美國應該建立一個美元平台，而不是比特幣儲備

在美國總統唐納德·特朗普（Donald Trump）的意外行政命令之後，這暗示了建立美國主權基金並納入比特幣

US President Donald Trump’s recent executive order hinted at establishing a US sovereign fund and incorporating bitcoin into the national strategic reserve. While accumulating bitcoin may seem like an obvious strategy, a more ambitious – and ultimately more effective – plan calls for overhauling the nation’s financial architecture to unlock the potential of open networks.

美國總統唐納德·特朗普（Donald Trump）最近的行政命令暗示，建立了美國主權基金，並將比特幣納入國家戰略儲備。儘管積累比特幣似乎是一個明顯的策略，但更有雄心勃勃的策略，最終更有效的是計劃呼籲大修國家的金融體系結構，以釋放開放網絡的潛力。

The US occupies a unique position in global finance by issuing the world’s reserve currency – a status often referred to as the ‘exorbitant privilege’. But it’s more than a label economists use: it fundamentally reflects the global trust in US governance, economic resilience and the enduring safety of the dollar as a store of value.

美國通過發行全球儲備貨幣佔據了全球金融領域的獨特地位，這種狀態通常被稱為“過高的特權”。但這不僅僅是經濟學家使用的標籤：它從根本上反映了全球對美國治理的信任，經濟韌性以及美元作為價值存儲的持久安全。

The biggest risk posed by a bitcoin reserve

比特幣保護區帶來的最大風險

Proponents of a US bitcoin reserve argue that bitcoin’s status as ‘digital gold’ – decentralised and without a single point of failure – positions it as a neutral global asset, detached from any one nation’s monetary policy. But would accumulating bitcoin truly secure US financial leadership?

美國比特幣儲備的支持者認為，比特幣作為“數字黃金”的地位（分散且沒有單一的失敗點）將其定位為中立的全球資產，與任何一個國家的貨幣政策分離。但是，積累比特幣會真正確保美國財務領導嗎？

Unlikely. Strategic reserves are meant to ensure stability and provide immediate access during a crisis. Countries store dollars or oil because they need them to repay debts, settle cross-border obligations and keep essential systems running when supply chains falter. For all its promise, bitcoin doesn’t meet these near-term needs.

不太可能。戰略儲備旨在確保穩定性並在危機期間立即獲得通道。國家存儲美元或石油是因為他們需要他們償還債務，解決跨境義務並在供應鏈動搖時保持基本系統運行。儘管如此，比特幣無法滿足這些近期需求。

But there’s a bigger risk. If the US began amassing bitcoin on a large scale, it might be seen as a hedge against the dollar itself – raising alarms and giving rivals like China or Russia an opening to claim that the US no longer trusts its own currency.

但是風險更大。如果美國開始大規模積累比特幣，則可以將其視為對美元本身的樹籬 - 提高警報，並為中國或俄羅斯等競爭對手提供公開聲稱美國不再信任自己的貨幣。

Bitcoin’s long-term trajectory could be bright. It could grow into a universal settlement layer for nations wary of each other’s financial rails. But that transition is still unfolding. Today, the more critical step is building the infrastructure to let bitcoin and other cryptocurrencies evolve from speculative assets into a key component of global finance. Acquiring a large stash now will drive gains for early adopters and fuel speculation, but it offers minimal strategic advantage.

比特幣的長期軌跡可能很明亮。它可能會發展成為國家對彼此金融軌道保持警惕的通用定居層。但是這種過渡仍在發展。如今，更關鍵的一步是建立基礎架構，以使比特幣和其他加密貨幣從投機資產發展為全球金融的關鍵組成部分。現在購買大型藏匿處將為早期採用者和燃料猜測帶來收益，但它提供了最小的戰略優勢。

Raising the stakes with a dollar platform strategy

通過美元平台策略提高賭注

A far more powerful move than simply buying bitcoin is to shape its integration into the US financial system. Think of the early internet: the biggest winners weren’t those who just hoarded domain names; they were the ones who built on top of open protocols, becoming the backbone of a new digital economy.

一個比簡單地購買比特幣更強大的舉動是將其集成到美國金融系統中。想想早期的互聯網：最大的贏家不是那些只是ho積域名的人；他們是建立在公開協議之上的人，成為新數字經濟的骨幹。

Becoming a global bitcoin hub

成為全球比特幣中心

Rather than treating bitcoin solely as an asset, recognise it as an open, permissionless network for money movement. Even countries that shun the dollar might end up using bitcoin’s neutral ledger. By building robust bitcoin infrastructure – including secure custody solutions, regulated exchanges and efficient on- and off-ramps – the US can attract significant economic activity and innovation. This is an opportunity to export US regulatory and compliance frameworks, technological expertise and financial best practices as the global financial stack evolves.

