It is impossible for mainland regions to hold BTC

Is China ready to start large-scale purchases of Bitcoin?

Recently, statements by Binance founder Zhao Changpeng have attracted widespread attention in the global financial community. He revealed that China's cryptocurrency trading volume accounts for more than 30% of the global total, and hinted that if the United States could prevent China from holding gold reserves, then China might also turn to Bitcoin reserves. With 109 countries already joining the Central Bank Digital Currency Alliance, China is clearly one of the important members. If China really starts buying Bitcoin, what deep impact will this have on the global finance?

Zhao Changpeng further pointed out that China might quietly acquire Bitcoin behind the scenes and publicly announce this move at the appropriate time. He believes that this approach could potentially help China achieve a more independent position in the global financial system. However, some experts also indicate that if China intends to bypass the dollar hegemony and accumulate reserves through Bitcoin, it would be very difficult. After all, the central banks of the United States and other countries closely monitor the flow of funds.

In addition, Zhao Changpeng also raised a thought-provoking point: with the increasing number of countries joining, the global financial order led by G7 countries may gradually collapse, replaced by a 'Bitcoin G7' dominated by Bitcoin. This concept is similar to the Libra idea proposed by Zuckerberg in 2018, which failed to materialize due to strong opposition from Trump at the time, but Zhao Changpeng's re-mention of this idea has sparked new discussions.

So, could this 'Bitcoin G7' concept really become a reality?

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