特朗普的美國加密保護區公告引發了辯論，因為專家認為比特幣應該是唯一的資產

唐納德·特朗普（Donald Trump）總統宣布由一籃子數字資產組成的美國加密保護區宣布，引起了行業領導人的辯論。

President Donald Trump’s announcement of a US crypto strategic reserve, comprising a basket of digital assets, has stirred debate among industry leaders. Many argue that Bitcoin (BTC) should be the sole reserve asset.

唐納德·特朗普（Donald Trump）總統宣布了一個由一籃子數字資產組成的美國加密戰略儲備，引起了行業領導人的辯論。許多人認為比特幣（BTC）應該是唯一的儲備資產。

This debate follows Trump’s executive order on digital assets, which directed the Presidential Working Group to establish the reserve.

這場辯論是在特朗普關於數字資產的行政命令之後的，該命令指示總統工作組建立儲備金。

A Divisive Selection? Experts Debate Trump’s US Crypto Reserve

分裂的選擇？專家辯論特朗普的美國加密儲備

According to the official announcement, the proposed crypto reserve would include Bitcoin, Ethereum (ETH), XRP (XRP), Solana (SOL), Cardano (ADA), and other digital assets. The initiative aims to strengthen the US as a global leader in crypto.

根據官方公告，擬議的加密儲備將包括比特幣，以太坊（ETH），XRP（XRP），Solana（Sol），Cardano（ADA）和其他數字資產。該倡議旨在加強美國作為加密貨幣的全球領導者。

Notably, the announcement triggered a substantial rally for the coins. Yet, experts remain sharply divided over the choice of assets included in the reserve.

值得注意的是，該公告引發了硬幣的實質性集會。然而，專家在預備役中包含的資產選擇方面仍然存在明顯的分歧。

Brian Armstrong, CEO of Coinbase, shared his thoughts on asset allocation in the latest post on X (formerly Twitter).

Coinbase首席執行官Brian Armstrong在X（以前為Twitter）的最新帖子中分享了他對資產分配的看法。

“Just Bitcoin would probably be the best option – simplest, and clear story as successor to gold. If diversification is necessary, could use a market cap-weighted index of crypto assets to ensure neutrality.”

“只是比特幣可能是最好的選擇 - 最簡單，最清晰的故事，作為黃金的繼任者。如果需要多樣化，則可以使用加密資產的市場上限加權指數來確保中立。”

Considering both options, Armstrong stated that a Bitcoin-only reserve would be the easiest path forward.

考慮到這兩種選擇，阿姆斯特朗表示，僅比特幣的儲備將是最簡單的途徑。

Investor and author Fred Krueger also expressed support for a market-weighted approach for the proposed crypto reserve. According to him, the Strategic Crypto Reserve should be Market Weighted, like the SP500.

投資者兼作家弗雷德·克魯格（Fred Krueger）還表示支持擬議的加密保護區的市場加權方法。據他說，戰略加密保護區應該像SP500一樣對市場進行加權。

In his post, Krueger suggested an allocation, excluding foreign assets and stablecoins, with Bitcoin at 75%, followed by Ethereum at 12.4%, XRP at 5.7%, Solana at 3.1%, Dogecoin (DOGE) at 1.4%, and Cardano at 1.0%. Smaller allocations were designated for Litecoin (LTC), Avalanche (AVAX),Polkadot (DOT), and Cosmos (ATOM).

克魯格（Krueger）在他的帖子中提出分配，不包括外國資產和穩定幣，比特幣為75％，其次是以太坊，為12.4％，XRP為5.7％，Solana為3.1％，Dogecoin（Doge）（Doge）為1.4％，Cardano為1.0％。指定較小的分配給萊特幣（LTC），雪崩（Avax），Polkadot（DOT）和Cosmos（Atom）。

Meanwhile, many in the crypto community expressed disappointment. Jeff Park, head of Alpha Strategies at Bitwise, was among those advocating for a Bitcoin-only reserve.

同時，加密貨幣社區中的許多人表示失望。 Bitwise Alpha Strategies的負責人Jeff Park是主張僅比特幣儲備金的人之一。

“Huge political miscalculation by Trump in underestimating just how crucial it was for the Strategic Reserve to focus solely on Bitcoin,” Park stated.

