Hong Kong Joins Bitcoin Reserve Debate, Legislator Calls for Consideration

Hong Kong Legislative Council Member Johnny Ng said that the city-state should follow suit if the United States decides to implement a Bitcoin strategic reserve.

The concept is now likely being discussed across the globe following remarks by two of three US presidential candidates over the weekend.

“Regarding Bitcoin becoming an official financial reserve for a country or region, I think this is worth considering.”

Hong Kong Bitcoin Reserve

Ng continued to state that the global acceptance of Bitcoin is constantly increasing before adding that the cryptocurrency is “seen by the public as ‘digital gold’ in the context of its technology.”

In the future “it is indeed possible to research and consider including Bitcoin in strategic financial reserves, as long as it is compliant,” he said.

He believes the Hong Kong government will “open the market in a gradual, progressive and responsible manner” now that it is leading in terms of crypto regulations.

Hong Kong should further build “an ecosystem to attract globally competitive talent and capital, public chains and exchanges, enterprises, and projects, etc. to the city,” he concluded.

Since the introduction of the concept of a strategic Bitcoin reserve by Donald Trump, Robert F. Kennedy Jr ., and Senator Cynthia Lummis at the Bitcoin 2024 Conference over the weekend, the narrative may be changing.

In a post on X on July 28, Professional Capital Management CEO Anthony Pompliano said that other Presidents may be discussing the premise of a Bitcoin strategy after hearing the remarks from Trump et al.

Meanwhile, Bitcoiner Samson Mow said , “The conversations around Bitcoin as a reserve asset have begun.”

“The preconception of what is a “safe asset” and what is “volatile” will be shattered in the coming months.”

Louisiana Governor Jeff Landry echoed the sentiment in a post on X on July 28, stating that his state is a leader in Bitcoin — banning CBDCs and protecting self-custody. “We should continue to lead by having a strategic reserve of Bitcoin like Donald Trump suggests!”

Paying Off National Debt?

Satoshi Action Fund founder Dennis Porter commented that Bitcoin is the only option for the US to pay off its $34 trillion national debt.

However, others pointed out that in order to tackle the debt, the government would have to spend the Bitcoin in theory which would be bad for markets.

Meanwhile, BTC was buoyed by the weekend sentiment as it closed in on $70,000 during the Monday morning Asian trading session.