國有比特幣儲備：採用加密貨幣的新時代？

以重塑金融格局的重大舉措，美國20個州提出了旨在建立比特幣儲備的立法提案。

As the digital asset landscape continues to evolve, a significant development has emerged in the United States with 20 states introducing legislative proposals to establish Bitcoin reserves. These proposals, if enacted, could see the collective purchase of approximately 247,000 Bitcoins, an investment estimated to be worth around $23 billion at current market prices. This move highlights a growing acceptance of Bitcoin as a financial asset by state governments, potentially setting a precedent for further cryptocurrency adoption at the institutional level.

隨著數字資產格局的不斷發展，美國有20個州引入了立法提案以建立比特幣儲備。這些建議，如果頒布，可以看到大約247,000比特幣的集體購買，這項投資估計在當前市場價格時價值約230億美元。這一舉動強調了州政府對比特幣作為金融資產的越來越多，有可能為在機構一級採取進一步採用加密貨幣的先例。

An Overview of the Bitcoin Reserve Proposals

比特幣儲備建議的概述

The proposals introduced by these states aim to integrate Bitcoin into state reserves, treating it similarly to gold or other strategic financial assets that are held as a store of value. The motivations behind these initiatives vary by state, with some viewing Bitcoin as a hedge against inflation, while others see it as an opportunity to diversify their investment portfolios and generate potential long-term gains.

這些州提出的提案旨在將比特幣整合到國家儲備中，以類似於黃金或其他作為價值存儲的戰略金融資產。這些舉措背後的動機因州而異，有些將比特幣視為反對通貨膨脹的對沖，而其他人則認為這是使投資組合多樣化並產生潛在的長期收益的機會。

Among the notable states leading the charge are Texas, Ohio, Florida, North Carolina, Illinois, and Massachusetts. Each state has proposed different strategies for acquiring and managing Bitcoin reserves. For instance, Oklahoma has suggested allocating 10% of its $14.7 billion state funds to Bitcoin, which would see the state acquiring over 15,000 BTC. On the other hand, Massachusetts is exploring the possibility of using its $8.8 billion “Rainy Day” fund for Bitcoin investments. Furthermore, Texas has taken a step further by proposing legislation that would commit at least 1% of its unencumbered general revenue toward Bitcoin.

領導該指控的著名州包括德克薩斯州，俄亥俄州，佛羅里達州，北卡羅來納州，伊利諾伊州和馬薩諸塞州。每個州都提出了獲取和管理比特幣儲量的不同策略。例如，俄克拉荷馬州建議將其147億美元的州資金中的10％分配給比特幣，這將使該州收購超過15,000 BTC。另一方面，馬薩諸塞州正在探索使用其88億美元的“雨天”基金進行比特幣投資的可能性。此外，德克薩斯州提出了立法，該立法將至少將其不受限制的一般收入承擔比特幣的立法。

Legislative Challenges and Success Rates

立法挑戰和成功率

While the concept of state-owned Bitcoin reserves is gaining traction, not all proposals have met with success. As of now, three states—Pennsylvania, Wyoming, and North Dakota—have already seen their Bitcoin reserve bills fail. The reasons for these failures range from concerns about Bitcoin’s volatility to skepticism among lawmakers regarding its long-term viability as a reserve asset.

儘管國有比特幣儲備的概念正在引起關注，但並非所有建議都取得了成功。截至目前，三個州（彭諾瓦尼亞，懷俄明州和北達科他州）已經看到他們的比特幣儲備賬單失敗了。這些失敗的原因包括對比特幣的波動性的擔憂到立法者對其長期可行性作為儲備資產的懷疑。

However, the growing number of states exploring Bitcoin adoption suggests a shifting attitude towards digital assets. Some lawmakers argue that Bitcoin’s finite supply and decentralized nature make it an attractive alternative to traditional reserve assets, especially in an economic climate marked by inflation concerns and fiat currency depreciation.

但是，越來越多的州探索比特幣採用的州表明，對數字資產的態度轉移。一些議員認為，比特幣的有限供應和分散的性質使其成為傳統儲備資產的有吸引力替代品，尤其是在通貨膨脹問題和菲亞特貨幣貶值標誌的經濟環境中。

Potential Economic and Market Impact

潛在的經濟和市場影響

If these proposals are successfully enacted, they could lead to a massive influx of institutional money into Bitcoin, significantly influencing the cryptocurrency’s price and market stability. A combined purchase of 247,000 BTC by state governments would constitute a substantial portion of Bitcoin’s circulating supply, potentially driving up demand and price levels.

如果這些建議成功制定，它們可能會導致大量的機構資金湧入比特幣，從而極大地影響了加密貨幣的價格和市場穩定性。州政府共同購買247,000 BTC將構成比特幣循環供應的很大一部分，可能會提高需求和價格水平。

Moreover, the $23 billion estimate for these purchases is considered conservative, as it does not take into account potential Bitcoin acquisitions by state pension funds. Should pension funds and other institutional investors follow suit, the total amount of Bitcoin purchased could be considerably higher, further increasing its value and market influence.

此外，這些購買的230億美元估算被認為是保守的，因為它沒有考慮到國家養老基金的潛在比特幣收購。如果養老基金和其他機構投資者效仿，那麼購買的比特幣的總量可能會更高，從而進一步增加了其價值和市場影響力。

National Trends and Federal Involvement

國家趨勢和聯邦參與

The movement towards Bitcoin reserves at the state level aligns with broader national trends regarding cryptocurrency adoption. Former U.S. President Donald Trump has advocated for the establishment of a federal Bitcoin reserve, highlighting the need for the United States to maintain a strategic position in the evolving digital economy. Additionally, a federal cryptocurrency working group has been created to explore regulatory frameworks and potential use cases for digital assets in government reserves.

國家一級的比特幣儲備的運動與採用加密貨幣的更廣泛的國家趨勢保持一致。美國前總統唐納德·特朗普（Donald Trump）倡導建立聯邦比特幣儲備，強調了美國在不斷發展的數字經濟中保持戰略地位的必要性。此外，已經成立了一個聯邦加密貨幣工作組，以探索政府儲備中數字資產的監管框架和潛在用例。

As these developments signal a growing acceptance of Bitcoin within governmental structures, the outcome of these proposals remains uncertain. Each state must navigate its own legislative process, balancing the potential benefits of Bitcoin investment against the risks posed by market volatility and regulatory uncertainty.

由於這些事態發展表明在政府結構內越來越接受比特幣，因此這些提案的結果仍然不確定。每個州都必須駕駛自己的立法流程，平衡比特幣投資的潛在利益與市場波動和監管不確定性帶來的風險。