#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 a rational view on Trump's new policy on Bitcoin. He believes that although Bitcoin is a new type of tradable digital asset, its fixed total amount and drastic price fluctuations do not conform to the basic laws of monetary development, making it difficult to become a true currency and even more impossible to replace sovereign currencies. Moreover, the feasibility of Bitcoin as a national strategic reserve is also questionable, as its security and risk management are still immature. Wang Yongli also pointed out 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. He believes 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 become worthless, with risks far greater than gold. Wang Yongli calls on the international community to respond rationally, avoid blindly following the trend, excessively relaxing regulation or weakening the status of the US dollar.