Key notes
- Changpeng Zhao is an official cryptocurrency advisor to the governments of Kyrgyzstan and Pakistan from 2025.
- The term “hard money” historically refers to a scarce, commodity-backed currency, such as gold, and now includes Bitcoin.
- Kyrgyzstan and Pakistan have launched major crypto initiatives in recent months, including a national stablecoin and Bitcoin reserve.
Former Binance CEO Changpeng Zhao reported on November 9 that two unnamed senior government officials from two different countries called the cryptocurrency “hard money” during his consultative discussions last week. He called it a sign that “awareness is finally happening” regarding the economic role of crypto on the global stage.
In my role advising governments, last week two senior officials from two different countries referred to crypto as “hard money.” Realization finally arrives. 💪
– CZ 🔶BNB (@cz_binance) November 9, 2025
What does “hard money” mean and why it matters
The term “hard money” has a specific economic meaning. According to Investopedia, it describes a currency made of or backed by valuable commodities such as gold or silver. These assets should maintain a stable market value and resist inflation.
Bitcoin
BTC
$101,749
24h volatility:
0.7%
Market capitalization:
$2.03T
Flight. 24h:
$46.63 billion
and gold together represent about 14% of the world’s money supply in 2025. Hunter Horsley, CEO of Bitwise, described Bitcoin as the world’s rarest store of value, with an annual increase in supply of just 0.84%, compared to 1.5-2% for gold. CZ recently highlighted this advantage when discussing gold verification challenges versus blockchain transparency.
CZ advisory roles in Kyrgyzstan and Pakistan
Pakistan appointed Zhao to its Crypto Council in April 2024. The country has around 15-20 million cryptocurrency users, or around 8% of the population. Zhao was appointed advisor to Kyrgyz President Sadyr Japarov in May 2025, focusing on digital assets and blockchain integration.
Both appointments follow Zhao’s release from a four-month U.S. prison sentence in September 2024 for money laundering violations. He received a pardon from Trump in October against 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 strategic Bitcoin 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 the government’s crypto holdings with $34.2 billion in digital assets, ranking as the world’s eighth largest crypto-whale according to Arkham Intelligence. The US Strategic Bitcoin Reserve, created by Trump’s executive order establishing the reserve in March, was recently expanded to 326,588 BTC after authorities seized $14 billion in Bitcoin from Chen Zhi, a Chinese national linked to a pig butchery scam.
The British government ranks 43rd with $6.36 billion in assets. El Salvador holds $652 million in Bitcoin as legal tender, maintaining its continued purchases despite international pressure throughout 2025.
Galaxy Research predicts that at least five nation states will add Bitcoin to their reserves by the end of the year. Government officials’ adoption of the “hard money” terminology represents a shift from viewing crypto as speculative to recognizing it as sound money. Analysts predict that this institutional recognition could lead Bitcoin price predictions to reach $200,000 by the end of 2025.
following
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article is intended to provide accurate and current information, but should not be considered financial or investment advice. Because market conditions can change quickly, we encourage you to verify the information for yourself and consult a professional before making any decisions based on this content.
As a Web3 Marketing Strategist and former DuckDAO CMO, Zoran Spirkovsky translates complex crypto concepts into compelling stories that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.
Zoran Spirkovsky on X
