- SBI VC acquired 4,000 BTC for $328 million, following the “buy the dip” strategy.
- Bitcoin’s price fluctuated from $90,000 to $80,000 before partially recovering to $82,000.
- Institutional demand for Bitcoin in Asia continues to grow, with Japan and China advancing policies related to crypto.
SBI VC, a Japanese cryptocurrency exchange, has invested significantly in Bitcoin, acquiring 4,000 BTC worth $328 million, as noted by Crypto Rover . The purchase follows the “buy the dip” strategy, where crypto assets are acquired during price drops.
SBI VC’s Bitcoin Acquisition Explained
The acquisition was carried out with an average price of around $80,000 for one BTC by SBI VC. As of the time of writing, Bitcoin reads at $82,000 while it has scaled down from the weekend. Last week, the asset crossed $90,000 and it crashed to $80,000 over the weekend.
The exchange’s decision to acquire Bitcoin during this period indicates a strategic approach to accumulating digital assets. Market responses to the acquisition have been largely positive, with users on X indicating that demand for Bitcoin in Asia is increasing. This trend has been observed for some time as several Asian countries and institutions continue expanding their involvement in cryptocurrency.
Asian Demand for Bitcoin Continues to Grow
In a recent report by CryptoNewsLand , China has recently been reported to hold a larger Bitcoin reserve than other nations. Additionally, Bhutan, despite being a smaller economy, has accumulated over 13,000 BTC through Bitcoin mining operations initiated years ago. These holdings have positioned the country as a notable participant in the Bitcoin market.
With ongoing discussions regarding potential tax reductions on digital assets, Japan has made cryptocurrency taxation more favorable. Meanwhile, speculation has emerged regarding China’s possible inclusion of Bitcoin in its national reserve.
The investment made by SBI VC supports regional Bitcoin developments, which will enhance its role in Asian markets. The exchange made a major acquisition through its purchase of over 4,000 BTC which adds to the growing institutional interest in cryptocurrency across Asia.
