Is China Ready to Start Mass Purchasing Bitcoin?
Recently, the remarks of 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 is able to prevent China from holding gold reserves, China may also turn to Bitcoin reserves. With 109 countries already joining the Central Bank Digital Currency Alliance, China is clearly one of its important members. If China really starts purchasing Bitcoin, what kind of profound impact will this have on the global finance?
Zhao Changpeng further pointed out that China may quietly acquire Bitcoin behind the scenes and publicly disclose this move at the appropriate time. He believes this approach could help China achieve a more independent position in the global financial system. However, some experts also indicate that if China intends to bypass dollar hegemony and accumulate reserves through Bitcoin, it will be very difficult. After all, the central banks of the United States and other countries closely monitor capital flows.
In addition, Zhao Changpeng also raised a thought-provoking point: as more and more countries join, the global financial order dominated by G7 countries may gradually collapse, replaced by a 'Bitcoin G7' led by Bitcoin. This idea is similar to the Libra concept proposed by Zuckerberg in 2018, which was not realized at the time due to Trump's strong opposition, but Zhao Changpeng's mention of this idea has sparked new discussions.
So, is this 'Bitcoin G7' concept really likely to become a reality?
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