#Wang Yongli Discusses the New Bitcoin Policy#
Hot Topic Overview
Overview
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 does not conform to the basic laws of monetary development and questions its feasibility as a national strategic reserve, arguing that its security and risk management are immature. Regarding Trump's proposed Bitcoin policy, he emphasizes that excessive deregulation could weaken the dollar's position and calls for the international community to respond rationally and avoid blindly following the trend. Wang Yongli believes that Bitcoin highly imitates gold at the "coin" level, but its total amount and phased increments are completely set by the system, making it more stringent than gold. It cannot grow along 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, and once it loses trust, it will vanish into thin air and become worthless, with risks far greater than gold.
Ace Hot Topic Analysis
Analysis
Wang Yongli, former vice president of the Bank of China, wrote an article in the magazine "China Foreign Exchange" expressing a rational view on Trump's new Bitcoin policy. He believes that Bitcoin, as a new type of tradable digital asset, is unlikely to become a true currency, let alone replace sovereign currencies. Bitcoin's fixed total amount and drastic price fluctuations do not conform to the basic laws of monetary development, and its security and risk management are still immature. Moreover, the feasibility of Bitcoin as a national strategic reserve is also questionable, as the US cannot guarantee that all new Bitcoins will be generated in the US, nor can it guarantee that they will all belong to the US government. Wang Yongli calls on the international community to respond rationally, avoiding blind following, excessive regulatory relaxation, or weakening the status of the US dollar.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin does not meet the essential requirements of currency. Its total amount is fixed and its price fluctuates dramatically, making it difficult to become a true currency, let alone replace sovereign currency.
The feasibility of Bitcoin as a national strategic reserve is questionable. Its security and risk management are still immature.
Bitcoin is a purely chain-born digital asset. Once it loses trust, it will vanish into thin air and be worthless. Its risks far outweigh those of gold.
Overly relaxed regulation of Bitcoin could weaken the dollar's status. The international community should respond rationally and avoid blindly following the trend.