HK Asia Holdings Buys More Bitcoin in Hedge Against Depreciation of Fiat Currencies

HK Asia Holdings (1723) said it bought another 10 bitcoin (BTC) for $858,581.

The Thursday purchase took the Hong Kong-listed company’s total to around 18.88 BTC at a cost of roughly $1.72 million. The acquisitions were made via open market transactions and funded through internal cash reserves.

In a statement, the company said it views bitcoin as a viable store of value amid global economic uncertainty, inflation concerns and expanding use of cryptocurrencies in investment strategies as well as “its potential to act as an effective hedge against depreciation of fiat currencies.”

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