美國參議員辛西婭·盧米斯（Cynthia Lummis）重新提交《比特幣法》，試圖建立戰略性比特幣儲備

2025年3月，美國參議員辛西婭·盧米斯（Cynthia Lummis）將《比特幣法》（Bitcoin Act）重新提交給參議院，試圖通過立法建立戰略性的比特幣儲備。

In March 2025, U.S. Senator Cynthia Lummis resubmitted the BITCOIN Act to the Senate, aiming to establish a strategic Bitcoin reserve through legislation. This move continued her original intention in 2024 and made key adjustments in details, sparking widespread discussion and market debate.

2025年3月，美國參議員辛西婭·盧米斯（Cynthia Lummis）將《比特幣法案》（Bitcoin Act）重新提交給參議院，旨在通過立法建立戰略性的比特幣儲備。這一舉動在2024年持續了她的最初意圖，並進行了詳細的關鍵調整，引發了廣泛的討論和市場辯論。

This article will deeply interpret the historical background of the bill, the changes in the new version, and the profound impact that the plan to purchase 200,000 bitcoins per year may have on the price of Bitcoin.

本文將深入解釋該法案的歷史背景，新版本的變化以及每年購買200,000比特幣的計劃對比特幣價格可能產生的深遠影響。

History of the Act, what changes have been made in the new version

該行為的歷史，新版本中已經進行了哪些更改

As a Republican senator from Wyoming, Cynthia Loomis has been an active promoter in the field of Bitcoin policy since 2024. In July of that year, she first proposed the BITCOIN Act of 2024, which aims to establish a “Strategic Bitcoin Reserve” similar to the Strategic Oil Reserve through the government's purchase of Bitcoin. The goal is to use Bitcoin as “digital gold” to enhance the United States' competitive advantage in the global financial system while providing a new solution to the national debt.

作為懷俄明州的共和黨參議員，辛西婭·洛米斯（Cynthia Loomis）自2024年以來一直是比特幣政策領域的積極促進者。當年7月，她首次提出了2024年的《比特幣法》（Bitcoin Act），該法案旨在通過政府購買比特幣（Bitcoin）的戰略石油儲備，旨在建立“戰略性比特幣儲備”。目的是將比特幣用作“數字黃金”，以增強美國在全球金融體系中的競爭優勢，同時為國家債務提供新的解決方案。

The bill proposes to purchase 1 million Bitcoins (1,000,000 BTC) within five years, accounting for about 5% of the total supply of Bitcoin at the time, and to achieve this goal by redirecting funds from the Federal Reserve System's earnings and gold revaluation. However, the 2024 version of the bill was quickly blocked in congressional committees and eventually “expired” at the end of the 2023-2024 session and failed to pass.

該法案建議在五年內購買100萬比特幣（1,000,000 BTC），佔當時比特幣總供應量的5％，並通過重定向美聯儲系統的收益和黃金重新評估的資金來實現這一目標。但是，該法案的2024年版本在國會委員會中很快被封鎖，並最終在2023 - 2024屆會議結束時“到期”，沒有通過。

In March 2025, Loomis resubmitted the bill, launching the Bitcoin Act of 2025. The new version retains the core goal - to purchase 1 million bitcoins within five years - but makes several key changes in the details. These changes are intended to respond to previous criticisms, strengthen enforcement, and echo the executive order signed by President Trump in March 2025 to establish a strategic Bitcoin reserve.

2025年3月，Loomis重新提交了該法案，啟動了2025年的《比特幣法》。新版本保留了核心目標 - 在五年內購買100萬比特幣 - 但細節上有幾個關鍵的更改。這些變化旨在應對以前的批評，加強執法，並回應特朗普總統在2025年3月簽署的行政命令，以建立戰略性比特幣儲備。

Here are the main changes in the new version:

這是新版本的主要更改：

* Modifies the annual Bitcoin purchase plan. The 2024 version sets the maximum annual purchase amount at 200,000 Bitcoins, granting the Treasury flexibility to adjust purchases based on market conditions. However, this flexibility may lead to poor implementation or delays. The 2025 version changes this clause to "must" purchase 200,000 Bitcoins, totaling 1 million Bitcoins over five years. This adjustment is made to ensure that lawmakers rapidly establish Bitcoin reserves as planned through legal mandatory requirements.

