恭喜，美國納稅人：您將全力以赴加密。

本週末，唐納德·特朗普總統宣布，他將繼續制定一個戰略性加密貨幣保護區，購買比特幣和以太幣

President Donald Trump is moving forward with a plan to create a strategic cryptocurrency reserve, purchasing bitcoin and ether, as well as the more esoteric instruments XRP, solana, and cardano.

唐納德·特朗普（Donald Trump）總統正在進行製定戰略性加密貨幣保護區，購買比特幣和以太的計劃，以及更深奧的工具XRP，Solana和Cardano。

The reserve will “elevate this critical industry after years of corrupt attacks,” Trump wrote in a post on his social-media site on Sunday. “I will make sure the U.S. is the Crypto Capital of the World.”

特朗普在周日的社交媒體網站上的一篇文章中寫道，預備役將“在多年的腐敗襲擊之後提升這個關鍵行業”。 “我將確保美國是世界的加密首都。”

For the taxpayer, the purpose of such an initiative is obscure. The crypto industry is a hyper-speculative casino. It is not essential to the American financial system, nor are cryptocurrencies essential to the American public. Workers cannot put bitcoin in their gas tanks; parents cannot feed XRP to their kids; businesses do not need cardano to build roads, light cities, produce vaccines, or provide loans to homeowners and entrepreneurs.

對於納稅人來說，這種倡議的目的是晦澀的。加密行業是一家高應有的賭場。這對於美國金融體係不是必不可少的，對美國公眾來說也不是必不可少的。工人不能將比特幣放入汽油箱中；父母不能為孩子們餵XRP；企業不需要Cardano來建造道路，輕型城市，生產疫苗或向房主和企業家提供貸款。

Yet for the White House, the purpose is obvious. Trump’s commerce secretary, his AI and crypto czar, and several of his most influential policy advisers are crypto investors, and the president launched his own memecoin. Establishing a reserve would boost prices, enriching these public officials and the crypto magnates donating tens of millions of dollars to Republican campaigns. It would not be a public investment, but a private giveaway—one of a mounting number in the Trump era.

然而，對於白宮來說，目的是顯而易見的。特朗普的商務部長，他的人工智能和加密沙皇以及他最有影響力的政策顧問是加密貨幣投資者，總統發起了自己的紀念品。建立儲備金將提高價格，豐富這些公職人員和加密大亨為共和黨競選活動捐贈了數千萬美元。這不是公共投資，而是私人贈品，這是特朗普時代的一個越來越多的數字之一。

The White House has put out few details on how a federal crypto reserve would work. But a stalled Senate bill would order the government to purchase 100 million bitcoins, hold the assets for two decades or longer, and sell them to retire the national debt. The government could transfer the $19 billion in crypto it has seized from criminals to the stockpile; the Treasury could finance additional purchases by revaluing the gold reserve, Senator Cynthia Lummis of Wyoming has proposed, so that “not a single U.S. taxpayer dollar” would be spent. Trump’s crypto czar has also indicated that the reserve would not involve new taxes or spending.

白宮對聯邦加密儲備金如何運作的細節發布了一些細節。但是，一項停滯的參議院法案將命令政府購買1億比特幣，將資產持有二十年或更長時間，然後出售它們以退役國債。政府可以將其從罪犯抓住的190億美元的加密貨幣轉移到庫存中；懷俄明州的參議員辛西婭·盧米斯（Cynthia Lummis）提出，財政部可以通過重新估算黃金儲備來為其他購買提供資金，以便將花費“不是一個美國納稅人美元”。特朗普的加密沙皇還表示，該儲備將不涉及新的稅款或支出。

Read: The crypto world is already mad at Trump

閱讀：加密世界已經對特朗普生氣了

Yet the reserve would use taxpayer resources, diverting them from other purposes. If crypto prices soar, the Treasury could retire a chunk of the debt. If crypto prices crater, the public would end up worse off. “I don’t think turning the government into a hedge fund is a viable solution” to the country’s fiscal challenges, Mark Zandi, of Moody’s Analytics, suggested they be addressed the old-fashioned way, by cutting spending, raising taxes, and promoting growth.

