Bitwise Cio Matt Hougan認為，市場正在誤讀特朗普擬議的戰略加密儲備的影響

霍根（Hougan）預計，最終儲備將主要由比特幣（BTC）組成，並且很可能比該行業預期的要大得多。

Bitwise CIO Matt Hougan believes the market is misreading the impact of former President Donald Trump’s proposed strategic crypto reserve, projecting that the initiative will ultimately be bullish for digital assets despite the initial volatility.

Bitwise Cio Matt Hougan認為，該市場正在誤讀前總統唐納德·特朗普（Donald Trump）擬議的戰略加密保護區的影響，並預測該計劃最終將對數字資產看漲，儘管最初的波動性。

In a recent interview with Blockworks, Hougan projected that the final reserve will predominantly be made up of Bitcoin (BTC) and will most likely be much larger than the industry expects.

在最近接受Blockworks的採訪中，Hougan預計最終儲備將主要由比特幣（BTC）組成，並且很可能比行業預期的要大得多。

He also argued that other nations may accelerate their own Bitcoin acquisitions in response and that once acquired, the US will be unlikely to sell its holdings for a very long time — if ever.

他還認為，其他國家可能會加速自己的比特幣收購，並且一旦獲得，美國就不太可能在很長一段時間內出售其持股。

Industry concerns over Trump's crypto reserve

行業對特朗普的加密儲備儲備的關注

Trump’s announcement on Thursday brought a Bitcoin price surge from $85,000 to $95,000, but by Friday, the crypto retraced as skepticism over the inclusion of altcoins grew amid increasing geopolitical tensions.

特朗普週四的宣布將比特幣的價格從85,000美元提高到95,000美元，但到週五，隨著對替代幣的持懷疑態度，加密貨幣在增加地緣政治緊張局勢的情況下越來越多。

According to Hougan, the sell-off was driven by concerns that the reserve’s structure was more political than strategic, causing negative sentiment to permeate the market.

據霍根說，拋售是出於擔憂，即儲備的結構比戰略更政治化，導致負面情緒滲透到市場上。

Some industry leaders, including Coinbase CEO Brian Armstrong and Castle Island Ventures co-founder Nic Carter, criticized the inclusion of speculative assets like Cardano (ADA). Bitwise CEO Hunter Horsley also advocated for a Bitcoin-only reserve, aligning with broader market sentiment that such a move would provide greater stability.

一些行業領導人，包括Coinbase首席執行官Brian Armstrong和Castle Island Ventures聯合創始人Nic Carter，批評包括Cardano（ADA）等投機資產。 Bitwise首席執行官亨特·霍斯利（Hunter Horsley）還提倡僅比特幣的儲備，與更廣泛的市場情緒保持一致，即這樣的舉動將提供更大的穩定性。

However, Hougan argued that the market is overreacting. He said the initial proposal has shifted the conversation, making a Bitcoin-only reserve a more viable outcome.

但是，霍根認為市場反應過度。他說，最初的提議改變了對話，使僅比特幣的預訂成為更可行的結果。

“The boldness of the initial proposal has widened the Overton window,” he stated.

他說：“最初提案的大膽使Overton窗口擴大了。”

He also argued that the announcement was the first version of the proposal and is likely to evolve as the industry provides more feedback to the Trump administration.

他還認為，宣布是該提案的第一個版本，隨著行業向特朗普政府提供更多反饋，可能會發展。

Hougan further stated that regardless of whether the final version of the proposal changes, the core idea of a government-backed reserve remains a long-term positive for the industry.

霍根進一步指出，不管提案的最終版本是否改變，政府支持的儲備金的核心思想仍然是該行業的長期積極的良好。

Global ripple effects of Bitcoin reserve

比特幣儲備的全球連鎖反應

Moreover, Hougan highlighted that the move could have broader geopolitical implications beyond the US, arguing that other countries may now feel pressured to establish their own Bitcoin reserves — accelerating global adoption.

此外，霍根強調，此舉可能在美國以外具有更廣泛的地緣政治含義，認為其他國家現在可能會感到壓力以建立自己的比特幣儲備，這加速了全球採用。

“El Salvador, Bhutan, and Abu Dhabi have already made strategic Bitcoin acquisitions. If you are Honduras, Mexico, or Guatemala, and you see both El Salvador and the U.S. making moves, can you afford to be left out? If you’re Dubai, Qatar, or Saudi Arabia, does Abu Dhabi’s lead put pressure on you to act?” said Hougan.

“薩爾瓦多，不丹和阿布扎比已經進行了戰略性的比特幣收購。如果您是洪都拉斯，墨西哥或危地馬拉，並且您會看到El Salvador和美國進行動作，您能負擔得起被排除在外嗎？如果您是迪拜，卡塔爾或沙特阿拉伯，阿布扎比的領導會給您帶來壓力嗎？”霍根說。

White House crypto advisor David Sacks is set to host a Crypto Summit on Wednesday, where industry leaders are expected to push for a revised reserve structure. Sacks also recently revealed that Trump will reveal more details about the reserve during the summit.

白宮加密顧問戴維·薩克斯（David Sacks）將於週三舉辦加密省會峰會，預計行業領導者將推動修訂後的儲備結構。薩克斯最近還透露，特朗普將在峰會期間透露有關儲備金的更多細節。

Long-term policy implications on Bitcoin price

對比特幣價格的長期政策影響

Addressing concerns that a future administration could reverse the policy, Hougan argued that political realities make such a move unlikely.

霍根（Hougan）解決對未來政府可能會扭轉這一政策的擔憂，他認為政治現實使這種舉動不太可能。

He noted that crypto enjoys strong support among certain voter demographics, making it a difficult issue for Democrats to oppose outright.

他指出，加密貨幣在某些選民人口統計中得到了強有力的支持，這使民主黨人徹底反對這是一個困難的問題。

“The GOP’s embrace of crypto won votes in the last election, while Democratic hostility gained little. Any crypto purchased will likely be held for a long time, similar to the U.S. gold reserves,” said Hougan.

“共和黨對加密貨幣的擁抱在上次選舉中贏得了選票，而民主敵對卻幾乎沒有。購買的任何加密貨幣都可能長時間持有，類似於美國黃金儲備。”

While the initial market reaction was mixed, Hougan argued that the creation of a U.S. strategic crypto reserve signals a turning point.

霍根（Hougan）雖然最初的市場反應是混雜的，但他認為，創建美國戰略加密儲備儲備標誌著轉折點。

Whether the final reserve holds multiple assets or becomes Bitcoin-only, the broader takeaway is that the U.S. government now considers crypto a strategic asset — a stance that could have lasting consequences for global markets.

最終儲備金是持有多個資產還是僅僅是比特幣，更廣泛的收穫是，美國政府現在將加密貨幣視為戰略資產，這一立場可能會對全球市場產生持久的後果。