#Wang Yongli Discusses the New Bitcoin Policy#

Wang Yongli, former vice president of the Bank of China, wrote an article in China Foreign Exchange arguing that Bitcoin can only be considered a new type of tradable digital asset, not a true currency, and cannot replace sovereign currencies. He believes that Bitcoin's fixed total supply and extreme price volatility do not conform to the basic laws of monetary development, and its security and risk management are still immature. Regarding Trump's proposed Bitcoin policy, Wang Yongli emphasized that excessive deregulation could weaken the dollar's position and called for a rational response from the international community to avoid blind following. He believes that Bitcoin, at the level of "coin," highly imitates gold, but its total amount and phased increase are completely set by the system, making it more stringent than gold. The amount that can be used for exchange transactions is even more limited, and it cannot grow with the growth of tradable wealth value, which does not meet the essential requirements of currency. Moreover, Bitcoin is a purely chain-born digital asset, not a natural physical asset. Once trust is lost, it will vanish into thin air and become worthless, with risks far greater than gold.