Former Binance CEO Changpeng Zhao Says China’s National Bitcoin Reserve Is Inevitable In doing so, it would probably follow in the footsteps of the United States, although that is not entirely clear. Because as Zhao also points out, the Chinese government is not that transparent. That makes it difficult to predict policy.
For example, it is not clear how much gold China owns. It could well be that buying Bitcoin has already started in the background.
It’s waiting for America
According to Changpeng Zhao, we have to wait for America first. “Trump is not yet in the White House, and the Strategic Bitcoin Reserve has not yet been activated. Once that actually happens, I think we will see reactions from other countries,” said Changpeng Zhao.
Changpeng Zhao grew up in China and says the country can move “very, very fast” when it comes to policy. However, he currently sees no evidence that China already owns Bitcoin, but states that a Chinese Strategic Bitcoin Reserve is “inevitable”.
“I would be shocked if the Chinese government announced something and then did it. It would surprise me less if they bought first and then announced. They have to do that at some point because it is the only ‘hard’ asset,” said Changpeng Zhao.
Criticism of Trump’s plan
Not everyone is enthusiastic about Donald Trump’s plans to build a strategic Bitcoin reserve in the United States. Logically, it is mainly Bitcoiners who are happy with this, and the usual critics cannot restrain themselves.
See, for example, this article from De Volkskrant: “Trump’s career as a businessman is built on creating illusions. Bitcoin is the ultimate symbol of this.”
“The growth of Bitcoin, embraced by Trump, poses a major threat to financial stability – making investors filthy rich at the expense of the masses.”
Quotes like that come flying around your head when it comes to Bitcoin. First of all, who is this person from De Volkskrant to judge Donald Trump’s career in such a derogatory manner. You can disagree with things Trump says, but to judge his career in that way as a journalist from a Dutch newspaper is the height of misplaced arrogance.
Bitcoin has been proving for 15 years that it is the best performing financial asset in the world. It is becoming increasingly dangerous to call the digital currency an illusion, but apparently there are no consequences for making mistakes at these types of newspapers; because they have been saying the same thing for years.
The only hard consequence of the nonsense production is that they have been losing subscribers for years.
Claim €10 free and have a chance to win €300 in Solana (SOL)!
Grab this unique opportunity with Newsbit and Bitvavo! Create an account now via the button below, deposit €10 and immediately receive €10 free. But that’s not all: by trading at least €200 between December 9 and 15, you automatically have a chance to win as much as €300 in Solana (SOL). This promotion is valid for both new and existing customers!
Claim your €10 free, have a chance to win €300 in Solana (SOL)
Don’t miss this opportunity to immediately benefit from the growing popularity of Crypto!
Source: https://newsbit.nl/changpeng-zhao-het-is-onvermijdelijk-dat-china-een-bitcoin-reserve-bouwt/
