Hong Kong Legislative Council Member Johnny Ng is advocating for the inclusion of Bitcoin in the city’s financial reserves. In a recent post on Twitter, Ng expressed his belief that incorporating Bitcoin into strategic financial reserves could benefit Hong Kong’s economic framework, as long as it is done in a compliant manner. He plans to engage in discussions with various stakeholders in Hong Kong to explore the feasibility and opportunities of including Bitcoin in the city’s financial reserves.
Ng’s proposal was inspired by former U.S. President Donald Trump’s speech at the Bitcoin 2024 conference, where Trump expressed his intention to build a “strategic Bitcoin stockpile” if reelected in November. Ng’s initiative is part of a broader effort to accelerate the development of the Web3 ecosystem in Hong Kong and establish the city as a global crypto hub. This contrasts with Mainland China’s crackdown on crypto mining and trading.
As the global acceptance of Bitcoin continues to grow, Ng believes that Hong Kong must attract globally competitive talent and capital, public chains and exchanges, enterprises and projects to enhance its Web3 ecosystem. By incorporating Bitcoin into its financial reserves, Hong Kong could position itself as a leader in the cryptocurrency industry and attract more investment and innovation to the city.
Hong Kong’s top securities regulator has already approved spot Bitcoin and Ether ETFs for trading, giving the city a competitive edge over the United States. Ng’s proposal to include Bitcoin in the city’s financial reserves aligns with Hong Kong’s efforts to embrace the potential of blockchain technology and cryptocurrency, while also diversifying its strategic financial assets.
Overall, Ng’s call to consider incorporating Bitcoin into Hong Kong’s strategic financial reserves reflects the city’s commitment to embracing technological innovation and positioning itself as a global leader in the cryptocurrency industry. By exploring the opportunities and feasibility of including Bitcoin in its financial reserves, Hong Kong could attract more investment, talent, and projects to enhance its Web3 ecosystem and solidify its position as a hub for digital assets in the global market.
