在特朗普總統本週一的意外行政命令之後，這暗示了建立美國主權財富基金並將比特幣納入國家戰略儲備，這對於暫停和權衡所涉及的權衡至關重要。

儘管積累比特幣似乎是一個明顯的策略，但更雄心勃勃的（最終更有效）呼籲大修全國的金融體系結構以釋放開放網絡的潛力。

President Trump’s executive order this Monday hinted at establishing a U.S. sovereign wealth fund and incorporating Bitcoin into the national strategic reserve. While accumulating Bitcoin might seem like an obvious strategy, a more ambitious—and ultimately more effective—plan calls for overhauling the nation’s financial architecture to unlock the potential of open networks.

特朗普總統本週一的行政命令暗示，建立了美國主權財富基金，並將比特幣納入國家戰略儲備中。儘管積累比特幣似乎是一個明顯的策略，但更雄心勃勃的（最終更有效）呼籲大修全國的金融體系結構以釋放開放網絡的潛力。

The United States occupies a unique position in global finance by issuing the world’s reserve currency—a status often referred to as the “exorbitant privilege.” But it’s more than a label economists use: it fundamentally reflects the global trust in American governance, economic resilience, and the enduring safety of the dollar as a store of value.

美國通過發行全球儲備貨幣佔據了全球金融的獨特地位，這種地位通常被稱為“過高的特權”。但這不僅僅是經濟學家使用的標籤：它從根本上反映了全球對美國治理，經濟韌性以及美元作為價值存儲的持久安全性的信任。

A novelty Bitcoin token is photographed on a US Dollar bank note, on January 4, 2025. (Photo ... [+] Illustration by Anna Barclay/Getty Images)

2025年1月4日，在一美元的銀行註釋上拍攝了一個新穎的比特幣代幣。

The biggest risk posed by a Bitcoin reserve

比特幣保護區帶來的最大風險

Proponents of a U.S. Bitcoin reserve argue that Bitcoin’s status as “digital gold”—decentralized and without a single point of failure—positions it as a neutral global asset, detached from any one nation’s monetary policy. But would accumulating Bitcoin truly secure U.S. financial leadership?

美國比特幣儲備的支持者認為，比特幣作為“數字黃金”的地位（分隔為中央且沒有單個失敗點）將其視為中立的全球資產，與任何一個國家的貨幣政策分離。但是，積累比特幣會真正確保美國財務領導嗎？

Unlikely. Strategic reserves are meant to ensure stability and provide immediate access during a crisis. Countries store dollars or oil because they need them to repay debts, settle cross-border obligations, and keep essential systems running when supply chains falter. For all its promise, Bitcoin doesn’t meet these near-term needs.

不太可能。戰略儲備旨在確保穩定性並在危機期間立即獲得通道。國家存儲美元或石油是因為他們需要他們償還債務，解決跨境義務，並在供應鏈動搖時保持基本系統運行。儘管如此，比特幣無法滿足這些近期需求。

But there’s a bigger risk: if America began amassing Bitcoin on a large scale, it might be seen as a hedge against the dollar itself—raising alarms and giving rivals like China or Russia an opening to claim that the U.S. no longer trusts its own currency.

但是有更大的風險：如果美國開始大規模積累比特幣，它可能被視為對美元本身的樹籬 - 提高警報，並為中國或俄羅斯等競爭對手提供一個空缺，聲稱美國不再信任自己的貨幣。

Bitcoin’s long-term trajectory could be bright. It could grow into a universal settlement layer for nations wary of each other’s financial rails. But that transition is still unfolding. Today, the more critical step is building the infrastructure to let Bitcoin and other cryptocurrencies evolve from speculative assets into a key component of global finance. Acquiring a large stash now will drive gains for early adopters and fuel speculation, but it offers minimal strategic advantage.

比特幣的長期軌跡可能是明亮的。它可能會發展成為國家對彼此金融軌道保持警惕的通用定居層。但是這種過渡仍在發展。如今，更關鍵的一步是建立基礎架構，以使比特幣和其他加密貨幣從投機資產發展為全球金融的關鍵組成部分。現在購買大型藏匿處將為早期採用者和燃料猜測帶來收益，但它提供了最小的戰略優勢。

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Raising the stakes with a U.S. dollar platform strategy

通過美元平台策略提高賭注

A far more powerful move than simply buying Bitcoin is to shape its integration into the U.S. financial system. Think of the early internet: the biggest winners weren’t those who just hoarded domain names; they were the ones who built on top of open protocols, becoming the backbone of a new digital economy.

