Approval in Hong Kong doesn't mean future countrywide approval in China (because Hong Kong is a special administrative region), but it's still good news. It just shows that Bitcoin is becoming more reputable as an investment, and perhaps we'll see some other places follow suit.
What is bad is that China is somehow getting back into the game, and considering its attitudes towards everything that is decentralized, the only question is when it will start attacking Bitcoin again. No matter how you turn it, Bitcoin and communism cannot co-exist together, so in the long term I see only problems in these decisions, of course only if these ETFs are successful in attracting investors.
I think that what happens in Hong Kong, stays in Hong Kong and doesn't impact mainland China. In most of China, the country's keeping its citizens on a short leash, with a lot of restrictions and surveillance. That, I agree, is incompatible with Bitcoin. But Hong Kong is a different story altogether, a region that has historically been separate and enjoyed a lot more freedom even while being a part of China. It gives an illusion of choice, as if Chinese citizens have some options, while generally keeping things centralized.
Its interesting and kind of annoying that possibly China through HK may be getting
back into Bitcoin. Wouldnt HK needed to get "clearance" from China to approve these
ETF's eventhough HK is seen as more independent?
I believe the price will rise gradually, like what happened with US etf
Nope, the impact cannot be as big as that of the U.S, take a look at the billions of $ in inflows since the spot etf was approved earlier this year, this is what has influenced the price of BTC and the reason why it pumped as high as it did. This etf approval in Hong Kong would not be as big as that, it was not even eagerly anticipated because i didn't hear anything about it until today, this approval can have a small impact, but it would not be anything significant.
I think this ETF approval in HK will mean a "back door" for Chinese investors to get into a
Bitcoin ETF and China is the largest financial market after the US. If the Chinese can tap
into the HK ETF's it could mean big buying for Bitcoin.
Interesting that ETH gets a spot ETF approval as well.
