Hong Kong politician emphasizes that Bitcoin reserve is worth considering

Just one day after Donald Trump's speech at the Bitcoin conference in Nashville, the first statements were made by politicians from other jurisdictions. The aim was to evaluate whether to follow the example of the likely next US president and establish a Bitcoin reserve.

Johnny Ng, a member of Hong Kong's Legislative Council, emphasized in a post on the 𝕏 platform that it is definitely worth considering holding government Bitcoin reserves.

Regarding Bitcoin becoming an official financial reserve for a country or region, I think this is worth considering. The global acceptance of Bitcoin is constantly increasing, and 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.
_{Johnny Ng}

The politician calls for Hong Kong to engage more with the whole ecosystem and he announced that he will engage with stakeholders to discuss the implementation of a Bitcoin reserve.

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.
_{Johnny Ng}

In contrast to "mainland China", the Chinese Special Administrative Region is very open to Bitcoin and cryptocurrencies. For example, the Hong Kong Securities and Futures Commission approved Bitcoin and Ethereum spot ETFs this year, which were allowed to start trading at the end of April.

Johnny Ng also emphasized Hong Kong's pro-crypto orientation in the aforementioned post, which he wrote on the occasion of Donald Trump's historic speech at the Bitcoin Conference.

Former U.S. President Trump recently gave a speech at the U.S. Bitcoin Summit, sharing his views on Bitcoin. Bitcoin and Web3 have already gained the attention and development of countries around the world, and Hong Kong is also actively becoming a hub to promote technological and financial innovation.
_{Johnny Ng}

Ng, however, as is also evident from the post, is an advocate of "Web3" and "crypto", which leaves a bland aftertaste here. People who have understood the real innovation of Bitcoin and how it differs from everything else are generally allergic to the use of these buzzwords.

Nevertheless, the post by the influential politician from Hong Kong is an indication that the often-attributed game theory behind Bitcoin is currently unfolding at full speed. At the latest since Donald Trump's speech - in which he unfortunately also spoke of "crypto" - the ball has probably really started rolling. Further developments in Hong Kong and other jurisdictions will be exciting to watch.

Now that there is the prospect of the USA strategically holding its own Bitcoin stocks in the future, it is to be expected that this will not go unnoticed by high-ranking politicians from other nations.

Even German politicians are currently realizing that giving Bitcoin to other countries can be dangerous. Dr. Stefan Berger (CDU), Member of the European Parliament, posted something along these lines.

For a long time #Bitcoin was neglected. Now it is #Trump's election campaign topic. Europe should learn from this. Those who don't embrace #Bitcoin will watch others do it.
_{Dr. Stefan Berger}

Democrats in the US are also currently stepping up their efforts to be perceived as more open to Bitcoin and the like. According to a report in the Financial Times, Vice President Kamala Harris' team has met with personalities from the crypto industry to signal a 180-degree turnaround.

It remains to be seen whether there will be broader support for Bitcoin from politicians of different persuasions in the future. Political pressure is only likely to increase further - in the US also due to the fact that more and more influential financial service providers such as BlackRock and even state pension funds now have an interest in the success of the asset class.