一個比簡單地購買比特幣更強大的舉動是將其集成到美國金融系統中。想想早期的互聯網：最大的贏家不是那些只是ho積域名的人；他們是建立在公開協議之上的人，成為新數字經濟的骨幹。

1. Become a global Bitcoin hub

1。成為全球比特幣中心

Rather than treating Bitcoin solely as an asset, recognize it as an open, permissionless network for money movement. Even countries that shun the dollar might end up using Bitcoin’s neutral ledger. By building robust Bitcoin infrastructure—including secure custody solutions, regulated exchanges, and efficient on- and off-ramps—the U.S. can attract significant economic activity and innovation. This is an opportunity to export American regulatory and compliance frameworks, technological expertise, and financial best practices as the global financial stack evolves.

與其僅將比特幣視為資產，不如將其視為貨幣運動的開放且無權的網絡。即使是避開美元的國家，最終也可能使用比特幣的中性分類帳。通過構建強大的比特幣基礎設施（包括安全的監護解決方案，規範的交流以及有效的現場和外升級），美國可以吸引重大的經濟活動和創新。隨著全球金融堆棧的發展，這是出口美國監管和合規框架，技術專業知識和財務最佳實踐的機會。

Bitcoin might be the first cryptocurrency to capture financial institutions’ attention, but it won’t be the last. As decentralized finance (DeFi) evolves, the true opportunity lies in becoming the digital capital of that emerging ecosystem.

比特幣可能是引起金融機構注意的第一個加密貨幣，但這並不是最後一個。隨著分散的金融（DEFI）的發展，真正的機會在於成為該新興生態系統的數字資本。

The logo of the stablecoin USD Coin (USDC). (Photo by Silas Stein/picture alliance via Getty Images)

Stablecoin USD硬幣（USDC）的徽標。 （Silas Stein/圖片聯盟通過Getty Images的照片）

2. Drive adoption of USD stablecoins

2.驅動乘坐美元穩定劑

Dollar-pegged stablecoins extend the reach of the U.S. dollar by modernizing cross-border payments and making it easier for people worldwide to hold, send, and spend in USD. Their widespread adoption hinges on proper regulation—ensuring transparency, robust backing, and consumer protections. Managed effectively, stablecoins can reinforce dollar dominance by turning the dollar into the digital currency of choice for innovative financial services built on open networks.

Dollar-Peggged Stablecoins通過現代化跨境支付並使全世界的人們更容易持有，發送和花費美元來擴大美元的範圍。他們的廣泛採用取決於適當的法規 - 保留透明度，強大的支持和消費者保護。有效管理的穩定幣可以通過將美元轉變為基於開放網絡的創新金融服務首選的數字貨幣來增強美元的統治地位。

While dollarization may be unwelcome and even hinder USD stablecoin adoption in some regions, that’s exactly where Bitcoin can thrive—as a robust complement and bridge between competing financial systems in a multipolar world.

雖然美元化可能不受歡迎，甚至阻礙了某些地區的USD穩定性採用，但這正是比特幣可以蓬勃發展的地方，這是多極世界中競爭金融系統之間強大的補充和橋樑。

3. Empower U.S. innovation and experimentation

3。授權我們的創新和實驗

The U.S. didn’t scale the internet on its own—it laid the groundwork that allowed private innovation to flourish. Tech giants emerged by building on top of open protocols within a supportive regulatory environment. Today, a similar strategy could enable U.S. startups and established financial institutions to develop innovative cryptocurrency and stablecoin-based financial services, thereby broadening the dollar’s influence rather than limiting it. A balanced approach—

美國並沒有自己擴展互聯網，它奠定了允許私人創新蓬勃發展的基礎。科技巨頭是通過在支持性監管環境中建立開放協議的基礎上建立的。如今，類似的戰略可以使美國初創企業和建立的金融機構能夠開發創新的加密貨幣和基於Stablecoin的金融服務，從而擴大美元的影響力而不是限制。平衡的方法 -