Adoption of Bitcoin Reserves Expands Globally: Hong Kong Legislator to Discuss and Consider

As the global trend of adopting Bitcoin as a reserve asset gains momentum, Hong Kong legislator Johnny Ng has announced plans to discuss and consider the feasibility of this move.

Following notable endorsements from figures like Donald Trump and Robert F. Kennedy Jr., the prospect of Bitcoin reserves is becoming a significant topic of discussion.

Discover the key points and future implications of this shift towards cryptocurrency reserves in our detailed analysis.

Hong Kong Legislator's Plans for Bitcoin Reserves

On July 28, 2024, Johnny Ng, a member of the Legislative Council of the Hong Kong Special Administrative Region, announced his intention to discuss and consider the feasibility of adopting Bitcoin (BTC) as a reserve asset with various legislators in Hong Kong.

Ng's statement came in response to former U.S. President Donald Trump's speech about Bitcoin at "Bitcoin 2024." He expressed his views in a detailed post on X, highlighting three main points regarding Bitcoin and Web3 technology:

1. Bitcoin and Web3 as Milestones in Globalization
   Blockchain technology has brought numerous innovations to finance and real-world applications. As it aligns with the development of blockchain technology applications, promoting global development together is crucial.
2. Consideration of Bitcoin as an Official Reserve Asset
   The global adoption of Bitcoin is continuously increasing, often regarded as "digital gold" due to its technical background. Including Bitcoin in strategic reserve assets is feasible and can be realized as long as compliance is maintained.
3. Accelerating the Development of Hong Kong's Web3 Ecosystem
   Hong Kong is at the forefront in terms of compliance regulations and industry development. The Hong Kong Special Administrative Region Government is committed to opening the market in a phased, progressive, and responsible manner. Web3 symbolizes technological and application innovation, and Hong Kong should continue building its ecosystem to attract globally competitive talent, capital, public chains, exchanges, enterprises, and projects, thereby promoting industrial and technological development.

Ng plans to discuss "the feasibility and opportunities of including Bitcoin as a reserve asset" with various stakeholders in Hong Kong and report on the progress.

Global Movements Towards Bitcoin Reserves

Recently, there has been an accelerated move towards adopting Bitcoin as a reserve asset. In a recent Bitcoin conference, Trump announced that the U.S. government would retain 100% of its BTC holdings.

Robert F. Kennedy Jr. also declared plans for the U.S. government to accumulate 4 million BTC.

As more legislators propose adopting Bitcoin as a reserve and purchasing it long-term, it is anticipated that this trend will expand globally.

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