Hong Kong joins Bitcoin reserve debate, lawmaker calls for consideration

Johnny Ng, a member of Hong Kong’s Legislative Council, said the city-state should do the same if the United States decides to implement a strategic Bitcoin reserve.

The concept is now likely to be discussed around the world following comments from two of the three US presidential candidates over the weekend.

“About Bitcoin becoming an official financial reserve for a country or region, I think it’s worth considering.”

Former US President Trump recently gave a speech at the US 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 center to promote the technology… pic.twitter.com/e1UFCb6g1q

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

Hong Kong Bitcoin Reserve

Ng went on to state that global acceptance of Bitcoin is steadily 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 investigate and consider including Bitcoin in the strategic financial reserves, as long as it complies,” he said.

He believes the Hong Kong government will “open up 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, companies and projects, etc. to the city,” he concluded.

Since the introduction of the concept of the 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 other presidents may be discussing the premise of a Bitcoin strategy after hearing remarks from Trump et al.

There’s a president of a nation somewhere in the world meeting with his team tonight asking what his bitcoin strategy should be after hearing 2 of the top 3 US presidential candidates mention a strategic reserve national during the last 36 hours.

Game theory has begun.

— Anthony Pompliano (@APompliano) July 28, 2024

Meanwhile, Bitcoiner Samson Mow said“Talks on Bitcoin as Reserve Asset Have Began”.

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

Louisiana Governor Jeff Landry was echoed sentiment in a post on X on July 28, claiming his state is a leader in Bitcoin: banning CBDCs and protecting self-custody. “We must continue to lead by having a strategic Bitcoin reserve as Donald Trump suggests!”

Pay off the national debt?

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

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

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

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

We must seek a strategic Bitcoin reserve to save America

— Dennis Porter (@Dennis_Porter_) July 27, 2024

Meanwhile, BTC was buoyed by weekend sentiment as it closed at $70,000 during Monday morning’s Asian trading session.

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