美國在歷史性的舉動中採用比特幣作為戰略資產

美國通過正式接受比特幣作為其戰略資產之一邁出了歷史性的一步。

The United States has taken a historic step by formally accepting Bitcoin as one of its strategic assets. This move comes with President Donald Trump announcing a Strategic Bitcoin Reserve—a US government cryptocurrency reserve—in an early March 2025 executive order.

美國通過正式接受比特幣作為其戰略資產之一邁出了歷史性的一步。這一舉動是唐納德·特朗普（Donald Trump）總統宣布一項戰略性比特幣保護區（美國政府加密貨幣儲備）在2025年3月上旬的行政命令中。

The order directs that the reserve be financed using Bitcoin already confiscated in criminal and civil forfeitures (about 200,000 BTC held by the government). It explicitly bans selling these holdings, echoing the crypto mantra of "never sell your Bitcoin." Instead, agencies must "HODL" this "digital gold" in a "digital Fort Knox" for the nation.

該命令指示，使用已經被沒收的刑事和民事沒收的比特幣（政府持有的200,000 BTC）為儲備提供了資金。它明確禁止出售這些股份，與“永不出售您的比特幣”的加密咒語相呼應。取而代之的是，代理商必須在國家的“數字堡壘”中“ hodl”此“數字黃金”。

This action raises basic questions: Is this the start of a new age in digital finance, or a political strategic maneuver? What does it portend for the future of Bitcoin and the broader cryptocurrency market?

這一行動提出了基本問題：這是數字金融新時代的開始還是政治戰略機動？它為比特幣和更廣泛的加密貨幣市場的未來預示了什麼？

Price Movements and Market Reaction

價格變動和市場反應

The whole crypto market chipped $300+ billion in hours, a ~10% increase in global market cap. Investors interpreted the news as bullish confirmation that the US government was finally on board with adopting crypto—triggering a broad rally in Bitcoin and leading altcoins.

整個加密貨幣市場的數小時為300億美元，全球市值增長了約10％。投資者將這一消息解釋為看漲的確認，即美國政府終於在採用加密貨幣的情況下加入了董事會 - 觸發了比特幣和領先的山寨幣的廣泛集會。

BTCUSD, H2

BTCUSD，H2

However, a few days later, details of the executive order prompted a "sell the news" dip. On March 7, when the White House confirmed that the reserve would initially contain only seized Bitcoin and not immediately buy more, Bitcoin briefly fell ~5% to below $85,000. Some traders were disappointed that there was no aggressive buying plan. Still, the pullback was short-lived: by the next morning, BTC rebounded to near $89,000.

但是，幾天后，行政命令的細節促使“出售新聞”下降。 3月7日，當白宮確認該儲備最初只包含扣押的比特幣而不立即購買時，比特幣短暫下跌了約5％至85,000美元以下。一些交易者對沒有積極的購買計劃感到失望。儘管如此，回調還是短暫的：第二天早上，BTC反彈至近89,000美元。

Even after the knee-jerk selloff, Bitcoin remained at historically elevated levels—it had hit an all-time high of around $109,000 in January 2025 amid speculation of pro-crypto US policies.

即使在膝蓋拋棄後，比特幣仍處於歷史悠久的水平上，這在2025年1月在猜測美國支持美國政策的情況下達到了歷史最高的109,000美元。

Market analysts opine that macroeconomic considerations tempered the crypto rally toward the end of the week. After the initial euphoria, wider worries—such as impending trade wars and overall risk-off sentiment—resulted in crypto surrendering those gains. Nevertheless, the uptrend remains in place. Bitcoin's price is considerably higher than it was a year ago, supported by hopes of favorable US regulation and the 2024 supply-halving, which halved new BTC issuance by 50%. The 2024 halving reduced Bitcoin's block reward from 6.25 to 3.125 BTC, increasing its scarcity. Historically, these halvings have produced multi-year bull cycles, and most bulls interpret Trump's reserve news as another catalyst on top of post-halving momentum.

