Hong Kong is quickly moving ahead with plans to create a strategic Bitcoin reserve. This push comes after local legislator Johnny Ng called for faster action on the initiative. His request also follows increased global interest in cryptocurrency, especially after U.S. crypto czar David Sacks mentioned that the U.S. is also considering a Bitcoin reserve.
The alignment between Hong Kong and the U.S. marks an essential change in how the world views cryptocurrency reserves and regulations. Johnny Ng highlighted that Hong Kong has a great chance to lead in managing digital assets. In his proposal for 2025, Ng listed essential steps to strengthen Hong Kong’s role in cryptocurrency.
These steps include allowing more stablecoins and improving rules for virtual asset trading. By setting up a Bitcoin reserve, Hong Kong plans to add digital assets to its financial system, providing stability and innovation in a more digital world economy.
Ng’s call for accelerating Hong Kong’s Bitcoin reserve plan reflects the region’s readiness to adapt to evolving market dynamics. NG also plans to attend the Bitcoin US Summit in May, encouraging stronger cooperation between Eastern and Western cryptocurrency industries.
Earlier in the year, New Hampshire and North Dakota took significant steps by introducing legislation to establish strategic cryptocurrency reserves.
The New Hampshire bill, championed by Representative Keith Ammon, opted for the broader term “digital assets” instead of explicitly naming Bitcoin. North Dakota followed suit, with its bill spearheaded by Representatives Nathan Toman, Josh Christy, and Senator Jeff Barta.
These states join Pennsylvania, which introduced similar legislation in November 2024. Pennsylvania Representative Mike Cabell described Bitcoin as a hedge against inflation, citing economic instability as a driving factor for considering such measures. The Satoshi Action Fund has played a pivotal role in shaping these legislative efforts, highlighting the growing interest among states in diversifying their treasuries with Bitcoin.
Meanwhile, the push for state-level Bitcoin reserves coincides with speculation about the Trump administration’s plans to establish a national reserve.
Recall that some days ago, Illinois integrated Bitcoin into its state finances. Illinois’ proposal comes amid international conversations about Bitcoin as a national financial asset are intensifying. Likewise, Czech National Bank Governor Ales Michl announced adding up to $7 billion worth of Bitcoin to the country’s national reserves.
Wyoming introduced a bill, States Funds Investment in Bitcoin, allowing state funds to be invested in Bitcoin. It is worth noting that U.S. politicians like Wyoming Senator Cynthia Lummis urge swift action in response. She emphasized that the U.S. must act decisively to establish a Strategic Bitcoin Reserve and remain competitive in the global financial landscape.
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