Cango Inc. to Sell $350 Million Auto Business to Invest in Bitcoin

Cango Inc., a Chinese public company, has announced plans to sell its $350 million automotive business to invest fully in Bitcoin, reflecting a growing bullish sentiment in Asia towards the cryptocurrency. The decision marks a strategic pivot for Cango as it seeks to capitalize on the rising interest in Bitcoin, which is increasingly viewed as a valuable asset. This move has garnered attention within the cryptocurrency community, with various commentators labeling it a 'legendary' decision. Cango's shift to focus on Bitcoin aligns with broader trends in the market, where companies are exploring digital assets as part of their investment strategies.

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