Yuxing Technology, a publicly listed company in Hong Kong, has recently made a significant move in the cryptocurrency market by purchasing 78.2 Bitcoin between July 25 and December 31, 2024. The average price per Bitcoin was $80,960, totaling $6.3 million. To fund this purchase, the company sold 6.3 million USDT at an average price of $1 per unit, converting the proceeds directly into Bitcoin. This bold move showcases Yuxing’s confidence in crypto assets, especially with Bitcoin currently trading around $95K.
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 Hong Kong’s financial reserves. Jiexhuang believes that including Bitcoin in the reserves will bring financial stability to the country and reduce dependency on traditional assets. Leveraging Hong Kong’s “one country, two systems” framework, Jiexhuang sees this move as a strategic step towards exploring innovative financial strategies. He argues that if major economies start adding Bitcoin to their reserves, its value will stabilize, encouraging other countries to follow suit and potentially impacting the value of traditional assets tied to government reserves.
In efforts to enhance the crypto infrastructure in Hong Kong, The Hong Kong Exchanges and Clearing Limited (HKEX) launched a Virtual Asset Index Series earlier this year. This index aims to provide a reliable price benchmark for Bitcoin and Ethereum pricing in Asia, addressing global price fluctuations. Additionally, Hong Kong regulators are in the process of finalizing licensing for several crypto exchanges, including Crypto.com, demonstrating the region’s commitment to becoming a leading fintech crypto hub.
The global impact of Trump’s Bitcoin reserve plan has sparked debates among countries on whether to integrate Bitcoin into their mainstream financing models. Investor confidence in Bitcoin continues to grow, with many bullish investors betting big on the cryptocurrency. As the market remains bullish on Bitcoin’s future potential, it is clear that the crypto landscape is evolving rapidly, with institutions and governments alike recognizing the value and potential of digital assets like Bitcoin.