Financial Insights That Matter
David Baileya well-known Bitcoin BTC/USD advocate and CEO of Bitcoin Magazinedisclosed Sunday that China was holding confidential discussions to assess the creation of a strategic Bitcoin reserve.
What Happened: Bailey, a key campaigner for President Donald Trump last year, said in an X post that the Asian economic giant was “working double time” to establish its own national Bitcoin stockpile.
“They’ve been holding closed door meetings on the topic since the election,” Bailey stated.
The revelation was met with skepticism by X users, with many questioning the credibility of Bailey’s connections and his access to confidential information.
“Yes, you’d be amazed how many people reach out to you when you orange pill the American President,” Bailey defended his sources.
The remarks coincided with Trump’s announcement that Bitcoin would be at the “heart” of a U.S. strategic cryptocurrency reserve, along with Ethereum ETH/USD, XRP XRP/USD, Solana SOL/USDand Cardano ADA/USD.
See Also: Bitcoin Is Digital Gold But ‘What’s The Rationale For An XRP Reserve’, Asks Peter Schiff: Cardano Founder Charles Hoskinson Says Trump Made The Right Decision
Why It Matters: Bailey’s claims followed signals from China suggesting a probable shift in its stance on cryptocurrencies.
Zhu Guangyao, China’s former Vice Minister of Finance, urged the Xi Jinping administration last year to explore cryptocurrencies more thoroughly, highlighting the importance of staying updated with international changes and policy adjustments.
Additionally, a Shanghai court confirmed that it wasn’t illegal for individuals to hold cryptocurrency in China, although speculative trading could be subject to enforcement.
Despite a ban on cryptocurrency trading and mining, China continues to dominate the Bitcoin network, controlling 55% of the global hash rate as of September 2024. There have been reports of a growing trend of Chinese investors finding alternative ways to engage in the cryptocurrency market
Price Action: At the time of writing, Bitcoin was exchanging hands at $83,661.68, down 9.78% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
Read Next:
Don’t miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on India Telegram Channel for gasoline.
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
#1a73e8;">Boost Your Financial Knowledge and Achieve Stability
Discover a growing online community dedicated to delivering financial news, tips, and strategies designed to help you manage money effectively, save smarter, and grow your investments with confidence.
#1a73e8;">Top Financial Tips for Saving and Investing
- Personal Finance Management: Master the art of budgeting, expense tracking, and building a strong financial foundation.
- Investment Opportunities: Stay updated on market trends, learn about stocks, and explore secure ways to grow your wealth.
- Expert Money-Saving Advice: Access proven techniques to reduce expenses and maximize your financial potential.