市場分析師認為，宏觀經濟的考慮在本週末結束了加密集會。在最初的欣喜之後，更廣泛的擔憂（例如即將來臨的貿易戰和整體冒險情緒）在加密貨幣方面投降了這些收益。然而，上升趨勢仍然存在。比特幣的價格比一年前高得多，這是有利的美國法規和2024年供應量的希望，將新的BTC發行減半了50％。 2024年將比特幣的塊獎勵從6.25減少到3.125 BTC，從而增加了其稀缺性。從歷史上看，這些過度的努力產生了多年的公牛週期，大多數公牛將特朗普的後備新聞解釋為在後備後的勢頭上的另一種催化劑。

Historical Parallels

歷史相似之處

To put Trump's Bitcoin Reserve in context, observers are comparing it with past Bitcoin catalysts like ETF approvals and mining reward halvings:

要將特朗普的比特幣儲備列入上下文，觀察者將其與過去的比特幣催化劑等比特幣催化劑進行了比較，例如ETF批准和採礦獎勵暫停：

• ETF approvals: The advent of Bitcoin Exchange-Traded Funds has been on the wish list of mainstream adoption for years. In late 2024, the US saw the top-ranked Bitcoin ETFs gaining traction, and asset managers significantly ramped up exposures to these instruments. It was a repeat of the gold ETF history—the introduction of gold ETFs in the 2000s opened floodgates to institutional investment. The same is currently occurring with Bitcoin ETFs, which are gaining popularity not only among hedge funds but even banks and sovereign wealth funds. Trump's pro-crypto attitude will further speed up the SEC's approval of more crypto ETFs, even Ethereum and potentially Solana funds. Indeed, sentiment in the crypto sector was high that a spate of new listings of ETFs was imminent under a friendly administration.

•ETF批准：多年來，比特幣交易所貿易資金的出現一直在主流採用的願望清單上。在2024年底，美國看到排名最高的比特幣ETF受到關注，資產管理人員顯著加劇了對這些工具的暴露。這是黃金ETF歷史的重複 - 2000年代黃金ETF的引入為機構投資打開了閘門。比特幣ETF目前也發生了同樣的事件，它們不僅在對沖基金中，而且在銀行和主權財富基金中都廣受歡迎。特朗普的親克萊普托態度將進一步加快SEC對更多加密ETF的認可，甚至是以太坊和潛在的索拉納基金。確實，加密貨幣部門的情緒很高，因為在友好的政府下，ETF的新列表即將出現。

• Bitcoin halvings: Bitcoin's intrinsic halving events have repeatedly defined its price history. The April 2024 last halving, reducing mining rewards from 6.25 BTC to 3.125 BTC, further compressed Bitcoin's supply. Post-halving dynamics typically show positive price action as scarcity accelerates, and 2025 is no exception. Bitcoin gained from around $30K pre-halving to over $75K by Nov 2024 in the hope of elections, and eventually over $100K by January 2025 due to a pro-crypto policy framework. In the past, the year or so after a halving has seen disproportionate gains (2013, 2017, 2021 cycles), and most analysts hold the view that the 2024–2025 cycle would be turbo-charged by institutions and now government demand. Standard Chartered's team notoriously priced $125K by the end of 2024 if Trump was re-elected and up to $200K by the end of 2025, regardless of who won. Now Reuters even reported one Standard Chartered analyst's $500K per

•比特幣過度：比特幣的內在減半事件反复定義了其價格歷史記錄。 2024年4月上次減半，將採礦獎勵從6.25 BTC減少到3.125 BTC，進一步壓縮了比特幣的供應。備受期間的動態通常會隨著稀缺性的加速表現出積極的價格行動，而2025年也不例外。到2024年11月，比特幣從大約3萬美元的預售到超過75,000美元，以期在選舉中獲得，最終由於專業克雷普託的政策框架，到2025年1月，到2025年1月。過去，在減半後左右的一年左右，2013年，2017年，2021年的周期），大多數分析師認為，2024 - 2025年的周期將受到機構和現在的政府需求的渦輪增壓。如果特朗普再次當選，到2025年底，標準憲章的團隊在2024年底聞名，到2024年底，售價為12.5萬美元，無論誰贏了。現在，路透社甚至報告了一位標準特許分析師的$ 500K