Crypto Biz: Please buy one Bitcoin
HK Asia only bought one Bitcoin and saw the company's stock price soar nearly 93%.
In May 2013, investor Davinci Jeremie urged everyone to "just buy $1 worth of Bitcoin" to potentially gain life-changing profits. At that time, BTC was valued at around $100. Investors smart enough to heed his advice at any point in the next 10 years could have entered Bitcoin before the US ETF frenzy sent prices skyrocketing to over $100,000 for the first time.
Now, corporations are starting to realize the value of investing in Bitcoin. Michael Saylor's strategy, formerly of MicroStrategy, has seen stock prices surge over 2,200% since buying his first Bitcoin. However, companies do not need to accumulate over 478,000 BTC to benefit from exposure to Bitcoin.
Hong Kong investment firm HK Asia Holdings saw its stock price soar 93% after purchasing just one Bitcoin. This is not a bad return when buying Bitcoin at about 12% off its all-time high.
This week's Crypto Biz newsletter explores the Bitcoin economy, focusing on HK Asia's acquisition activity, the expanding economic footprint of Bitcoin mining, and the increasing interest from institutions in Strategy.
HK Asia's Bitcoin Bet
Hong Kong-based investment firm HK Asia Holdings purchased one Bitcoin for about $96,150 on February 13. Three days later, the company revealed the investment and saw its stock price soar nearly 93%.
