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Amid Hong Kong stocks’ persistent slump, Gao Juan, CEO of Victory Securities and Chairman of the Hong Kong Securities Association, is advocating an unconventional approach involving Bitcoin to rejuvenate the struggling market. In an exclusive interview, she underscores the urgency of embracing Bitcoin and advocates for a comprehensive overhaul of traditional practices.
Market Challenges & Bitcoin Adoption
Hong Kong’s securities industry is at a crossroads, grappling with soaring regulatory costs and cutthroat competition. Meanwhile, Gao Juan contends that the industry’s survival hinges on adapting to emerging trends, with Bitcoin emerging as a beacon of hope.
In a recent interview, she proposes a twofold approach – urging the Hong Kong government to align itself with global financial shifts by reducing stock stamp duties and embracing the transformative potential of Bitcoin. In addition, Gao Juan emphasizes that the key to unlocking revenue lies in understanding and adapting to evolving investor preferences.
Notably, in a landscape where traditional investments face headwinds, she sees high-interest products and virtual assets as avenues to attract and retain investors. Meanwhile, the call to lower stock stamp duties aligns with global practices, fostering a more competitive and attractive trading environment.
Also Read: Bitcoin Whales Reshuffle 14.5K BTC As Price Slips Below $42K, What’s Next In 2024?
Victory Securities’ Strategic Move Into Virtual Assets
Amid market challenges, Victory Securities isn’t merely advocating change but actively embracing it. Notably, the company has embarked on a journey into virtual assets, allowing professional investors to trade Bitcoin and Ethereum through its platform.
Meanwhile, Chen Peiquan, Executive Director of Victory Securities, unveils ambitious plans for the coming year, aiming to integrate stock and virtual asset platforms. In addition, Chen Peiquan notes that since the introduction of virtual assets, Victory Securities has experienced exponential growth. According to the report, the firm attains an average monthly turnover of $10 million, of which Bitcoin contributes about 80% of the total value.
In addition, as the company positions itself for the upcoming Bitcoin halving and potential interest rate cuts, it anticipates a robust virtual asset market, particularly in Bitcoin. Victory Securities aims to evolve into a one-stop platform, simplifying the investment process for clients and tapping into the burgeoning interest in virtual assets.
Meanwhile, despite the recent slump amid the holiday pause, the Bitcoin price added nearly 150% YTD, trading near the $42,000 mark.
Also Read: Ark Invest Sells Coinbase (COIN) Shares Ahead Spot Bitcoin ETF, Cathie Wood Bearish?
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