為什麼德克薩斯州押注比特幣，這對未來意味著什麼

德克薩斯州議會大廈是一項開創性倡議的核心，該計劃將州置於加密貨幣創新的最前沿。

The Texas State Capitol is buzzing with a digital revolution as Republicans aim to propel the Lone Star State to the forefront of cryptocurrency innovation by creating a state-controlled Bitcoin reserve.

德克薩斯州議會大廈轟動一時的數字革命，共和黨人旨在通過創建國家控制的比特幣儲備來推動孤星州的加密貨幣創新的最前沿。

This initiative, which has seen brisk movement in recent weeks, aims to invest public funds in the world’s leading cryptocurrency, heralding a new era of fiscal independence and innovation.

這項倡議在最近幾週發生了輕快的運動，旨在將公共資金投資於世界領先的加密貨幣，預示著財政獨立和創新的新時代。

Litany of Key Players

主要參與者

The legislation, Senate Bill 21 known as the “Texas Strategic Bitcoin Reserve and Investment Act,” is spearheaded by GOP Senator Charles Schwertner, while Lieutenant Governor Dan Patrick has spotlighted this initiative as a top priority.

共和黨參議員查爾斯·施沃特納（Charles Schwertner）率領這項立法，《參議院法案》第21條被稱為“德克薩斯戰略比特幣儲備法和投資法”，而州長丹·帕特里克（Dan Patrick）中尉則將這項倡議置於重中之重。

Governor Greg Abbott has also hinted at his keen interest with a playful emoji on social media, bringing legislative theatrics to this financial endeavor. The proposal will see the creation of a Texas reserve for Bitcoin—only the world’s leading cryptocurrency by market cap is deemed worthy of the state’s investments.

州長格雷格·雅培（Greg Abbott）還暗示了他對社交媒體上嬉戲的表情符號的濃厚興趣，將立法戲劇帶入了這項財務努力。該提案將為比特幣創建得克薩斯州的預備役 - 只有全球領先的市值加密貨幣被認為值得該州的投資。

Oversight will fall to an advisory board of seasoned crypto advisors, tasked with strategic implementation and steering clear of turbulent fiscal currents.

監督將落到經驗豐富的加密顧問的顧問委員會上，其任務是戰略性實施，並避免了動蕩的財政電流。

"I think we can agree that the U.S. dollar is quickly losing value, and the federal government continues to rack up an unmanageable amount of debt," Schwertner stated during a hearing, setting the stage for this bold initiative.

Schwertner在聽證會上說：“我認為我們可以同意，美元迅速失去了價值，聯邦政府繼續增加債務不可控制的債務。”

Highlighting the fragility of the fiat currency system, Senator Schwertner prefers to view Bitcoin as "digital gold"—an asset that has outperformed standard financial instruments throughout the past decade.

參議員施威納（Schwertner）強調了法定貨幣體系的脆弱性，更喜歡將比特幣視為“數字黃金”，這是過去十年來超越標準金融工具的資產。

However, intertwining state strategies with volatile digital assets spawns skepticism.

但是，將國家策略與揮發性數字資產相互交織會產生懷疑。

"It seems like a strange pivot for the state to be making, given that Bitcoin is often touted as having no intrinsic value and is viewed by many as a speculative asset class," notes Hilary Allen, a law professor at the University of Pittsburgh.

匹茲堡大學的法學教授希拉里·艾倫（Hilary Allen）指出：“鑑於比特幣通常被吹捧為沒有內在價值，而且許多人被視為投機性資產類別，這似乎是一個奇怪的樞紐。”

"It's interesting that they're turning to crypto in the midst of a so-called 'market madness' period, which is a bit surprising," she adds.

她補充說：“有趣的是，他們在所謂的'市場瘋狂時期轉向加密貨幣，這有點令人驚訝。”

The fear among some is that state-backed propping might offer a lifeline to heavy Bitcoin investors, ultimately serving to distort the market.

有些人擔心的是，以國家支持的支撐可能為重型比特幣投資者提供生命線，最終使市場扭曲了市場。

"It's no secret that the crypto market has seen a downturn, and several large crypto firms have encountered difficulties recently," remarked Ari Auberg, a banking and finance law professor at the University of Pittsburgh.

匹茲堡大學的銀行業和金融法教授阿里·奧伯格（Ari Auberg）說：“加密市場已經下滑了，最近幾家大型加密企業遇到了困難，這已不是什麼秘密了。”

"If Texas were to make a large-scale commitment to Bitcoin, it could have a significant impact on the market price and the overall health of the crypto ecosystem."

“如果德克薩斯州對比特幣做出大規模承諾，它可能會對加密生態系統的市場價格和整體健康產生重大影響。”

Undeterred by skepticism, Senator Schwertner viewed Bitcoin as a mainstream asset, boasting an alliance with the Texas Blockchain Council, a coalition representing crypto industry interests.

參議員施威納（Schwertner）並沒有懷疑，並將比特幣視為主流資產，與代表加密貨幣行業利益的聯盟的德克薩斯州區塊鏈理事會（Texas Blockchain Council）結盟。

"There are a lot of people in the industry who are following this closely and hope to see Texas take the lead in this space," disclosed Auberg.

奧伯格透露：“行業中有很多人密切關注這一點，並希望看到德克薩斯州在這個領域取得領先。”

"This initiative could encourage other states to explore similar ventures into cryptocurrency, signaling a broader shift in the financial landscape."

“這項倡議可以鼓勵其他州探索類似的企業進入加密貨幣，這表明金融景觀發生了更廣泛的轉變。”

A twist in the narrative emerged when provisions for private Bitcoin donations to the reserve were struck out, addressing the looming specter of market manipulation.

當私人比特幣捐贈給保護區的規定被淘汰時，敘述出現了一個轉折，解決了市場操縱的迫在眉睫的幽靈。

This calculated move sparked bipartisan approval and was lauded for concentrating the state’s efforts on Texas’ own financial contributions rather than relying on private donations, which could be viewed as an attempt to prop up the market.

這項計算出的舉動引發了兩黨的批准，並因將州的努力集中在得克薩斯州的財務捐款上而不是依靠私人捐款而受到稱讚，這可以看作是試圖推動市場的嘗試。

"It's interesting that they're turning to crypto in the midst of a so-called 'market madness' period, which is a bit surprising. But it's certainly a sign of the times that state and local governments are thinking outside the box and looking for new ways to generate revenue and economic activity," Allen concludes.

艾倫總結說：“有趣的是，他們在所謂的'市場瘋狂'時期轉向加密貨幣，這有點令人驚訝。但這無疑是國家和地方政府在開箱即用並尋找新的收入和經濟活動方式的時代的標誌。”

As other states, such as Wyoming and Idaho, are also venturing into the crypto waters, Texas is diving deep into Bitcoin, charting a course that could redefine its economic landscape.

正如其他州（例如懷俄明州和愛達荷州）一樣，德克薩斯州也正在進入加密貨幣水域，深入研究比特幣，繪製了一門可以重新定義其經濟景觀的課程。

Only time will tell whether this move will ultimately solidify fiscal security or expose the state to unforeseen risks. But one thing is certain: Texas is daring to dream of a future etched in digital currency.

只有時間才能說明此舉最終會鞏固財政安全，還是暴露於國家的不可預見的風險。但是可以肯定的是：德克薩斯州敢於夢想以數字貨幣蝕刻的未來。