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Debashree Patra
Debashree Patra
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- Jan 02, 2025 07:12 UTC
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Will Hong Kong Create Crypto Reserves? Yuxing Tech Buys $6.3M Bitcoin
Hong Kong listed company Yuxing Technology purchased 78.2 Bitcoin at an average price of $80,960 per unit, totaling $6.3 million.
Hong Kong lawmaker suggested that Bitcoin should be included in the region’s financial reserves.
HKEX launched a Virtual Asset Index Series earlier this year to provide a reliable price benchmark for Bitcoin and Ethereum pricing in Asia.
Yuxing Technology, a publicly listed company in Hong Kong, has made significant moves in the cryptocurrency market. Between July 25 and December 31, 2024, the company purchased 78.2 Bitcoin at an average price of $80,960 per unit, totaling $6.3 million. In order to fund this purchase, Yuxing has to sell 6.3 million USDT at an average price of $1 per unit.
But why is Yuxing placing such high stakes on Bitcoin now?
Yuxing directly converted the USDT proceeds into Bitcoin, showing its strong confidence in the future of crypto assets. Bitcoin, while slightly down from its $100,000 peak and trading at around $95,000, still holds bullish momentum.
Many believe it could see further gains this year as the market continues to grow.
Hong Kong Lawmaker Pushes for Bitcoin Reserves
In a related development, Wu Jiexhuang, a member of Hong Kong’s Legislative Council and chairman of the Web3 Virtual Asset Development Subcommittee, has proposed adding Bitcoin to the region’s financial reserves. He believes this could strengthen Hong Kong’s financial stability and reduce its reliance on traditional assets.
Jiexhuang highlighted the need to use Hong Kong’s “one country, two systems” framework to explore new financial strategies. He argued that if major economies begin using Bitcoin in their reserves, it could stabilize the asset’s value and encourage others to follow.
However, he also pointed out that this shift could lower the value of traditional assets, impacting government reserves tied to them.
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!
Hong Kong Advances in Crypto Innovation
To stay competitive in the crypto space, the Hong Kong Exchanges and Clearing Limited (HKEX) launched a Virtual Asset Index Series earlier this year. This index provides a consistent pricing benchmark for Bitcoin (BTC) and Ethereum (ETH) in Asia, helping address concerns about global price volatility.
At the same time, Hong Kong regulators are finalizing licenses for several crypto exchanges, including Crypto.com. This move highlights the region’s ambition to become a global hub for crypto and fintech innovation. While regulatory hurdles have slowed crypto adoption in Hong Kong, investors remain optimistic about Bitcoin’s potential to outperform traditional assets.
Globally, Bitcoin is gaining attention as a financial reserve asset, fueled by Donald Trump’s proposal to include Bitcoin in national reserves. Countries are now debating whether to adopt similar strategies. Investor confidence is growing, and big players in the crypto space appear ready to make bold moves.
Bitcoin is certainly the asset of the future!
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