美国在历史性的举动中采用比特币作为战略资产

美国通过正式接受比特币作为其战略资产之一迈出了历史性的一步。

The United States has taken a historic step by formally accepting Bitcoin as one of its strategic assets. This move comes with President Donald Trump announcing a Strategic Bitcoin Reserve—a US government cryptocurrency reserve—in an early March 2025 executive order.

美国通过正式接受比特币作为其战略资产之一迈出了历史性的一步。这一举动是唐纳德·特朗普（Donald Trump）总统宣布一项战略性比特币保护区（美国政府加密货币储备）在2025年3月上旬的行政命令中。

The order directs that the reserve be financed using Bitcoin already confiscated in criminal and civil forfeitures (about 200,000 BTC held by the government). It explicitly bans selling these holdings, echoing the crypto mantra of "never sell your Bitcoin." Instead, agencies must "HODL" this "digital gold" in a "digital Fort Knox" for the nation.

该命令指示，使用已经被没收的刑事和民事没收的比特币（政府持有的200,000 BTC）为储备提供了资金。它明确禁止出售这些股份，与“永不出售您的比特币”的加密咒语相呼应。取而代之的是，代理商必须在国家的“数字堡垒”中“ hodl”此“数字黄金”。

This action raises basic questions: Is this the start of a new age in digital finance, or a political strategic maneuver? What does it portend for the future of Bitcoin and the broader cryptocurrency market?

这一行动提出了基本问题：这是数字金融新时代的开始还是政治战略机动？它为比特币和更广泛的加密货币市场的未来预示了什么？

Price Movements and Market Reaction

价格变动和市场反应

The whole crypto market chipped $300+ billion in hours, a ~10% increase in global market cap. Investors interpreted the news as bullish confirmation that the US government was finally on board with adopting crypto—triggering a broad rally in Bitcoin and leading altcoins.

整个加密货币市场的数小时为300亿美元，全球市值增长了约10％。投资者将这一消息解释为看涨的确认，即美国政府终于在采用加密货币的情况下加入了董事会 - 触发了比特币和领先的山寨币的广泛集会。

BTCUSD, H2

BTCUSD，H2

However, a few days later, details of the executive order prompted a "sell the news" dip. On March 7, when the White House confirmed that the reserve would initially contain only seized Bitcoin and not immediately buy more, Bitcoin briefly fell ~5% to below $85,000. Some traders were disappointed that there was no aggressive buying plan. Still, the pullback was short-lived: by the next morning, BTC rebounded to near $89,000.

但是，几天后，行政命令的细节促使“出售新闻”下降。 3月7日，当白宫确认该储备最初只包含扣押的比特币而不立即购买时，比特币短暂下跌了约5％至85,000美元以下。一些交易者对没有积极的购买计划感到失望。尽管如此，回调还是短暂的：第二天早上，BTC反弹至近89,000美元。

Even after the knee-jerk selloff, Bitcoin remained at historically elevated levels—it had hit an all-time high of around $109,000 in January 2025 amid speculation of pro-crypto US policies.

即使在膝盖抛弃后，比特币仍处于历史悠久的水平上，这在2025年1月在猜测美国支持美国政策的情况下达到了历史最高的109,000美元。

Market analysts opine that macroeconomic considerations tempered the crypto rally toward the end of the week. After the initial euphoria, wider worries—such as impending trade wars and overall risk-off sentiment—resulted in crypto surrendering those gains. Nevertheless, the uptrend remains in place. Bitcoin's price is considerably higher than it was a year ago, supported by hopes of favorable US regulation and the 2024 supply-halving, which halved new BTC issuance by 50%. The 2024 halving reduced Bitcoin's block reward from 6.25 to 3.125 BTC, increasing its scarcity. Historically, these halvings have produced multi-year bull cycles, and most bulls interpret Trump's reserve news as another catalyst on top of post-halving momentum.

