美國總統唐納德·特朗普（Donald Trump）剛剛在美國戰略儲備中增加了比特幣，但亞瑟·海斯（Arthur Hayes）並沒有購買炒作

美國總統唐納德·特朗普（Donald Trump）只是在美國戰略儲備中增加了比特幣，但亞瑟·海斯（Arthur Hayes）並沒有購買炒作。他認為這是政治姿態

US President Donald Trump just added Bitcoin to the US Strategic Reserve, but Arthur Hayes isn’t buying the hype. In an exclusive interview with Cryptopolitan, the CIO of Maelstrom and co-founder of BitMEX, sees it as political posturing and a way to woo crypto voters ahead of the 2026 midterms while doing the bare minimum to keep inflation under control.

美國總統唐納德·特朗普（Donald Trump）只是在美國戰略儲備中增加了比特幣，但亞瑟·海斯（Arthur Hayes）並沒有購買炒作。在對密碼大都會的獨家採訪中，梅爾斯特羅姆（Maelstrom）和比特梅克斯（Bitmex）的聯合創始人的CIO將其視為政治姿態，也是一種在2026年中期之前吸引加密貨幣選民的方式，同時又採取了最低限度的最低限度來控制通貨膨脹。

With US-China tensions simmering and aggressive tariffs making a comeback, could Bitcoin become a weapon in the new Cold War? We asked Hayes who also thinks China might already be ahead in the BTC accumulation race.

隨著我們 - 中國的緊張局勢耗盡和積極的關稅，捲土重來，比特幣會成為新冷戰的武器嗎？我們問海耶斯（Hayes）也認為中國可能已經在BTC積累競賽中取得了進步。

Bitcoin becoming a mainstream asset

比特幣成為主流資產

With Bitcoin ETFs, institutional adoption, and political backing, many are celebrating what seems like the asset’s golden era. However, Hayes sees the flip side, warning that this mainstreaming could strip BTC of its rebel DNA and turn it into just another Wall Street asset.

憑藉比特幣ETF，機構採用和政治支持，許多人正在慶祝資產的黃金時代。但是，海耶斯看到了另一面，警告說，這種主流化可能會剝奪其叛軍DNA的BTC，並將其變成另一個華爾街資產。

As we discussed in our interview, Arthur highlighted that “Bitcoin is a bearer asset with a finite supply that cannot be altered by government or central bank diktat. It is the complete opposite of any TradFi asset which, even if it is in finite supply like equities, relies on the legal fiction woven by governments and enforced by men with guns.”

正如我們在訪談中所討論的那樣，亞瑟強調說：“比特幣是一個有限供應的持有資產，政府或中央銀行Diktat無法改變。它與任何貿易費資產完全相反，即使它像有限的公平供應一樣，它依賴於政府編織的法律小說，並由槍支駕駛的槍支人士進行。”

We asked him if big banks would kill off stablecoin issuers like Tether or if regulators could shut down all stablecoins, bank-issued or not.

我們問他，大銀行是否會殺死像Tether這樣的Stablecoin發行人，或者監管機構是否可以關閉銀行發行的所有Stablecoins。

He stood firm on Tether’s survival and highlighted that Tether is too big to kill because a disorderly unwind of their hundreds of billions of dollars worth of US Treasury securities would roil the market.

他堅定地堅持了Tether的生存，並強調系塞特太大而無法殺死，因為他們對價值數千億美元的美國財政證券的無序不斷地放鬆了市場。

“Tether is mostly used by non-Americans, US bank will issue a stablecoin in its first instance to service US persons. Therefore, Tether’s dominance will not be challenged,”

“束縛大多是非美國人使用的，美國銀行將首先發出穩定的人來為我們的人提供服務。因此，Tether的統治地位不會受到挑戰，”

said Hayes.

海斯說。

Is Trump’s Bitcoin Reserve a smart move or a gimmick?

特朗普的比特幣保留是明智的舉動還是gi頭？

Earlier this year, we learned that Bitcoin and other top altcoins got an official call to be included in a government reserve. We asked Arthur whether this is the first step toward a Bitcoin-backed financial system or just political theater.

今年早些時候，我們了解到比特幣和其他頂級替代幣接到了正式的電話，將其包括在政府儲備中。我們問亞瑟是邁向比特幣支持的金融體系還是政治劇院的第一步。

He pointed out that “Trump and the Republican party have a tough mid-term election coming up in 2026. Trump needs to keep crypto investors on side so they show up with campaign donations and at the ballot box.”

他指出：“特朗普和共和黨在2026年舉行了艱難的中期選舉。特朗普需要將加密貨幣投資者留在一邊，以便他們出現在競選捐贈和投票箱中。”

He added “But on the other hand, Trump can’t have inflation running wild, so wanton money printing, which would send Bitcoin quickly to new all-time highs, cannot be pursued because inflation harms all Americans. Trump will do the minimum necessary to gain the support of crypto investors.”

