Key Points
- Legislative Council member Johnny Ng suggests integrating Bitcoin into Hong Kong’s financial reserves.
- Donald Trump pledged to establish a strategic U.S. Bitcoin reserve, enhancing national economic strategies.
Johnny Ng, a member of the Legislative Council in Hong Kong, has proposed the incorporation of Bitcoin into the region’s financial reserves. This comes as countries globally are increasing their crypto efforts due to the rising popularity of Bitcoin and Web3 technologies, particularly in the United States.
Johnny Ng’s Bitcoin Strategy for Hong Kong
In a recent post on X (formerly Twitter), Ng expressed his intention to explore the integration of Bitcoin into the financial reserves of Hong Kong. He emphasized the importance of blockchain technology in driving financial and real-world innovations, urging for global development in line with blockchain technology application.
This move is in line with former U.S. President Donald Trump’s recent announcement at the Bitcoin 2024 conference in Nashville, where he pledged to establish a strategic Bitcoin reserve for the U.S.
Trump’s Bitcoin Reserve Ideology
During his speech at the conference, Trump expressed his commitment to preserving all Bitcoin currently held or acquired by the government as part of a strategic national Bitcoin stockpile. This represents a significant shift in U.S. financial policy and indicates Trump’s growing interest in integrating Bitcoin into national economic strategies.
Alongside this, Hong Kong is positioning itself as a leader in Web3 innovation, aiming to establish a thriving ecosystem that positions the nation at the forefront of the crypto space.
Ng further emphasized that Bitcoin, often seen as “digital gold” due to its technology, could potentially be included in strategic financial reserves, provided it is compliant.
Hong Kong’s Bitcoin Adoption
This is not Hong Kong’s first attempt to embrace Bitcoin and Web3. The country recently launched Asia’s first inverse Bitcoin ETFs, which will begin trading on the 23rd of July, as reported by local media. This underscores Hong Kong’s proactive efforts in advancing its position in the crypto market.
Ng concluded by stating his intention to discuss the feasibility and opportunities of including Bitcoin in financial reserves with various stakeholders in Hong Kong, promising to keep everyone updated.
At the time of writing, Bitcoin was trading around $70k, with green candlesticks on the daily chart as per CoinMarketCap. The Relative Strength Index (RSI), positioned above the neutral level at 67, suggests that the bulls are set to outpace the bears.
