自從總統大選以來，加密貨幣行業就沒有呆板的日子。

最近的事件顯而易見的是特朗普宣布了美國加密保護區。

The cryptocurrency industry has not had a dull day since the presidential election with a “pro-crypto” president in office. While many people hear “pro-crypto” and think it will positively affect the market, the reality of having a pro-crypto president is beginning to look more like a negative catalyst than a boon for the industry.

自從總統大選與“親克萊托普”總統任職以來，加密貨幣行業並沒有呆滯的一天。儘管許多人聽到“親克賴普托”的聲音並認為這會對市場產生積極影響，但擁有親克萊托普總統的現實開始看起來更像是一種負面的催化劑，而不是為該行業的福音。

The most recent event that has made this apparent was Trump’s announcement of a U.S. crypto reserve. At the time of the announcement, the reserve was said to include XRP, SOL, and ADA without mention of any other cryptocurrencies. This immediately caused the market to pump but led to confusion among crypto supporters and enthusiasts.

最近的事件顯而易見的是特朗普宣布了美國加密保護區。在宣布這一消息時，據說該保護區包括XRP，SOL和ADA，而無需提及其他任何加密貨幣。這立即導致市場抽水，但引起了加密支持者和發燒友的困惑。

The main cause of frustration was the coins in the reserve: Solana, ADA, and XRP—the 6th, 8th, and 3rd largest cryptocurrencies by market cap, respectively. This surprised the industry, as Trump had previously rumored launching a BTC strategic reserve but made no mention of it, making it seem as though these other coins came out of the left field.

挫敗感的主要原因是儲備金中的硬幣：Solana，Ada和XRP，分別是市值的第六，第八和第三大加密貨幣。這使該行業感到驚訝，因為特朗普此前曾有傳言說明了BTC戰略儲備，但沒有提及它，這似乎使這些其他硬幣似乎來自左場。

This raised the following question: how did the Trump administration decide on these three coins being the first to be included in the strategic reserve? Although no hard data is available now, it looks like it was purely a business decision. Individuals from these blockchain networks most likely lobbied or even bid for inclusion in the strategic reserve. They probably had meetings with the president and others in the White House to angle and get their coin included in the reserve, with the positions likely going to the highest bidders or those who could make the best deal with the White House.

這提出了以下問題：特朗普政府如何決定這三枚硬幣是第一個被包括在戰略儲備中的硬幣？儘管現在沒有硬數據可用，但看來這純粹是一個商業決策。來自這些區塊鍊網絡的個人很可能遊說甚至競標將其納入戰略儲備。他們可能與總統和白宮的其他人會面，以傾斜，並將其硬幣包括在預備役中，而職位可能會達到最高的投標人，或者可能與白宮達成最好的交易。

Unsurprisingly, crypto enthusiasts had a lot to say about the choice of coins in the reserve. It seems like that feedback made its way to the president because two hours after his original post, he followed up by saying that BTC and ETH, the 1st and 2nd largest coins by market cap, would also be included in the reserve.

毫不奇怪，加密愛好者對儲備中的硬幣的選擇有很多話要說。似乎反饋向總統出現了，因為在他的原始職位後兩個小時後，他說，BTC和ETH（按市場上限劃分的第一和第二大硬幣）也將被包括在預備役中。

With no rhyme or reason to the initial three coins included in the strategic reserve, a broader conversation about the cryptocurrency industry in America began, ranging from moderate to more complex issues that observers and participants have had with Trump’s approach to crypto.

戰略儲備中沒有押韻或理由，其中包括戰略儲備中的最初三枚硬幣，就開始了有關美國加密貨幣行業的更廣泛的對話，從中等到更複雜的問題，觀察家和參與者對特朗普的加密貨幣態度所涉及的。

On the lower rungs of the ladder is the idea that crime is essentially permissible in the crypto world these days, especially due to the Securities and Exchange Commission’s (SEC) recent announcement that a majority of memecoins are not securities. This ushered in a new wave of fraud as it essentially legalized pump and dumps. The president’s latest announcement of the strategic reserve is indicative of this. Weeks before the announcement, the president’s son, Eric Trump, tweeted, encouraging everyone to “buy the dip,” with hindsight, this looks like investment advice.

