The idea of incorporating Bitcoin 
$98,287 into national reserves is gaining traction globally. Lawmakers in places like Hong Kong and Germany are proposing such measures, while the United States and Russia are discussing plans for strategic Bitcoin reserves.
Hong Kong Evaluates Bitcoin Inclusion in Reserves
Wu Jiezhuang, the head of Hong Kong’s Web3 Virtual Asset Development Subcommittee, proposed including Bitcoin in the city’s Currency Fund. Wu emphasized that the “One Country, Two Systems” advantage allows for this innovation, pointing out that it could make the financial system more resilient to global dynamics.
The Hong Kong Treasury Bureau approached this idea with caution. A statement revealed that currently, cryptocurrencies are not part of the currency reserves. However, it was noted that external investment managers can invest a small amount in cryptocurrencies through their portfolios.
With 12 cryptocurrency-related ETFs listed on the Hong Kong Stock Exchange, the market capitalization has reached HK$7.4 billion. Wu stated that these indicators suggest the city is preparing to establish a strategic Bitcoin reserve.
Germany and the U.S. Review Reserve Options
Former German Finance Minister Christian Lindner suggested adding Bitcoin to the reserves of the European Central Bank and Bundesbank. In a statement to the German Press Agency in Berlin, Lindner emphasized the progressive steps taken by the U.S. regarding cryptocurrencies, arguing that Europe needs to catch up.
In the U.S., Wyoming Senator Cynthia Lummis supported the notion of adding Bitcoin to reserves. Lummis stated that she proposed holding 10% of state reserves in Bitcoin and confirmed plans to accumulate over one million Bitcoins.
Russia is also discussing the idea of a strategic Bitcoin reserve in response to sanctions, while Japan has rejected similar proposals.
Bitcoin’s Role in the Economy Grows
The inclusion of Bitcoin in national reserves could add a new dimension to economic strategies. The steps taken by Hong Kong, Germany, the U.S., and other nations in this regard may play a significant role in shaping the future of financial systems. Incorporating Bitcoin into reserves could enhance financial security and flexibility for countries.
