比特幣的競賽：美國各州引入儲備金，引發了對全球積累競賽的猜測

美國提出比特幣儲備賬單的美國各州的日益增長的趨勢引發了人們對積累加密貨幣的潛在種族的猜測，而早期採用者準備受益於比特幣作為主流儲備資產的日益增長的作用。

As U.S. states continue to introduce Bitcoin reserve bills, a potential global race to accumulate the cryptocurrency could be on the horizon, with early adopters poised to benefit from Bitcoin’s growing role as a mainstream reserve asset.

隨著美國各州繼續引入比特幣儲備賬單，積累加密貨幣的全球潛在競賽可能會出現，早期採用者準備從比特幣作為主流儲備資產的越來越多的作用中受益。

On February 6, Kentucky became the 16th state to propose legislation aiming to allocate up to 10% of its excess state reserves into Bitcoin (BTC), further pushing the narrative that Bitcoin could become a key part of future financial portfolios.

2月6日，肯塔基州成為第16個國家提出的立法，旨在將多達10％的州儲備分配給比特幣（BTC），進一步推動了比特幣可能成為未來金融投資組合的關鍵部分的敘述。

Kentucky’s Proposal and the Growing Bitcoin Reserve Movement

肯塔基州的提議和日益增長的比特幣儲備運動

The move by Kentucky follows a wave of states introducing similar legislation, signaling a larger trend that could accelerate Bitcoin’s integration into traditional financial systems.

肯塔基州的舉動遵循了一系列國家，引入了類似的立法，這表明了更大的趨勢，可以加速比特幣中的整合到傳統的金融系統中。

According to Isaac Joshua, CEO of the Gems Launchpad, Kentucky’s bill could be a tipping point that prompts other states to formally adopt Bitcoin into their reserve systems. Joshua predicts that once a few states commit to this strategy, others will feel compelled to follow suit, creating a global Bitcoin accumulation race.

GEMS Launchpad首席執行官艾薩克·約書亞（Isaac Joshua）表示，肯塔基州的法案可能是一個轉折點，促使其他州正式採用比特幣進入其儲備系統。約書亞（Joshua）預測，一旦一些州致力於這種策略，其他人將被迫效仿，從而創造全球比特幣積累競賽。

As Joshua mentions, the growing institutional and national adoption of Bitcoin is helping to position it as a mainstream reserve asset. Bitcoin has been slowly gaining traction with major asset management firms, with some of the largest firms already amassing significant portions of the total Bitcoin supply. According to Dune Analytics, U.S. spot Bitcoin exchange-traded funds (ETFs) currently hold over 5.91% of the total Bitcoin supply, valued at a staggering $113.5 billion.

正如約書亞（Joshua）所提到的那樣，日益增長的機構和國家採用比特幣正在幫助將其定位為主流儲備資產。比特幣一直在逐漸吸引主要資產管理公司，其中一些最大的公司已經積累了總比特幣供應的大部分。根據Dune Analytics的說法，美國現貨比特幣交易所交易基金（ETF）目前佔比特幣供應總額的5.91％，價值驚人的1,135億美元。

Bitcoin ETFs: A Driving Force in Bitcoin Accumulation

比特幣ETF：比特幣積累的驅動力

A significant driver behind the growing interest in Bitcoin reserves is the rise of Bitcoin ETFs. The most prominent among them is BlackRock’s Bitcoin ETF, which holds over 48.7% of the total Bitcoin ETF market share, translating to a value of $55.3 billion. Continued inflows into these ETFs could push Bitcoin to new all-time highs. In fact, in 2024, U.S. Bitcoin ETFs accounted for around 75% of new investments into Bitcoin, contributing to the cryptocurrency’s rally back above the $50,000 mark in February.

比特幣ETF的興起，對比特幣儲量日益興趣的重要驅動力是。其中最突出的是貝萊德的比特幣ETF，該比特幣ETF佔比特幣ETF市場份額的48.7％以上，價值為553億美元。繼續流入這些ETF可以將比特幣推向新的歷史高點。實際上，在2024年，美國比特幣ETF佔對比特幣的新投資的75％，這導致了加密貨幣的集會返回2月的50,000美元。

These developments have many believing that Bitcoin’s role in the financial ecosystem is set to expand further, and state-level Bitcoin reserve proposals are just one example of the growing adoption.

這些發展有許多人認為，比特幣在金融生態系統中的作用將進一步擴展，而州級比特幣儲備建議只是採用不斷增長的一個例子。

Regulatory and Volatility Concerns

監管和波動問題

Despite the promising outlook for Bitcoin reserves, regulatory challenges persist. James Wo, CEO of DFG Venture Capital, acknowledges the fascinating potential of a Bitcoin accumulation race but highlights the regulatory uncertainty that still surrounds Bitcoin. He points out that many of the Bitcoin reserve bills are still in their proposal stages, meaning they are far from becoming law. Additionally, concerns about Bitcoin’s volatility could pose significant challenges for both legislators and the public.