但是，保護區將使用納稅人資源，將其從其他目的轉移。如果加密貨幣價格飆升，財政部可以退休一部分債務。如果加密價格火山口，公眾最終會變得更糟。 “我認為將政府變成對沖基金不是對該國的財政挑戰的可行解決方案，穆迪分析的馬克·贊迪（Mark Zandi）建議通過削減支出，提高稅收和促進增長來解決老式的方式。

Government experts see no strategic justification for the proposed reserve. The United States maintains stockpiles of crucial materials: vaccines and other pharmaceuticals, rare-earth minerals used in weapons manufacturing, crude oil. “There are important differences between reserves for real commodities, like petroleum, where a shortage may result in serious harm to the American people,” and the kind of speculative fund Trump is promoting, said Bharat Ramamurti, an economic adviser to the Biden administration. “Cryptocurrency does not meet any of those standard conditions.”

政府專家認為擬議的儲備金沒有任何戰略理由。美國維持關鍵材料的儲存：疫苗和其他藥物，用於武器製造的稀土礦物質，原油。 Biden政府的經濟顧問Bharat Ramamurti說：“儲備金之間的儲備金之間存在重要的差異，例如石油，可能會對美國人民造成嚴重傷害。” “加密貨幣不符合任何標準條件。”

For the many, the reserve poses an unnecessary risk; for the few, it offers rich rewards. The mere prospect of the government speculating in the crypto market is already enriching the small share of Americans heavily invested in the assets. The price of bitcoin, ether, solana, XRP, and cardano jumped more than 10 percent when Trump published his Truth Social post. More broadly, the proposed reserve would mainstream a fringe industry and create public interest in high crypto prices—justifying later interventions in the market and nudging foreign governments and institutional investors to get in too.

對於許多人來說，儲備會帶來不必要的風險；對於少數情況，它提供了豐富的回報。政府猜測在加密貨幣市場上的前景已經在豐富了對資產投資的大量投資的少數份額。當特朗普發表他的真相社會職位時，比特幣，以太，索拉納，XRP和Cardano的價格上漲了10％以上。更廣泛地說，擬議的儲備將成為邊緣行業的主流，並在高加密價格上引起公眾的興趣 - 恰好在市場上採取了以後的干預措施，並促使外國政府和機構投資者也參與進來。

The crypto fund is only the latest example of ascendant crony capitalism in Trump’s Washington. The president is strip-mining taxpayer resources and doling out contracts and favors to the politically connected. The risk is not just corruption, but higher interest rates and less competitive markets.

加密基金只是特朗普華盛頓上升的裙帶資本主義的最新例子。總統正在剝奪納稅人資源，並為政治上的聯繫簽訂合同和恩惠。風險不僅是腐敗，而且是較高的利率和競爭性較低的市場。

The tariffs that Trump has implemented on imports from China, Mexico, and Canada create a massive opportunity for favor-trading. In Trump’s first term, the White House imposed levies on $550 billion worth of Chinese goods, allowing American firms to apply for a tariff exemption if they could not find substitutes for imports or if the tariff would “impose significant harm on American interests.” An analysis found that the Office of the U.S. Trade Representative disproportionately awarded exemptions to firms that made contributions to Republican candidates and disproportionately denied exemptions to firms supporting Democrats. The policy amounted to a “quid pro quo,” the economists concluded.

特朗普對來自中國，墨西哥和加拿大進口進口的關稅創造了巨大的偏愛交易機會。在特朗普的第一任期中，白宮對價值5500億美元的中國商品徵收了征稅，如果他們找不到進口替代品，或者關稅將“對美國利益造成重大危害”，則允許美國公司申請稅收豁免。一項分析發現，美國貿易代表辦公室對向共和黨候選人做出貢獻並不成比例地拒絕對支持民主黨的公司的豁免的公司判決不成比例地判給。經濟學家總結說，該政策構成了“ Quid Pro Quo”。

Trump’s administration has pushed more blatant quid pro quos this time around. The advertising conglomerate Interpublic Group is attempting to merge with its rival Omnicom. A few lawyers from Elon Musk’s X suggested that Interpublic executives should increase advertising spending on the social-media platform “or else,” The Wall Street Journal reported. Or else, the Interpublic employees gathered, they run the risk of federal regulators scuttling or delaying the merger. Musk has also agitated for the Federal Aviation Administration to award a contract for air-traffic-control communications systems

特朗普的政府這次推動了更加公然的怪癖。廣告集團際公開集團正試圖與其競爭對手的Omnicom合併。據《華爾街日報》報導，來自埃隆·馬斯克（Elon Musk）X的一些律師建議，間眾議員應在社交媒體平台上增加廣告支出“否則”。否則，Interpublic僱員聚集在一起，他們冒著聯邦監管機構破壞或推遲合併的風險。馬斯克還激發了聯邦航空管理局的授予空中交通通信系統的合同