比特幣和美國主權財富基金：探索加密貨幣包容的含義

美國主權財富基金的創建引發了有關資產分配的討論，尤其是關於比特幣和以太坊等數字資產的潛在包含的討論。本文探討了將加密貨幣納入基金的含義，權衡可能影響這一決定的收益，風險和全球趨勢。

On February 3, 2025, U.S. President Donald Trump signed an executive order establishing the country’s first sovereign wealth fund (SWF), signaling a shift in national economic strategy. The creation of this government-owned investment fund has sparked discussions on asset allocation, particularly regarding the potential inclusion of digital assets like Bitcoin and Ethereum. This article explores the implications of incorporating cryptocurrencies into the fund, weighing the benefits, risks, and global trends that may shape this decision.

2025年2月3日，美國總統唐納德·特朗普（Donald Trump）簽署了一項行政命令，建立了該國首個主權財富基金（SWF），這表明國家經濟戰略發生了變化。該政府擁有的投資基金的創建引發了有關資產分配的討論，尤其是關於比特幣和以太坊等數字資產的潛在包含的討論。本文探討了將加密貨幣納入基金的含義，權衡可能影響這一決定的收益，風險和全球趨勢。

Sovereign wealth funds are state-owned investment pools typically used to manage surplus reserves from trade, natural resource revenue, or foreign exchange holdings. Countries such as Norway, China, and the United Arab Emirates have built massive SWFs to ensure financial stability and generate returns for future generations. Historically, these funds have prioritized traditional assets such as equities, bonds, and real estate. However, with the rise of alternative investments, digital assets like Bitcoin and Ethereum have entered the conversation as potential holdings for SWFs.

主權財富基金是國有投資池，通常用於管理貿易，自然資源收入或外匯持有的剩餘儲量。挪威，中國和阿拉伯聯合酋長國等國家已經建立了巨大的SWF，以確保財務穩定並為子孫後代帶來回報。從歷史上看，這些資金優先考慮傳統資產，例如股票，債券和房地產。但是，隨著替代投資的興起，比特幣和以太坊等數字資產作為SWF的潛在股份進入了對話。

The establishment of a U.S. sovereign wealth fund under President Trump has fueled speculation on whether Bitcoin and Ethereum will be included. While the executive order does not explicitly mention digital assets, financial analysts suggest that the administration might leverage the fund to acquire Bitcoin in a streamlined manner. According to Austin King, a financial expert, the government might aim “to acquire Bitcoin without the bureaucracy,” reinforcing the possibility of cryptocurrency inclusion.

特朗普總統領導下的美國主權財富基金的建立激發了人們對是否包括比特幣和以太坊的猜測。儘管行政命令沒有明確提及數字資產，但財務分析師認為，政府可能會利用該基金以簡化的方式獲取比特幣。據金融專家奧斯汀·金（Austin King）稱，政府可能是“在沒有官僚機構的情況下獲取比特幣”，從而加強了加密貨幣包容性的可能性。

Adding to this speculation, the appointment of Howard Lutnick, a known Bitcoin advocate, to oversee the fund has further amplified discussions. Lutnick’s involvement suggests that digital assets could play a role in the fund’s long-term investment strategy.

除了這一猜測外，已知的比特幣倡導者霍華德·盧特尼克（Howard Lutnick）的任命進一步放大了討論。盧特尼克（Lutnick）的參與表明，數字資產可以在基金的長期投資策略中發揮作用。

President Trump has had a complex relationship with cryptocurrencies. In 2019, he was openly critical, stating, “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” However, his stance has evolved. During the 2024 presidential campaign, Trump became the first presidential candidate to accept digital assets as donations. Additionally, he proposed the creation of a federal Bitcoin reserve, which could be sourced from assets seized from criminals or through new acquisitions.

特朗普總統與加密貨幣有著複雜的關係。在2019年，他公開批評，說：“我不是比特幣和其他加密貨幣的粉絲，它們不是金錢，而且其價值高度波動且基於稀薄的空氣。”但是，他的立場發展了。在2024年總統競選期間，特朗普成為第一位接受數字資產作為捐款的總統候選人。此外，他提議創建聯邦比特幣儲備，該儲備可以從罪犯從罪犯那裡獲得的資產或新的收購來源。

This shift in position has led to increased speculation that Bitcoin and Ethereum could find a place within the U.S. sovereign wealth fund.

這種位置的轉變導致人們越來越猜測比特幣和以太坊可以在美國主權財富基金中找到一個地位。

The inclusion of Bitcoin and Ethereum in sovereign wealth funds could provide several strategic advantages:

將比特幣和以太坊納入主權財富基金可以提供幾種戰略優勢：

1. Diversification Benefits: Cryptocurrencies have demonstrated low correlation with traditional assets, making them a potential tool for diversification. By including Bitcoin and Ethereum, the U.S. SWF could mitigate risks associated with traditional market fluctuations.

