#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 he questions its feasibility as a national strategic reserve, arguing that its security and risk management are not yet mature. Regarding Trump's proposed Bitcoin policy, Wang Yongli emphasizes that excessive deregulation could weaken the dollar's position, and he calls for a rational response from the international community to avoid blind following. He believes that Bitcoin, at the level of "currency," highly imitates gold, but its total supply and phased additions are entirely system-defined, making it more stringent than gold and unable to 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, and once trust is lost, it will vanish into thin air, becoming worthless, with risks far greater than gold.