唐納德·特朗普（Donald Trump）創建了“戰略性比特幣儲備”

唐納德·特朗普（Donald Trump）在他的第一個白宮任職期間將比特幣視為騙局時，現在已經徹底改變了策略。

Part of Donald Trump’s enduring appeal lies in his ability to surprise. While he dismissed Bitcoin as a scam during his first White House stint, Trump has now definitively changed tack. He warmed to cryptocurrencies during his re-election campaign, and to complete his conversion, on 6 March he signed an executive order to set up a “Strategic Bitcoin Reserve and a US Digital Asset Stockpile”.

唐納德·特朗普（Donald Trump）持久的上訴的一部分在於他的驚喜能力。當他在他的第一個白宮任職期間將比特幣視為騙局時，特朗普現在已經完全改變了策略。在連任期間，他為加密貨幣熱身，為了完成他的conversion依，他於3月6日簽署了一項行政命令，以建立“戰略性比特幣儲備和美國數字資產庫存”。

The United States government sensibly stockpiles a number of materials in case of an emergency, including oil, military gear, medical supplies and gold. But what is the point of hoarding cryptocurrencies which lack any intrinsic utility? Especially if you have constrained yourself, as Trump has done, never to sell the crypto you stashed away? The logic of strong-arming the Federal Reserve into creating a crypto stash is one part self-serving bluster, one part trolling, but also one part strategy.

在緊急情況下，美國政府明智地儲存了許多材料，包括石油，軍事裝備，醫療用品和黃金。但是，缺乏任何內在效用的加密貨幣的ho積的意義呢？特別是，如果您像特朗普一樣束縛自己，那就永遠不要賣掉您藏匿的加密貨幣嗎？武裝美聯儲來創建加密儲物庫的邏輯是自私的一部分，其中一部分是巨魔，但也是一部分策略。

The self-serving bluster part was made painfully obvious as Donald and Melania Trump pocketed tens of millions of dollars from the otherwise pointless meme coins they issued three days before his inauguration. The trolling part was also on display as he signed the executive order. While ceremoniously putting his exuberant signature on the order’s dotted line, he beamed with the grin of a cheeky peasant who, having just broken into the baron’s pristine drawing room, spoils the splendour of its Persian rugs with his muddied boots. That’s how Democrats and mainstream Republicans felt as they watched Trump elevate the cryptocurrencies favoured by libertarians, cranks and criminals to the lofty status previously reserved for solid gold and US Treasury bills.

當唐納德（Donald）和梅拉尼亞·特朗普（Melania Trump）從他們在就職典禮前三天發出的原本毫無意義的模因硬幣中賺了數千萬美元時，自我服務的泡沫部分變得非常痛苦。當他簽署行政命令時，拖釣的部分也在展出。雖然有話要地將他的旺盛簽名放在訂單上的虛線上，但他笑著笑著，一個厚臉皮的農民笑著，剛剛闖入男爵的原始客廳，用泥濘的靴子破壞了波斯地毯的輝煌。這就是民主黨和主流共和黨人看著特朗普提升自由主義者，曲柄和罪犯所青睞的加密貨幣時的感覺，以升至先前保留用於固體黃金和美國國債法案的崇高地位。

However, amid this cacophony of creepy profiteering, triumph and despair, it is easy to lose sight of the interesting role that Trump’s strategic crypto reserve plays in his broader economic masterplan. And that would be our mistake.

然而，在令人毛骨悚然的暴利，勝利和絕望的這種刺耳的聲音中，很容易忽視特朗普的戰略加密儲備儲備在其更廣泛的經濟總體規劃中發揮的有趣作用。那將是我們的錯誤。

To recast the global economic order in America’s long-term interest, Trump has a two-pronged, seemingly contradictory, strategy: to devalue the dollar while maintaining its global dominance. By boosting US exports (as the dollar becomes cheaper) while pushing down the US government’s borrowing costs (as foreign wealth piles into US long-term debt), the President seeks to increase US hegemony while also bringing back manufacturing to America. Tariffs, in this context, are the country’s chief weapon, pressurising friends and foes to unload their dollar holdings and buy more long-dated bonds (exceeding 10 years).