在階梯的下梯級上是這樣的想法，即如今的加密貨幣世界本質上允許犯罪，尤其是由於證券交易委員會（SEC）最近宣布，大多數紀念物不是證券。這引發了新的欺詐浪潮，因為它本質上是合法化的泵和垃圾場。總統對戰略儲備的最新宣布表示了這一點。在宣布這一消息的幾週前，總統的兒子埃里克·特朗普（Eric Trump）發了推文，鼓勵所有人“浸入蘸醬”，這看起來像是投資建議。

After Trump announced the strategic reserve, Eric Trump followed up with a tweet that explicitly appeared to be investment advice. Although the advice was to hold for the long term, the market action around the strategic reserve announcement played out like a hallmark pump and dump.

特朗普宣布戰略儲備金後，埃里克·特朗普（Eric Trump）跟進了一條明確是投資建議的推文。儘管該建議是長期保留的，但圍繞戰略儲備公告的市場行動像Hallmark Pump and Dump一樣出現。

When Trump announced the strategic reserve, the price of BTC, which is often used as a benchmark in the market, was roughly $85,075. About six hours after Trump mentioned that BTC and ETH would also be in the reserve, the price of BTC shot up to about $94,770, an 11% increase from the pre-announcement price. However, the euphoria in the market did not last long. The pump quickly reversed, especially as people increasingly questioned the decision to add coins like SOL, ADA, and XRP to the reserve. As the conversation around these coins and the strategic reserve as a whole continued, the price of Bitcoin dropped below $88,000 just 24 hours later.

當特朗普宣布戰略儲備時，BTC的價格通常用作市場上的基準，約為85,075美元。在特朗普提到BTC和ETH也將在儲備金中大約六個小時後，BTC的價格高達94,770美元，比宣布前的價格增長了11％。但是，市場上的欣喜並沒有持續很長時間。泵很快倒轉，尤其是當人們越來越質疑將SOL，ADA和XRP等硬幣添加到儲備金的決定時。隨著這些硬幣和整個戰略儲備的對話繼續，僅24小時後，比特幣的價格下跌了88,000美元。

Beyond the fact that the market activity—in which an immediate pump was followed by a sell-off—is a classic feature of a pump and dump, which could be a sign of insider trading, there is a bigger controversy with the strategic crypto reserve.

除了市場活動（即時泵隨後是拋售）的事實外，這是泵和垃圾場的經典特徵，這可能是內部交易的跡象，戰略加密保護區存在更大的爭議。

Although this is arguably a short-term win for the cryptocurrency industry that has pumped people’s bags, if the administration does follow through with the strategy, it raises the question of whether allocating a percentage of American tax dollars to buy speculative cryptocurrencies with no utility is a responsible move—especially when cryptocurrency holders remain a minority within the larger population.

儘管這可以說是加密貨幣行業的短期勝利，但如果政府確實遵循了該策略，但它提出了一個問題，它的問題是，分配一定比例的美國稅金以購買無效的投機性加密貨幣是否有負責任的舉動，這是一個負責任的舉動，尤其是當加密貨幣持有人仍然是較大的人群中的少數情況時。

On top of that, this strategic reserve appears to be anything but strategic. It doesn’t seem to serve any actual “strategic” purposes, nor does it seem to accomplish any goal or offer economic or catastrophe protection to the United States.

最重要的是，這個戰略儲備似乎只是戰略性的。它似乎沒有達到任何實際的“戰略”目的，也似乎沒有實現任何目標或為美國提供經濟或災難保護。

By definition, a strategic reserve is a commodity that is stockpiled by a government with the intention that it will be used in an emergency or unexpected disruption. Current reserves in the U.S. include the Strategic Petroleum Reserve, Strategic Crude Oil Reserve, and Strategic Grain Reserve—all items with clear purposes and practical use in critical situations. However, when it comes to the coins in the crypto reserve, it’s not easy to understand

從定義上講，戰略儲備是由政府儲存的商品，目的是將其用於緊急或意外的破壞。美國當前的儲備包括戰略石油儲備，戰略原油儲備和戰略穀物儲備，這些物品在關鍵情況下具有明確目的和實際使用的物品。但是，當談到加密保護區的硬幣時，這並不容易理解