Co-chairman of the Hong Kong Blockchain Association, Fang Hongjin: Suggests that the Hong Kong Monetary Authority continue to purchase and hold Bitcoin for the long term
ChainCatcher news, Fang Hongjin, co-chairman of the Hong Kong Blockchain Association, recently stated that the Hong Kong government's foreign exchange fund should continuously purchase and hold Bitcoin for the long term to enhance the diversification and anti-inflation properties of the foreign exchange fund's assets, breaking free from reliance on a single dollar asset and increasing the autonomy of financial policy.At the same time, early acquisition of Bitcoin can establish international market discourse power and utilize Bitcoin's staking financing characteristics to respond to international speculative attacks on Hong Kong's linked exchange rate.Moreover, this initiative will provide financial credit assurance for Hong Kong's ambition to become the international Web 3.0 capital. Fang Hongjin pointed out that Bitcoin's characteristics as digital gold have gradually been accepted by the international traditional financial industry, and many central banks around the world may follow the trend of adopting Bitcoin as a reserve asset. For example, in 2021, El Salvador announced that it would adopt Bitcoin as an official currency anchor asset, while Switzerland has also passed legislation to include Bitcoin in its national bank reserve assets. The United States may also classify Bitcoin as a national strategic asset reserve, which will further drive demand for Bitcoin from central banks and traditional financial institutions.Fang Hongjin believes that Bitcoin is expected to become an international financial mainstream asset on par with or even surpassing gold. Currently, Bitcoin's market capitalization is approximately $1.4 trillion; if its market capitalization reaches the level of gold, the price of one Bitcoin could soar from the current $68,000 to nearly $600,000. Therefore, allocating a certain proportion of Bitcoin in Hong Kong's foreign exchange fund and holding it for the long term can increase the stability and autonomy of Hong Kong's finance.