唐納德·川普的加密貨幣捲土重來：數位資產的新時代？

唐納德·川普重返白宮重新引發了關於他的總統任期將如何重塑全球經濟的爭論，特別是在比特幣、以太幣等數位資產方面。

Donald Trump’s return to the White House could have a major impact on the global economy, particularly when it comes to digital assets like Bitcoin, Ether, and more. While at one point Trump was a vocal opponent and skeptic of cryptocurrency even having called it a scam, he has since drastically changed course and has openly praised and embraced the crypto landscape.

唐納德·川普重返白宮可能會對全球經濟產生重大影響，特別是在比特幣、以太幣等數位資產方面。雖然川普一度是加密貨幣的直言不諱的反對者和懷疑論者，甚至稱其為騙局，但此後他徹底改變了方針，公開讚揚和擁抱加密貨幣領域。

His recent interactions with major figures in the industry, coupled with reports of potential crypto appointments in key financial departments, suggest a shift toward a policy framework that’s more open to blockchain innovation. That said, there are some lingering questions about how he’ll reconcile his newly pro-crypto stance with traditional financial institutions and regulatory agencies.

他最近與行業主要人物的互動，加上有關關鍵財務部門可能進行加密貨幣任命的報道，表明他正在轉向對區塊鏈創新更加開放的政策框架。儘管如此，關於他將如何與傳統金融機構和監管機構協調他新的支持加密貨幣的立場，仍存在一些揮之不去的問題。

Let’s take an honest look at Trump’s changing relationship with digital assets, and what that could mean for markets and investors in 2025 and beyond.

讓我們誠實地審視一下川普與數位資產關係的變化，以及這對 2025 年及以後的市場和投資者意味著什麼。

Trump’s Evolving View on Cryptocurrencies

川普對加密貨幣的看法不斷變化

For years, Donald Trump criticized Bitcoin and other cryptocurrencies, dismissing them as threats to the dollar’s dominance. He regularly voiced concerns about volatility, security, and the possibility of crypto undermining the national currency.

多年來，唐納德·川普一直批評比特幣和其他加密貨幣，認為它們對美元的主導地位構成威脅。他經常表達對波動性、安全性以及加密貨幣破壞本國貨幣的可能性的擔憂。

However, in recent years his perspective has shifted dramatically. During his 2024 campaign, Trump surprised many by adopting a pro-crypto stance, stating that digital assets could boost the U.S. economy and calling for clearer regulations to encourage innovation. This about-face coincided with Bitcoin surpassing $100,000 in December 2024, suggesting a link between his endorsement and a surge in market confidence.

然而，近年來他的觀點卻發生了巨大轉變。在 2024 年競選期間，川普採取了支持加密貨幣的立場，表示數位資產可以提振美國經濟，並呼籲制定更明確的法規來鼓勵創新，這令許多人感到驚訝。這一轉變恰逢比特幣在 2024 年 12 月突破 10 萬美元，這表明他的認可與市場信心的飆升之間存在聯繫。

Further fueling optimism, Trump has signaled a willingness to appoint crypto advocates to influential roles, ranging from the Securities and Exchange Commission to the Commodity Futures Trading Commission. Reports also highlight his interest in a strategic Bitcoin reserve and crypto advisory councils, indicating that he might push for broader acceptance of digital currencies.

川普表示願意任命加密貨幣倡導者擔任有影響力的職務，從證券交易委員會到商品期貨交易委員會，進一步激發了樂觀情緒。報告也強調了他對比特幣戰略儲備和加密諮詢委員會的興趣，這表明他可能會推動更廣泛地接受數位貨幣。

While these moves contrast sharply with his earlier skepticism, supporters applaud Trump’s open-minded approach and see it as proof of crypto’s growing clout in mainstream politics. Critics, meanwhile, question whether the policies will align with a free-market ethos or evolve into an overly regulated environment.

雖然這些舉措與他先前的懷疑形成鮮明對比，但支持者對川普的開放態度表示讚賞，並將其視為加密貨幣在主流政治中影響力日益增強的證據。同時，批評者質疑這些政策是否符合自由市場精神，或演變成過度監管的環境。

Potential Policy Shifts

潛在的政策轉變

As President, Donald Trump could introduce a wave of changes to crypto policy at the federal level. Reports suggest he might push for clearer guidelines on whether digital assets like Bitcoin fall under the jurisdiction of the SEC or CFTC, aiming to resolve conflicts that have confused investors and stifled innovation.

身為總統，唐納德·川普可能會在聯邦層級對加密貨幣政策進行一波變革。有報導稱，他可能會推動就比特幣等數位資產是否屬於美國證券交易委員會或美國商品期貨交易委員會的管轄範圍制定更明確的指導方針，旨在解決令投資者感到困惑和扼殺創新的衝突。

Trump has also hinted at appointing crypto advocates to key leadership roles in agencies such as the Treasury Department and Commodity Futures Trading Commission. Should these appointments materialize, they may pave the way for more favorable regulations by reducing the currently ‘gray’ areas that many crypto platforms operate in and streamlining the process for new crypto products to be approved.

