A widely followed crypto analyst says Hong Kong’s decision to allow retail crypto trading is great news for the digital asset space as he analyzes the wider impact it could have.
In a new video update, Nicholas Merten, the host of DataDash, tells are 511,000 YouTube subscribers that Hong Kong’s crypto movement is something to celebrate.
“Okay, so the vast majority of participants can now get back into crypto – definitely very good news.”
However, Merten says that Hong Kong retail crypto trading is probably not enough to kick off a crypto bull market cycle.
“If we were to assume that now, thanks to this small investor, Hong Kong is kind of opening up some kind of path to investing, and we even assume a very optimistic scenario – this is an optimistic scenario at best – what if 1 % of the [Hong Kong’s] GDP was invested in cryptocurrencies. That would be $3.8 billion in investment inflow into space. And again positive for crypto. That would be very good.
But the question is whether it can unleash a new bull market. I keep coming back to that point here. And to be fair, while we were talking about the Bitcoin halving event within a year, even more Bitcoin will be removed than that. So I would say this is not enough of a story in itself.”
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