比特幣：國家儲備資產的未來？

在通膨壓力和經濟制裁的時代，黃金和外匯儲備等金融穩定的傳統支柱現在面臨審查

As the world grapples with inflationary pressures, economic sanctions, and the demand for sovereignty over national assets, traditional pillars of financial stability, such as gold and foreign currency reserves, are coming under increasing scrutiny. For centuries, gold and fiat currencies have dominated national reserves, but a new era demands innovative solutions.

隨著世界努力應對通膨壓力、經濟制裁和對國家資產主權的要求，黃金和外匯儲備等傳統的金融穩定支柱正受到越來越嚴格的審查。幾個世紀以來，黃金和法定貨幣一直主導著國家儲備，但新時代需要創新的解決方案。

Enter Bitcoin (BTC), the world's first decentralized digital currency. Could Bitcoin be the solution to these ever-growing issues? Recent developments indicate a growing trend among nations considering Bitcoin as part of their financial strategy.

比特幣（BTC）是世界上第一個去中心化的數位貨幣。比特幣可以解決這些日益嚴重的問題嗎？最近的事態發展表明，越來越多的國家將比特幣視為其金融策略的一部分。

El Salvador's Audacious Bitcoin Adoption and Brazil's Proposed Sovereign Bitcoin Reserve

薩爾瓦多大膽的比特幣採用和巴西提議的主權比特幣儲備

In 2021, El Salvador made headlines by adopting Bitcoin as legal tender and establishing a national Bitcoin reserve, sparking a global debate on the future of reserve assets. As of December 2024, the government holds approximately 5,944 BTC, valued at over $560 million, aiming to leverage Bitcoin's potential to strengthen its economy.

2021年，薩爾瓦多因採用比特幣作為法定貨幣並建立國家比特幣儲備而成為頭條新聞，引發了全球對儲備資產未來的爭論。截至 2024 年 12 月，政府持有約 5,944 個比特幣，價值超過 5.6 億美元，旨在利用比特幣的潛力來增強其經濟。

Meanwhile, in Brazil, legislators are introducing a bill to create a Sovereign Strategic Bitcoin Reserve (RESBit), proposing to allocate up to 5% of Brazil's international reserves to Bitcoin. The bill aims to diversify Brazil's reserves, bolster its economy, and support Bitcoin's integration into the country's financial system.

同時，在巴西，立法者正在提出一項法案，建立比特幣主權戰略儲備（RESBit），提議將巴西國際儲備的 5% 分配給比特幣。該法案旨在實現巴西儲備多元化、提振經濟並支持比特幣融入該國金融體系。

Even in the United States, discussions have emerged about establishing a strategic Bitcoin reserve. President-elect Donald Trump has proposed creating a 'Strategic National Bitcoin Stockpile,' suggesting that the US government retain bitcoins acquired through asset forfeitures to bolster national financial security.

即使在美國，也出現了關於建立比特幣戰略儲備的討論。當選總統唐納德·川普提議建立“國家比特幣戰略儲備”，建議美國政府保留通過沒收資產獲得的比特幣，以加強國家金融安全。

A Vision for Bitcoin-Backed Treasury Management

比特幣支持的資金管理願景

Over a decade in the market has shown that Bitcoin offers a hedge against inflation, and its unparalleled transparency through blockchain technology might help it outpace gold as the dominant reserve asset.

十多年來的市場表明，比特幣可以對沖通貨膨脹，其透過區塊鏈技術實現的無與倫比的透明度可能有助於其超越黃金，成為主要的儲備資產。

This presents a trillion-dollar opportunity, but it also emphasizes the need for secure storage, clear legal frameworks, and balanced diversification with traditional assets, paving the way for a future-proof financial system.

這提供了數萬億美元的機會，但也強調了安全儲存、明確的法律框架以及傳統資產平衡多元化的需求，為面向未來的金融體系鋪平了道路。

“Within the next decade, Bitcoin will surpass gold as the world's leading store of value, which would imply a price of at least $1 million per Bitcoin,” said Stelian Balta, founder of HyperChain Capital, in a recent interview. “Being in the market for 12 years, I’ve seen it survive and thrive through every storm as an asset class. Forward-thinking countries should think about moving from gold to Bitcoin. Most likely, the USA will lead the way and other nations are likely to follow suit.”

