Hong Kong Legislative Council member Johnny Ng has suggested that Bitcoin could be considered a reserve asset for the country. Ng shared his intentions on social media to collaborate with various stakeholders to explore this idea, highlighting Bitcoin’s growing recognition and its potential as a hedge against inflation.
This consideration comes after former US President Donald Trump spoke at a Bitcoin conference in Nashville, advocating for a strategic Bitcoin reserve policy in the US.
Ng emphasized Bitcoin’s popularity and its perception as digital gold, suggesting that it could be a beneficial addition to Hong Kong’s financial reserves.
He pointed out that Hong Kong’s evolving Web3 ecosystem provides a favorable environment for integrating Bitcoin into its fiscal reserves, given the right regulatory framework. This integration could strengthen Hong Kong’s position in the digital asset space and align with the global trend of adopting Web3 and digital assets.
Johnny Ng Proposes Bitcoin as a Reserve Asset for Hong Kong, Aligning with Global Digital Trends
Ng’s proposal is timely, considering the growing acceptance of Bitcoin and other digital assets worldwide. He has been a vocal advocate for Web3 and the broader digital asset industry, supporting initiatives that promote Hong Kong as a hub for these technologies. His previous support for Bitcoin ETFs in Hong Kong underlines his commitment to enhancing the region’s role in the international virtual asset market.
The lawmaker’s recent statements align with Hong Kong’s broader efforts to attract global talent and foster innovation in the blockchain and crypto sectors. Ng acknowledges the importance of thorough research and regulatory compliance to successfully integrate Bitcoin into the financial system. This proposal is part of a larger strategy to expand Hong Kong’s Web3 ecosystem and bolster its technological development.
In the United States, former President Donald Trump made headlines at the Bitcoin Conference by promising a pro-crypto regulatory environment if re-elected. He criticized the current SEC Chairman Gary Gensler and proposed creating a strategic Bitcoin reserve, suggesting the US should hold onto its Bitcoin holdings rather than sell them.
This stance was well-received by the crypto community and highlights the increasing political attention towards digital assets. Trump’s promises include ending anti-crypto policies and fostering a supportive environment for digital asset growth in the US.
