Trump is promoting Bitcoin as a national reserve in the U.S., creating quite a stir.
As for the Chinese government, which also holds a large amount of Bitcoin, it must be prepared for such changes in the situation.
According to public data, the Chinese government holds approximately 194,000 Bitcoins (about 1% of the global supply), mainly from assets seized from the PlusToken Ponzi scheme in 2019. It is unclear whether these Bitcoins are still held by the government or have been sold (such as through the Huobi exchange), as there are no clear official records.
China has completely banned cryptocurrency trading and mining since 2021, but the gray market (such as over-the-counter trading) remains active. On-chain analysis shows that China is still one of the important markets for global cryptocurrency trading (especially holding an absolute advantage in the exchange industry), which may prompt the government to reassess its position.
And across the ocean, although Trump intentionally released news over the weekend to manipulate the market, the industry is still looking forward to the cryptocurrency summit to be held at the White House on March 7.
At this cryptocurrency summit at the White House, Trump will personally deliver a speech and host the event, led by White House AI and Crypto Czar David Sacks, with the Executive Director of the President's Digital Assets Working Group, Bo Hines, responsible for organization.
In addition to government staff, confirmed attendees include MicroStrategy founder Michael Saylor, Bitcoin Magazine CEO David Bailey, Paradigm co-founder Matt Huang, and well-known mining tycoon Big Brother.
The scale of the meeting is expected to be small, in the form of a roundtable with about 20-25 participants.
However, due to the recent chaotic operations of the Trump family (today, the U.S. starts a trade war! Trump, profiting from insider information?), the market is quite hesitant to bet on the market conditions for the March 7 cryptocurrency summit, which in turn creates a relatively relaxed atmosphere for government decision-making.
Once the U.S. takes a clear step in its cryptocurrency policy, whether it’s a regulatory framework or advancing a Bitcoin strategic reserve, China may follow suit due to technological competition or de-dollarization strategies.
