Is China ready to start buying Bitcoin on a large scale?
Recently, Binance founder Zhao Changpeng's remarks sparked heated discussions in the global financial community. He revealed that China's cryptocurrency trading volume has accounted for more than 30% of the global total, and hinted that if the United States can limit China's gold reserves, China may choose Bitcoin as a reserve asset. With 109 countries in the world joining the Central Bank Digital Currency Alliance, China is obviously one of the important members. If China really starts to acquire Bitcoin on a large scale, what far-reaching impact will this move have on the global financial landscape?
Zhao Changpeng further stated that China may quietly acquire Bitcoin behind the scenes, wait for the right time, and eventually make its holdings public. This approach may help China gain greater independence in the global financial system. However, experts point out that if China tries to bypass the dominance of the US dollar and build reserves through Bitcoin, it will be difficult. After all, central banks in the United States and other countries monitor capital flows very strictly, and it is not easy to achieve this goal.
What is even more striking is that Zhao Changpeng put forward a shocking view: as more and more countries join the ranks of central bank digital currencies, the global financial order may undergo a dramatic change, from the current pattern dominated by G7 countries to a "Bitcoin G7" era dominated by Bitcoin. Although this idea is exciting, it is not without challenges. Similar ideas have caused controversy as early as 2018 when Zuckerberg proposed Libra. Although it failed to be realized at the time, Zhao Changpeng's proposal has once again sparked widespread discussion.
Can "Bitcoin G7" become a reality?
Although this question is difficult to answer immediately, it is certain that as cryptocurrencies are gradually accepted by various countries, the reconstruction of the global financial system is no longer a distant future.
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