CoinVoice recently learned that Wang Yongli, former vice president of the Bank of China, pointed out in a published article (Rational View on Trump's Bitcoin Policy) in the 2025 first issue of (China Foreign Exchange) that Bitcoin highly mimics gold on the 'currency' level, which is why it is referred to as 'digital gold.' However, Bitcoin is a purely blockchain-based digital asset, not a natural physical asset, and its value depends on the development space of its application scenarios and the level of belief and investment from people. Bitcoin can be divided into tiny units of one hundred millionth, providing more payment flexibility, but it does not have real gold backing and does not belong to the strict definition of 'paper gold.' Once trust is lost, it will turn to dust and be worthless, with risks far exceeding those of gold.
Moreover, Trump's new Bitcoin policy is difficult to implement. First, it is challenging for the United States to have a new Bitcoin. The development of quantum computing technology will also pose significant challenges to the security of cryptocurrencies like Bitcoin. Secondly, the so-called Bitcoin national strategic reserves, whether government (fiscal) strategic reserves or the Federal Reserve (central bank) as a strategic reserve for the dollar, come with risks and uncertainties. Replacing gold reserves with Bitcoin reserves will not have a practical positive impact on the dollar and will be difficult to use for repaying government debt. Furthermore, Trump's Bitcoin policy contradicts his stance on strengthening the dollar as the global key currency.
Therefore, Bitcoin can only be a new type of tradable wealth or digital asset; it is difficult to become a true currency and cannot replace sovereign currencies. There is still significant doubt whether it can replace gold as a national strategic reserve. The international community should approach Trump's Bitcoin policy with calm and objectivity, and not blindly follow the trend. [Original link]
