當選總統川普提出創建「國家比特幣戰略儲備」的想法

在當選總統唐納德·川普重申其競選建議，要求政府正式持有一定數量的流行加密貨幣後，比特幣 (BTCUSD) 的價格本週飆升至歷史新高，短暫突破 108,000 美元大關。

President-elect Donald Trump has been promoting the idea of creating a ‘Strategic National Bitcoin Stockpile,’ but the purpose of such an institution remains unclear.

當選總統唐納德·川普一直在提倡創建「國家比特幣戰略儲備」的想法，但這樣一個機構的目的仍不清楚。

The price of a bitcoin (BTCUSD) surged to a record high this week, briefly passing the $108,000 mark after President-elect Donald Trump repeated his campaign trail proposal for the government to hold some amount of the popular cryptocurrency officially.

在當選總統唐納德·川普重申其競選建議，要求政府正式持有一定數量的流行加密貨幣後，比特幣 (BTCUSD) 的價格本週飆升至歷史新高，短暫突破 108,000 美元大關。

Even though bitcoin swiftly reversed direction after the Federal Reserve's meeting this week, the idea of a reserve is gathering some steam. It has also attracted some skepticism from economists who question the purpose of establishing a strategic reserve of a volatile speculative asset.

儘管比特幣在本週聯準會會議後迅速逆轉方向，但儲備的想法正在累積一些動力。它也引起了一些經濟學家的懷疑，他們質疑建立波動性投機資產策略儲備的目的。

Trump first proposed the idea at a bitcoin conference in Nashville in July. At that time, he said cryptocurrency the government has seized during criminal prosecutions would serve as the core of a “Strategic National Bitcoin Stockpile” and that his policy would be never to sell it. According to BitcoinTreasuries, a website that tracks cryptocurrency ownership, the U.S. owns 198,000 bitcoins worth $21 billion.

川普在 7 月於納許維爾舉行的比特幣會議上首次提出了這個想法。當時，他表示政府在刑事訴訟中扣押的加密貨幣將作為「國家比特幣戰略儲備」的核心，他的政策是永遠不會出售它。根據追蹤加密貨幣所有權的網站 BitcoinTreasuries 的數據，美國擁有 198,000 枚比特幣，價值 210 億美元。

Bitcoin's supply is capped at 21 million, and 19.79 million of those are already in circulation.

比特幣的供應量上限為 2,100 萬枚，其中 1,979 萬枚已經流通。

What Are Other Strategic Reserves that the US Holds?

美國還擁有哪些戰略儲備？

The idea has echoes of the Strategic Petroleum Reserve. The reserve was established in 1975 in the wake of the oil embargoes against the U.S. which caused shortages and wreaked havoc on the economy. The U.S. stores up to 727 million barrels of oil in underground caverns for use in emergencies. And, like any good trader, the government seeks to sell oil from the reserve when prices are high, bringing prices down, and refill it when prices are low.

這個想法與戰略石油儲備相呼應。該儲備是在 1975 年對美國實施石油禁運後設立的，該禁運導致石油短缺並對經濟造成嚴重破壞。美國在地下洞穴中儲存了多達 7.27 億桶石油以供緊急情況使用。而且，像任何優秀的交易者一樣，政府尋求在價格高時出售儲備石油，從而壓低價格，並在價格低時補充石油。

The idea of establishing an equivalent government stockpile of bitcoins has gathered momentum as crypto investors have gained influence in Washington. In July, Senator Cynthia Lummis, a Republican from Wyoming, introduced a bill to have the government buy 1 million bitcoins over five years as “a hedge against economic uncertainty and monetary instability,” similar to the gold bullion kept by the Federal Reserve.

隨著加密貨幣投資者在華盛頓獲得影響力，建立同等政府比特幣儲備的想法已經得到了越來越多的支持。今年7 月，來自懷俄明州的共和黨參議員辛西婭·盧米斯(Cynthia Lummis) 提出了一項法案，要求政府在五年內購買100 萬枚比特幣，作為「對沖經濟不確定性和貨幣不穩定的工具”，類似於美聯儲持有的金條。

The Case For a Strategic Bitcoin Reserve

比特幣戰略儲備的案例

Tyler Cowen, a professor of economics at George Mason University and a columnist at Bloomberg, wrote in July that the U.S. buying bitcoin would strengthen the dollar as the world’s reserve currency, cementing U.S. leadership of the global financial system.

喬治梅森大學經濟學教授、彭博社專欄作家泰勒考恩 (Tyler Cowen) 在 7 月撰文稱，美國購買比特幣將強化美元作為世界儲備貨幣的地位，鞏固美國在全球金融體系中的領導地位。

Padhraic Garvey, regional head of research, Americas at ING, told Investopedia there are several possible reasons to establish a crypto reserve. By exerting some control over the bitcoin supply, Trump may seek to prevent it from falling into the hands of bad actors. He also said Trump may aim to prevent other countries from using bitcoin as an alternative to the dollar.

ING 美洲地區研究主管 Padhraic Garvey 告訴 Investopedia，建立加密貨幣儲備有幾個可能的原因。透過對比特幣供應施加一定的控制，川普可能會尋求防止比特幣落入不良行為者手中。他還表示，川普可能旨在阻止其他國家使用比特幣作為美元的替代品。

The Case Against A Strategic Bitcoin Reserve

反對比特幣戰略儲備的案例

But the idea of a cryptocurrency reserve also drew skepticism from experts. Unlike oil, bitcoin is not crucial to running the economy, and cannot be turned into fuel for tanks and fighter jets in case of a national emergency. And while the government buying bitcoin could help crypto investors by driving up prices, its benefits to the economy are harder to discern.

但加密貨幣儲備的想法也引起了專家的懷疑。與石油不同，比特幣對於經濟運作並不重要，並且在國家緊急情況下不能變成坦克和戰鬥機的燃料。儘管政府購買比特幣可以透過推高價格來幫助加密貨幣投資者，但對經濟的好處卻很難辨別。

“It’s not clear what a crypto reserve would serve, apart from ensuring there is enough U.S. influence over it,” Garvey said.

加維表示：“除了確保美國對其有足夠的影響力之外，目前還不清楚加密貨幣儲備的用途。”

The reserve could also carry economic risks. Establishing a reserve would commit the state and taxpayers to backing bitcoin, a risky financial asset, Ramaa Vasudevan, a professor of economics at Colorado State University, told Investopedia by email.

該儲備還可能帶來經濟風險。科羅拉多州立大學經濟學教授 Ramaa Vasudevan 透過電子郵件告訴 Investopedia，建立儲備金將使國家和納稅人承諾支持比特幣，這是一種風險金融資產。

“The fund would provide bitcoin speculators the assurance that when the crash comes, the State will deploy this fund to rescue it,” she said.

「該基金將為比特幣投機者提供保證，當崩盤發生時，國家將部署該基金來救援，」她說。