特朗普團隊的加密調情比內閣選秀更危險

通過庫存比特幣（最受歡迎的加密貨幣）在像諾克斯堡這樣的地方的穹頂內，美國政府正在向世界發送信息

The hand-wringing over some of President Trump’s Cabinet picks would be funny if it weren’t for what the opposition is missing: Team Trump flirting with something much more dangerous in making crypto part of the nation’s so-called strategic reserve.

如果不是因為反對派的失踪，那麼對特朗普總統的一些內閣選秀權的手工揮舞會很有趣：特朗普團隊在使加密貨幣成為該國所謂的戰略儲備中的一部分時更加危險。

Most Americans don’t know what this means but they should.

大多數美國人不知道這意味著什麼，但是他們應該。

By stockpiling bitcoin — the most popular crypto — inside the vaults of places like Fort Knox, the US government is sending a message to the world: An alternative asset is as safe as the US dollar.

通過庫存比特幣（最受歡迎的加密貨幣）在諾克斯堡（Fort Knox）等地方的拱頂內，美國政府正在向世界發送信息：替代資產與美元一樣安全。

That’s the word I’m getting from some smart market types, who I might add, believe in crypto, want to see advances in its blockchain technology to make transactions cheaper and more efficient but also see how Trump and his people are playing with fire on this one.

這就是我從一些智能市場類型中獲得的詞，我可能會補充，相信加密貨幣，希望看到其區塊鏈技術的進步，以使交易更便宜，更高效，同時也看到特朗普和他的人民如何在開火上發揮作用這個。

We are literally undermining global allegiance to King Dollar; when the US government gives its stamp of approval for a digital coin, it’s signaling to the world to think twice about investing in US-dollar denominated assets like our debt because crypto is the new thing.

我們實際上正在破壞全球對美元的忠誠；當美國政府給予數字硬幣的認可郵票時，它向全世界發出了信號，即三思而後行地投資於我們的債務，因為加密貨幣是新事物。

It’s a terrible message.

這是一個可怕的信息。

For starters, we still live in a country addicted to debt that we need foreigners to buy and they are willing to do so for many reasons, including the US is a great safe haven with a stable “reserve” currency.

首先，我們仍然生活在一個沉迷於我們需要外國人購買的債務的國家中，出於多種原因，他們願意這樣做，包括美國是一個擁有穩定的“儲備”貨幣的絕佳避風港。

As such we want the dollar to remain as the world’s reserve currency for the simple reason that we will be selling more debt even under Trump.

因此，我們希望美元作為全球儲備貨幣，原因很簡單，即使在特朗普的領導下我們也會出售更多債務。

The Elon Musk-run DOGE won’t solve the spending problem that is producing a $2 trillion deficit even in a growing economy overnight.

埃隆·馬斯克（Elon Musk）經營的門多格（Doge）也無法解決支出問題，即使在不斷增長的經濟體中，也會造成2萬億美元的赤字。

And it may never.

而且可能永遠不會。

It’s unclear if the president is serious about tackling entitlement spending, stuff like Social Security, Medicare and the like that are on auto-pilot and comprise the largest part of the nation’s largesse that have lumped on future generations with $36 trillion in outstanding borrowing that will, at least for the immediate future, keep growing.

目前尚不清楚總統是否認真考慮應對應有的支出，諸如社會保障，醫療保險之類的東西都在自動駕駛中，並組成了全國最大的大部分地區，這些部分已經在未來後代以36萬億美元的傑出借款方式集中在後代，至少在不久的將來，請繼續增長。

You also have to ask yourself why the Democrats — who love spending — aren’t all over this issue and instead are wasting time twisting Robert F. Kennedy Jr.’s words on the polio vaccine and grilling Tulsi Gabbard and Kash Patel for whatever.

您還必須問自己，為什麼民主黨人（喜歡支出）並不是整個問題，而是在浪費時間扭曲羅伯特·肯尼迪（Robert F. Kennedy Jr.

