Key dealers
- China speeds up efforts to build a strategic Bitcoin reserve among develops US crypto regulations.
- The government sold allegedly 194,000 BTC, which was seized from that plundoken fraud.
China is rumored to speed up efforts to establish a strategic Bitcoin reserve in the midst of a major change in crypto regulation in the United States.
“China is now working double time to stand up its own strategic bitcoin reserve,” mentioned David Bailey, CEO of BTC Inc. Bailey noted that Beijing has conducted a series of closed door meetings since the last election cycle.
The country has maintained its ban on domestic crypto trade and mining since 2021, which led to China to lose its former dominance in Bitcoin Mining. Prior to the degradation, Chinese miners contributed over 70% of the global hash frequency.
While Chinese authorities have not officially confirmed this, Bailey said he received information from “Bitcoiners in Beijing who did the same type of work as Bitcoiners in DC does.”
The potential movement is in line with Beijing’s broader de-dollarization initiatives, including Yuan Internationalization, increased gold purchases and expansion of the BRICS Economic Bloc.
A Bitcoin reserve can give China a decentralized, non-soctic store of value, which potentially reduces its dependence on the US dollar and exposure to Western financial sanctions.
The rumored strategy contrasts with China’s reported Bitcoin sales in January. Crypto Quant Ceo Ki Young Ju earlier indicated that China sold 194,000 BTC, which was originally seized from that plundoken Fraud 2019.
🇨🇳 China sold 194K #Bitcoin Already imo.
Plundokes were arrested BTC 2019 was sent to Chinese exchanges such as Huobi. CCP said it was “transferred to the national Treasury” without clarifying if it was sold.
A censored regime that keeps censorship -resistant money feels unlikely. pic.twitter.com/odhd9rsr0d
– ki Young Ju (@ki_young_ju) January 23, 2025
The United States is currently leading in Bitcoin Holdings with over 198,000 BTC, valued at approximately $ 18 billion at current market prices, according to Arkham Intelligence.
US legislators promote adoption efforts at the state level, while the Trump administration evaluates the possibility of a national digital asset layer that would include Bitcoin, Ethereum and other digital assets.
