特朗普針對美國加密儲備的計劃“引發了全市範圍”

總統唐納德·特朗普（Donald Trump）總統在3月2日在加密貨幣中對美國加密貨幣保護區的計劃“引發了全球的反彈”，全球市場

A pair of posts by President Donald Trump about his plans for a US crypto reserve “triggered a marketwide rebound” in cryptocurrencies on March 2, with global market capitalization increasing nearly 7% to $3.04 trillion, according to a report by Cointelegraph.

根據Cointelegraph的一份報告，唐納德·特朗普（Donald Trump）總統在3月2日在加密貨幣中“觸發了全球範圍的籃板”的計劃，全球市值增長了近7％，至3.04萬億美元。

Still, on closer examination, a crypto strategic reserve — presumably along the lines of the US Strategic Petroleum Reserve, created in the 1970s after the Arab oil embargo — raises as many questions as it answers.

儘管如此，經過仔細檢查，加密戰略儲備（大概是按照阿拉伯石油禁運之後創建的美國戰略石油儲備的線路）提出了許多問題。

There was controversy, if not confusion, about what sorts of crypto would comprise the “reserve,” as well as whether the US would purchase crypto for the reserve, as opposed to simply adding to its stock of confiscated crypto when law enforcement makes seizures.

關於哪種加密貨幣將構成“儲備金”，以及美國是否為保護區購買加密貨幣，而不是簡單地將其在執法部門扣押時簡單地添加到沒收的加密貨幣的股票中，就存在爭議（即使不是混亂）。

The order of Trump’s two posts on the Truth Social platform also drew scrutiny. Interestingly, the first post mentioned only the projected reserve’s three smallest tokens by market capitalization: XRP (XRP), Solana (SOL) and Cardano (ADA).

特朗普在真相社交平台上的兩個帖子的秩序也引起了審查。有趣的是，第一篇文章僅提到了預計的儲備金的三個最小令牌，按市值：XRP（XRP），Solana（SolAna）（Sol）（Sol）和Cardano（ADA）。

A few minutes later, almost as an afterthought, the president posted again, this time referencing the two largest cryptocurrencies: Bitcoin (BTC) and Ether (ETH).

幾分鐘後，總統幾乎是一個事後的想法，這次是指兩個最大的加密貨幣：比特幣（BTC）和Ether（ETH）。

Fairly or unfairly, some critics noted that the president’s own memecoin was launched on Solana, so that platform might have been more front-of-mind.

一些批評家相當或不公平地指出，總統自己的成員是在索拉納（Solana）上推出的，因此該平台可能會更加領先。

Others in the crypto community were surprised at the inclusion of altcoins. Some assumed that the US might one day have a Bitcoin strategic reserve because BTC was the oldest, safest, most widely owned and best-capitalized cryptocurrency. But a reserve with altcoins, too?

加密貨幣社區中的其他人對包括山寨幣的包含感到驚訝。有些人認為美國可能有一天有比特幣戰略儲備，因為BTC是最古老，最安全，擁有最廣泛的加密貨幣。但是還有Altcoins的儲備嗎？

“An unforced error”

“一個未強制的錯誤”

“This decision on a wide-ranging crypto strategic reserve is an unforced error that will be regretted in the future,” Anthony Pompliano, founder and CEO at Professional Capital Management, wrote on March 3. “We seem to be getting a random smattering of speculative tools that will enrich the insiders and creators of these coins at the expense of the US taxpayer.”

專業資本管理專業資本管理的創始人兼首席執行官Anthony Pompliano在3月3日寫道：“對廣泛加密戰略儲備的這一決定將在未來感到遺憾，這將在將來感到遺憾。我們似乎正在隨機地對投機工具進行隨機的嘲笑，這些工具將豐富這些內部人員和創造者，這些硬幣和創建者以這些稅收稅收的費用為代價。”

Crypto tokens like ETH, SOL, XRP, and ADA simply don’t fit the “reserve” framework, Pompliano added. They are more like technology stocks than the hard money or natural commodities that typically populate strategic reserves (Canada has a strategic reserve of maple syrup, a less-common commodity, admittedly.)

