特朗普總統承諾建立戰略性比特幣儲備

在較早的承諾中為戰略性的加密貨幣持有奠定了基礎，3月6日簽署了14233年的行政命令，旨在建立官方的戰略比特幣儲備和單獨的數字資產庫存。

President Trump’s signature this month on Executive Order 14233, setting up a U.S. Strategic Bitcoin Reserve and a separate Digital Asset Stockpile, followed through on a popular campaign promise.

特朗普總統本月通過14233號行政命令的簽名，建立了美國戰略比特幣儲備金和單獨的數字資產庫存，隨後是一個流行的競選承諾。

Earlier commitments had already laid the groundwork for this move, and several crypto investors had been hoping for a truly game-changing strategic reserve, paving the way to massive federal purchases of Bitcoin (BTC 0.98%) and other digital assets. The executive order didn't exactly deliver on those bullish hopes, and the immediate market reaction was largely negative. On the other hand, this two-pronged digital asset strategy may turn out to have some value-boosting power after all.

較早的承諾已經為這一舉動奠定了基礎，幾位加密投資者一直希望真正改變遊戲規則的戰略儲備，為大規模的聯邦購買比特幣（BTC 0.98％）和其他數字資產鋪平了道路。行政命令並未完全兌現那些看漲的希望，而直接的市場反應在很大程度上是負面的。另一方面，這種兩med的數字資產策略畢竟可能具有一定的增值能力。

Here are three important details about Executive Order 14233 that probably didn't jump out at you from reading the headlines -- and perhaps not even after taking a quick look at the order. Bitcoin investors should pay more attention than others, but it's also substantial news to Ethereum (ETH 1.41%) and XRP (XRP 1.31%) holders.

這裡有三個有關行政命令14233的重要細節，這些細節可能並沒有從閱讀頭條新聞中跳出來 - 甚至在快速查看訂單之後也沒有。比特幣投資者應該比其他投資者更多的關注，但這對以太坊（ETH 1.41％）和XRP（XRP 1.31％）持有人來說也是實質性的消息。

1. Private investments dwarf strategic reserves

1。私人投資矮人戰略儲備金

1。私人投資矮人戰略儲備金

The idea of mirroring the U.S. gold reserve in Bitcoin (and perhaps other digital assets) sounds like a big deal. However, the gold holdings in Fort Knox and elsewhere aren't that large. According to the Treasury's own data, the total value of all gold under federal ownership was about $11 billion in February.

在比特幣（也許還有其他數字資產）中反映美國黃金儲備的想法聽起來很重要。但是，諾克斯堡和其他地方的黃金持有並不大。根據財政部自己的數據，2月，所有黃金的總價值約為110億美元。

To put that gold figure into context, there are currently three Bitcoin-based exchange-traded funds (ETFs) with more than $11 billion of Bitcoin in each portfolio:

將這個金數置於上下文中，目前有三個基於比特幣的交易所貿易資金（ETF），每個投資組合中有超過110億美元的比特幣：

Data collected from Finviz.com on March 21, 2025

2025年3月21日從Finviz.com收集的數據

Gold reserves would be larger if the American dollar were directly based on the value of its gold holdings, but that's not how the dollar works anymore. The country started to cut loose from the gold standard in 1933, completing the journey to a fiat currency in 1973. Since then, the dollar hasn't been tied to any physical assets, becoming a fiat currency with more direct government control over its effective value.

如果美元的美元直接基於其黃金持有的價值，黃金儲備將更大，但這不再是美元的運作方式。該國於1933年開始從黃金標準中脫穎而出，於1973年完成了菲亞特貨幣的旅程。從那時起，美元就沒有與任何物理資產聯繫在一起，成為一種菲亞特貨幣，具有更直接的政府對其有效價值的控制權。

Now, the gold reserve has nothing to do with the value of American dollars. It's also a pretty small portion of the global gold reserve, currently worth about $20 trillion, according to several sources. ETFs already manage 5.5% of the cryptocurrency's market value, making $11 billion a drop in the golden ocean.