市场分析师认为，宏观经济的考虑在本周末结束了加密集会。在最初的欣喜之后，更广泛的担忧（例如即将来临的贸易战和整体冒险情绪）在加密货币方面投降了这些收益。然而，上升趋势仍然存在。比特币的价格比一年前高得多，这是有利的美国法规和2024年供应量的希望，将新的BTC发行减半了50％。 2024年将比特币的块奖励从6.25减少到3.125 BTC，从而增加了其稀缺性。从历史上看，这些过度的努力产生了多年的公牛周期，大多数公牛将特朗普的后备新闻解释为在后备后的势头上的另一种催化剂。

Historical Parallels

历史相似之处

To put Trump's Bitcoin Reserve in context, observers are comparing it with past Bitcoin catalysts like ETF approvals and mining reward halvings:

要将特朗普的比特币储备列入上下文，观察者将其与过去的比特币催化剂等比特币催化剂进行了比较，例如ETF批准和采矿奖励暂停：

• ETF approvals: The advent of Bitcoin Exchange-Traded Funds has been on the wish list of mainstream adoption for years. In late 2024, the US saw the top-ranked Bitcoin ETFs gaining traction, and asset managers significantly ramped up exposures to these instruments. It was a repeat of the gold ETF history—the introduction of gold ETFs in the 2000s opened floodgates to institutional investment. The same is currently occurring with Bitcoin ETFs, which are gaining popularity not only among hedge funds but even banks and sovereign wealth funds. Trump's pro-crypto attitude will further speed up the SEC's approval of more crypto ETFs, even Ethereum and potentially Solana funds. Indeed, sentiment in the crypto sector was high that a spate of new listings of ETFs was imminent under a friendly administration.

•ETF批准：多年来，比特币交易所贸易资金的出现一直在主流采用的愿望清单上。在2024年底，美国看到排名最高的比特币ETF受到关注，资产管理人员显着加剧了对这些工具的暴露。这是黄金ETF历史的重复 - 2000年代黄金ETF的引入为机构投资打开了闸门。比特币ETF目前也发生了同样的事件，它们不仅在对冲基金中，而且在银行和主权财富基金中都广受欢迎。特朗普的亲克莱普托态度将进一步加快SEC对更多加密ETF的认可，甚至是以太坊和潜在的索拉纳基金。确实，加密货币部门的情绪很高，因为在友好的政府下，ETF的新列表即将出现。

• Bitcoin halvings: Bitcoin's intrinsic halving events have repeatedly defined its price history. The April 2024 last halving, reducing mining rewards from 6.25 BTC to 3.125 BTC, further compressed Bitcoin's supply. Post-halving dynamics typically show positive price action as scarcity accelerates, and 2025 is no exception. Bitcoin gained from around $30K pre-halving to over $75K by Nov 2024 in the hope of elections, and eventually over $100K by January 2025 due to a pro-crypto policy framework. In the past, the year or so after a halving has seen disproportionate gains (2013, 2017, 2021 cycles), and most analysts hold the view that the 2024–2025 cycle would be turbo-charged by institutions and now government demand. Standard Chartered's team notoriously priced $125K by the end of 2024 if Trump was re-elected and up to $200K by the end of 2025, regardless of who won. Now Reuters even reported one Standard Chartered analyst's $500K per

•比特币过度：比特币的内在减半事件反复定义了其价格历史记录。 2024年4月上次减半，将采矿奖励从6.25 BTC减少到3.125 BTC，进一步压缩了比特币的供应。备受期间的动态通常会随着稀缺性的加速表现出积极的价格行动，而2025年也不例外。到2024年11月，比特币从大约3万美元的预售到超过75,000美元，以期在选举中获得，最终由于专业克雷普托的政策框架，到2025年1月，到2025年1月。过去，在减半后左右的一年左右，2013年，2017年，2021年的周期），大多数分析师认为，2024 - 2025年的周期将受到机构和现在的政府需求的涡轮增压。如果特朗普再次当选，到2025年底，标准宪章的团队在2024年底闻名，到2024年底，售价为12.5万美元，无论谁赢了。现在，路透社甚至报告了一位标准特许分析师的$ 500K