#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's fixed total supply and extreme price volatility violate the basic laws of monetary development, questioning its feasibility as a national strategic reserve. He also argues that its security and risk management are not yet mature. 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.
Ace Hot Topic Analysis
Analysis
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 highly imitates gold in terms of its "coin" nature, but its total amount and phased increments are completely set by the system, making it more stringent than gold. Moreover, it cannot grow with the growth of tradable wealth value, failing to meet the essential requirements of currency. Additionally, 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. Wang Yongli also questioned the feasibility of Bitcoin as a national strategic reserve, arguing that its security and risk management are not yet mature. Regarding Trump's proposed Bitcoin policy, he emphasized that excessive deregulation could weaken the dollar's position and called for the international community to respond rationally and avoid blindly following the trend.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin does not meet the essential requirements of currency, cannot become a real currency, and cannot replace sovereign currency.
Bitcoin has a fixed total amount and its price fluctuates dramatically, which does not conform to the basic laws of currency development.
The feasibility of Bitcoin as a national strategic reserve is questionable, and its security and risk management are not yet mature.
Overly relaxed regulation of Bitcoin may weaken the status of the US dollar. The international community should respond rationally and avoid blindly following the trend.