David Bailey, a well-known Bitcoin BTC/USD advocate and CEO of Bitcoin Magazine, disclosed 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/USD, and 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:
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
