Odaily Planet Daily reported that Wang Yongli, former vice president of the Bank of China, in the first issue of 2025 (China Foreign Exchange), pointed out in his article (Rational View of Trump's New Bitcoin Policy) that Bitcoin highly mimics gold on the level of 'currency' and is therefore referred to as 'digital gold.' However, Bitcoin is a purely chain-born digital asset, not a natural physical asset, and its value depends on the development space of its application scenarios and the amount of faith and investment from people. Bitcoin can be divided into tiny units of one hundred millionth, providing greater 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 greater than gold. Furthermore, Trump's new Bitcoin policy is difficult to implement. First, it is quite challenging for the United States to obtain 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 they are government (fiscal) strategic reserves or the Federal Reserve (central bank) as strategic reserves for the US dollar, all carry risks and uncertainties. Replacing gold reserves with Bitcoin reserves is unlikely to have a practical beneficial impact on the US dollar and is also difficult for repaying government debt. Lastly, Trump's new Bitcoin policy contradicts his position of strengthening the US dollar as the global key currency. Therefore, Bitcoin can only be a new type of tradable wealth or digital asset, and it is difficult to become a real currency; it fundamentally cannot replace sovereign currency, and there are still significant doubts about whether it can replace gold as a national strategic reserve. The international community should treat Trump's new Bitcoin policy with calmness and objectivity, and not blindly follow suit.

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