Yuxing Technology, a prominent company publicly listed in Hong Kong, has been making noteworthy advancements in the cryptocurrency sphere. During the period from July 25 to December 31, 2024, Yuxing acquired 78.2 Bitcoin at an average price of $80,960 per unit, culminating in a total investment of $6.3 million. To facilitate this acquisition, the company sold 6.3 million USDT at an average price of $1 per unit. This direct conversion of USDT to Bitcoin underscores the firm’s robust confidence in crypto assets.
Bitcoin, although slightly trailing its previous $100K benchmark, is currently trading around $95K. The market remains optimistic about a potential upward trajectory this year, buoyed by industry support and positive market sentiment.
Proposal to Add Bitcoin to Hong Kong’s Reserves
In a related initiative, Wu Jiexhuang, a member of Hong Kong’s Legislative Council and the chairman of the Web3 Virtual Asset Development Subcommittee, has proposed the inclusion of Bitcoin in the region’s financial reserves. He posits that this strategic move could fortify financial stability and diminish reliance on conventional assets. Jiexhuang emphasized the significance of utilizing Hong Kong’s “one country, two systems” framework to devise innovative financial strategies. He argued that if major global economies begin incorporating Bitcoin into their reserves, its value would stabilize, prompting other nations to follow suit. This shift could negatively impact the value of traditional assets, affecting government reserves linked to those assets.
Institutions are betting big on Bitcoin as it soars! Read Bitcoin price prediction to see how the bullish market could push it to new heights!
Efforts to Enhance Crypto Infrastructure
To maintain a competitive edge in the crypto landscape, The Hong Kong Exchanges and Clearing Limited (HKEX) introduced a Virtual Asset Index Series earlier this year. This index is designed to offer a reliable pricing benchmark for Bitcoin (BTC) and Ethereum (ETH) in Asia, addressing global price volatility. Furthermore, Hong Kong regulators are on the verge of finalizing licenses for several crypto exchanges, including Crypto.com, signaling the region’s ambition to emerge as a global fintech crypto hub. Although the crypto scene in Hong Kong currently faces challenges due to regulatory and licensing hurdles, investors remain confident that Bitcoin will yield superior returns compared to traditional assets.
- Also Read:
- Crypto Adoption Index 2024: US Ownership Hits 40%, Market Cap Soars
The international discourse is buzzing with discussions about incorporating Bitcoin into mainstream financial models, following the global impact of Trump’s Bitcoin Reserve plan. Growing investor confidence indicates that major players are prepared to invest heavily in Bitcoin.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
