特朗普建立正式的國家加密貨幣儲備引發了拋售

在美國總統唐納德·特朗普（Donald Trump）建立正式的國家加密貨幣保護區之後，加密貨幣倡導者正在敦促鎮定，因為投資者觸發了拋售

U.S. President Donald Trump has sparked a shift in sentiment among institutional investors and sovereign wealth funds following the establishment of a national cryptocurrency reserve, a policy that one pundit says “delivered almost nothing”.

在建立國家加密貨幣儲備後，美國總統唐納德·特朗普（Donald Trump）引發了機構投資者和主權財富基金的情緒轉變，這一政策是專家們說的“幾乎沒有交付”。

Trump's administration announced the creation of the Strategic Bitcoin Reserve (SBR) and the U.S. Digital Asset Stockpile (DAS) at this month's inaugural White House cryptocurrency summit.

特朗普政府宣佈在本月首屆白宮加密貨幣峰會上創建戰略比特幣保護區（SBR）和美國數字資產庫存（DAS）。

The SBR will be dedicated exclusively to Bitcoin, while the DAS will manage other cryptocurrencies such as Ether, XRP, Cardano and the troubled Solana, on which Trump's own controversial $TRUMP coin is based.

SBR將專門用於比特幣，而DAS將管理其他加密貨幣，例如Ether，XRP，Cardano和陷入困境的Solana，特朗普自己有爭議的$ Trump Coin所基於的。

The new funds will serve as vehicles for the "orderly and strategic management" of any cryptocurrency held by all U.S. government departments, which will now have 30 days to inventory their crypto holdings and weigh the legal implications of transferring them into the SBR.

新資金將作為美國所有政府部門持有的任何加密貨幣的“有序和戰略管理”的工具，現在，該貨幣將有30天的時間庫存其加密貨幣持有物，並權衡將其轉移到SBR中的法律意義。

The government will not be buying additional assets for the DAS and will not sell bitcoin from the SBR, which will initially contain all Bitcoin held by the U.S. Department of the Treasury.

政府將不會為DAS購買額外資產，也不會從SBR出售比特幣，SBR最初將包含美國財政部持有的所有比特幣。

According to Trump's crypto czar David Sacks, the administration's agencies have seized "a significant amount of BTC" from criminal or civil asset forfeitures. However, despite this, the government has not implemented a policy to maximize BTC's strategic position as a unique store of value in the global financial system.

根據特朗普的加密沙皇大衛·薩克斯（David Sacks）的說法，政府的機構從刑事或民事資產沒收中奪取了“大量BTC”。但是，儘管如此，政府尚未實施最大化BTC作為全球金融體系中一種獨特價值的戰略地位的政策。

Each department has been left to manage forfeited crypto on its own, with many shelving the assets or selling them in a haphazard process that has already cost the government over $17 billion, the White House says.

白宮說，每個部門都可以自己管理被沒收的加密貨幣，許多人將資產擱置或以偶然的過程出售，這已經使政府損失了超過170億美元。

The administration's announcement comes in response to a request from several senators to create a national Bitcoin trust to protect the U.S. dollar from manipulation by China and other nations.

政府的宣布是為了回應幾位參議員建立國家比特幣信託的要求，以保護美元免受中國和其他國家的操縱。

"This move harnesses the power of digital assets for national prosperity, rather than letting them languish in limbo," the executive order says, promising that the new structure "will ensure proper oversight, accurate tracking, and a cohesive approach" to crypto.

行政命令說：“此舉利用數字資產來實現國家繁榮的力量，而不是讓它們陷入困境。”承諾新結構“將確保對加密貨幣的適當監督，準確的跟踪和凝聚力的方法”。

Sometimes, bros get what they asked for

有時，兄弟會得到他們要的東西

Trump's rhetoric about normalizing the government's approach to cryptocurrency was a regular feature of his election campaign, and the establishment of the SBR and DAS fulfills his promises to an industry that donated tens of millions in response.

特朗普關於使政府對加密貨幣進行正常化的言論是他的競選活動的常規特徵，而SBR和DAS的建立則履行了他的諾言，向一個捐贈了數千萬的回應行業。

The president's campaign saw him tout the promise of Bitcoin as a hedge against inflation and a tool for financial inclusion, while also pivoting to criticize the Build Back Better Act as a "socialist agenda item" despite its potential to benefit economically vulnerable households.

