The Bitcoin Asia 2024 conference in Hong Kong has attracted a large crowd of enthusiasts, especially investors from mainland China. According to a recent South China Morning Post report, the organizer estimated that of the 5,500 people who confirmed their participation before the event, about half were from the mainland.
The conference, organized by Bitcoin Magazine, aimed to showcase the changing landscape of cryptocurrency investment in Asia. It included discussions centered around the implementation and implications of new bitcoin exchange-traded funds (ETFs) launched in Hong Kong.
HKEX launched ETFs for Bitcoin and Ethereum on April 30, establishing Asia’s first ETFs for virtual assets.
David Bailey, co-founder of Bitcoin Magazine, highlighted the event’s role in connecting Hong Kong’s emerging crypto economy with the restrictive regulatory environment on the mainland.
“I think the ETFs were, in a sense, an acknowledgement that bitcoin will remain in the market,” – Bailey said. “There’s no way Hong Kong would have accidentally stumbled upon the launch of an ETF fund… It wasn’t accidental.”
Bailey also said that the local government has shown strong support for the sector, and the company is already considering a return to SAR. The city hosted several web3 events this year, including the WOW Summit and Web3 Festival.
“I think they see bitcoin as a huge opportunity for Hong Kong,” Bailey said.
Regulated Bitcoin trading offers new investment options
Ben Gagnon, director of mining at Bitfarms, expressed hope that Hong Kong could serve as a “conduit for Chinese investors” providing access to Bitcoin-related technology. He sees this as a potential way to mitigate the market downturn in China.
“I’m optimistic that with these rules and regulations, Hong Kong can actually find a way to become a bridge for China to Bitcoin and the larger crypto ecosystem in a safer, more controlled or regulatedway,” Gagnon said.
“I hope there will be more ways into mainland China,” he added.
