- Member of the Legislative Council Johnny Ng proposed the integration of Bitcoin into Hong Kong’s financial reserves.
- Meanwhile, Trump promised a strategic US Bitcoin reserve, boosting national economic strategies.
In response to the growing popularity of Bitcoin [BTC] and Web3 technologies in the United States, countries around the world are ramping up their crypto efforts.
Johnny Ng on Hong Kong’s Bitcoin Strategy
Member of the Legislative Council of Hong Kong Johnny Ng recently unveiled plans to explore the integration of BTC into the Special Administrative Region’s financial reserves.
In his recent X-post (formerly Twitter), Ng said:
“Blockchain technology has solved many innovations in the financial world and real-world applications, and we should jointly encourage global development, as this is in line with the application development of blockchain technology.”
This development by Johnny Ng is in line with former US President Donald Trump’s recent statement at the Bitcoin 2024 conference in Nashville.
Trump’s Bitcoin Reserve Ideology
In an impressive speech at the conference, Trump promised to create a strategic Bitcoin reserve for the United States. He said,
“Never sell your Bitcoin. If elected, the US will retain 100% of the Bitcoin the government currently owns or acquires as a strategic national BTC supply.”
His statement highlighted a significant shift in US financial policy, reflecting Trump’s growing interest in integrating BTC into national economic strategies.
At the same time, Hong Kong is also positioning itself as a leader in Web3 innovation, aiming to build an ecosystem that makes the nation a leader in the crypto space.
That said, Ng made a strong point when he said:
“Bitcoin is perceived by the public as ‘digital gold’ in the context of its technology, so in the future it is indeed possible to investigate Bitcoin and consider including Bitcoin in strategic financial reserves, as long as it complies with the regulations .”
Previous examples of Bitcoin adoption in Hong Kong
This is not Hong Kong’s first move to embrace Bitcoin and Web3.
The country recently launched Asia’s first inverse BTC ETFs, which will begin trading on July 23, according to local media.
This move underlines Hong Kong’s proactive efforts to grow its position in the crypto market.
Concluding his speech, Ng put forward his views and noted:
“I will discuss the feasibility and opportunities of including Bitcoin in financial reserves with various stakeholders in Hong Kong, and will report the situation to everyone in a timely manner.”
Meanwhile, BTC was trading around $70,000, which showed green candlesticks on the daily chart, according to CoinMarketCap.
The RSI, which stood above the neutral level at 67, further confirmed that the bulls are about to overtake the bears.
Source: TradingView