週五，當白宮首次在加密政策上召開的白宮首腦會議時，該桌子將以行業領導人的身份為特色。

這也可能會激發有關3萬億美元行業的未來的辯論。

When the first ever White House summit on crypto policy convenes on Friday, the table will feature a who’s who of industry leaders.

週五，當白宮首次在加密政策上召開的白宮首腦會議時，該桌子將以行業領導人的身份為特色。

It’s also likely to fuel debate on the future of the $3 trillion industry.

這也可能會激發有關3萬億美元行業的未來的辯論。

Michael Saylor, the chairman of MicroStrategy is expected to be there, according to Fox News, as is Brian Armstrong, the CEO of Coinbase. The Winklevoss brothers will weigh in as well as Ripple boss Brad Garlinghouse.

福克斯新聞（Fox News）的說法，MicroStrategy董事長邁克爾·塞勒（Michael Saylor）和Coinbase首席執行官布萊恩·阿姆斯特朗（Brian Armstrong）預計將在那裡。 Winklevoss兄弟將體重和Ripple Boss Brad Garlinghouse。

Coordinating the discussion will be David Sacks, the onetime Solana investor who is now President Donald Trump’s crypto and AI czar.

協調討論的是曾經的索拉納投資者戴維·薩克斯（David Sacks），他現在是唐納德·特朗普（Donald Trump）總統的加密貨幣和AI Czar。

Supporters and sceptics

支持者和懷疑論者

While the idea of a crypto strategic reserve has riven the industry between supporters and sceptics, the one thing everyone wants is clarity.

儘管加密戰略儲備的想法使支持者和懷疑論者之間的行業發展，但每個人都想要的一件事就是清晰。

What exactly will the reserve be, how will it be funded, and what is its ultimate purpose are among the questions that will be addressed at the summit.

儲備金到底是什麼是什麼，它將被資助以及它的最終目的是什麼是在峰會上解決的問題之一。

Supporters say it’s high time the US government amassed a stockpile of Bitcoin and perhaps other cryptocurrencies.

支持者說，現在是美國政府積累比特幣以及其他加密貨幣的庫存了。

They argue Bitcoin will enable Washington to hedge the risk from a deficit running at $839 billion in the current fiscal year and a national debt that tops $36 trillion.

他們認為比特幣將使華盛頓能夠在當前財政年度的赤字為8390億美元，而國債超過36萬億美元。

Moreover, they contend a reserve would amass gains that will strengthen the US’s financial position.

此外，他們認為儲備會積累增益，從而增強美國的財務狀況。

‘It’s not the job of the government to run an ersatz crypto hedge fund.'

“經營Ersatz Crypto對沖基金不是政府的工作。”

MicroStrategy, after all, has recorded a 153% return in the last 12 months even as the software maker’s revenue has tanked.

畢竟，MicroStrategy在過去12個月中的收益率達到了153％的回報，即使軟件製造商的收入已經下降。

On Thursday, Sacks said the federal government had been wrong to sell 195,000 Bitcoin for proceeds of $366 million.

薩克斯週四表示，聯邦政府以3.66億美元的收益出售195,000比特幣是錯誤的。

“If the government had held the Bitcoin, it would be worth over $17 billion today” Sacks said on X. “That’s how much it has cost American taxpayers not to have a long-term strategy.”

薩克斯在X上說：“如果政府擁有比特幣，今天的價值將超過170億美元。這就是美國納稅人不制定長期戰略的費用。”

Terrible idea

可怕的主意

Maybe so, but sceptics counter that using the federal government’s largesse — and quite possibly, taxpayer funds — to assemble a fund topping tens of billions of dollars is a terrible idea.

也許是這樣，但懷疑論者反對說，使用聯邦政府的龐大 - 很可能是納稅人的資金 - 匯總一筆超過數百億美元的資金是一個糟糕的主意。

For one thing, Bitcoin and its ilk are among the most volatile assets on the planet.

一方面，比特幣及其同類產品是地球上最動蕩的資產之一。

When Bybit, a Dubai-based exchange most Americans have never heard of, was drained of $1.4 billion in crypto in a North Korea-backed heist earlier this month, Bitcoin’s price plunged 4%.

