Will China Lift Bans and Buy Bitcoin (BTC)? CZ Explained!

A new claim came from CZ, the former CEO of Binance, the world's largest cryptocurrency exchange, about China, known for its strict bans on Bitcoin.

Speaking at the Bitcoin MENA conference held in Abu Dhabi, Changpeng Zhao made statements about countries creating Bitcoin (BTC) reserves.

While the topic of Bitcoin reserves began to be discussed in Russia after the USA, CZ claimed that China would also create a Bitcoin reserve.

China will also be among the countries that will adopt a strategic Bitcoin reserve, likely following a plan proposed by incoming US President Donald Trump and his administration, CZ said.

At this point, CZ said that with the increasing global trends towards Bitcoin, China will accumulate secret Bitcoin and that the strategic BTC reserve is inevitable for China.

However, CZ added that the Chinese government's stance on BTC and crypto is "more difficult to predict" given its lack of transparency.

Stating that smaller countries will lead the way in creating Bitcoin reserves, CZ stated that this process will begin gradually.

"Trump has not yet taken office and the strategic Bitcoin reserve has not yet been activated. So we will see what other countries will do after Trump takes office and launches the BTC reserve.

But when it comes to China, things are different."

CZ, who grew up in China, said the country can move very quickly in its policies if it wants to. He said he has not seen any evidence that the government is hoarding Bitcoin. "I would be surprised if the Chinese government announced something and then did this; I would be much less surprised if they hoarded BTC and then announced it. They have to do that at some point because the only hard asset is Bitcoin," he said.