- Legislative Council member Johnny Ng proposed the mixing of Bitcoin into Hong Kong’s monetary reserves.
- In the meantime, Trump pledged a strategic U.S. Bitcoin reserve, boosting nationwide financial methods.
In response to the burgeoning traction of Bitcoin [BTC] and Web3 applied sciences in america, nations worldwide are ramping up their crypto efforts.
Johnny Ng on Hong Kong’s Bitcoin technique
Hong Kong’s Legislative Council member Johnny Ng has not too long ago unveiled intentions to discover the mixing of BTC into the monetary reserves of the Particular Administrative Area.
In his latest X (previously Twitter) publish, Ng stated,
“Blockchain expertise has solved many inventions in finance and real-world purposes, and we must always encourage international growth collectively, as that is according to the applying growth of blockchain expertise.”
This growth by Johnny Ng aligns with former U.S. President Donald Trump’s latest declaration on the Bitcoin 2024 convention in Nashville.
Trump’s Bitcoin reserve ideology
In a commanding speech on the convention, Trump dedicated to establishing a strategic Bitcoin reserve for america. He stated,
“By no means promote your Bitcoin. If I’m elected, the US will hold 100% of Bitcoin the federal government at present holds or acquires to core strategic nationwide BTC stockpile.”
His declaration highlighted a big shift in U.S. monetary coverage, reflecting Trump’s rising curiosity in integrating BTC into nationwide financial methods.
Concurrently, Hong Kong can also be positioning itself as a frontrunner in Web3 innovation, aiming to construct an ecosystem that establishes the nation as a front-runner within the crypto area.
That being stated, Ng made a robust level when he stated,
“Bitcoin is seen by the general public as “digital gold” within the context of its expertise, so sooner or later, it’s certainly doable to analysis and think about together with Bitcoin in strategic monetary reserves, so long as it’s compliant.”
Hong Kong’s earlier cases of Bitcoin adoption
This isn’t the primary stride of Hong Kong to embrace Bitcoin and Web3.
The nation not too long ago launched Asia’s first inverse BTC ETFs, set to start buying and selling on the twenty third of July, as reported by native media.
This transfer underscores Hong Kong’s proactive efforts in advancing its place within the crypto market.
Concluding his argument, Ng put forth his imaginative and prescient and famous,
“I’ll focus on the feasibility and alternatives of together with Bitcoin in monetary reserves with totally different stakeholders in Hong Kong, and can report the scenario to everybody in a well timed method.”
In the meantime, BTC was buying and selling round $70k, exhibiting inexperienced candlesticks on the every day chart as per CoinMarketCap.
The RSI, positioned above the impartial stage at 67, additional confirmed that the bulls are poised to outpace the bears.
Supply: TradingView