Luxembourg, touted among the richest countries in the world, is seemingly zeroing-in on Bitcoin. In a fresh development, the finance minister of the European nation said Bitcoin is the best asset in the world. Binance co-founder Changpeng Zhao (CZ) also chimed in with Gilles Roth to share two cents on the country’s BTC strategy.
Last month, Luxembourg said it was going to allocate one percent of its sovereign wealth fund towards BTC ETFs. Speaking at an event, finance minister Roth said, “Our sovereign wealth fund investing one percent of its assets in BTC is not an announcement to seek attention. It’s already done.”
The 2025 population of Luxembourg is estimated at 680,453 people, as per Worldometer. Its GDP is estimated at $97 billion – reflecting its nominal per capita GDP at $141,079, securing its position among the richest country index.
Roth said while the fund’s investment policy allows for an allocation in any crypto asset, it has chosen to invest only in Bitcoin – a strategy he predicted others are also bound to follow sooner or later.
“As Michael Saylor once said, there is no second best. We are still early. I’m sure that others will soon follow our lead. As Minister of Finance, I meet with companies and financial institutions from all over the world. Digital essence is a topic that is high on everyone’s agenda,” he noted.
Reacting to Roth’s statement, CZ suggested other jurisdictions should consider a BTC treasury strategy now – before rich countries like Luxembourg increase their respective investments into the asset and HODL the supply.
Famed American economist Peter Schiff, notorious for criticizing BTC, also hopped in on the conversation. He said he doubts if other nations will be “foolish enough” to follow Luxembourg in making BTC a part of their treasury assets.
“At least it’s only one percent. The people of Luxembourg will still have the other 99% of their sovereign wealth fund to generate returns. I doubt more than a few other nations will be foolish enough to follow his lead,” Schiff said.
Schiff and CZ are scheduled to hold their much-anticipated debate on “Bitcoin versus tokenized gold” during the upcoming Binance Blockchain Week event, slated for December 4.