Changpeng Zhao Predicts China Will Follow The US Form Of Bitcoin Reserve

JAKARTA - The crypto figure and founder of Binance, Changpeng Zhao (CZ) recently expressed confidence that China will soon join the global race to build Bitcoin alias Bitcoin Reserve strategic reserves.

CZ assesses that although the country's policies towards digital currencies are often not transparent, China could immediately move quickly if its government decides to accumulate Bitcoin as part of a national financial strategy.

At an event in Abu Dhabi on December 9, 2024, CZ said that some small countries might start this step first. However, for a country as big as China, the process could take place in a different way.

"China could secretly accumulate Bitcoin, without any announcements, before finally announcing it to the world," said CZ. While he has not seen concrete evidence that China has started collecting Bitcoin, CZ calls the move unavoidable in the near future.

This prediction comes after US President-elect Donald Trump announced his plans to form a national Bitcoin reserve in a presidential election campaign by 2024.

Trump suggested that the US government buy 1 million Bitcoins, which if implemented, could lead to a sharp Bitcoin price spike. If the US actually implements the plan, it could be a driving force for other countries, including China, to follow in its footsteps.

Even so, for CZ, China's move to build Bitcoin reserves will not be done in an open way. He was more confident that China would take more care of collecting Bitcoin secretly first.

"I would be very surprised if they announced their intentions first, it would make more sense if they accumulated and only announced later," added CZ.

This view comes amid major changes in CZ's life, which after serving a sentence in US prison in 2023, has now resigned from his position as CEO of Binance in November. Even so, this prediction of Bitcoin reserves shows his belief that Bitcoin will be part of the long-term financial strategy of many countries.