HyperChain Capital 創始人 Stelian Balta 在最近的一次採訪中表示：“在未來十年內，比特幣將超越黃金，成為全球領先的價值儲存手段，這意味著每枚比特幣的價格至少為 100 萬美元。” 「進入市場 12 年以來，我見證了它作為一種資產類別在每場風暴中生存下來並蓬勃發展。有遠見的國家應該考慮從黃金轉向比特幣。最有可能的是，美國將帶頭，其他國家也可能效仿。

Another key aspect is Bitcoin's resistance to financial sanctions, which could be a critical advantage for countries navigating geopolitical uncertainties, according to Matthew Ferranti, an economist with the US Intelligence Community:

美國情報界經濟學家馬修費蘭蒂表示，另一個關鍵方面是比特幣對金融制裁的抵抗力，這對於應對地緣政治不確定性的國家來說可能是關鍵優勢：

“To the extent that gold is a reserve asset, so is Bitcoin. But unlike traditional reserve assets which are held in foreign custodial accounts, Bitcoin offers the possibility of self-custody, reducing reliance on third-party institutions that may freeze or restrict access to assets in politically tense scenarios.”

「就黃金而言，比特幣也是儲備資產。但與外國託管帳戶中持有的傳統儲備資產不同，比特幣提供了自我託管的可能性，減少了對第三方機構的依賴，這些機構可能會在政治緊張的情況下凍結或限制對資產的訪問。

At the corporate level, MicroStrategy has already pioneered Bitcoin-backed treasury management. As of December 23, 2024, the company has accumulated over 444,262 BTC as part of its strategic reserve strategy, showcasing how Bitcoin can serve as a cornerstone for long-term value preservation and financial agility.

在企業層面，MicroStrategy 已經率先推出了比特幣支援的財務管理。截至 2024 年 12 月 23 日，該公司已累積了超過 444,262 BTC 作為其戰略儲備策略的一部分，展示了比特幣如何成為長期保值和財務敏捷性的基石。

Balta's four main pillars for integrating Bitcoin into national reserves focus on simplicity and strategic foresight:

Balta 將比特幣納入國家儲備的四大支柱專注於簡單性和戰略遠見：

Reserves: Diversify a portion of national reserves into Bitcoin, aiming for a balance between traditional assets and the potential growth opportunities offered by BTC.

儲備：將部分國家儲備分散到比特幣中，旨在實現傳統資產與比特幣提供的潛在成長機會之間的平衡。

Sovereign Wealth Funds: Integrate Bitcoin into sovereign wealth funds to enhance portfolio diversification and capitalize on cryptocurrency's unique characteristics.

主權財富基金：將比特幣納入主權財富基金，以增強投資組合多元化並利用加密貨幣的獨特特徵。

Central Bank Digital Currencies: Explore the potential of launching Bitcoin-backed central bank digital currencies (CBDCs) to combine the benefits of both worlds.

中央銀行數位貨幣：探索推出比特幣支持的中央銀行數位貨幣（CBDC）的潛力，以結合兩個世界的利益。

Technology Adoption: Actively participate in the development and adoption of blockchain technology to optimize asset management and propel the country into the Web3 era.

技術採用：積極參與區塊鏈技術的開發與採用，優化資產管理，推動國家進入Web3時代。

Blockchain's Impact on Governance and On-Chain Asset Management

區塊鏈對治理和鏈上資產管理的影響

Apart from its role as a reserve asset, Bitcoin is a tangible expression of the broader promise of blockchain technology to redefine governance and asset management. The UK Treasury has already explored how on-chain asset management could transform the investment landscape by leveraging tokenization.

除了作為儲備資產的角色之外，比特幣也是區塊鏈技術重新定義治理和資產管理的更廣泛承諾的具體體現。英國財政部已經探索了鏈上資產管理如何利用代幣化來改變投資格局。

Applications such as tokenized assets serving as collateral for money market funds and their integration into fully on-chain markets demonstrate the potential to improve efficiency, transparency, and accountability across the investment sector.

作為貨幣市場基金抵押品的代幣化資產及其與完全鏈上市場的整合等應用程式展示了提高整個投資領域的效率、透明度和問責制的潛力。

“Blockchain is so much more than just currency innovation,” asserts Balta. “It’s a tool for rebuilding trust, creating efficiencies, and ensuring accountability across financial systems.” Balta envisions a future where financial systems fully operate on-chain, providing verifiability and clarity at every level. “On-chain asset management transforms financial systems since it inspires confidence by offering accountability for public and private entities alike.”

「區塊鏈不僅僅是貨幣創新，」巴爾塔斷言。 “它是重建信任、提高效率和確保整個金融系統問責制的工具。” Balta 設想未來金融系統完全在鏈上運行，在各個層面提供可驗證性和清晰度。 “鏈上資產管理改變了金融體系，因為它通過為公共和私人實體提供問責制來激發信心。”

Bottom Line

底線

The geopolitical influence of the 21st century

21世紀的地緣政治影響