Yuxing Technology, a Hong Kong-listed company, acquired 78.2 Bitcoin at an average price of $80,960 per unit, resulting in a total of $6.3 million.
A Hong Kong lawmaker proposed that Bitcoin be incorporated into the region’s financial reserves. Earlier this year, HKEX introduced a Virtual Asset Index Series to establish a dependable price benchmark for the pricing of Bitcoin and Ethereum in Asia.
Yuxing Technology, a Hong Kong-based publicly traded company, has implemented substantial initiatives in the cryptocurrency market. The company acquired 78.2 Bitcoin at an average price of $80,960 per unit between July 25 and December 31, 2024, resulting in a total of $6.3 million. Yuxing is required to sell 6.3 million USDT at an average price of $1 per unit in order to finance this acquisition.
Yuxing demonstrated its unwavering confidence in the future of crypto assets by directly converting the USDT proceeds into Bitcoin. Bitcoin, which is currently trading at approximately $95,000 and has experienced a minor decline from its peak of $100,000, continues to exhibit favourable momentum.
Given the market’s ongoing expansion, many experts anticipate that it may experience additional gains this year. In a related development, Wu Jiexhuang, the chairman of the Web3 Virtual Asset Development Subcommittee and a member of Hong Kong’s Legislative Council, has suggested that Bitcoin be included in the region’s financial reserves. He is of the opinion that this could enhance Hong Kong’s financial stability and decrease its dependence on conventional assets.
Jiexhuang emphasised the necessity of utilising Hong Kong’s “one country, two systems” framework to investigate novel financial strategies. It was his contention that the stabilisation of the asset’s value and the encouragement of others to follow could result from the inclusion of Bitcoin in the reserves of important economies.
On the other hand, he also noted that this change could potentially reduce the value of traditional assets, which could affect the government reserves that are associated with them.
Bitcoin is experiencing significant growth, and institutions are placing significant bets on it. Discover how the bullish market could propel Bitcoin to new heights by reading the Bitcoin price prediction.
Earlier this year, Hong Kong Exchanges and Clearing Limited (HKEX) introduced a virtual asset index series in order to remain competitive in the crypto space. This index addresses concerns regarding global price volatility by offering a consistent pricing benchmark for Bitcoin (BTC) and Ethereum (ETH) in Asia.
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