為了重塑美國長期利益的全球經濟秩序，特朗普擁有兩管齊下的，看似矛盾的戰略：在維持其全球主導地位的同時貶值美元。通過提高美國出口（隨著美元的價格便宜），同時降低美國政府的借貸成本（隨著外國財富堆積在美國的長期債務中），總統試圖增加美國霸權，同時還將製造業帶回美國。在這種情況下，關稅是該國的主要武器，使朋友和敵人施加壓力，以卸載其美元持股併購買更多長期債券（超過10年）。

But what does crypto have to do with any of this? To get a whiff of the answer, take the case of Japanese banks which hold more than $1 trillion, the result of decades of exports to the United States. Trump wants to bully Tokyo into either investing in the US or dumping most of their dollars into the money markets (thus driving the dollar down) while also not converting them into euros or renminbi (which would risk strengthening the reserve status of rival currencies). What could do the trick? How about convincing, or strong-arming, the Japanese to swap their dollars for crypto? That would work, especially if the Federal Reserve dominated the crypto scene. What else could Trump have meant when asserting in his executive order that the US “has not maximised its strategic position as a unique store of value in the global financial system”?

但是，加密貨幣與任何一個有什麼關係？要獲得答案，請以日本銀行持有超過1萬億美元的案例，這是數十年來向美國出口的結果。特朗普想將東京欺凌投資於美國，或者將大部分美元傾倒到貨幣市場（從而驅逐美元），同時也不將其轉換為歐元或人民幣（這可能會加強競爭對手貨幣的儲備金狀態）。可以做什麼技巧？如何說服日本人將美元換成加密貨幣怎麼樣？這將起作用，特別是如果美聯儲主導著加密貨幣現場。特朗普在按照其行政命令中宣稱美國“尚未最大化其作為全球金融體系中的獨特價值存儲的戰略地位”時，還有什麼意思？

More intriguingly, four days after the executive order, Trump endorsed stablecoins. In so doing, he added a fascinating new dimension to the idea of forcing non-American institutional investors into moves that serve his economic masterplan.

更有趣的是，在執行命令四天后，特朗普認可了穩定的。在這樣做時，他為迫使非美國機構投資者進入為他的經濟總體規劃提供的舉動添加了一個引人入勝的新維度。

What are these stablecoins and why are they particularly promising tools for Trump’s twin strategy? Marketed as crypto versions of the dollar, stablecoins such as Tether, USD Coin and Binance are, by design, a contradiction in terms. The whole point of Bitcoin, the first cryptocurrency, was to stick it to the man — to central bankers and their fiat currencies, the dollar chiefly. But stablecoins, which are mainly used for cross-border payments, are dollar-denominated cryptocurrencies that offer you the anonymity, versatility and universality of Bitcoin — while also claiming to guarantee full convertibility to the dollar on a one-for-one exchange rate. Indeed, some of the world’s largest banks and financial institutions are keen to issue stablecoins which are popular in emerging markets. Last month, the CEO of Bank of America suggested it might launch its own, following the examples of PayPal, Revolut, Stripe and many others.

這些穩定的是什麼？為什麼它們是特朗普雙胞胎策略的特別有希望的工具？按設計，諸如Tether，USD硬幣和Binance之類的穩定股作為加密版本的銷售是一種矛盾。比特幣的全部目的是第一個加密貨幣，是將其堅持到該人 - 中央銀行家及其法定貨幣，主要是美元。但是，主要用於跨境支付的Stablecoins是美元計價的加密貨幣，可為您提供比特幣的匿名性，多功能性和普遍性，同時還聲稱以一對一的匯率保證了對美元的完全可轉換性。的確，世界上一些最大的銀行和金融機構渴望發行在新興市場中流行的Stablecoins。上個月，美國銀行首席執行官建議，按照貝寶（Paypal），革命，條紋和其他許多人的示例，它可能會發起自己的創建。

But how can stablecoins promise to keep their value tethered to the dollar, and is this promise credible? In theory, this promise can be met if the stablecoin issuer holds, in some vault, one dollar for every token issued. But, of course, holding zero-interest-bearing dollars in a vault would be anathema to any self-respecting financier. So, even if the stablecoin issuer truly owns an equal amount of dollars to the tokens it has issued, it will immediately trade these dollars for some safe, interest-bearing, dollar-denominated asset

但是，穩定劑如何承諾將其價值束縛在美元上，這是否可信？從理論上講，如果在某些保險庫中為每一個發行的代幣持有一美元，就可以實現這一諾言。但是，當然，在保險庫中拿著零利益的美元對任何自尊的金融家來說都是不良的。因此，即使Stablecoin發行人真正擁有與其發行的代幣相同的美元