*修改年度比特幣購買計劃。 2024年版將最高年度購買金額設置為200,000比特幣，從而根據市場條件授予國庫的靈活性來調整購買。但是，這種靈活性可能導致實施或延遲不良。 2025年的版本將該條款更改為“必須”購買200,000比特幣，在五年內總共有100萬比特幣。進行此調整是為了確保立法者按照法律強制性要求迅速建立比特幣儲備。

* Deletes the clause permitting Bitcoin to be sold for federal debt instruments. The 2024 version allows Bitcoin to be sold to repay federal debt instruments within a minimum holding period of 20 years, an exception that provides flexibility to the government but also weakens the commitment to long-term holding of Bitcoin as a strategic asset. The 2025 version deletes this clause and explicitly stipulates that Bitcoin cannot be sold, exchanged, auctioned or disposed of for any purpose within 20 years. This change strengthens Bitcoin's positioning as a “long-term store of value”, consistent with the concept of "digital gold".

*刪除該條款，允許比特幣出售給聯邦債務工具。 2024年的版本允許比特幣在20年的最低持有期內銷售以償還聯邦債務工具，這為政府提供了靈活性，但也削弱了對長期持有比特幣作為戰略資產的承諾。 2025年的版本刪除了本條款，並明確規定比特幣在20年內無法出售，交換，拍賣或處置。這種變化加強了比特幣作為“長期價值存儲”的定位，與“數字黃金”的概念一致。

* Adds coordination with the Exchange Stabilization Fund (ESF). The 2025 version adds a new coordination clause with the Exchange Stabilization Fund (ESF), permitting the use of this reserve fund (about $39 billion) to support Bitcoin purchases. The ESF is an emergency reserve fund used by the Ministry of Finance to stabilize exchange rates and financial markets, usually used to intervene in the foreign exchange market or support international financial stability. This amendment expands the source of funds and provides additional financial support for Bitcoin purchases.

*增加了與交換穩定基金（ESF）的協調。 2025年的版本與交易所穩定基金（ESF）添加了新的協調條款，允許使用此儲備基金（約390億美元）來支持比特幣購買。 ESF是財政部用來穩定匯率和金融市場的緊急儲備基金，通常用來干預外匯市場或支持國際金融穩定。該修正案擴大了資金的來源，並為比特幣購買提供了更多的財務支持。

* Adjusts the use of Federal Reserve gold valuation gains. "Revaluation" of the Federal Reserve gold refers to the revaluation of the gold reserves held by the Treasury (approximately 8,133.5 tons) from the legal price (US$42.2222/ounce) to the current market price (approximately US$2,900/ounce in March 2025). This revaluation will generate a book gain of approximately US$747.3 billion (market value of approximately US$758.3 billion minus book value of US$11 billion). The 2024 version incorporates these proceeds into the general fund, while the 2025 version explicitly uses them for the Bitcoin purchase plan. This adjustment reflects strong support for the strategic reserve of Bitcoin and provides a strong funding basis for the "budget neutrality" of the bill. However, fluctuations in the price of gold (which may rise to $3,500/ounce or fall to $2,500/ounce) may affect the final available amount, requiring further

*調整美聯儲黃金評估收益的使用。美聯儲黃金的“重估”是指財政部（大約8,133.5噸）從法定價格（約42.22222222盎司）到當前市場價格（約為2,900美元/盎司/盎司）的金牌（約8,133.5噸）的“重估”。這種重估將產生約7473億美元的賬面收益（市場價值約為7583億美元，賬面價值為110億美元）。 2024年版將這些收益納入了普通基金，而2025版則將其明確地用於比特幣購買計劃。這種調整反映了對比特幣戰略儲備的大力支持，並為該法案的“預算中立”提供了強大的資金基礎。但是，黃金價格的波動（可能上漲至3500美元/盎司或下跌至$ 2,500/盎司）可能會影響最終的可用金額，這需要進一步