當大多數美國人從未聽說過的迪拜交易所拜比特（Bybit）在本月初在朝鮮支持的搶劫案中排出了14億美元的加密貨幣，比特幣的價格下跌了4％。

Moreover, Bitcoin, which has closely tracked stocks for years as a ‘risk-on” asset, has lost a fifth of its value since Trump was inaugurated on January 20.

此外，自從特朗普於1月20日開幕以來，比特幣多年來一直以“風險登機”的資產進行了密切追踪的股票。

Sophisticated investors may be comfortable taking such risks, but US taxpayers, it’s safe to say, are not.

老練的投資者可能很樂意承擔這種風險，但可以肯定地說，美國納稅人不是。

“It’s not the job of the government to run an ersatz crypto hedge fund,” crypto investor Nic Carter wrote on X.

加密投資者尼克·卡特（Nic Carter）在X上寫道：“經營Ersatz Crypto對沖基金不是政府的工作。”

“When did we completely abandon free markets ideology and become big fans of central planning?”

“我們什麼時候完全放棄了自由市場的意識形態並成為中央計劃的忠實擁護者？​​”

Percolating idea

滲透想法

A push for a strategic reserve has been percolating in Washington for some time.

一段時間以來，華盛頓已經滲透了戰略儲備。

After Trump floated the idea at a Bitcoin conference last year, Senator Cynthia Lummis, a Republican from Wyoming, filed the Bitcoin Act, which directs the Treasury to purchase 1 million Bitcoin.

特朗普在去年的比特幣會議上提出了這個想法後，懷俄明州的共和黨參議員辛西婭·盧米斯（Cynthia Lummis）提出了《比特幣法》，該法案指示財政部購買100萬比特幣。

For 20 years, that Bitcoin could be used for only one thing: paying off the country’s multi-trillion-dollar debt.

20年來，該比特幣只能用於一件事：還清該國的數万億美元債務。

In a letter to US Senators, Cody Carbone, chief policy officer at the Digital Chamber, said the bill “aligns with our national interests, demonstrates fiscal responsibility, and embraces technological advancements to alleviate economic burdens.”

數字商會首席政策官科迪·卡伯恩（Cody Carbone）在給美國參議員的信中說，該法案“與我們的國家利益保持一致，表現出財政責任，並採取了技術進步以減輕經濟負擔。”

But Lummis’ bill was a dud.

但是盧米斯的賬單是一個愚蠢的人。

Of the 30 bills Lummis filed last session, the Bitcoin Act was one of only two that failed to attract a single co-sponsor.

在上次會議提交的30張法案中，《比特幣法案》是僅有的兩項未能吸引單個共同贊助者的法案之一。

Three bills

三個賬單

At least three bills aimed to introduce state-level Bitcoin reserves have failed since Trump took office.

自從特朗普上任以來，至少有三個旨在引入州級比特幣儲備的法案失敗了。

In the meantime, the reserve has attracted significant controversy.

同時，預備役引起了重大爭議。

In the tribal crypto industry, where various factions are quick to criticize rivals’ perceived failings, there was significant debate over the tokens Trump had chosen, in particular Cardano and Ripple’s XRP.

在部落加密貨幣行業中，各種派系迅速批評競爭對手的失敗，對特朗普選擇的代幣進行了重大辯論，尤其是Cardano和Ripple的XRP。

Others say the optics are poor, as Trump and his children stand to benefit from any run-up in crypto prices due to the various crypto ventures they’ve spun up in the past several months.

其他人則說，光學元件很差，因為特朗普和他的孩子們將由於過去幾個月中紡起來的各種加密貨幣而受益。

On Thursday, one Trump-backed crypto venture, World Liberty Financial, purchased more than $20 million in Bitcoin, Ether, and other cryptocurrencies, according to news reports.

據新聞報導，週四，一家特朗普支持的加密貨幣企業，世界自由金融，購買了超過2000萬美元的比特幣，以太和其他加密貨幣。

Sacks himself spent much of the past week fighting accusations he steered Trump toward tokens in which he had direct or indirect investments.

薩克斯本人在過去一周的大部分時間裡都花了大部分時間與指控作鬥爭，他將特朗普轉向了他有直接或間接投資的代幣。

Sacks repeatedly said on X he did not benefit from Trump’s announcement, having divested his major crypto holdings before ascending to his current

薩克斯在X上反复說，他沒有從特朗普的宣布中受益，他剝離了他的主要加密貨幣，然後登上了他的當前