As a researcher with a background in finance and a keen interest in cryptocurrencies, I find myself intrigued by the potential global adoption of Bitcoin reserves. Having lived in China and spent time in the United States, I have a unique perspective on the dynamics between these two economic giants.
Previously, the former head of Binance (Changpeng “CZ” Zhao) stated that China might take up a tactical Bitcoin reserve, potentially mirroring a strategy suggested by the new U.S. presidential team.
At the Bitcoin MENA conference held in Abu Dhabi on December 9, Zhao expressed his viewpoint that smaller nations might be the pioneers in adopting a Bitcoin (BTC) reserve. However, he emphasized that this transformation could occur gradually. Moreover, he noted that China’s stance on cryptocurrency was somewhat unpredictable due to the opacity of its government.
In a scenario where Trump hasn’t taken office yet and the strategic Bitcoin reserve remains inactive, Zhao suggests that once these events occur, it will be intriguing to observe how other nations respond.
Originating from China, CZ asserted that the nation has the capacity to swiftly implement policies should it choose to do so. Furthermore, he mentioned he hasn’t found any indications suggesting the government is stockpiling Bitcoin, but it’s only natural for them to create a strategic reserve over time.
“I’d be shocked if [the Chinese government] announced something and then do it — I’d be much less surprised if they accumulate and then announce […] They have to do it at some point because it’s the only ‘hard’ asset.”
Which country will be the first to build a BTC reserve?
As a researcher, I’d like to share an interesting perspective on a proposal made during President-elect Donald Trump’s campaign: the idea of creating a “national Bitcoin stockpile.” This promise was made at a crypto conference in July. Critics argue that such a move would primarily benefit Bitcoin holders, potentially causing the price to surge if the U.S. government were to purchase and hoard approximately one million coins.
In September, Zhao completed his four-month sentence in a U.S. federal prison, having admitted guilt for breaching the nation’s Anti-Money Laundering regulations.
In connection with his resignation as CEO of Binance in November 2023, Zhao will no longer be involved in the management or operation of the cryptocurrency exchange in the future. His criminal charge limits his involvement in certain business dealings, but he has suggested that Trump might grant him a pardon upon taking office on Jan. 20.
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2024-12-09 22:12