The discussions surrounding the creation of a Bitcoin [BTC] reserve seem to be picking up steam globally, with the idea being endorsed by re-elected U.S. President Donald Trump for implementation in the United States.
This proposal has attracted widespread attention, with countries like Russia and China reportedly considering similar initiatives.
Scaramucci’s View on China’s Potential Bitcoin Strategy
In a recent address at the Bitcoin MENA 2024 conference, Anthony Scaramucci hinted at a potential move by China to rejoin Bitcoin mining activities and include Bitcoin in its reserve assets.
Scaramucci also expressed his belief in an upcoming change in China’s approach to Bitcoin, suggesting that the nation may resume Bitcoin mining and incorporate it into its national reserves by 2025.
Despite China banning Bitcoin mining in 2021, it remains a significant contributor, accounting for around 10% of global mining operations.
Scaramucci speculated that China could establish its own Bitcoin strategic reserve as early as next year, taking advantage of resumed mining activities to acquire more BTC.
He stated,
“It is highly unlikely that China will stay aloof if the U.S. is moving towards creating a strategic Bitcoin reserve. I am confident enough to wager on China’s involvement in this initiative.”
Insights from Other Executives and Potential Impact on Bitcoin
Former Binance CEO Changpeng “CZ” Zhao also joined in the conversation around China’s Bitcoin reserve plans, joining countries like El Salvador who have already adopted a similar strategy.
Meanwhile, in Russia, State Duma member Anton Tkachev has put forth a proposal to establish a Bitcoin reserve to counteract geopolitical risks and economic sanctions.
Scaramucci had earlier predicted that Bitcoin could reach $176,000 within the next two years, citing high demand and its capped supply of 21 million as driving factors for the price surge.
Should the Bitcoin Reserve plan materialize, some experts even anticipate Bitcoin surpassing $1 million in the long run.
At the latest update from CoinMarketCap, Bitcoin was trading at $97,358.39, registering a 0.20% increase in the past 24 hours.
Notably, technical indicators like the RSI and CMF continue to signal strong bullish momentum, indicating that Bitcoin’s upward trajectory is likely to continue.