Market Challenges and the Role of Bitcoin
Hong Kong’s securities industry is facing numerous challenges, including high regulatory costs and intense competition. Gao Juan, CEO of Victory Securities and Chairman of the Hong Kong Securities Association, believes that the industry’s survival depends on embracing emerging trends, with Bitcoin being a potential solution.
In a recent interview, Gao Juan proposes a two-pronged approach. Firstly, she urges the Hong Kong government to reduce stock stamp duties and align itself with global financial shifts. Secondly, she emphasizes the importance of understanding and adapting to evolving investor preferences in order to attract and retain investors.
Gao Juan also highlights the need for high-interest products and virtual assets to counteract the headwinds faced by traditional investments. Lowering stock stamp duties would create a more competitive and appealing trading environment.
Victory Securities’ Embrace of Virtual Assets
Victory Securities is not just advocating for change; it is actively embracing it. The company has entered the world of virtual assets by allowing professional investors to trade Bitcoin and Ethereum on its platform.
Chen Peiquan, Executive Director of Victory Securities, reveals ambitious plans to integrate stock and virtual asset platforms in the coming year. The firm has experienced significant growth since introducing virtual assets, with an average monthly turnover of $10 million, 80% of which comes from Bitcoin.
As Victory Securities prepares for the Bitcoin halving and potential interest rate cuts, it anticipates a strong virtual asset market, particularly for Bitcoin. The company aims to become a comprehensive platform that simplifies the investment process and capitalizes on the growing interest in virtual assets.
Despite a recent slump during the holiday period, the price of Bitcoin has increased by almost 150% year-to-date, reaching around $42,000.
Hot Take: Bitcoin’s Potential to Revitalize Hong Kong’s Securities Market
Gao Juan’s advocacy for embracing Bitcoin as a means of revitalizing Hong Kong’s struggling securities market presents an unconventional yet compelling approach. By reducing stock stamp duties and tapping into the transformative potential of virtual assets, the industry can adapt to emerging trends and attract investors.
Victory Securities’ strategic move into virtual assets further demonstrates the viability of this approach. With plans to integrate stock and virtual asset platforms, the company is positioning itself as a one-stop platform for investors in the evolving market.
As Bitcoin continues to gain momentum and achieve significant growth, there is a strong possibility that it could play a crucial role in rejuvenating Hong Kong’s securities industry.
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