戰略性比特幣儲備將留在這裡。

在上週創建戰略比特幣儲備（SBR）的行政命令之後，政策制定者被指示探索創造性策略以積累比特幣而不增加聯邦預算

The U.S. is making a move into bitcoin. As part of President Trump’s recent executive order, policymakers are directed to explore creative strategies for accumulating bitcoin without increasing the federal budget or burdening taxpayers.

美國正在進入比特幣。作為特朗普總統最近執行命令的一部分，政策制定者被指示探索積累比特幣的創意策略，而無需增加聯邦預算或負擔納稅人的負擔。

This is a crucial step as we navigate the evolving landscape of digital assets. The administration is tasked with identifying ways to build a Strategic Bitcoin Reserve (SBR) through accounting methods rather than direct market purchases.

當我們瀏覽數字資產不斷發展的景觀時，這是一個至關重要的步驟。政府的任務是確定通過會計方法而不是直接購買的方法來確定建立戰略比特幣儲備（SBR）的方法。

The executive order directs the U.S. Treasury to identify several possibilities for accumulating bitcoin without spending new money. There is precedence for this approach. In the past, Treasury has accumulated gold reserves through mechanisms such as mandatory exchange policies or accepting gold as payment for taxes and tariffs. This allowed the government to build significant reserves without explicit deficit financing, as the gold came from internal circulation or external trade rather than borrowing or direct expenditure.

行政命令指示美國財政部確定累積比特幣的幾種可能性，而無需花費新的錢。這種方法有優先。過去，財政部通過強制性交換政策或接受黃金作為稅收和關稅的機制積累了黃金儲備。這使政府能夠在沒有明確赤字融資的情況下建立重要的儲量，因為黃金來自內部流通或外部貿易，而不是藉貸或直接支出。

Lawmakers and advisors have floated a variety of approaches for building up a bitcoin trove in a budget-neutral way. Some of these paths seem more immediate, such as simply holding seized coins. Others would require a serious overhaul of existing laws. For each method, the unifying theme is avoiding an open-market buy. Instead, the government would gather or swap its way to a robust reserve.

立法者和顧問已經採用了各種方法來以預算中立的方式建立比特幣。這些路徑中的一些似乎更直接，例如簡單地拿著抓住的硬幣。其他人則需要嚴重大修現有法律。對於每種方法，統一的主題是避免購買開放市場。取而代之的是，政府將聚集或互換穩健的儲備。

Holding Seized Bitcoin

持有查獲的比特幣

A surprising amount of bitcoin already sits in federal hands. Over many years, law enforcement agencies have seized large quantities from illicit actors, today estimated by researchers at about 200,000 coins.

令人驚訝的比特幣已經掌握在聯邦手中。多年來，執法機構已從非法行為者那裡抓住了大量，今天由研究人員估計，大約有200,000個硬幣。

Traditionally, the government auctioned these coins off and returned the proceeds to the general fund. But President Trump’s recent executive order flipped that approach, instructing agencies to deposit forfeited bitcoin directly into the U.S. Treasury instead of selling it.

傳統上，政府拍賣了這些硬幣，並將收益退還給普通基金。但是，特朗普總統最近的行政命令違反了這種方法，指示機構將沒收的比特幣直接存入美國財政部而不是出售。

This decision appears to stem in part from advice by cryptocurrency researchers and economists, who have argued that selling seized bitcoin is economically wasteful and ultimately pointless. Since bitcoin is a scarce asset with limited supply, selling it simply shifts the coins to someone else, who will likely hold them long-term anyway.

這一決定似乎部分源於加密貨幣研究人員和經濟學家的建議，他們認為銷售被銷售的比特幣在經濟上是浪費的，最終毫無意義。由於比特幣是一項稀缺的資產，供應有限，因此將硬幣賣給了其他人，無論如何，他們可能會長期將硬幣移交給其他人。

In contrast, holding onto seized bitcoin would gradually increase the government’s relative share of the total supply as new coins are mined. This strategy is also consistent with the administration’s goal of reducing the federal deficit and keeping the budget in mind.

相比之下，隨著新硬幣的開採，持有查獲的比特幣將逐漸增加政府在總供應方面的相對份額。該策略也與政府的目標是減少聯邦赤字並牢記預算的目標。

The move to hold rather than sell seized bitcoin was a key part of the Trump administration’s plans for cryptocurrency, and it has already had a significant impact on the market. As the administration continues to develop its strategy for digital assets, it will be interesting to see what other steps it takes and how they affect the future of cryptocurrency.

