#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 the magazine "China Foreign Exchange" expressing cautious views on Trump's new policy on Bitcoin. He believes that Bitcoin does not meet the essential requirements of currency and cannot become a real currency, let alone replace sovereign currencies. Bitcoin has a fixed total amount and its price fluctuates dramatically, which does not conform to the basic laws of currency development. Its security and risk management are still immature. In addition, Wang Yongli also questioned the feasibility of Bitcoin as a national strategic reserve, arguing that its security and risk management are still immature. He called on the international community to respond rationally and avoid blindly following the trend.
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 cautious views 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 supply and extreme price volatility do not conform to the basic laws of monetary development, and its security and risk management are still immature. Moreover, he questions the feasibility of Bitcoin as a national strategic reserve, arguing that there are risks and uncertainties for both governments and central banks to hold Bitcoin. Wang Yongli calls for a rational response from the international community, avoiding blind following and emphasizing the need to avoid excessive regulatory relaxation or weakening of the dollar's status. He believes that Bitcoin highly imitates gold at the "coin" level, but its total amount and phased increments are completely 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. Furthermore, Bitcoin is a purely chain-born digital asset, and once trust is lost, it will vanish into thin air and become worthless, with risks far greater than gold.
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.