Former Binance CEO Says China Will Build a Bitcoin Reserve

Changpeng Zhao, the former CEO of Binance, spoke at the Bitcoin MENA conference held in Abu Dhabi about the likelihood of China establishing a strategic reserve of Bitcoin.

CZ stated that it is “inevitable” for China to have a BTC reserve, despite the government’s lack of transparency making it difficult to predict their stance on cryptocurrencies.

He added that China could act quickly on implementing policies, similar to the recent proposal by the incoming US presidential administration to create a BTC reserve. CZ believes that smaller countries would take the lead in adopting BTC reserves, but China could quickly follow suit if they decide to do so.

The concept of a national BTC reserve was initially proposed by former US President Donald Trump, who suggested accumulating one million BTC, but this has been met with criticism over how it would benefit current BTC holders and potentially drive up the price of the cryptocurrency.