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Hong Kong set 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.
Considering its crypto-friendly efforts in recent years, Hong Kong may be moving towards a strategic Bitcoin reserve. Currently, the Hong Kong Stock Exchange lists 12 cryptocurrency-linked ETFs with a total market value of approximately 7.4 billion HK$. Additionally, following the example of other small countries like El Salvador, Hong Kong may make a similar move in the future.
Does China already have Bitcoin?
Local news outlet DW Media said China has approximately 190,000 Bitcoin, ranking second after the US government's 210,000 Bitcoin. With the current price of $94,000 per Bitcoin, this would be worth about $18 billion. Market analysts believe the city could convert these assets into ETFs listed in Hong Kong. After Donald Trump's win in the 2024 US elections, some US states have proposed legislation to hold 10% of state reserves in Bitcoin. Wyoming Senator Cynthia Lummis recently confirmed the implementation of a strategic Bitcoin reserve plan for the US and a commitment to accumulate over 1 million Bitcoin compared to the previous proposal.
Will there be a BTC move from Germany too?
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 came shortly after a European MEP made a similar request last week.
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