Pompliano補充說，像ETH，SOL，XRP和ADA這樣的加密代幣根本不適合“儲備”框架。它們更像是技術庫存，而不是通常填充戰略儲備的硬錢或天然商品（加拿大擁有戰略性的楓糖漿儲備，公認的商品較少。）

“Skeptics say the most obvious winner is Trump himself, who has rolled out a crypto venture of his own that carries millions of dollars in tokens set to be included in the reserve,” The New York Times noted, adding that Ripple, “whose XRP token is one of the five that Trump said would be included…donated $45 million to an industry-wide PAC that sought to help elect Trump and other Republicans.”

Others suggested, however, that these altcoins better reflect the direction blockchain-based currencies are heading. Cardano, for example, is “more energy efficient, cost-efficient, deterministic, decentralized, scalable and able to handle programmability today” than Bitcoin, noted one reader who objected to the direction of Pompliano’s letter.

然而，其他人建議這些替代幣更好地反映了基於區塊鏈的方向的貨幣。例如，卡爾達諾（Cardano）與比特幣相比，“更節能，成本效益，確定性，分散，可擴展並且能夠處理可編程性”。

Altcoins: a “double-edged sword”

AltCoins：一把“雙刃劍”

Yu Xiong, a professor and director of the Surrey Academy for Blockchain and Metaverse Applications at the Surrey Business School, University of Surrey, called the inclusion of altcoins in a state-backed reserve a “double-edged sword” with pros and cons.

薩里大學薩里商學院薩里區和元申請的教授兼校長Yu Xiong稱將Altcoins納入州支持的儲備金為“雙刃劍”，並帶有優點和缺點。

A multi-asset reserve offers more diversification and less reliance on Bitcoin, which today accounts for about half of crypto’s total market capitalization, he told Cointelegraph, further explaining:

他告訴Cointelegraph，多元資產儲備提供了更多的多元化和更少的對比特幣的依賴，這佔了加密貨幣總市值的一半。

The inclusion of altcoins also recognizes blockchain’s broader use cases. Ukraine raised $135 million in crypto donations via ETH, SOL and other coins after it was invaded by Russia in 2022, he added.

替代幣的包含也認可了區塊鏈更廣泛的用例。他補充說，烏克蘭在2022年被俄羅斯入侵後通過ETH，SOL和其他硬幣籌集了1.35億美元的加密貨幣。

But there are potential downsides, too, including regulatory uncertainty. The SEC still has an ongoing lawsuit against Ripple, for instance. “A government holding these tokens could face backlash,” said Xiong.

但是，也有潛在的缺點，包括監管不確定性。例如，SEC仍在對Ripple進行持續的訴訟。 Xiong說：“持有這些代幣的政府可能會面臨反彈。”

Liquidity risks are another concern. Given how thinly these coins are traded, government purchases or sales could send crypto prices soaring or crashing.

流動性風險是另一個問題。鑑於這些硬幣的交易多薄，政府購買或銷售可能會使加密貨幣價格飆升或崩潰。

BTC has a larger trading volume than the other coins, of course. In a recent 24-hour period, Bitcoin’s volume across all platforms stood at $54.8 billion, compared with ETH’s $23.4 billion, XRP’s $5.5 billion, SOL’s $5.4 billion and ADA’s $3.6 billion — which may indicate a “lack of depth for large scale reserves” among some of the altcoins, Xiong said.

當然，BTC的交易量大於其他硬幣。在最近的24小時期間，所有平台的比特幣數量均為548億美元，而ETH的234億美元，XRP的55億美元，54億美元的54億美元和ADA的36億美元，這可能表明“在大規模儲備中缺乏大規模儲備”。

This, in turn, could raise market manipulation fears. “The US Treasury’s 2014 sale of 30,000 Silk Road BTC caused minimal disruption, but today, selling 3% of Bitcoin’s supply (~$5.5 billion) could crash prices by 15%

反過來，這可能會增加市場操縱的擔憂。 “美國財政部的2014年出售30,000絲綢之路BTC造成了最小的破壞，但如今，出售比特幣供應量的3％（約55億美元）可能會崩潰15％