- Bitcoin 2024 emphasised BTC’s role as a strategic reserve, with politicians like Trump, Kennedy Jr. and Lummis supporting significant US holdings.
- Proposals at the conference included daily BTC purchases and creating a long-term Bitcoin reserve.
- Global interest in BTC as a reserve asset grows, with Hong Kong and China potentially also exploring similar strategies.
Bitcoin 2024 in Nashville, Tennessee had it all: Edward Snowden, Robert F. Kennedy Jr. and Donald J Trump, with the latter making the most anticipated and talked-about announcements. Trump’s promise to fire Gary Gensler was one of them, cheered by 3,000 Bitcoin enthusiasts who have had enough of the SEC Chair’s regulation by enforcement actions.
Related: Firing Gensler, a Bitcoin Bill and $4 Million BTC: Highlights and Wildest Predictions from Bitcoin 2024
It remains to be seen how many of his crypto-related promises Trump will keep if re-elected. But one of Trump’s suggestions seems to be more promising long-term: the announcement that the US will keep all of its Bitcoin and potentially buy even more.
Robert F. Kennedy Jr was actually a day earlier when he made a similar announcement, promising to buy BTC daily until the US holds around a 20% stake of the total stash of 21 million.
Senator: Bitcoin Reserve Asset Debate a Louisiana Purchase Moment
Another prominent US politician, Senator Cynthia Lummis, went so far as to even bring her physical proposal for a Bitcoin reserve to the event. The Republican Senator for Wyoming said the BTC acquired would be held for at least 20 years, adding, “This is the solution. This is the answer. This is our Louisiana purchase moment.”
Just like the purchase of Bitcoin as a reserve asset would be a game changer, so was the Louisiana purchase.
The Louisiana Purchase in 1803 was a monumental event where the United States, under President Thomas Jefferson, bought more than 2 million square kilometres from France. That’s an area from the Mississippi River to the Rocky Mountains and from the Gulf of Mexico to Canada.
Related: Kamala Harris Announces Plans to Reset Democrats’ Relationship with US Crypto Industry
These recent developments show how at least some politicians now view Bitcoin and likely try to cement the United States’ dominant position in world politics and economics. This is why it isn’t surprising that other countries are paying attention.
Consider Hong Kong, where local lawmaker Johnny Ng recently used platform X to discuss the relevance of web3 and Bitcoin for nations worldwide.
Bitcoin and Web3 Gain Global Attention Says Hong Kong Regulator
Ng hinted that Hong Kong may also consider adding Bitcoin as a reserve asset.
The global acceptance of Bitcoin is constantly increasing, and Bitcoin is seen by the public as “digital gold” in the context of its technology, so in the future, it is indeed possible to research and consider including Bitcoin in strategic financial reserves, as long as it is compliant.
Johnny Ng, Member of the Legislative Council of Hong Kong Ng highlighted the role of Hong Kong in the current web3 development and said it remains “at the forefront of the region in terms of compliant regulation and industry development”.
He added that the Special Administrative Region would gradually open up to web3 developments so that HK can “further build an ecosystem to attract globally competitive talent and capital, public chains and exchanges, enterprises and projects”.
I will discuss the feasibility and opportunities of including Bitcoin in financial reserves with different stakeholders in Hong Kong, and will report the situation to everyone in a timely manner.
Johnny Ng, Member of the Legislative Council of Hong Kong Justin Sun Urges China to “Step Up”
Another example is that of Justin Sun and China. After Trump’s comments on Sunday, founder of the Tron blockchain, Sun directed a post toward China, asking the country to take a more proactive role in crypto policy. Sun said that increased competition between the US and China could be a good thing for the industry.
China and the United States are the top two holders of BTC when it comes to countries. As per the latest data the US holds 207,189 BTC while China holds 194,000 BTC.
The next largest government holder is the United Kingdom with 61,000 BTC. Note that the data from Bitcoin Treasuries below was last updated in March 2024 when the German state of Saxony still had all its Bitcoin.
Related: US Government Sends $2 Billion in Silk Road BTC to Coinbase
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