唐納德·川普就任總統，計劃使美國成為世界比特幣礦業之都

許多人都在慶祝比特幣作為戰略儲備資產的想法。 Michael Saylor、Tether 和其他大型機構參與者等支持者認為，這是一項里程碑式的成就，加強了比特幣作為合法價值儲存手段的地位。

Donald Trump has assumed office with plans to make the United States the world's bitcoin mining capital, a move that is being celebrated by many as bitcoin's role as a Strategic Reserve Asset (SRA) becomes increasingly clear.

唐納德·川普上任後計劃讓美國成為世界比特幣挖礦之都，隨著比特幣作為戰略儲備資產（SRA）的角色變得越來越清晰，這一舉措受到許多人的慶祝。

Institutions like Tether are profiting massively from this development, with reports indicating that Tether's Q3 2024 earnings have surpassed even those of financial giants like BlackRock. Tether's earnings, largely driven by its investments in U.S. Treasury securities, are providing a crucial buffer for regions grappling with the brunt of imported inflation.

Tether 等機構正從這一發展中獲得巨額利潤，有報告顯示，Tether 2024 年第三季的利潤甚至超過了貝萊德等金融巨頭。 Tether 的利潤主要是由其對美國國債的投資所推動的，為應對輸入性通膨衝擊的地區提供了重要的緩衝。

However, this growing institutionalization also carries the risk of compromising bitcoin's original ethos as "freedom money." Its decentralization and censorship resistance properties could be eroded under the weight of regulatory and economic control.

然而，這種不斷發展的製度化也帶來了損害比特幣作為「自由貨幣」的原始精神的風險。在監管和經濟控制的重壓下，其去中心化和抗審查特性可能會受到削弱。

Trump's administration has framed bitcoin mining as a national priority, highlighting the finite capacity of bitcoin blocks that limits the number of transactions. This provides an opportunity for the U.S. to assert dominance in the "block space," influencing transaction censorship via compliance with Office of Foreign Assets Control (OFAC) sanctions or other regulatory tools.

川普政府將比特幣挖礦列為國家優先事項，強調比特幣區塊的有限容量限制了交易數量。這為美國提供了在「區塊空間」佔據主導地位的機會，透過遵守外國資產控制辦公室 (OFAC) 制裁或其他監管工具來影響交易審查。

There is already a precedent for such control. In 2021, Marathon attempted to mine "OFAC-compliant" blocks, filtering transactions from sanctioned entities. More recently, mining pools like F2Pool have been flagged for possibly excluding sanctioned transactions.

這種控制已經有先例。 2021 年，Marathon 嘗試挖掘「OFAC 合規」區塊，過濾受制裁實體的交易。最近，魚池等礦池被標記為可能排除受制裁的交易。

Trump's push for mining dominance could pave the way for institutionalizing these practices, using tools like the Bank Secrecy Act and FATF recommendations that promote widespread KYC and classify wallet software as Crypto Asset Service Providers.

川普推動礦業主導地位可能會為這些做法的製度化鋪平道路，使用《銀行保密法》和 FATF 建議等工具促進廣泛的 KYC 並將錢包軟體歸類為加密資產服務提供者。

U.S. regulations often set the tone for the international community, especially in financial systems. For instance, the FATF's global anti-money laundering standards reflect U.S. priorities, and its recommendations have influenced crypto regulations worldwide.

美國的監管常為國際社會定調，尤其是在金融體系方面。例如，FATF 的全球反洗錢標準反映了美國的優先事項，其建議影響了全球的加密貨幣監管。

Trump's administration could use bitcoin mining dominance to propagate a framework that aligns with U.S. geopolitical goals. Former White House cybersecurity advisor Carol House suggested in a 2023 talk that network-level censorship could serve national interests, hinting at the potential to regulate bitcoin under the guise of national security.

川普政府可以利用比特幣挖礦的主導地位來宣傳符合美國地緣政治目標的框架。前白宮網路安全顧問卡羅爾·豪斯 (Carol House) 在 2023 年的演講中表示，網路級審查可以服務於國家利益，暗示有可能以國家安全為幌子監管比特幣。

The United States has a history of extending its financial jurisdiction beyond its borders to combat illicit activities. For example, in January 2023, the U.S. Department of the Treasury's Financial Crimes Enforcement Network identified Bitzlato Limited, a Hong Kong-registered cryptocurrency exchange, as a "primary money laundering concern" due to its connections with Russian illicit finance.