現在，黃金儲備與美元的價值無關。據多個消息人士稱，這也是全球黃金儲備的一小部分，目前價值約20萬億美元。 ETF已經管理了加密貨幣市場價值的5.5％，在金海洋中跌幅110億美元。

In other words, it may be misguided to expect a price-changing impact from any version of the Strategic Bitcoin Reserve. These reserves aren't that huge. The private investments flowing through ETFs seem to have stronger price-moving effects on Bitcoin than any government effort ever could.

換句話說，可能會誤以為可以期待任何戰略比特幣儲備的任何版本都會改​​變價格的影響。這些儲備並不那麼巨大。通過ETF進行的私人投資似乎對比特幣具有比任何政府努力更強大的價格影響。

2. The Digital Asset Stockpile is very different from the Strategic Bitcoin Reserve

2。數字資產庫存與戰略比特幣儲備有很大不同

2。數字資產庫存與戰略比特幣儲備有很大不同

Cryptocurrencies not named Bitcoin are in the domain of the distinct Digital Asset Stockpile. This portfolio is tasked to collect the non-Bitcoin crypto coins currently held by any part of the Treasury, adding more only as the result of legal proceedings. To be clear, the Treasury will manage its altcoins in one central portfolio but will not actively buy any more Ethereum, Litecoin (LTC 1.33%), XRP, Solana, or stablecoins. Any additions to this Stockpile will come from criminal or civil court cases.

未命名比特幣的加密貨幣處於不同數字資產庫存的領域。該投資組合的任務是收集美國財政部任何部分目前持有的非比型幣加密硬幣，僅在法律程序的結果上增加了更多。需要明確的是，財政部將在一個中央投資組合中管理其Altcoins，但不會積極購買以太坊，Litecoin（LTC 1.33％），XRP，Solana或Stablecoins。該庫存的任何添加都將來自刑事或民事法院案件。

Solana and XRP investors were expecting a more active purchasing program, and their coin prices drooped sharply as soon as Trump signed the executive order.

索拉納（Solana）和XRP投資者預計採購計劃更加積極，一旦特朗普簽署了行政命令，他們的硬幣價格就會急劇下跌。

XRP Price data by YCharts

YCHARTS的XRP價格數據

3. “Budget-neutral” Bitcoin purchases can be larger than you think

3。“預算中立”比特幣的購買可能比您想像的要大

3。“預算中立”比特幣的購買可能比您想像的要大

I don't have any bullish insights to share about the Digital Asset Stockpile, but the Strategic Bitcoin Reserve might have some price-boosting power in the end. If Bitcoin continues to rise in value over the long term, the Treasury could reallocate many forms of monetary holdings to this newfangled asset class.

我沒有任何關於數字資產庫存的見解，但是戰略性比特幣儲備最終可能具有提高價格的能力。如果比特幣長期以來一直在價值上升，那麼財政部就可以將許多形式的貨幣持股重新分配給這個新型資產類別。

You've heard of other asset reserves, but those are often outside the Treasury Department's control and, therefore, not a serious part of the Strategic Bitcoin Reserve discussion.

您已經聽說過其他資產儲備，但是這些儲量通常不在財政部的控制之內，因此並不是戰略比特幣儲備討論中的嚴重組成部分。

The Department of Energy had about 396 million barrels of oil in the Strategic Petroleum Reserve on March 14. That's worth about $27 billion at recent oil prices, but it's not a Treasury-owned asset. Likewise, fabled 1.4 billion pounds of surplus cheese in long-term cold cave storage could be worth $7.8 billion on the open market.

能源部在3月14日的戰略石油儲備中擁有約3.96億桶石油。最近油價的價值約為270億美元，但這不是財政部資產。同樣，在長期冷洞存儲中，寓言中有14億磅的剩餘奶酪在公開市場上價值78億美元。

Flooding the market with massive amounts of extra oil or literal government cheese would drive prices way down, but you get my drift. The U.S. Department of Agriculture (USDA) owns the cheese caves, and the USDA is not mentioned in Executive Order 14233. And pulling huge portions of America's monetary reserves out of the IMF could result in a global economic

用大量的額外石油或字面上的政府奶酪淹沒市場會使價格降低，但您會變得我的漂移。美國農業部（USDA）擁有奶酪洞穴，在14233年行政命令中沒有提及美國農業部。將美國大部分貨幣儲備從國際貨幣基金組織中撤出可能會導致全球經濟經濟。