Bailey, CEO of Bitcoin Magazine, has been actively involved with Donald Trump’s campaign since the election, with many crediting him for guiding the President toward bitcoin. His comment follows Trump’s announcement that a strategic crypto reserve was forthcoming and further astonished the community when he declared XRP, ADA, and SOL would be incorporated.
Trump later remarked that he “loved” bitcoin and ethereum and assured that they would naturally be part of a U.S. strategic bitcoin reserve. On X, Bailey remarked, “China is now working double time to stand up their own strategic bitcoin reserve.” He added that officials were “holding closed door meetings on the topic since the election.” When asked how he obtained such insights, he replied, “You’d be amazed how many people reach out to you when you orange pill the American President.”
This is not the first time Bailey has addressed this topic. On Nov. 19, 2024, Bailey stated, “I was told today by someone very much in the know that President Xi has completely changed his thinking on bitcoin in response to President Trump’s leadership. China will not be selling their bitcoin reserve going forward.”
Recent discussions imply that several governments, including China, possess bitcoin primarily acquired through seizures linked to criminal activity, with estimates placing China’s holdings at about 190,000 BTC. However, many people do not believe that China still holds this coin. China’s association with bitcoin is complex. It once served as a principal center for mining and trading, yet prohibited these practices in 2021 over financial concerns and to advance its digital yuan.
Despite the prohibition, China confiscated considerable bitcoin from the Plustoken Ponzi scheme—approximately 194,775 BTC worth billions—sparking debate over whether it was liquidated or retained.
Nevertheless, lacking definitive proof, these assertions remain largely conjectural, favoring the view that China does not maintain such quantities at all.
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