美國有著將其金融管轄權擴展到境外以打擊非法活動的歷史。例如，2023 年 1 月，美國財政部金融犯罪執法網絡將在香港註冊的加密貨幣交易所 Bitzlato Limited 認定為“主要洗錢問題”，因為該公司與俄羅斯非法金融有聯繫。

This designation led to prohibitions on certain fund transmittals involving Bitzlato by any covered financial institution, effectively restricting its operations on a global scale.

這項指定導致任何受管轄金融機構禁止涉及 Bitzlato 的某些資金傳輸，從而有效限制了其在全球範圍內的運作。

In March 2023, U.S. and German authorities shut down ChipMixer, a cryptocurrency service that allegedly laundered over $3 billion in crypto assets since 2017. ChipMixer was reportedly used by ransomware groups, suspected North Korean hackers, and darknet market users to conceal the origins of illicit funds. These actions demonstrate how the U.S. extends its regulatory reach to enforce financial laws internationally.

2023 年3 月，美國和德國當局關閉了ChipMixer，這是一項加密貨幣服務，據稱自2017 年以來洗錢超過30 億美元。隱瞞非法資金的來源。這些行動顯示了美國如何擴大其監管範圍以在國際上執行金融法。

Advocates of bitcoin's role as an SBR, like Senator Cynthia Lummis, tout it as a solution to U.S. economic challenges, claiming it could "address a meaningful portion of our debt" and strengthen global positioning.

比特幣作為 SBR 角色的倡導者，例如參議員辛西婭·魯米斯 (Cynthia Lummis)，將其吹捧為應對美國經濟挑戰的解決方案，聲稱它可以「解決我們債務的重要部分」並加強全球地位。

Michael Saylor's proposals go even further, suggesting the U.S. government should acquire 20-25% of bitcoin to "control the world reserve capital network." Saylors Digital Assets Framework highlights the role of criminal liability in enforcing compliance and transparency, ensuring participants adhere to legal and ethical standards while minimizing fraud and misconduct.

Michael Saylor 的提議更進一步，建議美國政府應該收購 20-25% 的比特幣，以「控制世界儲備資本網絡」。 Saylors 數位資產框架強調了刑事責任在加強合規性和透明度方面的作用，確保參與者遵守法律和道德標準，同時最大限度地減少欺詐和不當行為。

Such frameworks could be used to strengthen centralization, potentially solidifying the U.S.'s grip on bitcoin and transforming it from an open, neutral network into a tool of statecraft.

此類框架可用於加強集中化，有可能鞏固美國對比特幣的控制，並將其從開放、中立的網路轉變為治國工具。

This narrative conceals the dangers of institutionalizing bitcoin. Saylor has acknowledged the risks associated with non-compliance to regulatory standards, stating: "I think that when bitcoin is held by a bunch of crypto-anarchists who aren’t regulated entities, who don’t acknowledge government or don’t acknowledge taxes or don’t acknowledge reporting requirements, that increases the risk of seizure."

這種敘述掩蓋了比特幣制度化的危險。塞勒承認與不遵守監管標準相關的風險，他表示：「我認為，當比特幣由一群不受監管的加密無政府主義者持有時，他們不承認政府或不承認稅收或不承認報告要求，這會增加癲癇發作的風險。

This perspective aligns with moves like Lummis's 2023 amendment to the National Defense Authorization Act, targeting anonymous transactions and asset mixers, and shows how the SRA framework could enforce stringent oversight, reducing bitcoin's utility as a censorship-resistant currency.

這一觀點與 Lummis 2023 年國防授權法修正案等措施一致，該修正案針對匿名交易和資產混合，並展示了 SRA 框架如何實施嚴格的監督，降低比特幣作為抗審查貨幣的效用。

While bitcoin's role as an SBR gains attention, stablecoin giant Tether operates in parallel, profiting immensely from global instability. According to reports, Tether's Q3 2024 earnings surpassed even those of financial giants like BlackRock.

雖然比特幣作為 SBR 的作用受到關注，但穩定幣巨頭 Tether 也在並行運作，從全球不穩定中獲利巨大。據報道，Tether 2024 年第三季的獲利甚至超過了貝萊德等金融巨頭。

Tether's earnings, largely driven by its investments in U.S. Treasury securities, are providing a crucial buffer for regions grappling with the brunt of imported inflation. These

Tether 的利潤主要是由其對美國國債的投資所推動的，為應對輸入性通膨衝擊的地區提供了重要的緩衝。這些