Pro-crypto Hong Kong Legislative Council Member Johnny Ng has called on the special administrative region to “research and consider” incorporating Bitcoin into strategic financial reserves following ex-POTUS Donald Trump’s speech at BTC 2024 in Nashville over the weekend.
Hong Kong’s BTC Ambitions: Strategic Fiscal Reserves
Johnny Ng plans to explore including Bitcoin in the city’s financial reserves.
In a July 28 post on the X (aka Twitter) platform, Ng stated that “as long as it is compliant,” it was “worth considering” including the preeminent crypto in a strategic financial reserve. According to the lawmaker, BTC’s inclusion could benefit Hong Kong’s economic framework under the right regulatory conditions.
“The global acceptance of Bitcoin is constantly increasing, and Bitcoin is seen by the public as ‘digital gold’ in the context of its technology,” Ng continued.
Former U.S. President Trump recently gave a speech at the U.S. Bitcoin Summit, sharing his views on Bitcoin. Bitcoin and Web3 have already gained the attention and development of countries around the world, and Hong Kong is also actively becoming a hub to promote technological… pic.twitter.com/e1UFCb6g1q
— Johnny Ng 吴杰庄 (@Johnny_nkc) July 28, 2024
He vowed to start conversations in Hong Kong with various stakeholders to “discuss the feasibility and opportunities of including Bitcoin in financial reserves with different stakeholders in Hong Kong,” noting that he would report the situation to every one promptly.
Ng’s proposal came in response to former President Donald Trump’s speech at the Bitcoin 2024 conference on Saturday, in which the United States Republican Party presidential nominee said he would build a “strategic Bitcoin stockpile” if reelected in November.
His initiative is part of a broader effort to accelerate the development of the Web3 ecosystem in Hong Kong. This aligns with the city’s continuing efforts to establish itself as a global crypto hub — contrasting with Mainland China’s broader crackdown on crypto mining and trading. In mid-April, Hong Kong’s top securities regulator greenlighted spot Bitcoin and Ether ETFs for trading, outflanking the United States.
In his post, he added that Hong Kong “must accelerate the development of the Web3 ecosystem” by attracting “globally competitive talent and capital, public chains and exchanges, enterprises and projects.”
