A former executive from a major cryptocurrency exchange recently made waves in the crypto world by asserting that Bitcoin is an unavoidable phenomenon. This statement, coming from Changpeng Zhao, the ex-CEO of Binance, was in response to news that yet another American state is aiming to establish its own version of what former US President Donald Trump had dubbed the Strategic Bitcoin Reserve.
Now turning our attention to the broader adoption of this idea, several states in the US are actively pursuing legislation to set up localized Bitcoin reserves and bolster their cryptocurrency holdings. For instance, the Satoshi Action Fund announced via its account on platform X that Montana’s House Bill No. 420, which looks to create such a reserve, has successfully cleared a key committee stage.
“Strategic Bitcoin Reserve legislation in Montana passes out of committee and moves onto a House floor vote,” the Satoshi Action Fund reported. This bill, championed by Representative Curtis Schomer, is part of a growing trend, with CEO and Co-Founder Dennis Porter noting, “Montana becomes the 4th state to pass SBR out of committee, joining Utah, Oklahoma, and Arizona.”
Reflecting on these developments, Zhao shared his thoughts on Montana’s move with a sense of inevitability about Bitcoin’s place in the world, stating, “There is no other choice.” He likened Bitcoin to fundamental utilities like the internet or money itself, emphasizing that its growing ubiquity is unavoidable.
In a post, Zhao conveyed that the decision isn’t whether to buy Bitcoin but when, as he noted, “You can buy bitcoins after the US government is done buying, or before.” A fellow trader echoed these sentiments, suggesting that the strategic move is to act before larger entities consume available BTC, thus avoiding the higher costs of late adoption.
Adding depth to this discussion, Zhao highlighted the power of cryptocurrency donations in disaster relief. He recounted an experience where a donation he made returned to him with additional funds, a surprise that underscored the impact of crypto giving. Previously, he had donated 150 BNB, valued at $100,000, to help investors who suffered losses in a controversial pump-and-dump scheme involving LIBRA coin, a digital asset momentarily endorsed by Argentina’s president, Javier Milei.
CZ shared that after sending BNB to a university student, the student, using his own $50,000, managed to accrue additional profits on BNB, ultimately returning the original gift with a greater sum. This gesture illustrates the expansive and often unexpected returns of engaging with the cryptocurrency world, whether through donations or investments.
Featured image from Finans, chart sourced from TradingView.
