December 11, 2024<\/p>\n\n\n\n
By Our Correspondent<\/p>\n\n\n\n
Former Binance CEO Changpeng \u201cCZ\u201d Zhao indicated that China is likely to be among the nations that will implement a strategic Bitcoin reserve, potentially mirroring a proposal from the forthcoming United States presidential administration.<\/p>\n\n\n\n
During his address at the Bitcoin MENA conference in Abu Dhabi on December 9, Zhao expressed his belief that \u201csmaller countries\u201d would probably be the pioneers in adopting a Bitcoin reserve, although he noted that this transition might occur gradually.<\/p>\n\n\n\n
He remarked that China’s stance on cryptocurrency is \u201charder to predict\u201d due to the government’s lack of transparency. \u201cTrump has not yet assumed office, and the strategic Bitcoin reserve has not been initiated, so I anticipate that once this occurs, we will observe the actions of other countries,\u201d Zhao stated.<\/p>\n\n\n\n
Having grown up in China, CZ mentioned that the country could implement policies \u201creally, really fast\u201d if it chose to do so. He acknowledged that while he had not observed any indications of the government accumulating Bitcoin, it is \u201cinevitable\u201d for China to create a strategic reserve: \u201cI would be surprised if [the Chinese government] made an announcement and then followed through \u2014 I would be much less surprised if they were to accumulate and then reveal […] They must do it eventually, as it is the only \u2018hard\u2019 asset.\u201d<\/p>\n\n\n\n
Which nation will be the first to establish a BTC reserve?<\/p>\n\n\n\n
The establishment of a \u201cstrategic national Bitcoin stockpile\u201d was among the campaign promises made by President-elect Donald Trump to participants at a crypto conference in July.<\/p>\n\n\n\n
Critics of this initiative have argued that it would primarily benefit Bitcoin holders, likely leading to an increase in price if the US government were to acquire and retain 1 million coins.<\/p>\n\n\n\n
Zhao was released from US federal prison in September after serving four months for violating the country\u2019s Anti-Money Laundering laws.<\/p>\n","protected":false},"excerpt":{"rendered":"
December 11, 2024 By Our Correspondent Former Binance CEO Changpeng \u201cCZ\u201d Zhao indicated that China is likely to be among the nations that will implement a strategic Bitcoin reserve, potentially mirroring a proposal from the forthcoming United States presidential administration. During his address at the Bitcoin MENA conference in Abu Dhabi on December 9, Zhao […]<\/p>\n","protected":false},"author":4,"featured_media":6853,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-6851","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized"},"yoast_head":"\n