The former vice president of the People’s Bank of China, Wu Xiaoling, has commended bitcoin, calling it the most successful commercial application of blockchain.
Wu stated in the preface of the book, “Talking to Top Cadres about Digital Currencies,” that no other blockchain-related project had achieved the commercial success of the Bitcoin network.
Highlighting the benefits of the first cryptocurrency, the former PBoC executive also pointed out that Bitcoin has its market base, but it is also limited to the private currency field.
Wu Xiaoling further noted that with a sovereign state’s existence, it is not possible for bitcoin to replace the fiat currency issued by the state. She also opined that bitcoin has fatal weaknesses because the currency itself must have a specific stable value, but the value of bitcoin fluctuates greatly.