Key Notes
Changpeng Zhao serves as official cryptocurrency advisor to the governments of Kyrgyzstan and Pakistan as of 2025.
The term “hard money” historically refers to scarce, commodity-backed currency, such as gold, and now includes Bitcoin.
Both Kyrgyzstan and Pakistan launched major crypto initiatives in recent months, including a national stablecoin and Bitcoin reserve.
Former Binance CEO Changpeng Zhao reported on Nov. 9 that two senior government officials from two different unnamed countries referred to cryptocurrency as “the hard money” during his advisory discussions last week. He characterized this as a sign that “the realization is finally happening” regarding crypto’s economic role on the global stage.
In my advisor role to governments, last week, two senior officials from two different countries referred to crypto as "the hard money". The realization is finally happening. ?
— CZ ? BNB (@cz_binance) November 9, 2025
What ‘Hard Money’ Means and Why It Matters
The term “hard money” carries specific economic significance. According to Investopedia, it describes currency made of or backed by valuable commodities like gold or silver. These assets are expected to maintain stable market value and resist inflation.
Bitcoin and gold together account for approximately 14% of global money supply as of 2025. Bitwise CEO Hunter Horsley described Bitcoin as the scarcest store of value in the world, with an annual supply increase of just 0.84% compared to gold’s 1.5-2%. CZ recently highlighted this advantage when discussing gold’s verification challenges compared to blockchain transparency.
CZ’s Advisory Roles in Kyrgyzstan and Pakistan
Pakistan appointed Zhao to its Crypto Council in April 2024. The country has an estimated 15 to 20 million cryptocurrency users, accounting for approximately 8% of the population. Zhao was appointed advisor to Kyrgyzstan President Sadyr Japarov in May 2025, focusing on digital assets and blockchain integration.
Both appointments followed Zhao’s release from a four-month U.S. prison sentence in September 2024 for money laundering violations. He received Trump’s October pardon of the Binance founder just weeks before making his “hard money” statement.
Kyrgyzstan launched its national stablecoin, KGST, in October 2025 and established a cryptocurrency reserve, which includes BNB. Pakistan announced a Bitcoin strategic reserve in May 2025 and began licensing exchanges through its Virtual Assets Regulatory Authority in September.
Growing Wave of Government Cryptocurrency Adoption
The United States leads government crypto holdings with $34.2 billion in digital assets, ranking eighth among global crypto whales according to Arkham Intelligence. The U.S. Strategic Bitcoin Reserve, established through Trump’s executive order establishing the reserve in March, recently expanded to 326,588 BTC after authorities seized $14 billion in Bitcoin from Chen Zhi, a Chinese national linked to a pig-butchering scam.
The U.K. government ranks 43rd with $6.36 billion in holdings. El Salvador holds $652 million in Bitcoin as legal tender, maintaining continued purchases despite international pressure throughout 2025.
Galaxy Research predicts that at least five nation-states will add Bitcoin to reserves by year’s end. Government officials adopting “hard money” terminology represents a shift from viewing crypto as speculative to recognizing it as sound money. Analysts project that this institutional recognition could drive Bitcoin price predictions reaching $200,000 by late 2025.
