#Wang Yongli Discusses the New Bitcoin Policy#

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 volatile price fluctuations do not conform to the basic laws of monetary development, and its security and risk management are still immature. In addition, Wang Yongli questioned the feasibility of Bitcoin as a national strategic reserve, arguing that the US cannot guarantee that new Bitcoins will be generated in the US, nor can it guarantee that they will belong to the US government. He called on the international community to respond rationally, avoiding blind following, excessive regulatory relaxation, or weakening the status of the US dollar. 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, which is more stringent than gold and cannot grow with the growth of tradable wealth value, which does not meet the essential requirements of currency. He emphasized that Bitcoin is a purely chain-born digital asset, not a natural physical asset, and once it loses trust, it will vanish into thin air and be worthless, with risks far greater than gold.