Hong Kong media: BTC recently broke to the upside, the eve of the U.S. election funds bet on a class of assets non-gold, non-debt, non-dollar

On Nov. 3, Bitcoin recently broke to the upside and is expected to hit a new all-time high amid speculation about the potential outcome of the U.S. election, according to Hong Kong Economic Times. The correlation between the price of bitcoin and capital inflows is expected to rise further, with liquidity becoming an increasingly large price driver.

Last week saw a massive influx of global funds into spot bitcoin ETFs in the US market, which is expected to double in size by 2025 and quadruple by 2027 as the market bets on Donald Trump's US election victory, with his support for bitcoin seen as a “Trump trade”. It remains to be seen what Hong Kong's investment options will look like as it rides on Bitcoin.