唐納德·特朗普總統宣布成立戰略比特幣儲備

3月7日，唐納德·特朗普（Donald Trump）總統參加了白宮加密貨幣峰會，在那裡他宣布成立了戰略性比特幣保護區。

President Donald Trump was in attendance at the White House cryptocurrency summit on March 7, where he announced the formation of a Strategic Bitcoin Reserve. That repository, should it actually be formed, will contain Bitcoin (BTC 0.29%), and the similar Digital Asset Stockpile will contain other cryptocurrencies.

唐納德·特朗普（Donald Trump）總統於3月7日出席了白宮加密貨幣峰會，在那裡他宣布成立了戰略性比特幣保護區。該存儲庫如果實際形成，將包含比特幣（BTC 0.29％），類似的數字資產存儲將包含其他加密貨幣。

And in the course of reading his prepared remarks, the president had four choice words to say that every investor holding or thinking about buying Bitcoin will want to hear. Most already know the nugget of wisdom he offered, but if you don't, let's take a look at what Trump said.

在閱讀他準備好的言論的過程中，總統有四個選擇的話說，每個持有或考慮購買比特幣的投資者都希望聽到。大多數人已經知道他提供的智慧塊，但是如果您不提供的話，讓我們看看特朗普所說的話。

Every Bitcoin [sic] knows these four words

每個比特幣[sic]知道這四個詞

Longtime Bitcoin investors can probably hardly believe that the day where the president of the United States could say something like "Never sell your Bitcoin" could come and go without much in the way of fanfare or bullish price action.

長期的比特幣投資者可能幾乎不能相信美國總統可以說“永不出售您的比特幣”之類的話可以和誇張或看漲價格行動一樣。

Yet those are the exact four words the president said at the culmination of the White House crypto summit, where the new Strategic Bitcoin Reserve was announced. Despite the market's lukewarm response to the new policy, other major proponents of buying and holding Bitcoin tend to agree that it's almost never a good idea to sell your coins, except perhaps to rebalance your portfolio or adjust your risk profile. But there's an important additional wrinkle here.

然而，這是總統在白宮加密峰會的高潮中說的確切四個詞，該峰會宣布了新的戰略比特幣儲備。儘管市場對新政策的不冷不熱反應，但購買和持有比特幣的其他主要支持者傾向於同意，出售硬幣幾乎絕不是一個好主意，除了重新平衡您的投資組合或調整風險狀況。但是這裡還有一個重要的皺紋。

The president said, "From this day on, America will follow the rule that every Bitcoin [sic] knows very well: Never sell your Bitcoin." And that malapropism speaks to what the new digital asset stockpile policy should accomplish over time. He stumbled over the idea of "Bitcoin investors" and followed the bullish quote with some hedging, but it was still a strong pro-Bitcoin statement.

總統說：“從今天起，美國將遵循每個比特幣都非常了解的規則：永遠不要出售您的比特幣。”這種不良主義說明了新的數字資產庫存政策隨著時間的推移應取得的成就。他偶然發現了“比特幣投資者”的想法，並以對沖的方式跟隨了看漲的報價，但這仍然是一個強有力的親比特幣聲明。

Bitcoin holders, especially the more dedicated ones, tend to be a sturdy bunch as far as weathering market volatility goes, in part because they have to be.

就風化市場的波動而言，比特幣持有者，尤其是更專用的比特幣持有者往往是堅固的一堆，部分原因是它們必須是。

Over the long term, the coin's inherently limited supply will, in theory, make it more profitable to retain coins than to sell them, as there will be the same amount of demand chasing a smaller and smaller quantity of freshly mined coins. So long as everyone with a big vested financial interest in the coin going up refuses to sell, the odds are very much in favor of the asset's price rising. The price action of today or next week simply is not something to bother looking at when the plan calls for years and years of doing mostly nothing.

從長遠來看，從理論上講，硬幣固有的有限供應將使保留硬幣比出售硬幣更有利可圖，因為需要相同數量的需求來追逐越來越多的新鮮採礦的硬幣。只要每個擁有巨大的既得財務利益的人都拒絕出售財務利益，那麼機率就非常有利於資產的價格上漲。今天或下週的價格行動根本不是要查看計劃多年來幾年什麼都沒做的事情。

So far in the currency's history, as the president explicitly mused later in the same speech, the above theory of its growth has held up. Don't believe it? Look at this chart:

到目前為止，正如總統在同一演講中明確沉思的那樣，上述增長理論已經持續了下來。不相信嗎？查看此圖表：

Bitcoin Price data by YCharts

YCHARTS的比特幣價格數據

As you can see, there were many periods in the past 10 years when you would have been very tempted to sell. But if you simply held -- or better yet, if you'd bought the deepest dips -- you'd likely have a lot more money than you started with.

如您所見，在過去的10年中，您有很多時期很容易出售。但是，如果您只是舉行 - 或者更好的是，如果您購買了最深的蘸醬，那麼您可能會比開始的錢更多。

Plus, now that the U.S. government is obliged to hold on to its coins rather than sell them, the scarcity mechanic that supports Bitcoin's value is going to be more relevant than ever, as a major holder is signaling that its coins will never be back on the market. Note that the U.S. hasn't necessarily committed to buying coins it doesn't already own, just to not selling. The supply available for purchase is going to be more constrained either way.

另外，既然美國政府有義務堅持其硬幣而不是出售它們，那麼支持比特幣價值的稀缺機制將比以往任何時候都更加相關，因為主要持有人表明其硬幣將永遠不會回到市場上。請注意，美國不一定要購買它尚未擁有的硬幣，而只是為了不出售。無論哪種方式，可供購買的供應都將受到更大的約束。

The new policy will still be favorable for holders, assuming it's implemented in the proposed form, but keep your expectations grounded. The Strategic Bitcoin Reserve isn't shaping up to the game-changing Bitcoin buyer many investors had expected.

假設該政策以擬議的形式實施，但對持有人的期望仍然有利於持有人。戰略性比特幣儲備並沒有塑造許多投資者預期的改變遊戲規則的比特幣買家。

It's always possible to lose money

總是有可能虧本

The next 10 years are likely to be favorable ones for investors who dollar-cost average (DCA) into a larger Bitcoin position than they currently have. But those investors must resolve to (almost) never sell their coins, even if sharp drawdowns shake their conviction.

接下來的10年對於那些美元成本平均值（DCA）的投資者來說，可能是比他們目前更大的比特幣職位。但是，即使急劇的縮減動搖了他們的信念，這些投資者也必須決心（幾乎）永遠不會出售硬幣。

It's a lot easier to commit if you accept that Bitcoin is not an investment for the short term. And don't be tempted to bet the farm on this coin. The best approach is to allocate between 1% and 5% of your diversified portfolio to Bitcoin and slowly buy in small increments until you reach that point.

如果您接受比特幣不是短期投資，那麼提交要容易得多。而且不要想在這枚硬幣上賭農場。最好的方法是將多元化投資組合的1％至5％分配給比特幣，並以少量增量慢慢購買，直到達到這一點。

Finally, you don't need to take the president's word for what to do with your investments. If the conditions change or if your investment thesis for buying Bitcoin becomes invalidated, it's worth deciding for yourself whether to disobey the four words or not.

最後，您無需對總統的言論來處理您的投資。如果條件發生了變化，或者您的購買比特幣的投資論文無效，則值得自己決定是否不服從四個單詞。