Former Binance CEO, Changpeng "CZ" Zhao, believes that China building a strategic Bitcoin reserve is just a matter of time.
Speaking at the Bitcoin MENA conference in Abu Dhabi on December 9, Zhao said that many small countries are pioneering the establishment of Bitcoin reserves, while larger countries like China may quickly follow suit.
Zhao emphasized that predicting China's cryptocurrency policies is very difficult due to the lack of transparency from the government. However, he believes that China has the ability to act very quickly when necessary and may have quietly accumulated BTC before publicly announcing it. According to him, building a Bitcoin reserve is inevitable as it is one of the few "hard" assets with sustainable value.
He also drew a parallel to the plan of US President-elect Donald Trump, who had pledged during his election campaign that the US government would build a national BTC reserve with the goal of holding up to 1 million BTC. If implemented, this plan could have a significant impact on the BTC price and encourage other countries to consider similar strategies.
Zhao, who grew up in China, said he has not seen clear evidence that the Chinese government is accumulating BTC, but emphasized that they may act unexpectedly when necessary.
Zhao reappeared after being released from a four-month prison sentence in the US in September for violating anti-money laundering laws. After resigning as Binance CEO in November 2023, Zhao was banned from participating in the management of this exchange or engaging in certain business activities. However, he hinted that he may be pardoned by President Trump after taking office on January 20, opening up new opportunities for his career.
