關於如何為新創建的戰略比特幣儲備（SBR）融資的討論正在獲得動力

這一考慮是在唐納德·特朗普總統的指示下，所有未來的政府比特幣購買不得為納稅人造成任何額外費用。

The discussion about how to finance the newly created Strategic Bitcoin Reserve (SBR) is gaining momentum. According to Geoff Kendrick of Standard Chartered, a budget-neutral option could be to sell parts of the U.S. gold reserves to buy Bitcoin.

關於如何為新創建的戰略比特幣儲備（SBR）融資的討論正在發展。根據《標準特許》的傑夫·肯德里克（Geoff Kendrick）的說法，預算中立的選擇可能是出售美國黃金儲備的部分產品來購買比特幣。

This consideration follows President Donald Trump’s directive that all future government Bitcoin purchases must not incur any additional costs for taxpayers.

這一考慮是在唐納德·特朗普總統的指示下，所有未來的政府比特幣購買不得為納稅人造成任何額外費用。

Gold as a source of financing for the Bitcoin reserve

黃金作為比特幣儲備的融資來源

The U.S. government holds gold reserves worth about $760 billion. Kendrick proposes selling some of these holdings to purchase Bitcoin for the SBR. This would represent a significant strategic shift, as gold has traditionally been considered a safe haven for the U.S. economy.

美國政府持有價值約7600億美元的黃金儲備。肯德里克（Kendrick）提議出售其中一些持股，以購買SBR的比特幣。這將代表著一個重大的戰略轉變，因為黃金傳統上被認為是美國經濟的避風港。

Trump’s executive order stipulates that all Bitcoin already owned by the government will be transferred to the reserve but may not be sold, signaling a long-term stance toward the digital currency.

特朗普的行政命令規定，政府已經擁有的所有比特幣都將被轉移到儲備金中，但可能不會出售，這表明對數字貨幣的長期立場。

Other budget-neutral strategies

其他預算中立的策略

In addition to selling gold, Kendrick named two other potential financing options:

除出售黃金外，肯德里克還任命了另外兩個潛在的融資選擇：

Use of the Exchange Stabilization Fund (ESF): The ESF has assets of $39 billion and is traditionally used to stabilize financial markets. Repurposing it for Bitcoin purchases would be a radical step and would represent a significant reversal in financial policy.

使用交易所穩定基金（ESF）：ESF的資產為390億美元，傳統上用於穩定金融市場。重新利用它以購買比特幣將是一個激進的一步，將代表財務政策的重大逆轉。

Bitcoin Act: This bill, proposed by Senator Cynthia Lummis, would allow 200,000 Bitcoin to be purchased annually for five years. If properly designed legally and financially, it could serve as a budget-neutral solution.

比特幣法案：由參議員辛西婭·盧米斯（Cynthia Lummis）提出的該法案將允許每年購買200,000比特幣五年。如果在法律和財務上進行適當的設計，它可以作為預算中立的解決方案。

The impact on the global market

對全球市場的影響

Kendrick predicts that the formal introduction of a strategic Bitcoin reserve in the U.S. could encourage other nations to take similar measures. As early as the end of 2024, Abu Dhabi had held 4,700 BTC via IBIT, and more countries could follow suit.

肯德里克（Kendrick）預測，在美國，正式引入了戰略比特幣儲備，可以鼓勵其他國家採取類似的措施。早在2024年底，阿布扎比就通過IBIT持有4,700 BTC，越來越多的國家可以效仿。

In addition, U.S. policy could encourage institutional investors, including pension funds, to consider Bitcoin as a strategic part of their portfolios. This could have a lasting impact on the market and further strengthen the adoption of digital assets.

此外，美國政策可以鼓勵包括養老基金在內的機構投資者將比特幣視為其投資組合的戰略部分。這可能會對市場產生持久的影響，並進一步加強數字資產的採用。

Outlook – further details on the Bitcoin reserve

展望 - 有關比特幣儲備的更多詳細信息

Trump is expected to announce further details on the Bitcoin reserve at the Digital Assets Summit. However, Kendrick stresses that short-term measures are unlikely. Treasury Secretary Scott Bessent will play a key role in the concrete implementation.

預計特朗普將在數字資產峰會上宣布有關比特幣儲備的更多細節。但是，肯德里克（Kendrick）強調，短期措施不太可能。財政部長Scott Bessent將在具體實施中發揮關鍵作用。

The question remains: Will the U.S. government really sell gold to finance the U.S. Bitcoin reserve? Or will another budget-neutral solution prevail? The coming weeks are likely to be particularly exciting for crypto investors.

問題仍然存在：美國政府真的會出售黃金來為美國比特幣儲備提供資金嗎？還是另一個預算中立的解決方案會佔上風？對於加密投資者來說，接下來的幾周可能會特別令人興奮。

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(Featured image by Alesia Kozik via Pexels)

（Alesia Kozik通過Pexels的特色圖像）