儘管對比特幣儲量有希望的前景，但監管挑戰仍然存在。 DFG風險投資首席執行官詹姆斯·沃（James Wo）承認比特幣積累種族的引人入勝的潛力，但突出了仍然圍繞比特幣的監管不確定性。他指出，許多比特幣儲備賬單仍處於提議階段，這意味著它們遠非法律。此外，對比特幣波動性的擔憂可能對立法者和公眾構成重大挑戰。

Bitcoin’s volatility has been well-documented, especially during market corrections. The 2022 bear market saw Bitcoin experience a 64% drop, and in 2018, it retraced by over 73%. Such sharp fluctuations can make Bitcoin an unpredictable reserve asset for states seeking financial stability. To mitigate this risk, institutional investors are adopting long-term holding strategies, including a minimum five-year holding period for Bitcoin in their funds.

比特幣的波動率已得到充分證明，尤其是在市場校正期間。 2022年的熊市看到比特幣的下降了64％，在2018年，比特幣降低了73％以上。如此急劇的波動可以使比特幣成為尋求財務穩定的州的不可預測的儲備資產。為了減輕這種風險，機構投資者正在採用長期持有策略，包括比特幣在其資金中的最低五年持有期。

The Growing Number of U.S. States With Bitcoin Reserve Proposals

美國有比特幣儲備提案的美國越來越多的州

Kentucky’s Bitcoin reserve bill follows in the footsteps of other U.S. states like Arizona, Alabama, Florida, Massachusetts, Missouri, and Texas, all of which have introduced similar legislation. Together, these states signal a growing movement in the U.S. to consider Bitcoin as a legitimate part of state reserves. States like Illinois are also adopting long-term strategies. For example, Illinois’ Bitcoin reserve bill proposes a five-year holding period for any Bitcoin the state acquires.

肯塔基州的比特幣儲備法案遵循了其他美國州的腳步，例如亞利桑那州，阿拉巴馬州，佛羅里達州，馬薩諸塞州，密蘇里州和德克薩斯州，所有這些都列出了類似的立法。這些國家共同表示，在美國，將比特幣視為國家儲備的合法部分的日益增長的運動。伊利諾伊州等州也採用了長期戰略。例如，伊利諾伊州的比特幣儲備法案建議該州獲得的任何比特幣持有五年。

Such moves by states, alongside growing institutional adoption, raise the question of whether Bitcoin could become a central player in global financial systems. If the proposed Bitcoin reserve bills gain traction, the path could be set for Bitcoin to solidify its place as a key component of state and national financial portfolios.

各州的這種舉動以及不斷增長的機構採用，提出了一個問題，即比特幣是否可以成為全球金融系統中的核心參與者。如果擬議的比特幣儲備賬單獲得了吸引力，則可以為比特幣設定該路徑，以鞏固其作為州和國家金融投資組合的關鍵組成部分的位置。

Bitcoin’s Volatility and Long-Term Gains

比特幣的波動和長期收益

Despite Bitcoin’s volatile nature, its long-term potential remains an attractive prospect. Over the last five years, Bitcoin has averaged an impressive 1,077% return. This long-term growth potential, coupled with increasing institutional adoption, has led some institutions, such as the University of Austin, to implement a minimum five-year holding strategy for their Bitcoin investments to smooth out volatility risks.

儘管比特幣的性質易變，但其長期潛力仍然是一個有吸引力的前景。在過去的五年中，比特幣平均回報了1,077％。這種長期增長的潛力，再加上增加的機構採用，導致了一些機構，例如奧斯汀大學，為其比特幣投資實施了最低五年的持有策略，以使波動性風險彌補。

Bitcoin’s potential as a reserve asset is rapidly gaining recognition, with states such as Kentucky leading the way in introducing Bitcoin reserve proposals. As more states join this movement, it could set the stage for Bitcoin’s widespread adoption, both at the institutional and state level. However, the future of these reserve bills will depend largely on how Bitcoin’s volatility is managed and how regulators respond to the growing role of cryptocurrency in global finance.

比特幣作為儲備資產的潛力正在迅速獲得認可，肯塔基州等州領先於引入比特幣儲備建議。隨著越來越多的州加入這一運動，它可以為比特幣在機構和州一級的廣泛採用奠定基礎。但是，這些儲備賬單的未來將在很大程度上取決於比特幣的波動率的管理方式，以及監管機構如何應對加密貨幣在全球金融中不斷增長的作用。