總統的競選活動使他吹捧比特幣的承諾是抵制通貨膨脹和金融包容性工具的對沖，同時還旋轉批評該建築物更好地作為“社會主義議程項目”，儘管它有可能使經濟上脆弱的家庭受益。

In response, several cryptocurrency firms shifted their investments to stablecoins—lower-risk cryptocurrencies pegged to fiat currencies like the U.S. dollar—with their collective value surging by $7.7 billion in February as investors responded to increasing financial instability.

作為回應，幾家加密貨幣公司將其投資轉移到了穩定幣（較低風險的加密貨幣）與諸如美元這樣的FIAT貨幣掛鉤的情況下，他們的集體價值在2月飆升了77億美元，因為投資者對日益增加的財務不穩定做出了反應。

"On the face of things Trump has kept his promise to the crypto industry, but whether that repays the contribution it made to him winning the election is questionable," said Impossible Cloud Network co-founder Kai Wawrzinek.

“面對特朗普對加密貨幣產業的諾言，這是他對他贏得選舉所做的貢獻的諾言，這是值得懷疑的，” Imports Cloud Network聯合創始人Kai Wawrzinek說。

"With no solid plans to buy further coins mentioned, and indeed with Trump emphasising that the taxpayer would not contribute a single penny to any such endeavour, a reserve of coins already in reserve seems like a thin deal."

“由於沒有紮實的計劃來購買進一步的硬幣，而且確實在特朗普強調的是，納稅人不會為任何此類努力貢獻一分錢，所以已經準備好的硬幣似乎是一筆薄薄的交易。”

Fanning the flames of crypto policy

驅動加密政策的火焰

Despite its shortcomings, Trump's announcement of a formal crypto policy appears to have normalized attitudes towards crypto holdings, with senators in the U.S. state of Texas passing legislation that would establish a similar state-level reserve.

儘管存在缺點，但特朗普宣布採取正式加密政策似乎已經對加密貨幣持有的態度正常化，美國德克薩斯州的參議員通過了立法，該立法將建立類似的州級儲備。

The new law, which still requires approval from the Texas House of Representatives, would see the state's government invest in Bitcoin and other cryptocurrencies through a special trust fund.

仍需要獲得德克薩斯州眾議院的新法律，該法律將通過特殊信託基金對該州政府對比特幣和其他加密貨幣進行投資。

The senators argued that investing in crypto would protect the state's economy against central bank intervention and supply-side manipulation of the U.S. dollar's value—echoing allegations of currency manipulation levelled at China and others.

參議員認為，投資加密貨幣將保護該州的經濟免受中央銀行的干預和供應方對美元價值的操縱，這是對中國及其他人的貨幣操縱指控的回應。

It remains to be seen whether the upswell of cryptocurrency reserve policy could trigger similar moves in Australia, with policies currently under review but the Reserve Bank of Australia long skeptical about the role of Bitcoin or mooted central bank digital currencies (CBDC).

加密貨幣預備役政策的提升是否可以引發澳大利亞的類似舉動，目前正在審查澳大利亞的政策，但澳大利亞儲備銀行對比特幣或互聯的中央銀行數字貨幣（CBDC）的作用持懷疑態度還有待觀察。

The U.S. Congress is also considering legislation that would create a national bank to issue a CBDC, which could compete with the cryptocurrency markets and render the SBR obsolete.

美國國會還正在考慮建立國家銀行發行CBDC的立法，該銀行可以與加密貨幣市場競爭並使SBR過時。

However, with the U.S. now managing cryptocurrency and 23 other U.S. states reportedly considering similar moves, sentiment is shifting rapidly.

但是，由於美國現在正在管理加密貨幣，據報導其他23個美國州正在考慮採取類似的行動，情緒正在迅速轉移。

And according to Nigel Green, CEO of financial advisory deVere Group, that shift in policy clarity will resonate with institutional investors, central banks, and sovereign wealth funds.

財務諮詢公司首席執行官奈傑爾·格林（Nigel Green）表示，政策清晰度的轉變將引起機構投資者，中央銀行和主權財富基金的共鳴。

"Bitcoin is no stranger to market overreactions, with its price often making dramatic moves in response to even minor news events or changes in sentiment," said Green, who called the policy a "game-changer" and noted that "trading on immediate sentiment rather than long-term implications… creates opportunities."

格林說：“比特幣對市場過度反應並不陌生，其價格通常會導致戲劇性的舉動，即使是小小的新聞事件或情緒變化。”

"This executive order makes it more

“該行政命令使它更加