#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 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 also questioned the feasibility of Bitcoin as a national strategic reserve, arguing that the US would find it difficult to ensure that all new Bitcoins are generated in the US, let alone guarantee that they all belong to the US government. 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 proposed Bitcoin policy. 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, not meeting the essential requirements of currency. In addition, Bitcoin is a purely chain-born digital asset, which will vanish once it loses trust, and its hidden risks are far greater than gold. Wang Yongli also pointed out that Bitcoin is difficult to become a real currency, let alone replace sovereign currency, and its feasibility as a national strategic reserve also has risks and uncertainties. He called on the international community to respond rationally, avoid blindly following the trend, excessively relaxing regulation or weakening the status of the US dollar.
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 as a national strategic reserve has risks and uncertainties, and its security and risk management are not yet mature.
Bitcoin prices fluctuate dramatically, which does not conform to the basic laws of currency development.
The international community should rationally respond to Trump's new Bitcoin policy and avoid blindly following the trend.