#Wang Yongli Discusses the New Bitcoin Policy#

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 do not conform to the basic laws of monetary development, and its security and risk management are immature. Regarding Trump's proposed Bitcoin policy, Wang Yongli 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. He believes that Bitcoin, in terms of its "currency" aspect, highly imitates gold, but its total supply and phased additions are entirely system-defined, making it more stringent than gold. It cannot grow along with the growth of tradable wealth value, failing to meet the essential requirements of currency. Moreover, Bitcoin is a purely chain-generated digital asset, and once trust is lost, it will vanish into thin air, becoming worthless. Its risk hazards are far greater than gold.