#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 attitude towards Trump's new Bitcoin policy, and pointed out that Bitcoin is unlikely to become a real currency, let alone replace sovereign currencies. He believes that Bitcoin, as a new type of tradable digital asset, has a fixed total amount and its price fluctuates dramatically, which does not conform to the basic laws of monetary development. Its security and risk management are immature and it is difficult to use it as a national strategic reserve. In addition, Wang Yongli also emphasized that excessive relaxation of regulation or weakening of the dollar's status, and called on the international community to respond rationally and avoid blindly following the trend. He believes that Bitcoin highly imitates gold at the "coin" level, but its total amount and phased incremental amount 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. In addition, Bitcoin is a purely chain-born digital asset, not a natural physical asset. Once it loses trust, it will disappear into thin air and be worthless, with risks far greater than gold.