No inherent value

沒有固有的值

There are valid reasons to push and prod and maybe vote against each of these candidates, but they aren’t existential threats to the country and it’s all important economy the way trying to equate crypto with the dollar will be if that’s what Trump does.

有正當的理由推銷和推銷，也許可以投票反對這些候選人，但他們不是對國家的生存威脅，這都是試圖將加密貨幣等同於美元等同的重要經濟。

Republicans should be concerned for different reasons.

共和黨人應出於不同的原因而關注。

Why in God’s name ever risk debasing our currency before our new Treasury Secretary Scott Bessent gets his 3-3-3 plan going.

為什麼以上帝的名義冒著在我們的新財政部長斯科特·貝森（Scott Bessent）之前將我們的貨幣貶低的風險。

It’s aimed at cutting the budget deficit to 3% of GDP (it’s now more than 6%), revving up economic growth to 3% (currently close to 2%) and increasing oil production by 3 million barrels per day.

它的目的是將預算赤字減少到GDP的3％（現在已超過6％），將經濟增長升至3％（目前接近2％），並將石油產量增加300萬桶。

It won’t happen overnight, which means we still need access to the borrowing markets that this idiotic crypto reserve talk could make exponentially more difficult.

它不會在一夜之間發生，這意味著我們仍然需要進入這個白痴加密儲備的談話可能會使指數變得更加困難的借貸市場。

I should point out that the country has always had some commodities in its strategic reserve.

我應該指出，該國在其戰略儲備中始終有一些商品。

Oil for obvious reasons, and gold, of course.

當然，出於明顯的原因和黃金，石油。

The latter has been a traditional source of value for centuries, and at one point, the dollar’s value was implied through the price of gold, the so-called gold standard.

幾個世紀以來，後者一直是傳統的價值來源，在某一時刻，美元的價值是通過黃金價格（即所謂的黃金標準）暗示的。

Bitcoin is different; it has no inherent value, and at best it’s an alternative currency to the dollar.

比特幣不同；它沒有固有的價值，充其量是美元的替代貨幣。

The blockchain that transacts in bitcoin is a competitor to the banking system.

在比特幣中進行交易的區塊鍊是銀行系統的競爭對手。

So in a sense both both bitcoin and the blockchain are in competition with the US financial system.

因此，從某種意義上說，比特幣和區塊鏈都與美國金融體系競爭。

A bitcoin reserve literally conveys credibility to a currency that is competing with the dollar for reserve currency status — international transactions are made in dollars which means people need to hold them in some form.

比特幣儲備幾乎傳達了與儲備貨幣狀況競爭的貨幣的信譽 - 國際交易是以美元進行的，這意味著人們需要以某種形式持有它們。

“It’s a stupid idea,” one top money manager, and crypto advocate, said about any talk of equating the dollar with bitcoin, which the reserve would begin to do.

一位頂級貨幣經理和加密貨幣倡導者說：“這是一個愚蠢的主意。”

This money manager is all for crypto and deregulating it.

這位貨幣經理全都用於加密貨幣並放鬆調節。

He believes it should be part of a balanced portfolio.

他認為這應該是平衡投資組合的一部分。

It should not be a dollar replacement, real or implied.

它不應是一美元替代品，是真實的或暗示的。

“We’re literally telling global investors it’s better to put your money in crypto than dollar-denominated assets like our debt,” he said.

他說：“我們實際上是在告訴全球投資者，最好將您的資金放在加密貨幣中比像我們的債務這樣的美元計價資產。”

To be fair, Trump is not yet all in on a bitcoin reserve, which some in Congress want; people like GOP Sen. Cynthia Lummis of Wyoming, who proposed legislation that Trump had spoken favorably about.

公平地說，特朗普還沒有在國會中想要的比特幣儲備金。懷俄明州共和黨參議員辛西婭·盧米斯（Cynthia Lummis）這樣的人提出了特朗普對此表示讚賞的立法。

Trump courted crypto honchos during the 2024 campaign and promised to dere

特朗普在2024年的競選期間向加密貨幣求婚，並承諾將