Legislative Council member Johnny Ng has proposed integrating Bitcoin into Hong Kong’s financial reserves. Meanwhile, former U.S. President Donald Trump has pledged to establish a strategic U.S. Bitcoin reserve, aiming to bolster national economic strategies.
As Bitcoin [BTC] and Web3 technologies gain traction in the United States, countries worldwide are intensifying their crypto efforts.
Johnny Ng on Hong Kong’s Bitcoin Strategy
Hong Kong’s Legislative Council member Johnny Ng recently announced plans to explore incorporating BTC into the financial reserves of the Special Administrative Region. In a recent X (formerly Twitter) post, Ng emphasized the transformative potential of blockchain technology, stating:
“BLOCKCHAIN TECHNOLOGY HAS SOLVED MANY INNOVATIONS IN FINANCE AND REAL-WORLD APPLICATIONS, AND WE SHOULD ENCOURAGE GLOBAL DEVELOPMENT TOGETHER, AS THIS IS IN LINE WITH THE APPLICATION DEVELOPMENT OF BLOCKCHAIN TECHNOLOGY.”
This initiative by Johnny Ng aligns with Donald Trump’s recent declaration at the Bitcoin 2024 conference in Nashville.
Trump’s Bitcoin Reserve Ideology
In a powerful speech at the conference, Trump committed to establishing a strategic Bitcoin reserve for the United States. He declared:
“NEVER SELL YOUR BITCOIN. IF I’M ELECTED, THE US WILL KEEP 100% OF BITCOIN THE GOVERNMENT CURRENTLY HOLDS OR ACQUIRES TO CORE STRATEGIC NATIONAL BTC STOCKPILE.”
Trump’s statement marks a significant shift in U.S. financial policy, reflecting his growing interest in integrating BTC into national economic strategies.
Simultaneously, Hong Kong is positioning itself as a leader in Web3 innovation, aiming to build an ecosystem that establishes the nation as a front-runner in the crypto space. Ng reinforced this vision by stating:
“BITCOIN IS SEEN BY THE PUBLIC AS ‘DIGITAL GOLD’ IN THE CONTEXT OF ITS TECHNOLOGY, SO IN THE FUTURE, IT IS INDEED POSSIBLE TO RESEARCH AND CONSIDER INCLUDING BITCOIN IN STRATEGIC FINANCIAL RESERVES, AS LONG AS IT IS COMPLIANT.”
Hong Kong’s Previous Instances of Bitcoin Adoption
This isn’t Hong Kong’s first move to embrace Bitcoin and Web3. The country recently launched Asia’s first inverse BTC ETFs, set to begin trading on July 23rd. This initiative underscores Hong Kong’s proactive efforts to advance its position in the crypto market.
Ng concluded his argument by outlining his vision:
“I WILL DISCUSS THE FEASIBILITY AND OPPORTUNITIES OF INCLUDING BITCOIN IN FINANCIAL RESERVES WITH DIFFERENT STAKEHOLDERS IN HONG KONG, AND WILL REPORT THE SITUATION TO EVERYONE IN A TIMELY MANNER.”
Current Market Sentiment
Meanwhile, BTC was trading around $70,000, showing green candlesticks on the daily chart. The RSI, positioned above the neutral level at 67, further confirmed that the bulls are poised to outpace the bears.
