特朗普關於加密貨幣的行政命令表示美國政策的重大轉變

加密貨幣已從利基數字資產發展為全球金融力量，促使人們討論了其在國民經濟中的潛在作用。

Cryptocurrency has gained immense popularity in recent years, sparking discussions about its potential role in national economies. Some countries, like El Salvador and the Central African Republic, have already designated Bitcoin as legal tender.

近年來，加密貨幣已獲得了極大的知名度，引發了關於其在國民經濟中的潛在作用的討論。一些國家，例如薩爾瓦多和中非共和國，已經將比特幣指定為法定招標。

Now, with the United States under a second Trump administration, digital assets are once again in the spotlight. President Trump’s recent executive order on cryptocurrency explores the possibility of a national digital asset stockpile, highlighting a major shift in U.S. policy from the Biden administration.

現在，隨著美國第二屆特朗普政府，數字資產再次成為焦點。特朗普總統最近在加密貨幣上的行政命令探討了國家數字資產庫存的可能性，強調了美國政策與拜登政府的重大轉變。

“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership,” the order states.

該命令指出：“數字資產行業在美國以及我們國家的國際領導力中在創新和經濟發展中起著至關重要的作用。”

This marks a dramatic shift from Trump’s earlier skepticism of cryptocurrency. In 2019, he called Bitcoin a “scam” and insisted the U.S. dollar would always remain dominant. However, his 2024 campaign received significant financial backing from crypto investors, leading to a pro-crypto pivot. His administration is now aggressively pushing digital asset adoption.

這標誌著特朗普先前對加密貨幣的懷疑的巨大轉變。 2019年，他稱比特幣為“騙局”，並堅持認為美元將永遠保持統治地位。但是，他的2024年競選活動獲得了加密投資者的大力財務支持，從而導致了一個親克賴特的樞紐。他的政府現在正在積極推動數字資產採用。

But what would it mean for the U.S. to officially designate cryptocurrency as a national currency? Could this be a strategic advantage or a financial misstep? The answers directly impact the economic, regulatory, and geopolitical landscape.

但是，對美國正式將加密貨幣指定為國家貨幣意味著什麼？這可能是戰略優勢還是財務失誤？答案直接影響經濟，監管和地緣政治格局。

One of the biggest challenges of adopting cryptocurrency as a national currency is its volatility. Bitcoin, for example, has experienced price swings of as much as 50% or more in a matter of months. Unlike fiat currencies managed by central banks, most cryptocurrencies operate on decentralized networks, making price stability difficult to maintain.

採用加密貨幣的最大挑戰之一是其波動。例如，比特幣在幾個月內經歷了多達50％或更多的價格波動。與中央銀行管理的法定貨幣不同，大多數加密貨幣都在分散的網絡上運行，從而使價格穩定難以維護。

However, stablecoins like USDC, which are backed by reserves and pegged to an underlying currency or asset, offer relative stability within the crypto ecosystem.

但是，像USDC這樣的Stablecoins以儲備為支持並固定在基礎貨幣或資產上，提供了加密生態系統中的相對穩定性。

Potential Benefits

潛在的好處

Potential Risks

潛在風險

Trump’s executive order doesn’t go as far as designating Bitcoin as an official currency, but it does set the stage for deeper integration into the U.S. financial system. However, before considering such a move, the government must first address a fundamental question: Can it responsibly manage national assets in a way that protects economic stability and public trust?

特朗普的行政命令並沒有將比特幣指定為官方貨幣，但它確實為加入美國金融體系的更深入奠定了基礎。但是，在考慮採取這種行動之前，政府必須首先解決一個基本問題：它可以以保護經濟穩定和公共信任的方式負責任地管理國家資產嗎？

Crucial Considerations for Government Fiduciary Duty and Public Trust in Crypto Policy

政府信託義務和公共信任的關鍵考慮因素

Governments have a fiduciary responsibility to manage national assets prudently, ensuring economic stability, protecting taxpayer interests, and maintaining liquidity for emergencies. Proposals like Trump’s national digital asset stockpile and adding Bitcoin to central bank reserves raise serious concerns about financial risk and responsible asset management.

政府有謹慎管理國家資產，確保經濟穩定，保護納稅人利益並維持緊急情況流動性的責任。像特朗普的國家數字資產庫存和在中央銀行儲備中增加比特幣這樣的建議引起了人們對財務風險和負責資產管理的嚴重關注。

Unlike gold or U.S. Treasury bonds, Bitcoin’s extreme volatility makes it a speculative reserve asset, potentially exposing public funds to unnecessary risk. The public trust issue is just as critical—without clear oversight, a government-held Bitcoin stockpile could invite market manipulation risks, raising ethical and transparency concerns.

與黃金或美國國庫債券不同，比特幣的極端波動使其成為投機性的儲備資產，可能會使公共資金暴露於不必要的風險。公共信任問題同樣至關重要 - 沒有明確的監督，政府擁有的比特幣庫存可能會引起市場操縱風險，從而提高道德和透明度的問題。

A responsible approach requires clear government guidelines, transparency in asset management, and a legal framework that prioritizes public trust and economic resilience. Crypto has a role in financial innovation, but short-term political rhetoric should not dictate long-term economic policy.

負責任的方法需要明確的政府準則，資產管理方面的透明度以及優先考慮公共信任和經濟韌性的法律框架。加密在金融創新中發揮了作用，但是短期的政治言論不應決定長期的經濟政策。

The U.S. government’s historical approach to seized Bitcoin has been to auction it off, but Trump’s executive order suggests a strategic shift—storing it as part of a national asset stockpile. This move could have both geopolitical advantages and risks.

美國政府對扣押比特幣的歷史方法是將其拍賣，但特朗普的行政命令提出了一種戰略性轉變，將其存儲為國家資產庫存的一部分。這一舉動可能具有地緣政治優勢和風險。

Geopolitical Advantages

地緣政治優勢

Geopolitical Risks

地緣政治風險

A Delicate Balancing Act

微妙的平衡行為

Designating cryptocurrency as a national currency remains a complex and controversial issue. While the U.S. has not yet taken this step, Trump’s executive order represents the most significant policy shift in U.S. crypto history. As more nations explore crypto adoption, the U.S. must decide whether to lead or risk falling behind in the rapidly evolving digital financial landscape.

將加密貨幣指定為國家貨幣仍然是一個複雜且有爭議的問題。儘管美國尚未採取這一步驟，但特朗普的行政命令代表了美國加密貨幣歷史上最重大的政策轉變。隨著越來越多的國家探索加密貨幣的採用，美國必須決定在快速發展的數字金融景觀中領導還是風險落後。

One thing is clear: the future of money is digital, and America is making its move.

一件事很清楚：金錢的未來是數字化的，而美國正在採取行動。