與其僅將比特幣視為資產，不如將其視為貨幣運動的開放且無權的網絡。即使是避開美元的國家，最終也可能使用比特幣的中性分類帳。通過建立強大的比特幣基礎設施（包括安全的監護解決方案，規範的交流和有效的越野和外界），美國可以吸引重大的經濟活動和創新。隨著全球金融堆棧的發展，這是一個出口美國監管和合規框架，技術專業知識和財務最佳實踐的機會。

Bitcoin might be the first cryptocurrency to capture financial institutions’ attention, but it won’t be the last. As decentralised finance evolves, the true opportunity lies in becoming the digital capital of that emerging ecosystem.

比特幣可能是引起金融機構注意的第一個加密貨幣，但這並不是最後一個。隨著分散財務的發展，真正的機會在於成為該新興生態系統的數字資本。

Driving adoption of dollar-pegged stablecoins

駕駛Dollar Peggged Stablecoins的採用

Dollar-pegged stablecoins extend the reach of the dollar by modernising cross-border payments and making it easier for people worldwide to hold, send and spend in dollars. Their widespread adoption hinges on proper regulation – ensuring transparency, robust backing and consumer protections. Managed effectively, stablecoins can reinforce dollar dominance by turning the dollar into the digital currency of choice for innovative financial services built on open networks.

美元固定的穩定者通過現代化跨境支付並使全球人們更容易以美元持有，發送和花費來擴大美元的範圍。他們的廣泛採用取決於適當的法規 - 確保透明度，強大的支持和消費者保護。有效管理的穩定幣可以通過將美元轉變為基於開放網絡的創新金融服務首選的數字貨幣來增強美元的統治地位。

While dollarisation may be unwelcome and even hinder the use of dollar-pegged stablecoin in some regions, that’s exactly where bitcoin can thrive – as a bridge between competing financial systems in a multipolar world.

雖然美元化可能不受歡迎，甚至阻礙了在某些地區使用美元固定的stablecoin的使用，但這正是比特幣可以蓬勃發展的地方 - 作為在多極世界中競爭金融系統之間的橋樑。

Empowering US innovation and experimentation

增強我們的創新和實驗

The US didn’t scale the internet on its own – it laid the groundwork that allowed private innovation to flourish. Tech giants emerged by building on top of open protocols within a supportive regulatory environment. Today, a similar strategy could enable US startups and established financial institutions to develop innovative cryptocurrency and stablecoin-based financial services, thereby broadening the dollar’s influence rather than limiting it.

美國並沒有自己擴展互聯網 - 它奠定了允許私人創新蓬勃發展的基礎。科技巨頭是通過在支持性監管環境中建立開放協議的基礎上建立的。如今，類似的戰略可以使美國初創企業和建立的金融機構能夠開發創新的加密貨幣和基於Stablecoin的金融服務，從而擴大美元的影響力而不是限制。

A balanced approach – combining robust government oversight with market-driven innovation – will keep the US ahead of top-down alternatives like central bank digital currencies, especially those from authoritarian regimes that are fundamentally incompatible with open networks.

平衡的方法- 將強大的政府監督與市場驅動的創新相結合- 將使美國領先於自上而下的替代方案，例如中央銀行數字貨幣，尤其是那些與開放網絡根本上不兼容的專制政權的貨幣。

A bold, strategic leap

大膽，戰略性的飛躍

This more complex strategy could secure the dollar’s dominance for decades. Instead of stockpiling bitcoin – a move that might undermine confidence – the US could integrate it into its financial system, allowing the government to shape the emerging ecosystem by setting standards and guiding innovation.

這種更複雜的策略可以確保美元數十年來的統治地位。美國可以將比特幣（可能破壞信心的舉動）納入其金融體系，使政府能夠通過設定標準和指導創新來塑造新興生態系統。

The upside is a more transparent financial system in which the US continues to leverage its most powerful asset: the dollar. Similar to how tech leaders open-source critical components to establish industry norms while monetising other areas, the US can expand its dollar platform and ensure seamless interoperability with bitcoin and stablecoins.

優勢是一個更透明的金融體系，在該系統中，美國繼續利用其最強大的資產：美元。類似於技術領導者如何開源關鍵組成部分建立行業規範，同時貨幣化其他領域，美國可以擴大其美元平台並確保與比特幣和穩定幣的無縫互操作性。

While any bold, transformative strategy carries inherent

雖然任何大膽的變革性策略都具有固有的