帕克說：“特朗普在低估戰略儲備只專注於比特幣有多麼重要的政治錯誤估計。”

He cautioned that including altcoins with unclear national significance could invite perceptions of insider dealing, even if unfounded. Park further noted that while Bitcoin should be the only strategic reserve asset, broader crypto adoption can still be supported from an investment perspective.

他警告說，即使毫無根據，包括具有不清國家意義的山寨幣也可能引起人們對內幕交易的看法。帕克進一步指出，儘管比特幣應該是唯一的戰略儲備資產，但從投資的角度來看，仍然可以支持更廣泛的加密貨幣。

Even long-time Bitcoin skeptic Peter Schiff acknowledged the logic behind a BTC reserve. Despite his disagreement, he compared it to the gold reserve, recognizing Bitcoin as “digital gold.” However, he criticized the inclusion of XRP, questioning its necessity in the crypto reserve.

即使是長期的比特幣懷疑論者彼得·希夫（Peter Schiff）也承認了BTC儲備金背後的邏輯。儘管他分歧，但他還是將其與黃金儲備進行了比較，認為比特幣是“數字黃金”。但是，他批評XRP的包含，質疑其在加密保護區的必要性。

“But what’s the rationale for an XRP reserve? Why the hell would we need that?” Schiff asked.

“但是XRP儲備的理由是什麼？為什麼我們需要那個？”希夫問。

Alex Xu, a research partner at Mint Ventures, argued that Trump made a politically motivated decision to reward projects that financially backed him, calling it an “advertising slot” within Trump’s presidential powers.

MINT Ventures的研究合作夥伴Alex Xu認為，特朗普做出了出於政治動機的決定，以獎勵在經濟上支持他的項目，稱其為特朗普總統權力中的“廣告上”。

“However, in the long run, pushing assets like ADA and XRP as reserve holdings is absurd. It undermines the legitimacy of BTC as a strategic reserve and further reduces the chances of passing a BTC reserve bill at the federal level.”

“但是，從長遠來看，將諸如ADA和XRP之類的資產推向了儲備金，這是荒謬的。它破壞了BTC作為戰略儲備的合法性，並進一步減少了通過聯邦一級通過BTC儲備法案的機會。”

He noted that with Republicans holding a narrow majority in the House and Democrats controlling the Senate, it’s highly unlikely that legislation including SOL, ADA, and XRP in national reserves would pass.

他指出，隨著共和黨人在眾議院佔多數席位，民主黨人控制參議院，在國家儲備中包括索爾，ADA和XRP在內的立法極不可能通過。

Xu suggested the only feasible option would be a sovereign wealth fund controlled by the Treasury, which would enable Trump to buy these assets without congressional approval.

徐建議唯一可行的選擇是由財政部控制的主權財富基金，這將使特朗普能夠在未經國會批准的情況下購買這些資產。

“But how likely is that? How much would SOL, XRP, and ADA need to funnel into Trump’s circle for him to issue an executive order using taxpayer money to buy them? Trump’s style is about making big headlines with minimal effort. He won’t invest heavily or take on major risks without significant personal gain.”

“但是那有多大的可能性？ Sol，XRP和ADA需要多少錢進入特朗普的圈子，以便他發出使用納稅人資金購買的行政命令？特朗普的風格是在努力最少的努力方面成為大型頭條新聞。沒有大量個人利益，他不會大力投資或承擔重大風險。”

Arthur Hayes, former CEO of BitMEX, took a more critical stand, dismissing Trump’s crypto reserve proposal as rhetoric.

Bitmex的前首席執行官Arthur Hayes採取了更為批判的立場，將特朗普的加密儲備建議作為修辭學。

“Nothing new here. Just words. Without Congress approving borrowing more funds or an executive order to revalue gold, the government lacks the resources to buy Bitcoin or any other cryptocurrency.”

“這裡沒有什麼新的。只是說話。如果國會批准借入更多的資金或行政命令重估黃金，政府缺乏購買比特幣或任何其他加密貨幣的資源。”