A widely followed crypto analyst says that Hong Kong’s decision to allow retail crypto trading is great news for the digital asset space as he analyzes the broader impact it could have.
In a new video update, Nicholas Merten, the host of DataDash, tells his 511,000 YouTube subscribers that Hong Kong’s crypto move is something to celebrate.
“Okay, so the vast majority of participants now can start to re-participate in crypto – definitely really good news.“
However, Merten says that Hong Kong’s retail crypto trading is probably not enough to trigger a crypto bull market cycle.
“If we were to assume that Hong Kong now due to this retail investor you know kind of path to investing is opening up and we take even a very optimistic scenario – this is an optimistic one at best – what if 1% of [Hong Kong’s] GDP was invested in cryptocurrencies. That would be $3.8 billion of investment inflows into the space. And again positive thing for crypto. That would be really good.
But the question is whether or not it can spark a new bull market. I’m going to keep coming back to that point here. And to be honest with you guys as we talked about the halving event for Bitcoin within a year is going to be removing even more Bitcoin than that. So I would say that this is not enough of a narrative itself.”
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