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Crypto markets are on edge with anticipation for the US Bitcoin Reserve, promised in Trump’s Crypto Policy, but is the China Bitcoin Reserve possible?
Industry legend and former Binance CEO Changpeng Zhao (CZ) seems to think so, after recent comments he made at the Bitcoin MENA Conference 2024.
It comes as no surprise that the one big topic on everyone’s minds at the Bitcoin fest is, of course, the upcoming US Bitcoin Reserve – which represents a near mythological moment of hyperbitcoinization for the crypto community.
Taking place in the so-called ‘Capital of Capital’, Abu Dhabi, the annual conference organized by Bitcoin Magazine has attracted a sleuth of high-profile figures, including Donald Trump’s Son – Eric Trump, Sheikh Nahayan Mabarak Al Nahyan, CZ, and Justin Sun.
“[A Chinese Bitcoin Reserve is] inevitable – they have to do it at some point because it’s the only ‘hard’ asset,” claimed CZ. “I’d be much less surprised if they accumulate and then announce … They could move really, really fast if they wanted.”
While musing on the mixed relationship between Beijing and Bitcoin, CZ was quick to highlight the very real prospect of a hyperbitcoinization race between the US and China.
He noted that a regulated market is needed to monitor these assets for fraud and manipulation.
While many countries have been openly stacking Bitcoin for years, including Bukele’s El Salvador and the small nation of Bhutan, other countries (and US states) have been slowly growing their Bitcoin holdings in silence.
However, there are also rumors circulating at Bitcoin MENA that true national reserve accumulation could already be well-underway as nations silently front-run Trump’s crypto policy to get ahead of the game. This was loosely confirmed by Prince Filipe of Serbia after he mentioned nation-state inflows as a potential explanation for the explosive growth up to $100K over the past 3-months.
Take the surprising example of the UK, which itself has a complex and somewhat anti-innovation approach to cryptocurrency regulation, Bloomberg revealed earlier this year that the combined value of seized BTC holdings stored by the British National Crime Agency stands at a whopping 61,000 BTC.