1。多樣化的好處：加密貨幣與傳統資產的相關性較低，使它們成為多元化的潛在工具。通過包括比特幣和以太坊，美國SWF可以減輕與傳統市場波動有關的風險。

2. Hedge Against Inflation: Bitcoin’s fixed supply of 21 million coins makes it an attractive hedge against inflation. As fiat currencies face devaluation risks, holding Bitcoin could provide a store of value, similar to gold.

2。反對通貨膨脹的對沖：比特幣的固定供應2100萬枚硬幣使其成為抵抗通貨膨脹的有吸引力的樹籬。隨著法定貨幣面臨貶值的風險，持有比特幣可以提供類似於黃金的價值存儲。

3. Geopolitical and Economic Strategy: Bitcoin and Ethereum operate outside the traditional financial system, making them less vulnerable to geopolitical risks. Countries looking to reduce reliance on the U.S. dollar or navigate financial sanctions may view cryptocurrencies as strategic assets.

3。地緣政治和經濟戰略：比特幣和以太坊在傳統金融體系之外運作，使其不易受到地緣政治風險的影響。希望減少對美元或導航金融制裁的國家可能將加密貨幣視為戰略資產。

4. Innovation and Technological Advancement: Including digital assets in SWFs signals a commitment to financial modernization. Governments that embrace blockchain technology and cryptocurrencies could position themselves at the forefront of global economic innovation.

4。創新和技術進步：包括SWF中的數字資產標誌著對金融現代化的承諾。採用區塊鏈技術和加密貨幣的政府可以將自己置於全球經濟創新的最前沿。

Despite the potential advantages, several concerns must be addressed before Bitcoin and Ethereum can be included in the U.S. sovereign wealth fund:

儘管有潛在的優勢，但必須在比特幣和以太坊都包含在美國主權財富基金中之前要解決一些問題：

1. Volatility Risks: Bitcoin and Ethereum have historically exhibited extreme price volatility. While this can lead to high returns, it also introduces significant risk, which could be problematic for a government-managed investment fund.

1。波動性風險：比特幣和以太坊歷史上表現出極端的價格波動。儘管這可能會帶來很高的回報，但它也引入了重大風險，這對於政府管理的投資基金可能會出現問題。

2. Regulatory and Legal Uncertainty: Cryptocurrency regulation varies across jurisdictions, and the legal framework surrounding digital assets remains unclear. The U.S. government would need to establish clear guidelines to ensure compliance and mitigate legal risks.

2。監管和法律不確定性：司法管轄區的加密貨幣法規各不相同，圍繞數字資產的法律框架尚不清楚。美國政府將需要建立明確的準則，以確保合規性並減輕法律風險。

3. Security and Custody Issues: Unlike traditional assets, cryptocurrencies require specialized storage solutions. Ensuring the security of Bitcoin and Ethereum holdings would necessitate robust custody mechanisms, possibly involving third-party custodians or government-managed cold storage.

3。安全和監護權問題：與傳統資產不同，加密貨幣需要專門的存儲解決方案。確保比特幣和以太坊持有的安全性將需要強大的監護機制，可能涉及第三方託管人或政府管理的冷藏庫。

4. Public Perception and Political Risks: The speculative nature of cryptocurrencies has led to skepticism among policymakers and the public. Critics argue that taxpayer funds should not be invested in highly volatile assets, as this could erode trust in the sovereign wealth fund’s management.

4。公眾的看法和政治風險：加密貨幣的投機性質導致政策制定者和公眾懷疑。批評家認為，納稅人資金不應投資於高度波動的資產，因為這可能會侵蝕對主權財富基金管理層的信任。

The United States is not alone in considering the role of cryptocurrencies in national reserves. Other countries have taken steps to incorporate Bitcoin into their economic frameworks:

美國並不孤單地考慮加密貨幣在國家儲量中的作用。其他國家已採取步驟將比特幣納入其經濟框架：

1. Czech Republic’s Central Bank Proposal: Aleš Michl, the governor of the Czech National Bank, has proposed allocating up to 5% of the country’s €140 billion reserves to Bitcoin. This move reflects a growing recognition of Bitcoin’s potential as a hedge against financial instability.

1.捷克共和國的中央銀行提案：捷克國家銀行州長阿勒什·米爾爾（AlešMichl）提議將該國多達5％的1,400億歐元儲備金分配給比特幣。這一舉動反映了對比特幣作為抵抗金融不穩定的對沖的潛力的認識。

2. El Salvador’s Bitcoin Experiment: In

2。薩爾瓦多的比特幣實驗：