Governments Could Have Slashed Deficits Using Bitcoin, Says Binance’s CEO
Governments worldwide are waking up to a massive missed opportunity as bitcoin’s explosive rally shows early crypto adoption could’ve slashed deficits and built sovereign wealth, says Binance’s CEO.
Binance CEO Richard Teng highlighted bitcoin’s long-term value in recent posts on social platform X, citing its price gains and the financial opportunities governments have missed. His remarks followed bitcoin’s climb to new all-time highs, renewing focus on its global financial role. On May 22, Teng stated:
“Looking at bitcoin’s performance over recent years, countries could have addressed budget deficits through strategic crypto reserves. Even those who sold holdings have seen the huge missed opportunity in hindsight.”
His remark highlighted the potential of bitcoin as a sovereign asset, suggesting that if governments had accumulated reserves earlier, they might have reduced fiscal shortfalls. Teng’s assertion adds weight to the argument that bitcoin can act not just as a hedge or speculative asset, but as a core component of national financial strategies.
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A day earlier, Teng reflected on the shifting perception of bitcoin’s value and attainability as bitcoin hit an all-time high, posting on X:
“What seemed impossible in crypto just years ago is now normalized. This pattern repeats: ‘impossible’ yesterday becomes expected today. I often check a 5-year BTC chart and remember conversations where brilliant minds claimed certain price levels were unreachable.”
These remarks framed the rapid evolution of sentiment in the crypto space, where price milestones once seen as out of reach are now surpassed and expected. Teng’s commentary comes at a time when institutional adoption is increasing and the conversation around crypto reserves is gaining renewed relevance.
Both Binance and former CEO Changpeng Zhao (CZ) are advising governments on cryptocurrency regulations and building national digital asset reserves. While Binance offers regulatory guidance and promotes adoption, CZ independently supports countries like Pakistan and Kyrgyzstan, proposing bitcoin and BNB for reserves and offering blockchain expertise. Following bitcoin’s record-setting rally on May 21, CZ wrote on X: “Feel sorry for those who sold at $77K. Remember to look at a yearly chart instead of a 1-minute chart once in a while.”