當選總統唐納德·川普公佈比特幣儲備計劃後，比特幣觸及 107,000 美元以上的歷史新高

華盛頓（路透社）—當選總統唐納德·川普重申建立美國比特幣戰略儲備的計劃後，週一比特幣觸及 107,000 美元以上的歷史新高

A U.S. bitcoin strategic reserve could help the country dominate the global bitcoin market and reduce its deficit without raising taxes, its proponents say.

支持者表示，美國比特幣戰略儲備可以幫助該國主導全球比特幣市場，並在不提高稅收的情況下減少赤字。

President-elect Donald Trump has plans to create a U.S. bitcoin strategic reserve, an idea that has fired up the crypto faithful. Here’s how the plan could work.

當選總統唐納德·川普計劃建立美國比特幣戰略儲備，這一想法激起了加密貨幣忠實信徒的熱情。該計劃的實施方式如下。

WHAT IS A STRATEGIC RESERVE?

什麼是戰略儲備？

A strategic reserve is a stock of a critical resource which can be released at times of crisis or supply disruptions. The best-known example is the U.S. Strategic Petroleum Reserve, the world’s largest supply of emergency crude oil, which was created by an act of Congress in 1975 after a 1973-74 Arab oil embargo throttled the U.S. economy. Presidents have tapped the stockpile to calm oil markets during war or when hurricanes hit oil infrastructure along the U.S. Gulf of Mexico.

戰略儲備是關鍵資源的庫存，可以在危機或供應中斷時釋放。最著名的例子是美國戰略石油儲備，這是世界上最大的緊急原油供應，是在 1973-74 年阿拉伯石油禁運扼殺美國經濟後，根據國會法案於 1975 年創建的。在戰爭期間或颶風襲擊美國墨西哥灣沿岸的石油基礎設施時，總統們會利用庫存來穩定石油市場。

Canada has the world’s only strategic reserve of maple syrup, while China has strategic reserves of metals, grains and even pork products.

加拿大擁有世界上唯一的楓糖漿戰略儲備，而中國則擁有金屬、穀物甚至豬肉產品的戰略儲備。

HOW WOULD A U.S. STRATEGIC BITCOIN RESERVE WORK?

美國戰略比特幣儲備如何運作？

Analysts and legal experts are divided on whether Trump could use his executive powers to create the reserve, or whether an act of Congress would be necessary. Some have argued Trump could create the reserve via an executive order directing the U.S. Treasury’s Exchange Stabilization Fund, which can be used to purchase or sell foreign currencies, and to also hold bitcoin.

對於川普是否可以利用其行政權力設立儲備金，或者是否有必要通過國會法案，分析人士和法律專家存在分歧。有些人認為，川普可以透過指示美國財政部外匯穩定基金的行政命令來創建儲備金，該基金可用於購買或出售外幣，也可用於持有比特幣。

The reserve could include bitcoin that the government has seized from criminal actors. That stands at around 200,000 tokens, worth about $21 billion at the current price, according to bitcointreasuries.net. Trump suggested in a July speech unveiling his bitcoin reserve plan that this stockpile could be the starting point, although it remains unclear what the legal process would be for moving them out of the Justice Department.

該儲備可能包括政府從犯罪分子手中沒收的比特幣。據 bitcointreasuries.net 稱，該數字約為 20 萬個代幣，按當前價格計算，價值約為 210 億美元。川普在 7 月公佈比特幣儲備計畫的演講中表示，這些庫存可能是起點，儘管目前尚不清楚將這些庫存移出司法部的法律程序是什麼。

Trump has not said if the government would add to that stockpile by buying more bitcoin in the open market. To do that, the government may have to issue debt, although some proponents of a bitcoin reserve say the United States could sell some of its gold reserves and use the proceeds to buy bitcoin.

川普尚未表示政府是否會透過在公開市場購買更多比特幣來增加庫存。為此，政府可能不得不發行債務，儘管一些比特幣儲備的支持者表示，美國可以出售部分黃金儲備並用所得收益購買比特幣。

Currently, the most concrete bitcoin reserve proposal circulating in Washington comes from pro-crypto Republican Senator Cynthia Lummis, who personally holds five bitcoins, she told CNBC last month. In July, she introduced a bill, yet to gain traction, that would create a reserve operated by the Treasury.

目前，華盛頓流傳的最具體的比特幣儲備提案來自支持加密貨幣的共和黨參議員 Cynthia Lummis，她上個月告訴 CNBC，她個人持有 5 個比特幣。 7月，她提出了一項法案，將設立由財政部營運的儲備金，但尚未獲得關注。

The bill envisages that the Treasury would create a program to buy 200,000 bitcoins annually for five years until the stockpile hit one million tokens. This would represent about 5% of the total global supply of bitcoin of around 21 million. The Treasury would fund the purchases with profits on Federal Reserve banks’ deposits and gold holdings.

該法案設想財政部將制定一項計劃，在五年內每年購買 20 萬枚比特幣，直到庫存達到 100 萬枚。這將佔全球比特幣總供應量（約 2,100 萬枚）的 5% 左右。財政部將利用聯邦儲備銀行的存款和持有的黃金利潤來為購買提供資金。

The bitcoin reserve would subsequently be maintained for a minimum of 20 years.

比特幣儲備隨後將維持至少 20 年。

WHAT ARE THE BENEFITS OF A BITCOIN RESERVE?

比特幣儲備有什麼好處？

In his July speech, Trump suggested a bitcoin reserve would help the U.S. dominate the global bitcoin market in the face of growing competition from China.

川普在 7 月的演講中表示，面對中國日益激烈的競爭，比特幣儲備將有助於美國主導全球比特幣市場。

Other proponents argue that by holding a stockpile of bitcoin, which they say is likely to continue appreciating over the long term, the U.S. could reduce its deficit without raising taxes, strengthening the U.S. dollar.

其他支持者認為，透過持有比特幣庫存（他們認為比特幣可能會在長期內繼續升值），美國可以在不加稅的情況下減少赤字，從而增強美元。

In November, Lummis told Fox Business that her plan would allow the United States to cut its debt in half in 20 years. “What that does is help us protect ourselves against inflation and protect the U.S. dollar on the world stage,” she said.

11 月，魯米斯告訴福斯商業頻道，她的計畫將使美國在 20 年內將債務減半。 「這有助於我們保護自己免受通貨膨脹的影響，並在世界舞台上保護美元，」她說。

A strong dollar would in turn give the United States more leverage over foreign adversaries like China and Russia, proponents say.

支持者表示，強勢美元反過來將使美國對中國和俄羅斯等外國對手擁有更大的影響力。

WHAT ARE THE RISKS?

有什麼風險？

Crypto skeptics say that, unlike most other commodities, bitcoin has no intrinsic use and is not crucial to the functioning of the U.S. economy.

加密貨幣懷疑論者表示，與大多數其他商品不同，比特幣沒有內在用途，對美國經濟的運作並不至關重要。

Created in 2008, bitcoin remains too young and volatile to presume its value will continue to rise in the long term, while crypto wallets remain notoriously vulnerable to cyber attacks, they also argue. And given its volatility, any government purchases or sales could have an outsized impact on bitcoin’s price.

他們還認為，比特幣誕生於 2008 年，它還太年輕且不穩定，無法推測其價值將在長期內繼續上漲，而加密錢包仍然非常容易受到網路攻擊。鑑於其波動性，政府的任何購買或銷售都可能對比特幣的價格產生巨大影響。