美國財政部可以通過新“₿債券”分配200B美元（BTC）

根據比特幣政策研究所發表的政策框架，美國財政部可能會為比特幣（BTC）購買2000億美元

The US Treasury could begin allocating $200 million to Bitcoin (BTC) purchases through a proposed $2 trillion issuance of “Bitcoin-Enhanced Treasury Bonds.”

美國財政部可以通過擬議的200萬億美元發行“比特幣增強財政債券”來向比特幣（BTC）分配2億美元。

The policy framework, published Thursday by the Bitcoin Policy Institute, details how the bonds could be structured to partially refinance the $14 trillion in federal debt set to mature over the next three years.

比特幣政策研究所周四發布的政策框架詳細介紹瞭如何將債券結構構成以部分再融資，以在未來三年內將14萬億美元的聯邦債務置於成熟。

Each bond would allocate 90% of proceeds to conventional government financing and 10% toward BTC acquisition, enabling the creation of a Strategic Bitcoin Reserve without requiring direct taxpayer funding.

每筆債券將分配給常規政府融資的90％的收益，而10％的收益分配給BTC收購，從而在不需要直接納稅人資金的情況下創建戰略性比特幣儲備。

The bonds, labeled “₿ Bonds,” would carry a 1% annual interest rate, well below the current 10-year Treasury yield of around 4.5%.

標記為“₿債券”的債券將持續1％的年利率，遠低於當前10年的國庫收益率約為4.5％。

In exchange for accepting lower fixed returns, investors would gain exposure to Bitcoin-linked upside through a structured payout at bond maturity. This would include full principal repayment, fixed interest, and a performance-based Bitcoin component.

為了換取接受較低的固定回報，投資者將通過債券成熟度的結構化支出獲得接觸與比特幣相關的上升空間。這將包括全部本金還款，固定利息和基於績效的比特幣組件。

Investors would receive 100% of BTC gains up to a 10-year compounded annual return threshold of 12.5%, then 50% of any additional gains. The government would retain the remaining share.

投資者將獲得BTC收益的100％，最高為10年的複合年收益率為12.5％，然後獲得任何額外收益的50％。政府將保留其餘部分。

Performance-based modeling indicates that, even if Bitcoin prices remain flat, the US will save approximately $354 billion in present value terms after subtracting the $200 billion BTC allocation from the projected $554.4 billion in interest savings.

基於績效的建模表明，即使比特幣價格保持持平，美國將從預計的5544億美元的利息節省中減去2000億美元的BTC分配後，以現代價值節省約3540億美元。

However, if Bitcoin appreciates in line with historical medians, the program could offset significant portions of the national debt by 2045.

但是，如果比特幣符合歷史中位數的欣賞，該計劃可能會在2045年抵消大部分國家債務。

The ₿ Bond proposal includes tax-exempt treatment for interest payments and Bitcoin-linked gains, positioning the instruments as retail-friendly savings products. With estimated participation by 132 million US households, the average per-household investment could reach $3,025.

₿債券提案包括利息支付和比特幣關聯收益的免稅處理，將工具定位為零售友好的儲蓄產品。隨著1.32億美國家庭的估計參與，人均投資的平均投資可能達到3,025美元。

The proposal outlines legislative and regulatory frameworks to codify the tax benefits, with administration by the Treasury and the Internal Revenue Service (IRS).

該提案概述了立法和監管框架，以使稅收福利編纂，並由財政部和國稅局（IRS）管理。

For institutional investors, ₿ Bonds present a compliant channel to gain Bitcoin exposure while preserving the security profile of Treasury securities. Approximately 80% of ₿ Bonds would be absorbed by institutional and foreign buyers, with the remaining 20% allocated to US households.

對於機構投資者，₿債券提出了一個合規的渠道，可以在保留國庫券的安全性，以獲得比特幣的風險。大約80％的債券將被機構和外國買家吸收，其餘20％分配給了美國家庭。

The rollout includes a three-phase implementation strategy: a $5 billion to $10 billion pilot program, a legislative expansion phase, and full integration into the Treasury’s standard issuance calendar.

推出包括三階段的實施策略：一項50億美元至100億美元的試點計劃，一個立法擴張階段，以及與財政部標準發行日曆的完全集成。

The program includes risk management protocols to cover Bitcoin price volatility, market execution, operational security, and regulatory classification. To mitigate market disruption, the government would acquire the $200 billion in Bitcoin through staggered dollar-cost averaging and diversified execution channels.

該計劃包括風險管理協議，以涵蓋比特幣價格波動，市場執行，運營安全和監管分類。為了減輕市場破壞，政府將通過交錯的美元成本平均和多元化的執行渠道獲得2000億美元的比特幣。

The brief also detailed custody standards and coordination with federal regulatory bodies to clarify the bonds’ classification.

簡介還詳細介紹了監護標準和與聯邦監管機構的協調，以澄清債券的分類。

The proposed $200 billion in BTC purchases would fund a Strategic Bitcoin Reserve established by President Donald Trump via an executive order in March 2025.

擬議的2000億美元購買BTC的購買將資助唐納德·特朗普總統在2025年3月的行政命令中建立的戰略比特幣儲備。

The order classified Bitcoin as “digital gold” and authorized the development of budget-neutral strategies to expand national holdings. BTC recovered through forfeiture will fund the initial reserves.

該命令將比特幣歸類為“數字黃金”，並授權制定預算中立的戰略以擴大國家持股。通過沒收的BTC將資助初始儲備金。

The ₿ Bond program builds directly on this directive, scaling reserves through public bond issuance without reliance on additional tax revenue.

₿債券計劃直接建立在該指令上，通過公共債券發行規模儲備，而不依賴額外的稅收收入。

The policy institute stated that the reserve would function as a store of value, with assets held in secure custody and excluded from active trading. Custody plans include multi-signature cold storage and dedicated security infrastructure managed by a specialized Treasury unit.

該政策研究所表示，該儲備將充當價值存儲，並擁有安全的託管資產，並將其排除在主動交易之外。監護計劃包括由專門的財政部管理的多簽名冷藏和專用的安全基礎設施。

Modeling scenarios based on historical Bitcoin performance suggests that a Bitcoin reserve could accumulate trillions in value. Assuming a median historical compound annual growth rate of 53%, the reserve’s BTC holdings could surpass $14 trillion in value by 2035, with the government retaining a $6.5 trillion share.

基於歷史比特幣性能的建模方案表明，比特幣儲備可以積累數万億美元的價值。假設中位歷史複合年增長率為53％，預備役的BTC持股可能會超過14萬億美元的價值，到2035年，政府保留了6.5萬億美元的份額。

Even at the 10th percentile of Bitcoin growth, the reserve’s government-held value could surpass the current US gold reserves.

即使是比特幣增長的第10個百分點，後備政府擁有的價值也可能超過當前的美國黃金儲備。

The ₿ Bond initiative is framed as an alternative to traditional austerity or tax-based debt solutions. It enables long-term fiscal stabilization through asset appreciation, potentially reducing or offsetting future federal debt obligations.

₿債券倡議被框架為傳統緊縮或基於稅收債務解決方案的替代方案。它通過資產升值，可能減少或抵消未來的聯邦債務義務來實現長期的財政穩定。

The document also stated that the proposal positions the US as a global leader in integrating Bitcoin into sovereign finance, with implications for financial resilience, debt management, and digital asset market development.

該文件還指出，該提案將美國定位為將比特幣整合到主權金融中的全球領導者，這對財務彈性，債務管理和數字資產市場發展產生了影響。