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Chinese state media comments on the US embracing Bitcoin: a sign of the decline of the US dollar era
China's official media, Economic Daily, published an article titled "Will BTC Become a US Reserve Asset?" discussing the possibility and challenges of including BTC as a strategic reserve asset for the United States from various aspects such as policy, regulation, market, and international financial landscape, sparking heated discussions among netizens. (Summary: The US order for TSMC to "cut off chips below 7 nanometers to China" caused TSMC's stock price to plummet by over 3%, and Taiwan's stock market fell more than 500 points below the monthly line) (Background: Xiao Feng: Trump's support for Crypto may allow China to resume the digital asset market) Today (19th), an article titled "Will BTC Become a US Reserve Asset?" in China's official media Economic Daily has sparked discussions on the possibility of the United States including BTC in its reserves. China Economic Net - Economic Daily Policy Aspect The article mentions that listing BTC as a strategic reserve asset requires a complex legislative process, involving coordination and balance of interests among multiple regulatory agencies. In addition, conservative lawmakers and interest groups skeptical of digital assets in the US Financial Institution may oppose it, making implementation difficult. Market and Regulatory Aspect In addition, BTC prices often experience violent fluctuations, which differ significantly from the strict stability requirements of national reserves. At the same time, the US cryptocurrency regulatory system is incomplete, and including BTC in the national reserve system requires a more comprehensive legal framework to be established. In addition, some US media pointed out that BTC is not a good inflation hedging tool - its relationship with speculative stocks is closer than with traditional inflation hedging tools such as gold or inflation-linked bonds. Dollar Supremacy Loosening? It is worth noting that the article points out the consequences of the US's long-term abuse of the dollar's status, excessive currency issuance, and severe overdraft of dollar credit have become apparent, and the pace of many countries "de-dollarization" has accelerated. The change in attitude towards BTC by some people in the United States is an attempt to maintain the loosening international status of the dollar. The big pump in BTC price seems to bring hope to some people for the return of the process "from the disintegration of the Bretton Woods system to the establishment of the petrodollar." However, BTC itself is not stable, and once it becomes a strategic reserve asset, it may bring greater challenges to regulatory institutions and arouse the vigilance of other countries in the world, intensifying frictions in the international financial field. Whether the US economy, which has been eroded by high inflation for many days, can withstand its impact remains unknown. Chinese Netizens' Opinions Regarding this article, Chinese netizens have different opinions on whether BTC is suitable as a US reserve asset. Some netizens feel that this is a symbol of the US giving up the dominance of the dollar, describing it as "self-castration behavior"; however, there are also opinions that say, "Since the US dollar can become a forex reserve asset, why can't BTC? Both are man-made currencies." Some people have a sarcastic attitude: "The US is so stupid, I feel relieved." Some people also pointed out that the continuous rise in BTC prices is beneficial to holders: "After breaking the previous high, holders have basically made money, who is harmed?" Related Reports Xiao Feng: Trump's support for Crypto may allow China to resume the digital asset market. The US order to cut off chips below 7 nanometers to China caused TSMC's stock price to plummet by over 3%, and Taiwan's stock market fell more than 500 points below the monthly line. China's stimulus measures are weak, A-shares rose and then fell, and the People's Bank of China reiterated five major targets to rescue the market. This article was first published by BlockTempo, the most influential blockchain news media in the dynamic area.