隨著 2025 年的臨近，國家比特幣儲備基金可能在市場中發揮關鍵作用

隨著比特幣繼續接近 10 萬美元的水平，人們對比特幣和其他加密資產的討論和興趣持續增加。

In recent months, there has been increasing chatter about the possibility of the U.S. government or state governments establishing a strategic bitcoin reserve. While this development would undoubtedly have a major impact on the bitcoin market, let's take a closer look at how this could play out and why it matters.

近幾個月來，關於美國政府或州政府建立比特幣戰略儲備的可能性的討論越來越多。雖然這一發展無疑會對比特幣市場產生重大影響，但讓我們仔細看看它會如何發揮作用以及為什麼它很重要。

As bitcoin continues to climb towards the $100,000 level, institutional interest in the cryptocurrency is at an all-time high. This is evident in the range of financial institutions, from Blackrock to Microstrategy, announcing major crypto purchases or activity. For example, Blackrock is set to launch spot ETF options, while Microstrategy is planning to use proceeds from a share sale to purchase $4 billion of bitcoin.

隨著比特幣繼續攀升至 10 萬美元的水平，機構對加密貨幣的興趣空前高漲。從 Blackrock 到 Microstrategy 等眾多金融機構都宣布了重大的加密貨幣購買或活動，這一點很明顯。例如，Blackrock 將推出現貨 ETF 選擇權，而 Microstrategy 則計劃利用股票出售收益購買 40 億美元的比特幣。

However, beyond these institutional purchases, another trend that could have a significant impact on the bitcoin market is the possibility of a state-based bitcoin reserve fund. Here's how this could play out:

然而，除了這些機構購買之外，另一個可能對比特幣市場產生重大影響的趨勢是建立基於國家的比特幣儲備基金的可能性。結果如下：

* State governments could lead on crypto policy: While the focus is often on the potential for federal-level crypto initiatives, such as a strategic bitcoin reserve, the reality is that states could play a leading role in this area. This is due to the smaller size and more targeted nature of state economies and markets, which could allow for faster and more efficient implementation of pro-crypto policies. For example, Wyoming is already working on mntin and issuing the first state-backed stable token, known as WYST.

* 州政府可以主導加密貨幣政策：雖然焦點通常集中在聯邦級加密貨幣舉措的潛力上，例如戰略性比特幣儲備，但現實是各州可以在這一領域發揮主導作用。這是由於國家經濟和市場規模較小且更具針對性，這可以讓支持加密貨幣的政策更快、更有效地實施。例如，懷俄明州已經在研究 mntin 並發行第一個由國家支持的穩定代幣，稱為 WYST。

* Pressure at the federal level: The crypto industry spent an estimated $200 million on the recent election cycle, with over 200 members of Congress receiving funding and support from these lobbyists. This is likely to ensure a pro-crypto Congress, which could pave the way for favorable legislation, such as those aimed at establishing a strategic bitcoin reserve. Additionally, President-Elect Trump has promised to support and foster innovation and growth in the United States, which could bode well for the crypto sector.

* 聯邦層級的壓力：加密貨幣產業在最近的選舉週期中花費了估計 2 億美元，超過 200 名國會議員從這些遊說者那裡獲得了資金和支持。這可能會確保國會支持加密貨幣，從而為有利的立法鋪平道路，例如旨在建立戰略比特幣儲備的立法。此外，當選總統川普承諾支持和促進美國的創新和成長，這對加密貨幣產業來說可能是個好兆頭。

* Lawmakers continue to push for a U.S. sovereign wealth fund to buy bitcoin: Throughout 2024, there were several discussions and proposals regarding the creation of a U.S. sovereign wealth fund that would primarily invest in bitcoin. This concept gained traction among pro-crypto members of Congress and sparked interest in the financial market media, highlighting the growing institutional enthusiasm for crypto.

* 立法者繼續推動美國主權財富基金購買比特幣：整個 2024 年，關於建立主要投資比特幣的美國主權財富基金進行了多次討論和提議。這個概念受到了支持加密貨幣的國會議員的關注，並引發了金融市場媒體的興趣，凸顯了機構對加密貨幣日益增長的熱情。

* Price appreciation solidifies non-currency status: Perhaps the most direct and tangible effect of positive momentum and conversations (at both the state and federal level) will be the positive impact on the price of bitcoin, and potentially other cryptoassets more broadly. In 2024 alone, the price of bitcoin has risen from approximately $43,000 at the beginning of January to the $100,000 level in November, reflecting both the increased buying powered by institutional acquisition as well as the positive sentiment in the space at large. If either the U.S. federal government or state governments begin purchasing bitcoin at any significant level, this will only serve to push the price higher.

* 價格升值鞏固了非貨幣地位：也許積極勢頭和對話（在州和聯邦層面）最直接和最明顯的影響將是對比特幣以及更廣泛的其他潛在加密資產價格的積極影響。僅在 2024 年，比特幣的價格就從 1 月初的約 43,000 美元上漲到 11 月的 100,000 美元水平，這既反映了機構收購推動的購買增加，也反映了整個領域的積極情緒。如果美國聯邦政府或州政府開始大量購買比特幣，這只會推高價格。

Overall, while the crypto market is still small compared to traditional financial markets, its rapid growth and increasing institutional interest are setting the stage for major developments in the coming years. Keep an eye on these trends as they unfold.

總體而言，雖然與傳統金融市場相比，加密貨幣市場仍然很小，但其快速增長和不斷增加的機構興趣正在為未來幾年的重大發展奠定基礎。密切關注這些趨勢的發展。