The Tron blockchain founder Justin Sun has called on the Chinese government to review its current approach to the Bitcoin sector by revisiting its policies. He says this is important now that the United States is reconsidering its position on Bitcoin.
This is coming at a time when Donald Trump, the former United States president and the most popular presidential candidate in the forthcoming presidential elections in November, has resonated with the need for the United States to embrace the sector. In his speech at the recently concluded global Bitcoin Conference in 2024, Trump warned the United States government of the implications of not taking advantage of Bitcoin.
In his warning, Trump said that the United States must move in immediately and dominate the industry, or China will. He then promised to ensure the remaining unmined cryptocurrencies are mined in the United States. Sun thinks China needs to tap into Trump’s ideas and revisit its Bitcoin regulations.
Data Shows the United States and China Have Biggest Bitcoin Holdings
Data from Arkham Intelligence says the United States and China have the world’s biggest Bitcoin deposits, cumulatively amounting to over 400,000 BTC, with the United States government holding more than 213,000 BTC, worth about $14.8 billion.
Sun thinks the Chinese government is still persistent with their tight cryptocurrency laws introduced in 2017, while the United States is trying to reevaluate its stance on the same topic. In other news, Johnny Ng, a Hong Kong Legislative Council member, said that its government should also consider the Bitcoin strategic national reserve concept should the United States decide to adopt it.
This concept has gained a global recognition, as many top economists are discussing it. It was at the top of the discussion after the two major United States presidential candidates, Donald Trump and Robert Kennedy Jr., commented on it yesterday at the global cryptocurrency conference in Nashville, Tennessee.
Ng Recommends Gradual Bitcoin Integration into the Economy
Johnny Ng, a member of the Hong Kong Legislative Council, reminded his colleagues that the global adoption of Bitcoin is constantly on the rise and is currently perceived as the modern “digital gold.” He then suggested that there is a need to understudy the implications of its inclusion in the city’s strategic financial reserves.
Ng is confident that the Hong Kong government should start the process gradually, more responsibly, and progressively. He believes that such a process will eventually lead to favorable cryptocurrency regulations. He suggested that Hong Kong build a more favorable cryptocurrency ecosystem that matches the global competition, exchange, public chains, skills, and capital.
In a recent post by CEO of Professional Capital Management, Anthony Pompliano, on his X handle, country presidents may not want to start discussing the implications of Bitcoin in the modern economy until they probably dissect the advantage of a Bitcoin strategy as proposed by Trump and Kennedy.
Industry Expert’s Comments, Suggests Bitcoin as a Remedy for Debt Management
Samson Mow, a Bitcoin influencer, also posted that Trump’s comment officially commences the discussion of a Bitcoin assets reserve concept. Jeff Landry, the current Louisiana Governor, also joined the discussion, announcing on his X handle that his state is presently leading in Bitcoin investments.
He also emphasized placing a ban on CBDCs while encouraging self-custody. According to Jeff, his state will continue to lead regarding Bitcoin strategic reserve as recommended by Donald Trump. He believes this will create intense competition between the United States and China, which will benefit the entire Bitcoin community at the end of the day.
Dennis Porter, the founder of Satoshi Action Fund, commented on the development and said that Bitcoin is the only option for the United States to pay back its $34 trillion debt. Other random contributors noted that for the country to tackle its debts properly, the government would be forced to spend the Bitcoin in a way that would be less beneficial to the markets.
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