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Hong Kong sets its sights on strategic Bitcoin reserves
Wu Jiezhuang, Chairman of the Hong Kong Web3 Crypto Asset Development Subcommittee, suggested that Hong Kong should pilot the inclusion of Bitcoin in the Exchange Fund by taking advantage of the "One Country, Two Systems" advantage. The Treasury Bureau's response stated that as of now, crypto assets are not targeted investments for the Exchange Fund. However, it was added that external investment managers may have minor exposure to crypto assets through diversified portfolios.
Hong Kong may be well on its way to a strategic Bitcoin reserve, considering its crypto-friendly efforts over the past few years. As of now, the Hong Kong Stock Exchange lists 12 cryptocurrency-linked ETFs with a total market capitalization of approximately HK$7.4 billion. In addition, Hong Kong may make a similar move in the future, with other smaller countries such as El Salvador setting a precedent.
Does China already have Bitcoin?
Local news outlet DW Media stated that China holds around 190,000 Bitcoins, placing it second after the US government's 210,000 Bitcoins. At current prices of $94,000 per Bitcoin, this would be worth approximately $18 billion. Market analysts believe the city could convert these assets into ETFs listed in Hong Kong. Following Donald Trump's 2024 US Election victory, some US states have proposed legislation to hold 10% of state reserves in Bitcoin. Wyoming Senator Cynthia Lummis recently confirmed plans to implement a strategic Bitcoin reserve plan for the US and accumulate over 1 million Bitcoins, exceeding the previous proposal.
Will there be a BTC move from Germany?
Former German Finance Minister Christian Lindner suggested that the European Central Bank (ECB) and the German Bundesbank consider adding Bitcoin to their reserves. This proposal comes shortly after a similar request from a European parliamentarian last week.
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