Former Binance CEO Changpeng “CZ” Zhao has predicted that China could become one of the first countries to adopt a strategic Bitcoin reserve. Speaking at the Bitcoin MENA conference, Zhao suggested that China might follow in the footsteps of the incoming U.S. administration, which has hinted at a potential Bitcoin reserve.
Zhao acknowledged the uncertainty surrounding China’s stance on cryptocurrencies due to the government’s lack of transparency. However, he emphasized China’s ability to rapidly implement policies, suggesting that a swift shift towards Bitcoin is possible.
“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.”
While Zhao has not seen direct evidence of China hoarding Bitcoin, he believes that it’s inevitable for the country to establish a Bitcoin reserve. He highlighted Bitcoin’s unique position as a “hard” asset, making it an attractive option for governments seeking to diversify their reserves.
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