他補充說：“但另一方面，特朗普不能使通貨膨脹狂奔，因此，肆意的貨幣印刷將迅速將比特幣送到新的歷史最高點，因為通貨膨脹會損害所有美國人的通貨膨脹。特朗普將竭盡所需的最低限度來獲得加密投資者的支持。”

According to his calculations, local governments in China have been mining Bitcoin for years and might already be ahead in accumulating reserves. As he explained:

根據他的計算，中國的地方政府多年來一直在開採比特幣，並且在積累儲備方面可能已經領先。正如他解釋的那樣：

“The roughly 200,000 Bitcoin the US government seized or stole from individuals is what is going into the reserve. It is very possible that the Chinese government holds more Bitcoin than that.”

“美國政府從個人那裡抓住或偷走的比特幣是預備役的目標。

Bitcoin as a trade war weapon?

比特幣是貿易戰武器？

With US-China tensions simmering and the return of aggressive tariffs, Bitcoin could become a strategic tool for countries to bypass financial sanctions and tariffs. We asked Arthur if we could see governments weaponizing BTC in global trade.

隨著美國 - 中國的緊張局勢耗盡和積極的關稅返回，比特幣可能成為繞過金融制裁和關稅的國家的戰略工具。我們問亞瑟（Arthur）是否可以看到政府在全球貿易中為BTC武器化。

According to him, Bitcoin is becoming a key tool for economic resistance.

據他說，比特幣正在成為經濟抵抗的關鍵工具。

“Bitcoin will become the only way that balkanized economic blocs can be financially connected. In the near future, the major economic blocs will begin blocking the ability for capital to flow freely outside of their borders. At that point, Bitcoin, given that anyone with an internet connection can use it, will be the only way that citizens from different blocs can financially interact with each other,” he added.

“比特幣將成為可以在財務上建立聯繫的唯一途徑。在不久的將來，主要的經濟集團將開始阻止資本在其邊界之外自由流動的能力。鑑於那時，比特幣，互聯網連接的任何人都可以使用它，這將是來自不同布洛克斯市的唯一與對方的公民相互作用，”他補充說。 ”

If global supply chains get disrupted again due to tariffs and economic nationalism, could that push businesses and individuals toward Bitcoin as a borderless asset?

如果由於關稅和經濟民族主義而再次破壞了全球供應連鎖店，那是否可以將企業和個人作為無邊界資產朝著比特幣轉向比特幣？

Maelstrom CIO suggested that “the balkanization of trade and finance is inflationary as every country must replicate production. The increase in productive capacity cannot be funded out of savings alone; therefore, fiat money printing will be used to finance this build out.”

Maelstrom CIO建議：“貿易和金融的巴爾乾化是通貨膨脹的，因為每個國家都必須複製生產。生產能力的提高不能僅僅由儲蓄來資助；因此，FIAT貨幣印刷將用於資助這一資金。”

“Bitcoin benefits as the amount of global fiat credit expands. That is how Bitcoin benefits in a global trade war,” he further added.

他進一步補充說：“隨著全球菲亞特信貸數量不斷擴大，比特幣受益。這就是比特幣在全球貿易戰中受益的方式。”

We’ve seen El Salvador going big on BTC, but they’re small. Which major nation do you think will be the first to shift a major part of their reserves into Bitcoin?

我們已經看到El Salvador在BTC上走得很大，但它們很小。您認為哪個主要國家將是第一個將其大部分儲量轉移到比特幣的人？

Despite El Salvador’s Bitcoin experiment, Hayes doubts any major economy will make Bitcoin its primary reserve asset. “It doesn’t make any sense for a government to ditch the privilege of issuing its own currency by fiat.”

儘管薩爾瓦多進行了比特幣實驗，海耶斯懷疑任何主要經濟體都會使比特幣成為其主要儲備金。 “對於政府來說，放棄通過菲亞特發行自己的貨幣的特權沒有任何意義。”

Are meme coins the real central bank killers?

Meme硬幣是真正的中央銀行殺手嗎？

Forget BTC and ETH, meme coins are moving faster and generating more liquidity than some national currencies. In the meantime, we’ve also seen more scams and hacks in the shadow of the meme coins explosion.

忘記BTC和ETH，模因硬幣的移動速度比某些國家貨幣更快，並且產生更多的流動性。同時，在模因硬幣爆炸的陰影中，我們還看到了更多的騙局和黑客。

Would it be possible to see a future where such coins disrupt fiat

可以看到這樣的硬幣破壞菲亞特的未來