Is China Ready to Start Massively Buying Bitcoin?

Recently, remarks made by Binance founder Zhao Changpeng have drawn 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, 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 profound impact will it have on the global finance?

Zhao Changpeng further pointed out that China might 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 the dollar's 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 put forward a thought-provoking viewpoint: as more and more countries join, the globally led financial order by G7 countries may gradually collapse, replaced by a 'Bitcoin G7' dominated by Bitcoin. This idea is similar to the Libra concept proposed by Zuckerberg in 2018, which was not realized due to strong opposition from Trump at that time, but Zhao Changpeng's reiteration of this idea has sparked new discussions.

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