According to PANews, Hong Kong Blockchain Association Co-Chairman Fang Hongjin recently suggested that the Hong Kong government should continuously purchase and hold Bitcoin as part of its foreign exchange reserves. This move aims to diversify the assets of the foreign exchange fund, enhance its inflation resistance, and reduce reliance on the US dollar. Fang believes that early acquisition of Bitcoin could establish Hong Kong's influence in the international market and leverage Bitcoin's collateral financing features to counter speculative attacks on the Hong Kong dollar peg.

Fang also highlighted that this initiative would support Hong Kong's ambition to become a global Web3.0 hub by providing financial credibility. He noted that Bitcoin's status as digital gold is increasingly recognized by the traditional financial sector worldwide. Several central banks might follow the trend of adopting Bitcoin as a reserve asset. For instance, in 2021, El Salvador declared Bitcoin as an official currency anchor, and Switzerland has passed legislation to include Bitcoin in its national bank reserves. The United States might also consider Bitcoin as a strategic national asset, which would further drive demand from central banks and traditional financial institutions.

Fang believes that Bitcoin has the potential to become a mainstream international financial asset, comparable to or even surpassing gold. Currently, Bitcoin's market value is approximately $1.4 trillion. If it reaches the market value of gold, the price of one Bitcoin could soar from the current $68,000 to nearly $600,000. Therefore, allocating a certain proportion of Bitcoin in Hong Kong's foreign exchange reserves and holding it long-term could enhance the stability and autonomy of Hong Kong's financial system.