唐納德·特朗普（Donald Trump）建立政府的加密貨幣庫存

美國將是“世界的加密首都”

Donald Trump's plans to establish a government stockpile of cryptocurrencies took a notable step forward this past weekend, as the president unveiled the five assets he plans to include in his federal crypto reserve. The U.S. will be the "Crypto Capital of the World," Trump said in a Truth Social post touting relatively low-profile assets like XRP, solana and cardano as the first currencies to join better-known brands bitcoin and ether in a stockpile designed to "elevate this critical industry after years of corrupt attacks by the Biden Administration." Perhaps unsurprisingly, the value of the currencies named has skyrocketed in the wake of Trump's announcement.

唐納德·特朗普（Donald Trump）建立政府的加密貨幣庫存的計劃在上週末邁出了一個顯著的一步，因為總統公佈了他計劃在他的聯邦加密儲備中包括的五項資產。特朗普在一個真相中說，美國將是“世界的加密之都”，吹捧XRP，Solana和Cardano等相對較低的資產，作為第一批加入Biden Administmation多年腐敗的襲擊的關鍵行業的庫存中，旨在加入旨在“提升這一關鍵行業的股票的庫存”。也許毫不奇怪，在特朗普宣布這一消息之後，所謂的貨幣價值猛增。

At the same time, Trump's crypto-forward plans for the American economy have begun alarming financial experts who warn that crypto's extreme market volatility and susceptibility to manipulation could spell trouble for the country. As Trump continues pushing for a national cryptocurrency stockpile, why are economists raising their red flags, and what — if anything — can they do about it?

同時，特朗普針對美國經濟的加密貨幣計劃已經開始引起震驚的財務專家，他們警告說，加密貨幣的極端市場波動和操縱的敏感性可能會給該國帶來麻煩。隨著特朗普繼續推動全國加密貨幣儲存，為什麼經濟學家會升起危險信號，如果有的話，他們能做什麼？

What did the commentators say?

評論員怎麼說？

Trump's crypto plan has produced a backlash from "conservatives and even ardent crypto backers" who cited concerns over "giveaways to an already wealthy community" and "delegitimizing the digital currency industry," The New York Times said. Some Republicans criticized the plan to use tax dollars to purchase crypto's "risky assets" rather than simply using the money for "paying down the national debt." Other critics pointed out that both Trump and his crypto czar, David Sacks, stand to personally benefit from the boost to the crypto industry.

《紐約時報》說，特朗普的加密計劃引起了“保守派，甚至是熱心的加密支持者”的強烈反對，他對“贈予已經富有的社區的贈品”並“使數字貨幣行業的合法化”表示擔憂。一些共和黨人批評該計劃使用稅金購買加密貨幣的“風險資產”，而不是簡單地使用這筆錢來“償還國債”。其他批評家指出，特朗普和他的加密沙皇戴維·薩克斯（David Sacks）都將親自從加密貨幣行業中受益。

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Trump's announcement was met with an "unusual amount of skepticism among crypto and tech bigwigs," Forbes said, as insiders questioned the decision to "include assets other than 'digital gold' bitcoin in the fund." Those lesser assets differ from bitcoin by being "more akin to tech investments," James Butterfill, the head of research at asset manager CoinShares, said to Reuters. As currently understood, Butterfill said, Trump's plan "suggests a more patriotic stance toward the broader crypto technology space," rather than utilizing the "fundamental qualities" of each individual asset. With bitcoin as the "most battle tested and decentralized" of the cryptocurrencies, CNBC said, some observers worry that Trump's inclusion of non-bitcoin crypto "invites the government to pick winners and losers in the crypto market."

福布斯說，特朗普的宣布“在加密貨幣和科技大wigs中的不尋常懷疑”，因為內部人士質疑“在基金中包括'數字黃金比特幣以外的其他資產”的決定。資產經理Coinshares的研究負責人詹姆斯·巴特菲爾（James Butterfill）對路透社表示，這些較少的資產與比特幣不同。巴特菲爾說，正如目前所知，特朗普的計劃“暗示了對更廣泛的加密技術領域的更愛國立場”，而不是利用每個資產的“基本品質”。 CNBC說，由於比特幣是加密貨幣的“大多數戰鬥和分散的戰鬥”，一些觀察家擔心特朗普將非比幣加密貨幣包括在內，“邀請政府在加密市場中選擇贏家和失敗者”。

"People should be calling this what it is, which is a crypto bailout," said journalist Adam Serwer on Bluesky. Referencing members of the Trump family who have launched their own crypto businesses in recent months, he added: "They're cutting cancer research so they can bailout rich, degenerate gamblers."

記者亞當·塞爾沃（Adam Serwer）在布魯斯基（Bluesky）上說：“人們應該稱呼它，這是加密貨幣的救助。”他在最近幾個月開始創辦了自己的加密貨幣業務的特朗普家族的參考成員：“他們正在削減癌症研究，以便他們可以救助富人，墮落的賭徒。”

"Borrowing more to 'invest' in bitcoin is about the worst idea I've heard," said Hoover Institute economist John Cochrane in a panel survey organized by the University of Chicago Booth's Kent A. Clark Center for Global Markets. "It will end up in Trump coin or similar." Andrew Lo, an economist at MIT Sloan, was similarly blunt in his survey response: "This can't possibly be a serious question." Of the more than three dozen economists surveyed by the Clark Center, none endorsed the proposal.

胡佛學院經濟學家約翰·科克倫（John Cochrane）在芝加哥大學布斯大學肯特·A·克拉克全球市場中心組織的小組調查中說：“借更多地投資比特幣是我聽到的最糟糕的主意。” “它將最終進入特朗普硬幣或類似的代價。”麻省理工學院斯隆（Mit Sloan）的經濟學家安德魯·洛（Andrew Lo）在調查回答中同樣直言不諱：“這可能是一個嚴重的問題。”在克拉克中心（Clark Center）調查的三十多名經濟學家中，沒有一項認可該提議。

What next?

接下來是什麼？

Crypto analysts from Bernstein Wealth Management — "arguably the most mainstream group covering digital asset industry," said Forbes — have cited "material unresolved questions" with Trump's proposal, including how the funds will be distributed across the various named assets, how the government will fund the project and whether such a reserve can be "created merely by [the] president's executive order," Business Insider said. Trump's proposal "lacks details on size, timing and whether it will be managed by the Federal Reserve or another new or existing entity," said Andrew O'Neill, the digital assets managing director for S&P Global Ratings, to Forbes.

Crypto analysts from Bernstein Wealth Management — "arguably the most mainstream group covering digital asset industry," said Forbes — have cited "material unresolved questions" with Trump's proposal, including how the funds will be distributed across the various named assets, how the government will fund the project and whether such a reserve can be "created merely by [the] president's executive order," Business Insider said.特朗普的提議“缺乏關於美聯儲或其他新實體或現有實體的規模，時間的細節，”標準普爾全球評級的數字資產董事總經理安德魯·奧尼爾（Andrew O'Neill）表示。

Analysts now look ahead to this coming Friday's "first-of-its-kind" White House cryptocurrency summit, which will include "founders, CEOs and investors from the industry," The Hill said.

希爾說，分析師現在展望了即將到來的周五的“首先”白宮加密貨幣峰會，其中包括“創始人，首席執行官和投資者”。