In a post shared on the X platform on July 28, 2024, Hong Kong Legislative Council member Johnny Ng offered an in-depth view on Bitcoin (BTC) and web3 technologies. In his post, he emphasized the importance and potential of Bitcoin and web3 for the region.

Highlighting the increasing global acceptance of Bitcoin and its perception as “digital gold”, Ng stated that this digital asset is “remarkable” as a financial reserve for nations and regions. He stated that Hong Kong should accelerate its development in this field, in line with the opportunities provided by Web3 technology with blockchain and other digital innovations.

Ng, as a web3 advocate, stated that in addition to Bitcoin being accepted internationally, it is also carefully evaluated by various countries, and in this context, he thinks Hong Kong should also step forward.

He stated that the transparency and security features that Bitcoin provides in financial systems make it attractive as a financial reserve. He also emphasized that Bitcoin being called “digital gold” causes it to be seen as a valuable reserve tool.

Legislator Ng encouraged Hong Kong lawmakers to accelerate the development of the web3 industry. In this context, he highlighted the aim of becoming a regional hub by attracting more crypto businesses and talent to the city. Ng’s proposal is considered one of the important steps taken by Hong Kong towards becoming a global player in the technology and finance sectors.

Ng stated in his X post that he will discuss the possibility of Bitcoin being included in the city’s financial reserves with various stakeholders and inform the public about this process. This statement demonstrates Hong Kong’s determination to increase its role in cryptocurrencies and web3 technologies.

Elected in 2021, Johnny Ng is a member of the Legislative Council representing the newly created Electoral Committee constituency in Hong Kong. Ng’s interest in Bitcoin and web3 technologies aligns with Hong Kong’s desire to play a leading role in financial and technological innovation.

At the Bitcoin 2024 conference on Saturday, former US President Donald Trump promised to create a “strategic national Bitcoin stockpile” if he takes office in the November elections. This statement started an important discussion about Bitcoin’s role in national reserves.

Following Trump, US Senator Cynthia Lummis announced the newly proposed legislation for the Bitcoin reserve in question and shared the details of this plan. These developments reinforce the global trend to expand the place of Bitcoin and cryptocurrencies in national economic strategies.