Yuxing Technology, a prominent publicly listed entity in Hong Kong, has recently made noteworthy strides in the cryptocurrency arena. Between July 25 and December 31, 2024, the company acquired 78.2 Bitcoin at an average cost of $80,960 per Bitcoin, culminating in a total investment of $6.3 million. To facilitate this acquisition, Yuxing divested 6.3 million USDT at an average rate of $1 per unit. This conversion of USDT directly into Bitcoin signifies the company’s robust confidence in the potential of cryptocurrency assets.
Currently, Bitcoin is trading at approximately $95,000, slightly below its previous peak of $100,000. Nevertheless, market sentiment remains optimistic, with expectations of a significant upward trajectory fueled by industry backing this year.
Advocating for Bitcoin in Hong Kong’s Financial Reserves
In a related context, Wu Jiexhuang, a member of Hong Kong’s Legislative Council and chairman of the Web3 Virtual Asset Development Subcommittee, has proposed the inclusion of Bitcoin in the region’s financial reserves. Jiexhuang argues that this strategic move would enhance financial stability and reduce reliance on conventional assets. He emphasized the strategic advantage of Hong Kong’s “one country, two systems” framework to explore innovative financial strategies. Should leading global economies incorporate Bitcoin into their reserves, Jiexhuang believes that its value will stabilize, potentially prompting other nations to follow suit. This shift could lead to a decreased valuation of traditional assets, impacting government reserves tied to these assets.
Institutions are betting big on Bitcoin as it soars! Explore Bitcoin price predictions to understand how the bullish market could propel it to unprecedented heights!
Strengthening Crypto Infrastructure in Hong Kong
To maintain its competitive edge in the cryptocurrency sector, the Hong Kong Exchanges and Clearing Limited (HKEX) introduced a Virtual Asset Index Series earlier this year. This index aims to establish a credible price benchmark for Bitcoin (BTC) and Ethereum (ETH) across Asia, addressing global price volatility.
Moreover, Hong Kong regulators are nearing the completion of licensing procedures for multiple crypto exchanges, including Crypto.com. This development underscores the region’s ambition to emerge as a leading fintech and crypto hub globally. Although the cryptocurrency landscape in Hong Kong is currently sluggish due to regulatory and licensing challenges, investors remain optimistic about Bitcoin’s potential to deliver superior returns compared to traditional assets.
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- Crypto Adoption Index 2024: US Ownership Hits 40%, Market Cap Soars
Globally, Trump’s Bitcoin Reserve initiative has sparked widespread debate, prompting countries to consider integrating Bitcoin into their mainstream financial models. Growing investor confidence indicates that major players are prepared to fully commit to Bitcoin.
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