美國已進入比特幣競技場，並以166億美元的儲備

2025年3月6日，唐納德·特朗普（Donald Trump）總統簽署了一項行政命令，建立了一個戰略性比特幣儲備，從200,000 BTC開始，這是從刑事和民事沒收案件中造成的。

The United States has entered the Bitcoin arena with a $16.6 billion reserve, a move viewed as it could propel global markets in a new direction.

美國已經以166億美元的儲備進入了比特幣競技場，這一舉動被認為可以推動全球市場朝著新的方向推動。

On March 6, 2025, President Donald Trump signed an executive order instituting a Strategic Bitcoin Reserve, commencing with 200,000 BTC—garnered from criminal and civil forfeiture cases.

2025年3月6日，唐納德·特朗普（Donald Trump）總統簽署了一項行政命令，制定了一項戰略性比特幣儲備，從200,000 BTC開始 - 從刑事和民事沒收案件中加劇。

Ryan Rasmussen, head of research at Bitwise Asset Management, argues this step, announced amid a Bitcoin market cap of $1.73 trillion, could catalyze a worldwide rush for the asset.

Bitwise Asset Management的研究負責人Ryan Rasmussen認為，在比特幣市值1.73萬億美元的情況下宣布，可能會催化全球範圍內的資產。

His analysis, shared on X on March 7, 2025, suggests a transformative impact on adoption and legitimacy. Let’s examine the facts driving this development.

他的分析在2025年3月7日在X上分享，這表明對採用和合法性產生了變革性的影響。讓我們研究推動這一發展的事實。

Strategic Reserve: A $16.6 billion Commitment

戰略儲備：166億美元的承諾

Trump’s order, enacted on March 6, 2025, allocates 200,000 BTC to a national reserve. White House crypto czar David Sacks confirmed the funding source: assets confiscated through legal proceedings.

特朗普於2025年3月6日頒布的命令將200,000 BTC分配給了國家預備役。白宮加密沙皇戴維·薩克斯（David Sacks）確認了資金來源：通過法律訴訟沒收的資產。

“This incurs no taxpayer expense,” Sacks stated in a March 6, 2025, briefing, emphasizing fiscal neutrality. The reserve represents 0.95% of Bitcoin’s 21 million total supply. This is a sizable stake for a known government entity.

薩克斯在2025年3月6日的簡報中說：“這不會造成納稅人的費用。”儲備金佔比特幣2100萬總供應量的0.95％。對於一個已知的政府實體來說，這是相當大的股份。

He contends that the U.S. Bitcoin reserve could prompt other nations to acquire BTC. “The goal isn’t U.S. domination of Bitcoin holdings,” he wrote, “but a signal that forces global action.”

他認為，美國比特幣儲備可以促使其他國家收購BTC。他寫道：“目標不是我們對比特幣持有的統治，而是迫使全球行動的信號。”

Matt Hougan, Bitwise’s chief investment officer, echoed this in a March 4, 2025, analysis, noting early adopters like El Salvador (2,381 BTC), Bhutan (undisclosed), and Abu Dhabi (undisclosed). Hougan asked, “If Honduras or Qatar sees the U.S. and peers move, can they afford to lag?” per his report.

Bitwise首席投資官Matt Hougan在2025年3月4日的分析中對此表示贊同，指出了El Salvador（2,381 BTC），不丹（未公開）和Abu Dhabi（未公開）等早期採用者。霍根問：“洪都拉斯或卡塔爾是否看到美國和同齡人移動，他們能負擔得起滯後嗎？”根據他的報告。

Financial Institutions Poised to Respond

有望做出回應的金融機構

The reserve could alter institutional behavior. Rasmussen highlighted that regulatory uncertainty has deterred wealth managers, pension funds, and endowments from Bitcoin.

儲備可以改變機構行為。拉斯穆森（Rasmussen）強調，監管不確定性阻止了比特幣的財富管理人員，養老基金和捐贈基金。

With the U.S. holding 200,000 BTC, that barrier is weakening. “This legitimizes Bitcoin as a strategic asset,” he posted on X. The White House fact sheet from March 6, 2025, authorizes Commerce and Treasury Secretaries to explore additional BTC acquisitions, provided they remain budget-neutral, reinforcing this shift.

由於美國持有200,000 BTC，該障礙正在減弱。他在X上發布了“將比特幣合法化為戰略資產。”他在X. 2025年3月6日的白宮概況說明書上授權商業和財政部秘書探索其他BTC收購，只要他們仍然是預算中立，從而加強了這一轉變。

Rasmussen also addressed a key concern in his post: the risk of a U.S. sell-off destabilizing Bitcoin’s price. “A reserve makes a ban impossible,” he wrote, estimating the probability at “definitively zero.” The $16.6 billion suggests accumulation, not liquidation.

拉斯穆森（Rasmussen）在他的帖子中還解決了一個關鍵問題：美國售罄使比特幣價格穩定的風險。他寫道：“儲備使禁令變得不可能，”估計概率為“明確的零”。這筆166億美元表明積累，而不是清算。

Hougan’s analysis framed the reserve as a global signal. “The most critical audience is abroad,” he wrote, citing nations like Russia and China as potential responders.

霍根（Hougan）的分析將保護區列為全球信號。他寫道：“最關鍵的受眾是國外的，”他以俄羅斯和中國等國家為潛在反應者的身份。