推出位債券，這是一種新型的國庫工具，可以同時降低借貸成本，創造重要的國家比特幣儲備金，並可能削弱未來的債務義務

Newmarket Capital的首席執行官Andrew Hohns在由比特幣政策研究所（BPI）主持的美國比特幣活動的主題演講中，為新型的財政部演奏提供了一個思想實驗，他稱之為“ Bit Bonds”。

Newmarket Capital CEO Andrew Hohns has proposed a new type of treasury instrument that he calls “Bit Bonds,” which would see a portion of a U.S. bond issuance dedicated to purchasing Bitcoin.

Newmarket Capital首席執行官安德魯·霍恩斯（Andrew Hohns）提出了一種新型的國庫工具，他稱其為“位債券”，這將使美國債券發行的一部分致力於購買比特幣。

Presenting at the Bitcoin Policy Institute’s (BPI) Bitcoin For America event on March 11, Hohns set out a framework in which the United States could simultaneously lower borrowing costs, create a significant national Bitcoin reserve, and potentially defease future debt obligations—all within a single bond issuance of up to $2 trillion.

霍恩斯在3月11日在比特幣政策研究所（BPI）為美國活動的比特幣比特幣舉行了一個框架，在該框架中，美國可以同時降低借貸成本，創造大量的國家比特幣儲備金，並可能降低了大量的未來債務義務 - 在單一債券發行範圍內，最多可達2億美元。

Remarkably, the proposal comes just a few days after U.S. President Donald Trump announced the strategic Bitcoin reserve (SBR) by executive order. The order is known to contain a sentence instructing the Secretary of the Treasury and Commerce to find “budget-neutral” methods for buying BTC.

值得注意的是，該提案就在美國總統唐納德·特朗普（Donald Trump）按行政命令宣布戰略比特幣保護區（SBR）的幾天之後。已知該命令包含一句話，指示財政和商業秘書找到購買BTC的“預算中立”方法。

Bitcoin Bonds

比特幣債券

According to Hohns, the mechanism for Bit Bonds would involve allocating 10% of the issuance proceeds—$200 billion out of a $2 trillion issue—to purchasing BTC. The remaining 90% would fund regular government expenditure. The bonds would carry a lower current pay interest rate of 1% for the first 10 years, offset by a final payout structure that gives bondholders both a guaranteed annualized return (4.5% on a senior basis) and a share of any BTC price appreciation.

根據霍恩斯（Hohns）的說法，位債券的機制將涉及購買BTC的發行收益的10％（在2萬億美元的發行中）為2000億美元。其餘的90％將資助常規的政府支出。這些債券將在頭10年的最終付款結構中持有較低的當前工資利率1％，而最終的支付結構則抵消了債券持有人的年度申報表（以高級為基礎為4.5％）和任何BTC價格讚賞的份額。

“$2 trillion bond issuance, 10% of the bonds go for the purchase of Bitcoin, 90% go for other government purchases,” said Hohns, adding that the government itself would retain half of any gains from Bitcoin’s price increase.

霍恩斯說：“ 2萬億美元的發行債券，債券的10％用於購買比特幣，有90％的債券用於其他政府購買。”

The plan is based on Bitcoin’s historical compound annual growth rates (CAGRs). If the asset continues to grow at even the more modest rates observed in its past, then the upside could be transformative for both investors and the U.S. Treasury, according to Hohns.

該計劃基於比特幣的歷史複合年增長率（CAGR）。霍恩斯稱，如果資產甚至以過去觀察到的更為謙虛的利率繼續增長，那麼在投資者和美國財政部的上升空間可能是有影響力的。

One of the immediate benefits of issuing these Bit Bonds at a lower coupon rate is the reduction of the federal government’s interest expense: “The current U.S. 10-year rate is roughly 4.5%. The proposed rate for the BitBond is 1%, which is a 3.5% annual savings, or $70 billion on $2 trillion of total issuance. Over 10 years, that’s $700 billion.”

以較低的息票利率發行這些債券的直接好處之一是降低了聯邦政府的利息費用：“當前的美國10年利率約為4.5％。 BitBond的擬議利率為1％，每年儲蓄3.5％，總計2萬億美元的總發行費用為700億美元。超過10年，這是7000億美元。”

Even after accounting for the $200 billion spent on Bitcoin, Hohns calculated a net present value (NPV) saving of $354 billion. He argued that this structure is “revenue-neutral,” meaning the lower interest burden offsets the cost to taxpayers.

即使在比特幣上花費了2000億美元的費用之後，霍恩斯仍計算出3540億美元的淨現值（NPV）。他認為這種結構是“收入中立”，這意味著較低的利息負擔抵消了納稅人的成本。

Hohns also noted the potential for significant gains if Bitcoin’s price appreciates as it has in past market cycles. Citing historical four-year growth rates at various percentiles, he said that the U.S. government’s portion of Bitcoin gains could “defease the federal debt” if Bitcoin’s performance meets or exceeds long-term bullish projections.

霍恩斯還指出，如果比特幣的價格欣賞到過去的市場週期中，那麼如果比特幣的價格欣賞，則有可能獲得巨大的收益。他說，如果比特幣的績效符合或超過長期看漲的預測，則說明美國政府的比特幣收益的一部分可能會“削弱聯邦債務”。

In addition to savings on federal debt servicing, Hohns said that reducing the 10-year rate to 1% for this tranche of issuance could “ripple through the rest of the Treasury market” and help to bring down borrowing costs for mortgages, auto loans, and small business financing. He also framed Bit Bonds as a possible tool for everyday Americans to build wealth:

除了節省聯邦債務服務外，霍恩斯還說，將這筆發行的10年稅率降低到1％，這可能“在財政市場的其餘部分中蕩漾”，並有助於減少抵押貸款，汽車貸款和小型企業融資的借貸成本。他還將比特債券作為日常美國人建立財富的可能工具：

“For American families, I would like to propose that the Bit Bonds be free of income tax and free of capital gains tax in order to put a tremendous tool for savings in the hands of everyday Americans.”

“對於美國家庭，我想提出，位債券不含所得稅和不含資本利得的稅，以便為儲蓄掌握在日常美國人手中的巨大工具。”

Hohns said that 20% of the $2 trillion issuance would be subscribed by American households, with each family's portion (around $2,900) appreciating in a tax-exempt manner and delivering compound growth if BTC's performance matches historical levels.

霍恩斯說，在2萬億美元發行中，有20％由美國家庭訂閱，如果BTC的績效與歷史水平相匹配，則每個家庭的部分（約合2,900美元）以免稅方式欣賞並提供複合增長。

While Hohns said his proposal is still a “thought experiment,” the breadth and ambition of the plan drew attention from attendees at the Bitcoin For America event. He concluded by summarizing the triple benefits that could be achieved—lower government interest costs, a sizable SBR, and the possibility of enhanced savings for citizens.

霍恩斯說，他的提議仍然是一個“思想實驗”，但該計劃的廣度和野心引起了與會者在美國比特幣活動中的關注。他總結了可以實現的三重利益的總結 - 政府利息成本降低，大量SBR以及為公民節省儲蓄的可能性。

“In summary, BitBonds are a win-win-win,” said Hohns. “I would love to see this adopted by the Treasury and by Congress.”

霍恩斯說：“總而言之，Bitbonds是雙贏的。” “我很想看到財政部和國會採用的。”

At press time, BTC traded at $82,495.

發稿時，BTC的交易價格為82,495美元。