特朗普的加密貨幣擁抱完成了令人驚嘆的周轉

美國總統希望成為數字硬幣遊戲中的起搏器和最大的贏家，同時使美國成為世界的加密資本。

Donald Trump's crypto embrace completes a stunning turnaround from a man who famously labeled bitcoin a scam and said he doesn't like it because it's "another currency competing against the dollar."

唐納德·特朗普（Donald Trump）的加密貨幣（Crypto Abraide）從一個著名的騙局標記為騙子的人那裡完成了令人驚嘆的轉機，他說他不喜歡它，因為這是“另一種貨幣與美元競爭”。

The US President wants to be the pacemaker and biggest winner in the game of digital coins, while making America the world's crypto capital.

美國總統希望成為數字硬幣遊戲中的起搏器和最大的贏家，同時使美國成為世界的加密資本。

Trump's social media post last week that the US government would create a Strategic Bitcoin Reserve and stockpile five digital currencies - bitcoin, ether, XRP, SOL and ADA - sent crypto prices soaring, albeit briefly.

特朗普上週的社交媒體帖子稱，美國政府將創建一個戰略性的比特幣儲備金，並儲存五種數字貨幣 - 比特幣，以太，XRP，SOL和ADA-發出加密貨幣價格飆升，儘管短暫地。

Prices later fell after the market digested the news and crypto czar David Sacks revealed the executive order, while Friday's summit attended by who's who of the crypto world failed to excite bitcoin bulls either.

在市場消化新聞之後，價格下跌，加密沙皇戴維·薩克斯（Crypto Czar David Sacks）透露了行政命令，而周五的峰會則由加密貨幣世界的誰參加，也未能激發比特幣公牛。

Much like how shares rise on the back of a good earnings call, Trump has demonstrated that he can buy or sell a digital asset in advance and then, in a single post, send that coin in the direction he wishes.

就像股票在良好的收益電話會議上的上漲一樣，特朗普證明他可以提前買賣數字資產，然後在單個帖子中以他希望的方向發送硬幣。

This has raised eyebrows among investors and officials alike who fear the United States will pick winners and losers. This would erase public trust - and in the crypto world investor trust is everything.

這引起了投資者和官員的關注，他們擔心美國會選擇贏家和失敗者。這將消除公眾信任 - 在加密世界投資者信託中，這就是一切。

The executive order creates a Strategic Bitcoin Reserve which prohibits the government from selling its US$17 billion (HK$132.6 billion) stash of seized criminal assets. It also allows the Treasury and Commerce departments to come up with "budget-neutral" plans to acquire more bitcoin - though details are scarce at the moment - and create a Digital Asset Stockpile of seized cryptocurrencies other than bitcoin.

該行政命令創建了戰略性比特幣儲備，該儲備禁止政府出售其170億美元（136億港元）的扣押犯罪資產。它還允許財政部和商務部門提出“預算中立”計劃以獲取更多比特幣的計劃 - 儘管目前稀缺細節，並創建了除比特幣以外的被扣押加密貨幣的數字資產。

Apart from personal gain, is Trump's "Digital Fort Knox" a lot of hot air and nothing more?

除了個人利益外，特朗普的“數字諾克斯”是否有很多熱空氣，僅此而已？

Digital assets hedge fund manager Charles Edwards called it a "pig in lipstick," saying that if there are no active trades, it's just a fancy title and no more. Others warn this is another move toward crushing the US Federal Reserve's independence by excluding it from the initiative, after killing plans for a digital dollar and revealing plans to embrace stablecoins.

數字資產對沖基金經理查爾斯·愛德華茲（Charles Edwards）稱其為“口紅中的豬”，他說，如果沒有積極的交易，那隻是一個花哨的頭銜，不再是。其他人則警告說，這是殺死數字美元計劃並揭示了擁抱穩定的計劃的計劃，這是將美國聯邦儲備獨立粉碎的又一步。

Any move toward decentralized finance and blockchain technology would effectively bypass the Fed and conventional regulation.

朝著分散的金融和區塊鏈技術邁向的任何轉會都將有效地繞過美聯儲和常規法規。

DeFi is more "democratic" in the sense that no government owns it, and it lowers costs by cutting through the swathe of middle men - yet it remains unregulated and less transparent.

從沒有政府擁有的意義上說，Defi更加“民主”，並且通過削減中間人的削減來降低成本 - 但它仍然不受監管且透明。

Would the push also pressure the Fed into keeping interest rates low?

推動還會向美聯儲保持利率較低的壓力嗎？

Trump hates high interest rates but in the face of rising inflation, the Fed may be forced to hike them.

特朗普討厭高利率，但面對通貨膨脹率上升，美聯儲可能被迫遠足。

Most experts agree that stablecoins would have a global impact on the US dollar and its rates.

大多數專家都認為，穩定幣會對美元及其價格產生全球影響。

Trump has a vested interest in crypto and this will boost not just his fortunes but also those of his wealthy backers.

特朗普對加密貨幣有既得利益，這不僅會促進他的命運，而且會促進他富有的支持者的命運。

Reports indicate that World Liberty Financial, a DeFi project backed by Trump's family, snatched up more than US$20 million worth of digital assets ahead of the crypto summit. And when he launched his own meme coin in January, for instance, the entities behind it raked in close to US$100 million in trading fees in less than two weeks.

報告表明，在特朗普家人的支持下，世界自由金融項目在加密峰會之前搶奪了價值超過2000萬美元的數字資產。例如，當他在一月份推出自己的模因硬幣時，其背後的實體在不到兩週的時間內就獲得了近1億美元的交易費用。

Trump's crypto assets are currently worth US$2 million, but he has a reason to push his TRUMP coin, which is down 80 percent since its January launch.

特朗普的加密資產目前價值200萬美元，但他有理由推動特朗普硬幣，這是自一月份推出以來的80％。

Crypto is slowly moving into the mainstream but is still plagued by scams, thieves and global criminals. Some nations have tried their hand at crypto and failed. In 2021, El Salvador made bitcoin legal tender but businesses and consumers scorned it forcing the country to dump it this year.

Crypto正在慢慢進入主流，但仍然受到騙局，小偷和全球罪犯的困擾。一些國家試圖在加密貨幣上嘗試並失敗了。 2021年，埃爾·薩爾瓦多（El Salvador）製作了比特幣法律招標，但企業和消費者蔑視它，迫使該國今年拋棄它。

As Trump and America go boldly forward, Hong Kong, too, should step up its game and judiciously press ahead with licensing regimes for over-the-counter trading, custody services and more.

隨著特朗普和美國的大膽前進，香港也應該加強自己的比賽，並明智地向前推進實行非處方交易，監護服務等的許可製度。

But even top speculator Trump had a caveat when he quoted the maxim "never sell your bitcoin," saying: "I don't know if that's right or not. Who the hell knows."

但是，即使是頂級投機者特朗普引用格言“永遠不會賣你的比特幣”時，他也有一個警告，他說：“我不知道那是對的。誰知道誰。”

Indeed, who does?

確實，誰做？