Hong Kong Lawmaker Pushes to Include Bitcoin in State Financial Reserves

A Hong Kong Legislative Council member, Johnny Ng, says Bitcoin is worth considering as a country’s reserve asset. 

In an X post, Ng disclosed plans to collaborate with various stakeholders to explore the possibility of adding Bitcoin to Hong Kong’s financial reserves.

Former U.S. President Trump recently gave a speech at the U.S. Bitcoin Summit, sharing his views on Bitcoin. Bitcoin and Web3 have already gained the attention and development of countries around the world, and Hong Kong is also actively becoming a hub to promote technological… pic.twitter.com/e1UFCb6g1q

— Johnny Ng 吴杰庄 (@Johnny_nkc) July 28, 2024

These remarks come after former US President Donald Trump’s speech at the Just-concluded Bitcoin Conference in Nashville. 

Bitcoin: Is it Worth Including in a Nation’s Financial Reserves

The lawmaker highlighted Bitcoin’s growing popularity and global recognition. It is often seen as digital gold and a potential hedge against inflation.

Ng noted that including Bitcoin in Hong Kong’s strategic financial reserves could be beneficial, especially given the region’s growing Web3 ecosystem. He said Hong Kong can smoothly incorporate Bitcoin into its fiscal reserves under the proper regulatory framework.

Johnny Ng’s remarks come amid the growing global adoption of Web3 and digital assets. Moreover, due to Bitcoin’s decentralized nature, limited supply, and financial ethos, many see it as a haven against government control and economic instability.

The Hong Kong legislator said this growing popularity makes it reasonable to consider weaving Bitcoin with the existing financial system. Moreover, Johnny Ng has strongly advocated Web3, Bitcoin, and the broader digital assets industry. He has been vocal in supporting Hong Kong’s push to become a hub for digital assets. 

In an April X post, Ng welcomed the launch of Bitcoin ETFs in Hong Kong. He believes the Hong Kong BTC ETFs will significantly impact the region’s position as an international virtual asset center. 

In his latest post, Ng noted that Web3 represents technological and application innovation. He highlighted Hong Kong’s effort to attract global talents, crypto exchanges, and other blockchain and crypto projects to foster innovation and technological development. 

Ng’s latest proposal is part of a broader initiative to expand and bolster Hong Kong’s Web3 ecosystem. However, he acknowledges that thorough research and regulatory compliance are necessary to achieve it. 

Trump Promises to Adopt a Strategic Bitcoin Reserve Policy

Former US president Donald Trump made a bold declaration during his speech on Saturday at the 2024 Bitcoin Conference in Nashville. If he wins the upcoming election, Trump promised to create a friendly crypto regulatory environment, starting with firing SEC Chairman Gary Gensler. 

Notably, Gensler has become an enemy of the crypto industry due to his stringent enforcement approach, which many view as unlawful. Industry leaders view Gensler’s classification of most crypto assets as securities as an unnecessary hostility that could stifle innovation in the United States.

Therefore, Trump’s declaration pleased crypto enthusiasts, earning him a loud cheer from those present at the event.

Also, Trump said he would create a strategic Bitcoin reserve and stop the United States from selling off its Bitcoin holdings. This initiative could see the US Federal Reserve acquiring and holding Bitcoin rather than selling it, a move aimed at strengthening the economy.

The United States holds approximately 213,000 Bitcoin tokens acquired from various enforcement actions.  

Trump said: “It will be the policy of my administration…to keep 100% of all the bitcoin the US government currently holds or acquires into the future.”

Further, the US Republican presidential candidate promised to end anti-crypto policies and provide an enabling environment for the growth of digital assets.

Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.

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