Speaking at the Bitcoin MENA conference in Abu Dhabi, Changpeng Zhao noted that Trump has not yet taken office as president, so the task of creating a reserve of bitcoins has yet to be completed. Once this happens, other countries will follow suit.

According to Zhao, small countries will be the first to create state reserves in bitcoins, and this will happen gradually. Later, large countries, including China, will follow suit. Zhao noted that China's position on cryptocurrencies is more difficult to predict, given the lack of transparency from the government. Cryptocurrency trading and mining are currently prohibited in the country.

However, Zhao believes that China will inevitably have to create a state reserve in bitcoin, since it is the only “hard asset.” Moreover, this could happen without prior notice - China will announce the existence of such a reserve after the fact, Zhao reasons.

"I would be shocked if the Chinese government announced something first and then did it. I wouldn't be surprised if China hoarded bitcoins first and then announced them. The government can act very quickly if they want to," Zhao said.

The former Binance executive recently expressed disappointment with memecoins, calling the hype around them “a little weird.” In November, Zhao suggested that Bitcoin’s bull run would continue for a long time.