According to ChainCatcher news, Wang Yongli, former vice president of the Bank of China, wrote in the first issue of 2025 (Rational View on Trump's New Bitcoin Policy) that Bitcoin highly mimics gold on the 'currency' level, and is thus referred to as 'digital gold'. However, Bitcoin is a purely blockchain-based digital asset, rather than a natural physical asset, and its value depends on the development space of its application scenarios and the degree of belief and investment by 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 sense of 'paper gold'. Once trust is lost, it will vanish into thin air and become worthless, with risks far greater than gold.
Moreover, Trump's new Bitcoin policy is difficult to implement. First, it is quite challenging for the U.S. to have new Bitcoin. The development of quantum computing technology will also pose significant challenges to the security of cryptocurrencies like Bitcoin. Secondly, the so-called national strategic reserve of Bitcoin, whether it is a government's (fiscal) strategic reserve or the Federal Reserve's (central bank) strategic reserve for the U.S. dollar, carries risks and uncertainties. Replacing gold reserves with Bitcoin reserves is unlikely to have a practical positive impact on the U.S. dollar and is also hard to use for repaying government debts. Furthermore, Trump's new Bitcoin policy contradicts his stance of strengthening the U.S. 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, fundamentally unable to replace sovereign currencies. Whether it can replace gold as a national strategic reserve remains highly questionable. The international community should treat Trump's new Bitcoin policy with calm and objectivity, and not follow blindly.
