隨著國家債務水平繼續上升，美國正在探索新的和非常規的解決方案

隨著比特幣在未來的財政計劃中成為一個嚴肅的競爭者，這個想法曾經被視為邊緣，現在正在吸引

As national debt levels continue to soar to new highs, the United States is exploring a unique and unconventional solution—integrating Bitcoin into its fiscal planning. While the idea may seem radical, it's being driven by necessity. With the government already in possession of nearly 200,000 seized bitcoins, some experts argue that it’s time to stop selling these digital assets and instead incorporate them into a long-term strategic reserve.

隨著國家債務水平繼續飆升至新高點，美國正在探索一種獨特且非常規的解決方案，將比特幣整合到其財政計劃中。雖然這個想法似乎是激進的，但它是由必需品驅動的。由於政府已經擁有近200,000份被佔領的比特幣，一些專家認為，是時候停止出售這些數字資產了，而是將其納入長期戰略儲備中了。

This proposal is born out of a pressing need for new solutions. At present, the U.S. is juggling an enormous national debt, currently around $32 trillion, and vast social security and Medicare liabilities, ultimately adding up to over $150 trillion in total obligations over the next 75 years. To service this debt, the Treasury issues bonds, currently yielding 4.5% over ten years. This translates to an interest expense of roughly $70 billion per year, or $700 billion over a decade.

該提議源於對新解決方案的迫切需求。目前，美國正在兼顧一筆巨大的國家債務，目前約32萬億美元，以及巨大的社會保障和醫療保險負債，最終在未來75年內總計多達150萬億美元。為了償還這一債務，財政部發行債券，目前在十年內產生4.5％的債券。這意味著每年約有700億美元的利息費用，即十年來7000億美元。

Now, several financial executives, including Mark Zoren, a managing director at Athena Capital, have devised a suggestion to combine Bitcoin with these bonds. Their proposal is to issue up to $2 trillion in bonds, allocating 10%—roughly $200 billion—for direct Bitcoin investment, with the remaining funds covering regular government expenditures.

現在，包括雅典娜資本董事總經理馬克·佐倫（Mark Zoren）在內的幾位財務主管已經設計了一個建議，將比特幣與這些債券相結合。他們的提議是向直接的比特幣投資發行高達2萬億美元的債券，分配10％（大約2000億美元），其餘資金涵蓋了常規的政府支出。

The crux of the suggestion lies in the structure of the bond. By offering these so-called “Bit Bonds” with a reduced interest rate of just 1%, compared to the standard 10-year Treasury yield of 4.5%, the government could save approximately $70 billion annually in interest payments. Over ten years, those savings could amount to a staggering $700 billion. After subtracting the cost of acquiring the Bitcoin, which is estimated at $346 billion over ten years, the net savings would still sit around $354 billion.

該建議的癥結在於鍵的結構。通過提供這些所謂的“比特債券”，利率降低了1％，而標準的10年國庫收益率為4.5％，政府每年可以節省約700億美元的利息支付。十年來，這些節省可能達到驚人的7000億美元。在減去收購比特幣的成本（估計在十年內為3460億美元）之後，淨儲蓄仍將支付約3540億美元。

Moreover, these bonds wouldn’t just help reduce debt—they’d also provide a unique value proposition to investors. Under the proposed structure, both the U.S. government and bondholders would share any profits made if Bitcoin’s price rises. To lessen the tax burden on investors, gains from these bonds could be exempt from income and capital gains taxes, encouraging wider public participation and bringing more Americans into the crypto economy.

此外，這些債券不僅可以幫助減少債務，還為投資者提供了獨特的價值主張。在擬議的結構下，如果比特幣的價格上漲，美國政府和債券持有人都將分享任何利潤。為了減輕投資者的稅收負擔，這些債券的收益可以免於收入和資本利得稅，鼓勵更廣泛的公眾參與，並將更多的美國人帶入加密經濟。

This proposal also aligns with broader goals in government debt management. Treasury officials have long considered ways to reduce refinancing risks, especially given the massive sums involved in servicing the national debt. Diversifying the debt structure using innovative financial tools could be a step in that direction.

