of the nation. To which one user inferred that foreign cryptocurrency exchanges and p2p exchanges are used to support the ecosystem in addition to using physical cash.

While US-based users remain the largest users of Bitcoin, many countries have seen increased use of Bitcoin, with analysts pointing to political uncertainty as to the primary motivation for using the benchmark cryptocurrency.

In the news earlier this year, Argentines were ditching more pesos for Bitcoin due to concerns about inflation. The volume, according to Arcane Research, has increased 1,028% in Argentine pesos, 407% in BTC and 139% in USD since 2018. This represents an immense market opportunity that led Binance to establish P2P platforms in 5 countries in South America to achieve a piece of market share.

Still, although Bitcoin could have potential use cases in these countries, some people don't want Bitcoin to become a political tool. An user said that at the end of the day, Bitcoin is independent of belief. Just like technology is neither good nor bad, Bitcoin doesn't care if you are pro or anti, because everyone can use it.

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