March 24, 2025
By Joe Pan
Just days after U.S. President Donald Trump established a Bitcoin Strategic Reserve with an executive order on March 6, the Taipei-based Bitcoin and Cryptocurrency Development Association and Appracus Financial Foundation hosted the first-ever conference of its kind to discuss Bitcoin as a strategic reserve. This timely event brought together diverse perspectives from prominent figures in the virtual asset service providers (VASP) space, legal experts, former regulators, and ex-central bankers. Proponents and opponents of using Bitcoin as a central bank reserve weighed in.
While many ex-officials, academics, and industry players voiced their support for a Bitcoin-denominated reserve, Ju-Chun (JC) Ko, a current Tech Legislator at-large representing the blockchain and fintech communities, quantified the concept.
Known as the “Crypto Congressman,” JC Ko emphasized the potential benefits of establishing a Bitcoin strategic reserve. “I also call for and hope to discuss with everyone the establishment of Taiwan’s Bitcoin strategic reserve. I propose setting aside about 0.1% of GDP or the equivalent in USD, which might be around $600 to $700 million,” Ko said.
JC Ko has been an advocate for the adoption of blockchain technology and Web 3.0 as a pathway to empowerment. “Through the spirit of transparency, decentralization, and openness of Web 3.0, coupled with blockchain and smart contract technology, we believe government governance can be made more transparent and efficient, empowering people with more open and free rights, thus ensuring social justice and safety,” Dr. Ko noted on his personal website. This reflects his personal mission and views on the latest Government Blockchain Proposal.
Regarding the legislative process, JC Ko expressed his desire for swift support from the Legislative Yuan and “pass the Virtual Asset Service Providers bill as soon as possible, providing an ideal supportive environment for Taiwan to continue thriving in the digital asset sector,” Ko said.
Mr. Chen Chong, another proponent, highlighted the potential of Bitcoin to act as a hedge against economic uncertainties. “Bitcoin’s decentralized nature and limited supply make it an attractive asset for diversifying national reserves. It could provide a safeguard against inflation and currency devaluation, offering a new dimension of financial stability,” Mr. Chen Chong noted.
Henry Lin emphasized the strategic importance of Bitcoin. He noted that Bitcoin’s decentralized nature and limited supply align with the characteristics of a valuable asset. “I consider Bitcoin as a people’s choice currency, and it has strong asset characteristics,” Lin said.
He also highlighted the recent U.S. policy developments, where Bitcoin is being considered as a strategic asset. “When the U.S., the world’s largest economy, views Bitcoin as a strategic reserve asset, we should discuss how to respond to this strategic position rather than debating whether it is an asset or not,” Lin added.
However, not everyone is convinced of Bitcoin’s suitability as a strategic reserve. Former Central Bank Deputy Governor Hsu Jiadong expressed skepticism, citing Bitcoin’s volatility and lack of stability. “Bitcoin fails the basic tests of stability against inflation, creating returns, and delivering value and stable interest for investors. Therefore, I don’t see [BTC] qualifying as a strategic reserve anytime soon,” Hsu stated.
The conference provided a platform for diverse views, with discussions ranging from regulatory frameworks to the role of self-regulation in the VASP space. JC Ko highlighted the importance of effective governance and communication between government agencies and industry stakeholders. “Taiwan’s strong background in cryptography and cybersecurity positions it well for the development of digital asset management technologies,” Ko noted.
As the global financial landscape continues to evolve, the concept of Bitcoin strategic reserves presents both opportunities and challenges. While proponents see it as a means to enhance economic resilience and diversify national assets, opponents highlight concerns over stability and volatility.
Will Taiwan fall behind in its race to create a legislative framework for its cryptocurrency industry? JC Ko reflected on the potential for other Asian jurisdictions to adopt similar strategies, noting, “I believe that countries like Singapore and South Korea, with their strong fintech ecosystems, could be among the first in Asia to deploy Bitcoin strategic reserves.”
About the Author
Joe Pan is an editor and producer at Blockwind News and an early adopter of blockchain technology. He has covered major crypto conferences globally since 2019 and moderated Web3 events across Asia. Joe is part of the founding team of Blockwind News and teaches Asia’s only accredited Master of Journalism class on “Covering Cryptocurrency and Blockchain” at Hong Kong Baptist University.
