CZ highlights how governments are leaning towards BTC strategic reserves

Former Binance CEO Changpeng ‘CZ’ Zhao created a thread about X, showcasing news headlines indicating governments are establishing strategic Bitcoin reserves, similar to plans introduced in the US

In a recent post, CZ shared a headline showing how a Japanese legislator is pushing for the creation of a national strategic Bitcoin (BTC) reserve. She posted the caption with the sarcastic caption, “probably nothing…” accompanied by a laughing emoji.

The crypto industry leader linked the post to a previous post he made with the same title in early December. The post showed that a similar move occurred in Russia when a lawmaker proposed creating a strategic Bitcoin reserve in light of current geopolitical issues.

CZ’s post apparently points to a growing global trend where people are starting to encourage their governments to build Bitcoin reserves, ultimately following in America’s footsteps.

Probably nothing… 😂 https://t.co/Pxm2UxG6zO pic.twitter.com/gOsY70xnyn

— CZ 🔶 BNB (@cz_binance) December 15, 2024

Many X users were quick to comment under CZ’s post, expressing their certainty that Bitcoin dominance is clearly occurring worldwide after President-elect Donald Trump confirmed plans to create a Bitcoin reserve.

“Imagine the equivalent of the space race when countries start buying BTC as a reserve currency,” wrote @Cryptoking on X.

“We love seeing progress in space!” @FEGtoken wrote in another comment.

On December 11, a Japanese lawmaker, ironically named Satoshi Hamada, submitted questions to the government asking whether they would consider creating a national Bitcoin reserve.

Hamada directly addressed the US government’s efforts to establish a strategic Bitcoin reserve in the country, claiming that such a move could add a “tremendous amount of power” to the markets.

“Should Japan also introduce a system that will convert some of its foreign exchange reserves into crypto assets such as Bitcoin?” Hamada asked in his translated presentation.

As reported by Crypto.news earlier this month, Russian Duma state deputy Anton Tkachev called on the government to consider creating a Bitcoin strategic reserve in the country.

Tkachev stated in his proposal that Bitcoin will serve not only as a currency, but also as an alternative asset for storing national funds. He argued that Bitcoin, unlike traditional currencies, is not affected by inflation or cross-border sanctions.

Brazil’s Congress joined the race on November 26, when Brazilian lawmakers in the House of Representatives proposed a Bitcoin bill that would limit Brazil’s reserves to approximately $18.5 billion worth of Bitcoin. Regulators also proposed allocating 5 percent of the country’s $370 billion treasury to the Bitcoin strategic reserve.

Trump has promised to create a national Bitcoin reserve since the beginning of his presidential campaign. Following his presidential victory, Senator Cynthia Lummis reaffirmed Trump’s plans to create a strategic Bitcoin Reserve in the US

Across America, some states, including Texas, Alabama, and Pennsylvania, are also moving toward creating Bitcoin reserve bills. The Canadian city of Vancouver also recently took action, with city councilors voting in favor of Mayor Ken Sim’s “Bitcoin-friendly” motion, which includes converting some of Vancouver’s existing fiscal reserve.