Hong Kong lawmaker Johnny Ng recently shared his interest in the idea of establishing a national Bitcoin reserve, inspired by former President Trump’s keynote speech at the Bitcoin 2024 conference, where Trump proposed the creation of a U.S. Bitcoin reserve.
In a recent post on X, dated July 28, Ng, who serves as a member of the Hong Kong Legislative Council, emphasized the importance of Bitcoin (BTC) and web3 technology in the region. As a strong advocate for web3, Ng suggested that Bitcoin could serve as a viable financial reserve for nations and regions, citing its growing global acceptance and the perception of Bitcoin as “digital gold.”
Furthermore, Ng called upon Hong Kong lawmakers to take proactive steps in fostering the development of the web3 industry locally by attracting more cryptocurrency businesses and talent to the city. By embracing Bitcoin and web3 technology, Ng believes that Hong Kong can position itself as a prominent hub for technological innovation.
Following Trump’s speech at the U.S. Bitcoin Summit, where he expressed his support for Bitcoin, the attention and development of Bitcoin and web3 technology have been on the rise globally. Ng’s advocacy for Bitcoin as a financial reserve aligns with the growing trend of countries exploring the integration of cryptocurrencies into their economic systems.
In his post, Ng expressed his intention to engage with various stakeholders to explore the possibility of including Bitcoin in Hong Kong’s financial reserves. As a newly elected member of the Legislative Council, representing the Election Committee constituency, Ng is committed to driving innovation and progress in the region.
During the Bitcoin 2024 conference, Trump’s pledge to establish a strategic national Bitcoin stockpile if re-elected in November garnered significant attention. This announcement was followed by U.S. Senator Cynthia Lummis presenting proposed legislation outlining the framework for the creation of a national Bitcoin reserve, further emphasizing the growing interest in integrating cryptocurrencies into traditional financial systems.
As the discussion around Bitcoin and web3 technology continues to evolve, Ng’s advocacy for embracing these innovations underscores the potential for Hong Kong to emerge as a leader in the global cryptocurrency landscape. By staying informed and engaged with the latest developments in the industry, Ng aims to position Hong Kong at the forefront of technological innovation and economic growth.