川普也暗示將任命加密貨幣倡導者在財政部和商品期貨交易委員會等機構中擔任關鍵領導職務。如果這些任命得以實現，它們可能會減少許多加密平台目前運​​營的「灰色」區域，並簡化新加密產品的批准流程，從而為更有利的監管鋪平道路。

Trump has even floated the idea of creating a strategic Bitcoin reserve, a notion that, if pursued, could mark a significant departure from previous administrations’ cautious stances. This policy would reflect a broader view of Bitcoin as a hedge or alternative asset. The potential drawback, however, is that too much government involvement could lead to overregulation, dampening the free-market ethos many cryptocurrency enthusiasts cherish.

川普甚至提出了建立比特幣戰略儲備的想法，這一想法如果得到落實，可能標誌著與前幾屆政府謹慎立場的重大背離。這項政策將反映比特幣作為對沖或替代資產的更廣泛觀點。然而，潛在的缺點是政府過多的參與可能會導致過度監管，從而削弱許多加密貨幣愛好者所珍視的自由市場精神。

Only delicately balancing pro-crypto enthusiasm with national economic goals will likely be a delicate act, and early decisions under Trump’s leadership could set the tone for how the nation and even the world handles digital assets over the next four years or more.

只有在支持加密貨幣的熱情與國家經濟目標之間進行微妙的平衡才可能是一個微妙的行為，川普領導下的早期決定可能會為國家乃至世界在未來四年或更長時間內如何處理數位資產定下基調。

Help From Big Coin Stacks

來自大金幣堆的幫助

A crucial factor in advancing pro-crypto policies may be the influence of major players holding large sums of digital assets. Prominent companies like MicroStrategy, known for amassing significant Bitcoin reserves, have already taken steps to propose frameworks that integrate crypto into mainstream finance. Additionally, high-profile exchanges such as Crypto.com have engaged with Trump’s team, hoping to ensure a friendlier regulatory environment. These big coin stacks can wield substantial sway, whether through lobbying or collaborative partnerships designed to develop new financial infrastructure.

推動支持加密貨幣政策的關鍵因素可能是持有大量數位資產的主要參與者的影響力。像 MicroStrategy 這樣以累積大量比特幣儲備而聞名的知名公司已經採取措施提出將加密貨幣融入主流金融的框架。此外，Crypto.com 等備受矚目的交易所已與川普團隊進行了接觸，希望確保一個更友善的監管環境。無論是透過遊說還是旨在開發新金融基礎設施的合作夥伴關係，這些大硬幣堆疊都可以發揮巨大的影響力。

In parallel, outspoken industry figures from billionaire entrepreneurs to major fund managers, could lend substantial support to Trump’s crypto objectives by voicing public endorsement or providing expert guidance on policy. Their backing, in turn, might attract further institutional investment and spur additional corporate adoption. Yet questions remain about whether this alignment of private wealth and public policy might give certain stakeholders outsized influence over emerging regulations. If managed carefully, however, these heavyweight partnerships could accelerate adoption and cement America’s position at the forefront of digital asset innovation.

同時，從億萬富翁企業家到主要基金經理等直言不諱的行業人物可以透過表達公眾支持或提供政策專家指導來為川普的加密貨幣目標提供大力支持。反過來，他們的支持可能會吸引更多的機構投資並刺激更多的企業採用。然而，私人財富與公共政策的這種結合是否可能會給某些利益相關者帶來對新興法規的巨大影響力，而這個問題仍然存在。然而，如果管理得當，這些重量級合作夥伴關係可以加速採用並鞏固美國在數位資產創新前沿的地位。

Regulatory Environment

監管環境

Under previous leadership, varying interpretations by bodies such as the SEC and CFTC led to confusion for investors and crypto firms. Now, with Trump’s pro-crypto stance, many in the industry hope for uniform guidelines that promote both innovation and consumer protection.

在先前的領導下，美國證券交易委員會和美國商品期貨交易委員會等機構的不同解釋導致投資者和加密貨幣公司感到困惑。現在，由於川普支持加密貨幣的立場，許多業內人士希望制定統一的指導方針，以促進創新和消費者保護。

Talk of merging or clarifying the jurisdictions of regulatory agencies has stirred optimism, especially among DeFi projects hoping to build legitimacy. The biggest challenge still seems to be striking the right balance. Overly strict rules stifle creativity and limit the growth of many promising startups, often driving blockchain entrepreneurs overseas. On the other hand, too little oversight can

關於合併或澄清監管機構管轄權的討論激起了人們的樂觀情緒，尤其是在希望建立合法性的 DeFi 項目中。最大的挑戰似乎仍然是取得適當的平衡。過於嚴格的規則會扼殺創造力，限制許多有前途的新創企業的成長，往往會促使區塊鏈企業家走向海外。另一方面，監管太少可能會導致