Hong Kong to create Bitcoin reserves? Legislative Council’s Johnny Ng says…

• Legislative Council member Johnny Ng proposed the integration of Bitcoin into Hong Kong’s financial reserves.
• Meanwhile, Trump pledged a strategic U.S. Bitcoin reserve, boosting national economic strategies.

In response to the burgeoning traction of Bitcoin [BTC] and Web3 technologies in the United States, countries worldwide are ramping up their crypto efforts. 

Johnny Ng on Hong Kong’s Bitcoin strategy

Hong Kong’s Legislative Council member Johnny Ng has recently unveiled intentions to explore the integration of BTC into the financial reserves of the Special Administrative Region. 

In his recent X (formerly Twitter) post, Ng said, 

“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 development by Johnny Ng aligns with former U.S. President Donald Trump’s recent declaration at the Bitcoin 2024 conference in Nashville.

Trump’s Bitcoin reserve ideology

In a commanding speech at the conference, Trump committed to establishing a strategic Bitcoin reserve for the United States. He said, 

“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.”  

His declaration highlighted a significant shift in U.S. financial policy, reflecting Trump’s growing interest in integrating BTC into national economic strategies. 

Concurrently, Hong Kong is also 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.

That being said, Ng made a strong point when he said, 

“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 the first stride of Hong Kong to embrace Bitcoin and Web3.

The country recently launched Asia’s first inverse BTC ETFs, set to begin trading on the 23rd of July, as reported by local media.

This move underscores Hong Kong’s proactive efforts in advancing its position in the crypto market.

Concluding his argument, Ng put forth his vision and noted, 

“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.”  

Meanwhile, BTC was trading around $70k, showing green candlesticks on the daily chart as per CoinMarketCap.

The RSI, positioned above the neutral level at 67, further confirmed that the bulls are poised to outpace the bears. 

Source: TradingView