美國正在討論比特幣儲備。這就是為什麼這是一個糟糕的主意

戰略儲備是具有系統重要性的投入的存量，可以透過管理來減輕經濟幹擾。我們都想到的一個關鍵例子是美國戰略石油儲備（SPR），它是半個世紀前為應對阿拉伯石油禁運而建立的。

The United States is reportedly considering creating a "strategic reserve" of Bitcoin, with some proposals suggesting the government acquire one million BTC over five years. However, economists argue that such a stash of a non-essential asset, like cryptocurrency, would provide little value to taxpayers and may benefit those who already hold large amounts of Bitcoin.

據報道，美國正在考慮建立比特幣“戰略儲備”，一些提案建議政府在五年內購買 100 萬比特幣。然而，經濟學家認為，像加密貨幣這樣的非必需資產的儲藏不會為納稅人帶來什麼價值，反而可能會讓那些已經持有大量比特幣的人受益。

The proposal, spearheaded by Senator Cynthia Lummis, aims to establish a US Treasury Bitcoin Trust Fund, through which the government would acquire, hold, and manage up to one million Bitcoin. This initiative seeks to integrate digital assets into the country's strategic reserves, positioning Bitcoin as a hedge against inflation, a tool to reduce national debt, and a means to strengthen America's financial leadership globally.

該提案由參議員 Cynthia Lummis 牽頭，旨在建立美國財政部比特幣信託基金，政府將透過該基金收購、持有和管理最多 100 萬比特幣。該舉措旨在將數位資產納入國家戰略儲備，將比特幣定位為對沖通膨的工具、減少國家債務的工具以及加強美國全球金融領導地位的手段。

According to recent market valuation, acquiring one million Bitcoin would set the US back to the tune of around $100 billion, at current prices. However, if the government's presence in the market were to drive up the price, as some anticipate, the final cost could easily surpass a trillion dollars.

根據最近的市場估值，以當前價格計算，購買 100 萬比特幣將使美國的價值回到 1000 億美元左右。然而，如果政府介入市場會推高價格，正如一些人預期的那樣，最終成本可能輕鬆超過一兆美元。

But what exactly would be the purpose of such a reserve? After all, Bitcoin has no inherent utility. To a first approximation, it is used only for speculation (and I suppose some ransomware too). If Bitcoin were to disappear tomorrow, it wouldn't really matter. Planes would still fly, lathes would still turn, and corn would still get harvested.

但這種儲備的具體目的是什麼？畢竟，比特幣沒有固有的效用。初步估計，它僅用於猜測（我想也有一些勒索軟體）。如果比特幣明天就會消失，那也沒關係了。飛機仍然會飛，車床仍然會轉動，玉米仍然會被收割。

I suppose one could argue that Bitcoin holdings are not a reserve at all but might more properly be labeled a stash, and it is fair to observe that economists consider such a stash of little value to taxpayers but of great value to the crypto "whales" who hold most of it. Given that those whales manipulate the cryptocurrency market, it is no surprise that their sentiment is in favor of the government buying Bitcoin.

我想有人可能會爭辯說，持有的比特幣根本不是儲備，但可能更恰當地被稱為“藏品”，而且可以公平地觀察到，經濟學家認為這種藏品對納稅人來說價值不大，但對加密貨幣「鯨魚」來說卻具有巨大價值誰持有大部分。鑑於這些鯨魚操縱了加密貨幣市場，他們的情緒支持政府購買比特幣也就不足為奇了。

One of their arguments is that Bitcoin is a form of digital gold, and since the government holds actual gold, it should sell some of it and replace it with the modern alternative. But that gold has little utility either.

他們的一個論點是，比特幣是數位黃金的一種形式，由於政府持有實際的黃金，它應該出售其中一些並用現代替代品取代它。但這些黃金也沒什麼用。

Gold reserves (about a sixth of global reserve assets) are no longer used to settle international accounts but are there as a hedge against exchange rate risk. Still, much of the world's official gold reserves are held for no better reason than sheer inertia. There is no benefit to replacing them with gold (or lithium, or water, or anything else that might be more scarce in the future).

黃金儲備（約佔全球儲備資產的六分之一）不再用於結算國際帳戶，而是作為對沖匯率風險的工具。儘管如此，世界上大部分官方黃金儲備的持有隻不過是出於慣性。用黃金（或鋰、水或其他未來可能更稀缺的東西）取代它們沒有任何好處。

Never mind national reserves, though, as some observers think that the creation of a strategic Bitcoin reserve is far more likely to happen at the state level first. Ten U.S. states have already proposed some form of reserve, including a proposal in Texas to build up a Bitcoin reserve simply by encouraging Bitcoin miners in the state to pay their taxes in Bitcoin.

不過，不要介意國家儲備，因為一些觀察家認為，比特幣戰略儲備的創建更有可能首先在州一級發生。美國十個州已經提出了某種形式的儲備，其中包括德克薩斯州的一項提案，即透過鼓勵該州的比特幣礦工用比特幣納稅來建立比特幣儲備。