擴大美國加密戰略儲備，包括使用美聯儲或國庫基金面臨重大障礙的比特幣BTC/USD以外的區塊鏈資產

儘管對唐納德·特朗普總統的周末宣布的市場反應，但伯恩斯坦的分析師提出了擔心，擴大了擬議的美國加密戰略儲備

Analysts at Bernstein have raised concerns that expanding the proposed U.S. Crypto Strategic Reserve to include blockchain assets beyond Bitcoin (BTC) using Federal Reserve or Treasury funds faces significant hurdles, despite a bullish market response to President Donald Trump's weekend announcement.

伯恩斯坦的分析師提出了擔心，即擴大擬議的美國加密貨幣戰略儲備將使用美聯儲或國庫基金面臨重大障礙，包括比特幣（BTC）以外的區塊鏈資產，儘管對唐納德·特朗普總統的周末宣布產生了反應。

The reserve, unveiled ahead of Trump's Crypto Summit scheduled for Friday, includes five digital assets—Bitcoin, Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA)—sparking debate over its feasibility and funding.

該保護區在定於週五舉行的特朗普加密峰會之前揭幕，其中包括五個數字資產，例如Bitcoin，Ethereum（ETH），Solana（Sol），Ripple（XRP）和Cardano（ADA） - 對其可行性和資金進行了辯論。

While Bitcoin's inclusion aligns with its “digital gold” narrative, the rationale for other assets remains murky, Bernstein noted.

伯恩斯坦指出，儘管比特幣的包容符合其“數字黃金”的敘述，但其他資產的理由仍然模糊。

The announcement triggered a sharp market rally. Bitcoin climbed above $94,000 (up 12%), while Ethereum advanced 15%. Solana, XRP, and Cardano surged 25%, 30%, and 70%, respectively, from last week's lows.

該公告引發了急劇的集會。比特幣攀升至94,000美元以上（增長12％），而以太坊提高了15％。索拉納（Solana），XRP和卡迪諾（Cardano）分別從上週的低點飆升了25％，30％和70％。

However, Bernstein analysts believe justifying federal purchases of non-Bitcoin assets might be a difficult task.

但是，伯恩斯坦分析師認為，為聯邦購買非比蒂幣資產的合理性可能是一項艱鉅的任務。

"We think a realistic path could be that the U.S. government can convince Congress that Bitcoin is the new digital gold/global store of value and a gold revaluation/gold reserve reallocation makes sense. However, buying other blockchain assets from Fed funds or treasury funds is a difficult sell," they wrote in the report.

他們在報告中寫道：“一條現實的途徑可能是，美國政府可以說服國會，比特幣是新的數字黃金/全球價值存儲和金黃金儲備/黃金儲備/金準備金的重新分配是有道理的。但是，從美聯儲基金或財政資金中購買其他區塊鏈資產是一種困難的銷售。”

The analysts highlighted three unresolved issues: allocation across assets, funding mechanisms, and legal authority.

分析師強調了三個未解決的問題：跨資產，資金機制和法律權威的分配。

On allocation, they suggest market capitalization could guide weights—Bitcoin at 75%, Ethereum at 11% and Solana at 4%. Alternatively, a dedicated committee could decide and allocate the remaining portion among other assets.

在分配時，他們認為市值可以指導體重 - 次幣為75％，以太坊為11％，索拉納（Solana）為4％。另外，專門的委員會可以決定並分配其他資產中的剩餘部分。

Funding poses a deeper challenge. Proposals include reallocating gold reserves, issuing Treasury debt, adjusting the Fed's balance

資金提出了更深入的挑戰。提案包括重新分配黃金儲備，發行國庫債務，調整美聯儲的餘額