Just Bought 1 Bitcoin, That Was Enough: Stocks Rose 100% - Coin Bulletin

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After HK Asia Holdings announced that it had only bought (BTC) of Bitcoin, its shares surged by 93 percent.

Hong Kong-based investment company HK Asia Holdings Limited experienced a sharp increase in its shares, rising by 93% after announcing that it had only purchased one BTC.

The company stated that it purchased a Bitcoin for 96,150 dollars on February 13 and that this purchase was financed with internal resources. The announcement, made on February 16, caused the company's shares on the Hong Kong Stock Exchange to rise to approximately 71 cents(, approaching the peak of 6.50 Hong Kong dollars in June 2019.

HK Asia announced that it made this investment considering that cryptocurrencies are increasingly being embraced in the commercial world.

The company management stated that they believe Bitcoin is a "reliable store of value in the face of uncertainties in the global economy". They also emphasized that government stimulus packages and increased money supply cause fiat currencies to lose value.

The company, added that buying only one BTC is seen as having a symbolic scale but as an important step towards adapting to the change in the global financial system.

The small-scale Bitcoin purchase by HK Asia has caused a significant surge in shares, demonstrating how the market sentiment towards cryptocurrencies can impact investor reactions.

BTC0.31%
ALD1.19%
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