該提案還與政府債務管理中的更廣泛的目標保持一致。財政官員長期以來考慮了減少再融資風險的方法，尤其是考慮到為國家債務服務所涉及的大量款項。使用創新的財務工具使債務結構多樣化可能是朝這個方向邁出的一步。

Furthermore, this strategy is being echoed by other influential figures in finance and politics. Several experts, including digital asset analysts and senators, have proposed similar approaches, suggesting that Bitcoin-backed reserves could become a central part of national fiscal policy.

此外，這一策略在金融和政治方面的其他有影響力的人物都在回應。包括數字資產分析師和參議員在內的幾位專家提出了類似的方法，建議由比特幣支持的儲量成為國家財政政策的核心部分。

Senator Cynthia Lummis, a vocal advocate for Bitcoin adoption, has proposed that the U.S. acquire up to 1 million BTC over the next five years—an aggressive plan she believes could cut national debt in half over two decades.

辛西婭·盧米斯（Cynthia Lummis）參議員是通過比特幣採用的人聲倡導者，他提出，在未來五年內，美國將獲得多達100萬BTC的收入 - 她認為，她認為可以在二十年內削減國家債務。

Meanwhile, others, like Ari Melamed, the chief legal officer at the crypto exchange FTX, argue that simply holding onto already-owned bitcoins from federal seizures, instead of liquidating them at auctions, would generate value through long-term appreciation.

同時，加密交易所FTX的首席法律官阿里·梅拉梅（Ari Melamed）認為，簡單地將已經擁有的比特幣從聯邦癲癇發作中持有，而不是通過拍賣來清算它們，而是通過長期欣賞而產生價值。

Of course, there are risks. Bitcoin is still a highly volatile asset, and its integration into sovereign financial systems would represent uncharted territory. Critics, like economists Paul Krugman and Mark Zandi, warn of the dangers of placing public funds in such a speculative market, especially given the potential for scams and fraud in the cryptocurrency industry.

當然，有風險。比特幣仍然是一個高度波動的資產，其整合到主權金融系統中將代表未知的領域。像經濟學家保羅·克魯格曼（Paul Krugman）和馬克·贊迪（Mark Zandi）一樣，批評者警告說，將公共資金置於這樣的投機市場上的危險，尤其是考慮到加密貨幣行業造成騙局和欺詐的潛力。

Despite these concerns, the growing institutional adoption of Bitcoin globally suggests that the digital asset is maturing, and its use as a strategic reserve is becoming more plausible by the day. With institutions like BlackRock and Ark Invest increasingly investing in Bitcoin, and countries like Argentina and Vietnam showing interest in using it for macroeconomic stability, the stage is set for a new chapter in fiscal policy.

儘管存在這些擔憂，但全球比特幣的製度採用越來越多，這表明數字資產正在成熟，並且它用作戰略儲備的使用越來越多。隨著諸如貝萊德（Blackrock）和方舟（Ark）投資越來越多地投資比特幣的機構，阿根廷和越南等國家對將其用於宏觀經濟穩定表現出了興趣，該階段將在財政政策上進行新的篇章。

As the global financial system continues to evolve, the United States faces a critical choice—whether to stick with legacy tools or embrace emerging technologies like Bitcoin to drive innovation in fiscal policy. If executed carefully, a Bitcoin-backed bond strategy could mark the beginning of a new era in government finance—one where digital assets and traditional economic planning converge for a more sustainable future.

隨著全球金融體系的不斷發展，美國面臨著一個關鍵的選擇 - 是否堅持使用遺產工具或擁抱像比特幣這樣的新興技術，以在財政政策中推動創新。如果仔細執行，由比特幣支持的債券戰略可以標誌著政府金融新時代的開始，這是一種數字資產和傳統的經濟規劃融合了更可持續的未來。