Hong Kong Joins Bitcoin Reserve Debate, Legislator Calls for Consideration

Hong Kong Legislative Council Member Johnny Ng said that the city-state should follow suit if the United States decides to implement a Bitcoin strategic reserve.

The concept is now likely being discussed across the globe following remarks by two of three US presidential candidates over the weekend.

“Regarding Bitcoin becoming an official financial reserve for a country or region, I think this is worth considering.”

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

Hong Kong Bitcoin Reserve

Ng continued to state that the global acceptance of Bitcoin is constantly increasing before adding that the cryptocurrency is “seen by the public as ‘digital gold’ in the context of its technology.”

In the future “it is indeed possible to research and consider including Bitcoin in strategic financial reserves, as long as it is compliant,” he said.

He believes the Hong Kong government will “open the market in a gradual, progressive and responsible manner” now that it is leading in terms of crypto regulations.

Hong Kong should further build “an ecosystem to attract globally competitive talent and capital, public chains and exchanges, enterprises, and projects, etc. to the city,” he concluded.

Since the introduction of the concept of a strategic Bitcoin reserve by Donald Trump, Robert F. Kennedy Jr., and Senator Cynthia Lummis at the Bitcoin 2024 Conference over the weekend, the narrative may be changing.

In a post on X on July 28, Professional Capital Management CEO Anthony Pompliano said that other Presidents may be discussing the premise of a Bitcoin strategy after hearing the remarks from Trump et al.

There is a nation’s President somewhere in the world meeting with their team tonight asking what their bitcoin strategy should be after hearing 2 of 3 leading US Presidential candidates mention a national strategic stockpile over the last 36 hours.

The game theory has begun.

— Anthony Pompliano (@APompliano) July 28, 2024

Meanwhile, Bitcoiner Samson Mow said, “The conversations around Bitcoin as a reserve asset have begun.”

“The preconception of what is a “safe asset” and what is “volatile” will be shattered in the coming months.”

Louisiana Governor Jeff Landry echoed the sentiment in a post on X on July 28, stating that his state is a leader in Bitcoin — banning CBDCs and protecting self-custody. “We should continue to lead by having a strategic reserve of Bitcoin like Donald Trump suggests!”

Paying Off National Debt?

Satoshi Action Fund founder Dennis Porter commented that Bitcoin is the only option for the US to pay off its $34 trillion national debt.

However, others pointed out that in order to tackle the debt, the government would have to spend the Bitcoin in theory which would be bad for markets.

Bitcoin is the only option for the USA to pay off its $34 trillion national debt.

Once Bitcoin reaches $13,000,000 it will only require the USA to HODL 2.6 million Bitcoin to pay off 100% of its $34 trillion debt.

We must pursue a Bitcoin Strategic Reserve to save America

— Dennis Porter (@Dennis_Porter_) July 27, 2024

Meanwhile, BTC was buoyed by the weekend sentiment as it closed in on $70,000 during the Monday morning Asian trading session.

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