Wu Jiezhuang suggested that Bitcoin be included in strategic fiscal reserves.
Jiezhuang’s suggestion highlights Donald Trump’s campaign speech.
Michael Saylor thinks Bitcoin is superior to physical capital.
Hong Kong SAR Legislative Council member Wu Jiezhuang has suggested Bitcoin’s inclusion in strategic fiscal reserves in the future. Jiezhuang made the statement after Donald Trump’s speech at the Bitcoin 2024 conference in Nashville, where the former president promised to build a national strategic Bitcoin stockpile.
Wu Jiezhuang: In the future, it can be considered to include Bitcoin in strategic fiscal reserves.#BTChttps://t.co/c5REms3Ulk
— CryptoDrifer (@0xDrifter) July 28, 2024
According to reports, Jiezhuang believes that Bitcoin and Web3 are crucial nodes in the development of globalization. The lawmaker proposes the SAR government consider Bitcoin’s status as a potential instrument for fiscal reserve by opening up the market responsibly and step by step.
Bitcoin’s resurgence in 2024 amid economic struggles cutting across various jurisdictions has reignited the debate about adopting the flagship cryptocurrency as an instrument for storing value at the federal level. Many stakeholders, including former U.S. President Donald Trump, have called for more recognition of Bitcoin, with Trump using the idea as a crucial campaign tool to woo the crypto sector in the upcoming election.
Notably, Jiezhuang’s position aligns with Michael Saylor’s idea. The MicroStrategy co-founder recently highlighted Bitcoin’s superiority over physical capital as an investment, advising individuals and the government to adopt the crypto as a tool for storing value.
Saylor noted that, unlike physical capital, Bitcoin is not subject to the law of thermodynamics, including entropy or energy’s tendency to dissipate over time. He believes in Bitcoin’s sustainability and potential to preserve and grow value.
Bitcoin traded for $67,388 at the time of writing, having traced from a $69,404 high in the past 24 hours, according to data from TradingView. BTC’s rediscovered surge aligns with the dominant sentiment among the crypto community members, most of whom expect Bitcoin to climb above its current $73,794 all-time high, ahead of further upside movements in the years to come.
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