Former Binance CEO Changpeng “CZ” Zhao suggested that China might eventually establish a strategic Bitcoin reserve, potentially following the lead of the incoming United States presidential administration. Speaking at the Bitcoin MENA conference in Abu Dhabi on Dec. 9, Zhao predicted that smaller countries would likely adopt Bitcoin reserves first, but emphasized that China’s approach to such policies could be unpredictable due to its opaque government operations.
“Trump has not gotten into office yet, and the strategic Bitcoin reserve has not been activated yet, so I think as soon as that actually happens, we’ll see what other countries do,” Zhao said.
CZ, who grew up in China, expressed confidence in the country’s ability to act swiftly when needed, stating:
“I’d be shocked if [the Chinese government] announced something and then do it — I’d be much less surprised if they accumulate and then announce […] They have to do it at some point because it’s the only ‘hard’ asset.”
U.S. Strategic Bitcoin Reserve
Establishing a “strategic national Bitcoin stockpile” was one of President-elect Donald Trump’s campaign promises during a July crypto conference. The plan has drawn criticism for potentially driving up BTC prices, benefiting existing holders, as the U.S. government considers purchasing and holding 1 million coins.
CZ’s Legal and Professional Status
Zhao was released from U.S. federal prison in September after serving a four-month sentence for violating Anti-Money Laundering laws. Following his resignation as Binance CEO in November 2023, Zhao agreed to sever ties with the company’s management and operations. However, he hinted that Trump might pardon him after taking office on Jan. 20.
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