CoinGape 2024-12-30 06:34:46

Strategic Bitcoin Reserve Race Heats Up as Hong Kong, Germany Joins Bandwagon

Countries worldwide now seem to be racing to establish strategic Bitcoin reserve, as lawmakers in Hong Kong and Germany put forward the proposal. A Hong Kong Legislator said that getting Bitcoin into the city’s Exchange Fund will help maintain financial security amid the changing global crypto dynamics. Following Donald Trump’s victory, countries are more seriously looking at BTC thinking of it as a national reserve to navigate the shifts in global economics. Hong Kong Eyes Strategic Bitcoin Reserve Wu Jiezhuang, Chairman of Hong Kong’s Web3 Virtual Asset Development Subcommittee, suggested that Hong Kong should leverage its “One Country, Two Systems” advantage to pilot the inclusion of Bitcoin in its Exchange Fund. The Treasury Bureau’s response noted that as of now, crypto assets are not targeted investments for the Exchange Fund. However, it added that external investment managers can have small exposure to crypto assets through diversified portfolios. Hong Kong could be on the path 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 value of approximately HK$7.4 billion. Furthermore, with other small countries like El Salvador setting up precedence, Hong Kong might also make a similar move in the future. Local news publication DW Media reported that China holds approximately 190,000 Bitcoins, second only to the U.S. government’s 210,000 Bitcoins. At current prices of $94,000 per Bitcoin, this would be worth approximately $18 billion (HK$140 billion). Market analysts believe that the city could convert these holdings into ETFs listed in Hong Kong. Following Donald Trump’s victory in US Elections 2024, several US states have proposed legislation to hold 10% of state reserves in Bitcoin. Wyoming Senator Cynthia Lummis recently affirmed the commitment to implementing a strategic Bitcoin reserve plan for the US and accumulating over 1 million Bitcoins as per the earlier proposal. Germany Joins the Bandwagon Former German Finance Minister Christian Lindner has proposed that the European Central Bank (ECB) and the German Bundesbank should consider adding Bitcoin to their reserves. This comes soon after a European MP made a similar demand last week. Speaking to the German Press Agency in Berlin, Linder said: “The new Trump administration is pursuing an extremely progressive policy on crypto-assets such as Bitcoin. In Washington, there is even consideration of the Federal Reserve including crypto-assets alongside currencies and gold in its reserves.” He said that the US aims to become the global leader in USD and crypto. “However, Germany and Europe must not allow themselves to fall behind again. In Frankfurt, it should be examined whether crypto-assets could also become part of central bank reserves,” he added. Apart from Hong Kong and Germany, even Russia is mulling a strategic Bitcoin reserve in the wake of global sanctions. On the other hand, Japan has rejected this proposal at the moment. The post Strategic Bitcoin Reserve Race Heats Up as Hong Kong, Germany Joins Bandwagon appeared first on CoinGape .

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