Hong Kong lawmaker Johnny Ng has proposed initiating discussions on incorporating Bitcoin into the region’s official financial reserves, following a speech by former U.S. President Donald Trump. Ng, a member of the Hong Kong Legislative Council, highlighted the growing global acceptance of Bitcoin and its perception as “digital gold.” He believes it is worth researching the feasibility of including Bitcoin in Hong Kong’s financial reserves, provided it meets compliance standards. Ng’s suggestion aims to explore Bitcoin’s potential strategic value for the region’s financial stability.

Ng’s comments were influenced by Trump’s recent promise at the Bitcoin 2024 conference to create a “strategic bitcoin reserve” if re-elected. Ng plans to engage with various stakeholders in Hong Kong to assess the opportunities and challenges of this initiative. Unlike mainland China’s restrictive stance on cryptocurrency, Hong Kong has embraced the crypto industry, introducing a licensing regime for crypto trading platforms in June 2023. This progressive approach has made Hong Kong a welcoming environment for crypto firms and could pave the way for innovative financial strategies like the inclusion of Bitcoin in reserves.

This past Saturday, former president Donald Trump addressed the Bitcoin 2024 conference in Nashville, Tennessee, expounding upon the crypto and bitcoin policies likely to be implemented as part of a likely future Trump administration. Speaking in front of a banner emblazoned with the logo of Xapo bank, an institution which hopes to serve as a global bridge between bitcoin, the U.S. dollar and stablecoins, Trump’s speech revealed a policy vision that would integrate those three in order to “extend the dominance of the U.S. dollar to new frontiers all around the world.”

Talk of a threatened dollar has been circulating for years, with the petrodollar system now having ended and…

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As of July 29, 2024, notable movements have been observed in the U.S. Bitcoin ETF market, showcasing dynamic investor activities. Leading the pack, BlackRock’s IBIT ETF reported an impressive net inflow of 341 BTC, indicating robust investor confidence and a total holding of 338,470 BTC.

On the flip side, Grayscale’s GBTC experienced a significant outflow, shedding 623 BTC from its holdings, now standing at 270,589 BTC, suggesting a shift in investor sentiment or strategic rebalancing.

Fidelity’s FBTC ETF also saw positive movement with an addition of 66 BTC, bringing its total to 181,127 BTC. Additionally, Bitwise’s BITB gained 463 BTC, and Invesco Galaxy’s BTCO added 354 BTC to their holdings.

Other notable funds like ARK Invest’s ARKB and VanEck’s HODL reported no changes in their positions, indicating stability in their respective strategies.

Overall, the total net inflow for the day across all listed U.S. Bitcoin ETFs was 601 BTC, translating into a market valuation increase of approximately $41.2 million, marking a significant day of trading and investment in the cryptocurrency space.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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21Shares US LLC has partnered with Chainlink to integrate its Proof of Reserve system into the 21Shares Core Ethereum ETF (CETH), which is physically backed by Ether. This collaboration enhances transparency by providing real-time data on Ethereum reserves, ensuring that CETH is fully backed by actual holdings. Chainlink’s trusted technology supports over $12 trillion in on-chain markets, reinforcing investor confidence in CETH’s integrity.

The utilization of Chainlink’s decentralized computing platform by 21Shares marks a significant step in bridging traditional finance with decentralized finance. According to 21Shares, this move is aligned with their mission to enhance transparency across digital asset investments, already proven successful with their Bitcoin reserves in the ARK 21Shares Bitcoin ETF.

The integration announcement follows the recent U.S. approval of a spot Ethereum ETF, signaling growing acceptance and momentum for cryptocurrencies. With over $1 billion in net inflows into eight new Ethereum ETFs, despite market fluctuations, 21Shares and Chainlink are at the forefront of promoting secure and transparent digital asset investments.