The unbeatable prices of Bitcoin have fueled a competitive environment among publicly traded companies and giant financial institutions to acquire more and more BTCs. Most importantly, it is one of the most adopted cryptocurrencies globally.
A well-known firm in Hong Kong, Boyaa Interactive, notes that it has converted its huge Ethereum holding into Bitcoin, as per its recent statement. The company is widely popular for its services in online card and board games.
In the statement released on November 29, 2024, Boyaa wrote that it had converted 14,200 ETHs for 515 Bitcoins from Nov 14 to Nov 28, 2024. Following the conversion the company now holds 3,183 BTC valued at $305. 80 million when writing.
The company quotes “The purchase, holding of BTC and continuous expansion of BTC reserves is an important strategy of the Group.”
Furthermore, it said the conversion is done based on the farsightedness of the company over Bitcoin, and a detailed analysis has been carried out to understand the future of Bitcoin and ETH following the analysis company came to the conclusion that conversion in Bitcoin will be more favorable for the company.
The recently published Q3 results of Boyaa Interactive state that the company was holding 15,388 ETH and 2,635 BTC. It is worth noting that since the beginning of this year till writing the trading price of BTC has reflected a mind-blowing growth luring millions of new investors and billions in fresh funds.
Boyaa Interactive to become MicroStrategy of HK!
As we all are aware Hong Kong is among the regions with one favorable rules and regulations for cryptocurrency, as per experts it might soon become the crypto hub of the world.
The favoritism by the government and regulatory commission has helped dozens of firms to establish the workspace in Hong Kong, recently the Securities and Exchange Commission of HK reported that it saw a staggering growth in the registration of cryptocurrency-based companies.
HK has been closely working with other established crypto hubs such as the UAE and others, to make cross-border payments more convenient and hassle-free.
In the past few quarters, India and Canada have shown impressive growth in crypto adoption, with India reclaiming the title in adoption for the second year in a row.
However, a clear stance from the U.S. government is essential for the global growth of crypto. While the number of digital asset users globally has increased significantly in recent years, the growth rate still falls short of expectations.
Several regions worldwide have made significant efforts to ease regulations in the cryptocurrency sector. Among them, HK and the UAE stand out as leading global crypto hubs, boasting impressive adoption and usage rates.
Recently, Hong Kong unveiled plans for joint oversight of over-the-counter (OTC) crypto trading services. The initiative involves collaboration between the HK SFC and the Customs and Excise Department to enhance regulatory frameworks and strengthen oversight of OTC operations.
At the time of writing, the crypto market capitalization was $3.37 trillion with an intraday decline of 1.43 percent, at the same time Bitcoin was trading at $95,064 with a decline of 2.20 percent in the past 24 hours.
