High Bitcoin Prices Draw Overseas Participants to Hong Kong's Web3 Festival Amidst Smaller Crowd

Hong Kong's Web3 Festival in 2024 has attracted a smaller crowd compared to previous years, but enthusiasm remains high, particularly fueled by record-high Bitcoin prices. Deputy Financial Secretary Michael Wong Wai-lun noted that approximately 80% of participants came from outside Hong Kong, with more exhibitors from Europe and the US. The event featured prominent speakers like Cathie Wood, founder of ARK Invest, who praised Hong Kong's regulatory efforts in the crypto space, suggesting that the US lags behind in this regard. Despite the smaller scale of this year's festival, Hong Kong continues to position itself as a crypto hub, with upcoming events planned and ongoing regulatory efforts aimed at making the city attractive to the crypto industry.