Wang Yongli, former deputy governor of Bank of China: A rational view of Trump's new bitcoin policy

Wang Yongli, former deputy governor of the Bank of China, wrote in the first issue of "China Foreign Exchange" in 2025, "A Rational View of Trump's Bitcoin New Deal", in which he mentioned that Bitcoin highly imitates gold at the level of "coins". Its total amount and phased new additions are completely set by the system, which is more stringent than gold (the actual reserves of gold are actually not clear). The number that can be used for exchange transactions is more limited, and it cannot grow with the growth of the value of tradable wealth, which is not in line with the essence of money. In addition, Bitcoin is a pure chain-generated digital asset, not a natural physical asset. Once it loses trust, it will be worthless, and the risk is far greater than that of gold.
With Trump winning the US Presidential Election, his proposed new bitcoin policy has received widespread attention and heated debate. It is necessary to calm down, view and grasp it rationally and objectively, and avoid making subversive mistakes. It is difficult for the United States to guarantee that all new bitcoins can be generated in the United States, and it is even more difficult to ensure that they belong to the US government. The so-called national strategic reserve of bitcoin, whether it is the strategic reserve of the government (fiscal) or the strategic reserve of the Federal Reserve (central bank) as the US dollar, has risks and uncertainties.