持有而不是賣出的比特幣的舉動是特朗普政府對加密貨幣計劃的關鍵部分，它已經對市場產生了重大影響。隨著政府繼續制定其數字資產戰略，有趣的是，看到它採取了什麼其他步驟以及它們如何影響加密貨幣的未來。

The suggestion to use seized bitcoin for a strategic reserve was initially floated by cryptocurrency researchers and economists in 2018, following a report by the Treasury Inspector General for Tax Administration. The report criticized the IRS for failing to properly value and report the bitcoin it had seized, and it recommended that the agency begin holding onto seized bitcoin in order to build up a government reserve.

在稅務稅務總督督察的一份報告之後，加密貨幣研究人員和經濟學家最初提出了將查獲比特幣用於戰略儲備的建議。該報告批評美國國稅局未能適當珍惜並報告其扣押的比特幣，並建議該機構開始堅持扣押的比特幣，以建立政府儲備。

The administration's decision to heed this advice is a testament to the fact that even the smallest acts of persistence can sometimes lead to large-scale change. By refusing to sell seized bitcoin and instead placing it in a strategic reserve, the administration is not only acting in the best interests of the American people but also setting an example for other nations to follow.

政府決定注意這一建議的決定證明了以下事實：即使是最小的持久行為有時也會導致大規模變化。通過拒絕出售被清除的比特幣，而是將其放置在戰略儲備中，政府不僅是為了美國人民的最大利益，而且還為其他國家遵循一個榜樣。

The administration’s move to hold rather than sell seized bitcoin is a surprising but welcome development. It is a small step, but it could have a big impact.

政府持有而不是賣出的比特幣的舉動是一個令人驚訝但受歡迎的發展。這是一小步，但可能會產生很大的影響。

Senator Lummis Suggests Swapping Gold For Bitcoin

盧米斯參議員建議將黃金換成比特幣

Another proposal comes from Senator Cynthia Lummis (R-WY), a vocal bitcoin supporter in Congress. According to a report by The New York Times, Lummis has suggested that the Treasury could swap a portion of its gold reserves for bitcoin.

另一個提議來自國會的聲樂比特幣支持者辛西婭·盧米斯（Cynthia Lummis）參議員（R-WY）。根據《紐約時報》的一份報告，盧米斯建議財政部可以將其一部分黃金儲備換成比特幣。

The U.S. remains one of the largest gold holders on the planet, with roughly 8,100 tons in vaults, according to World Gold Council data. If even a fraction of that was sold off and converted into bitcoin, the result could be a million-coin cache—around 5% of all bitcoin that will ever exist.

根據世界黃金委員會的數據，美國仍然是地球上最大的黃金持有人之一，大約有8,100噸的金庫。如果其中的一小部分被出售並轉換為比特幣，則結果可能是一百萬個石油緩存，佔所有將存在的比特幣的5％。

Surprisingly, by using some creative yet perfectly legal accounting maneuvers, gold could be swapped for bitcoin without affecting the “book value” of gold held on Treasury’s books. This is because the gold holdings are denominated in dollars, not ounces, and the valuation used by Treasury is only $42.2222 per ounce, giving it a nominal value of about $11 billion. This number was set in 1973 and never updated.

令人驚訝的是，通過使用一些創意但完美的法律會計操作，可以將黃金換成比特幣，而不會影響財政部書籍中持有的黃金的“賬面價值”。這是因為黃金持有量以美元計價，而不是盎司，而財政部使用的估值僅為每盎司42.22222美元，標稱價值約為110億美元。這個數字設置為1973年，從未更新。

This means that if Treasury would simply revalue its gold at prices closer to today’s price of about $2900 per ounce, it would increase in value significantly more than the bitcoin it could buy with that gold. For example, if Treasury sold one-eighth of its gold to buy bitcoin at today’s prices, it would decrease its gold holdings by about $1.3 billion

這意味著，如果財政部簡單地以接近今天的價格約為每盎司2900美元的價格重新估算其黃金，那麼它的價值將大大增加，而不是用這種黃金購買的比特幣。例如，如果財政部以今天的價格出售了八分之一的黃金來購買比特幣，它將將其黃金持有量減少約13億美元