PANews, January 8 news, former Vice President of the Bank of China Wang Yongli published an article in the first issue of 2025 (Rational Perspective on Trump's Bitcoin Policy), pointing out that Bitcoin highly mimics gold in terms of 'currency', and is thus referred to as 'digital gold'. However, Bitcoin is a purely chain-based digital asset, not a natural physical asset; its value depends on the potential development of its application scenarios and the faith and investment of people. Bitcoin can be divided into tiny units of one hundred millionth, providing more payment flexibility, but it lacks the support of real gold and does not fall within the strict definition of 'paper gold'. Once trust is lost, it will become worthless, and the risks far exceed those of gold.
Moreover, Trump's new Bitcoin policy is difficult to implement. First, the United States faces significant challenges in adopting a new Bitcoin policy. The development of quantum computing technology will pose major challenges to the security of cryptocurrencies like Bitcoin. Second, the so-called national strategic reserves of Bitcoin, whether referring to the government's (fiscal) strategic reserves or the Federal Reserve's (central bank) strategic reserves in terms of the dollar, are fraught with risks and uncertainties. Replacing gold reserves with Bitcoin reserves is unlikely to have a practical positive impact on the dollar and is also difficult to use for repaying government debt. Furthermore, Trump's Bitcoin policy contradicts his stance of strengthening the dollar as a global key currency.
Thus, Bitcoin can only be a new type of tradable wealth or digital asset, and it is difficult to become a true currency; it cannot replace sovereign currencies, and whether it can substitute gold as a national strategic reserve remains highly questionable. The international community should approach Trump's Bitcoin policy with calm and objectivity, rather than blindly following the trend.
