BitBonds：一个比特币概念，可帮助美国管理14万亿美元的债务

Vaneck数字资产研究负责人Matthew Sigel宣布了一个比特币概念，以帮助美国管理14万亿美元的债务。

Matthew Sigel, Head of Digital Asset Research at VanEck, has proposed a Bitcoin concept to help the U.S. manage its $14 trillion debt.

Vaneck数字资产研究负责人Matthew Sigel提出了一个比特币概念，以帮助美国管理其14万亿美元的债务。

Sigel’s proposal, called “BitBonds,” is an investment product that combines the reliability of traditional U.S. Treasury bonds with the potential growth of Bitcoin. The goal is to protect investors from inflation and asset debasement while simultaneously assisting the U.S. government in financing its debt.

Sigel的提议称为“ BitBonds”，是一种投资产品，将传统的美国国债的可靠性与比特币的潜在增长相结合。目的是保护投资者免受通货膨胀和资产贬值的侵害，同时协助美国政府为其债务提供资金。

Structure of BitBonds

Bitbonds的结构

BitBonds would be 10-year instruments, with 90% of investor capital going into low-risk Treasury securities and the remaining 10% invested in Bitcoin.

BitBonds将是10年的工具，其中90％的投资者资本进入了低风险的国库券，其余10％投资于比特币。

Sigel’s design also has the U.S. government purchasing Bitcoin with the funds raised from these bonds. Investors would receive all BTC gains until the maximum annual gain of 4.5%. From this point, the investor would split the gains equally with the government. According to Sigel, this arrangement is an aligned solution for mismatching incentives.

Sigel的设计还使美国政府购买了比特币，并从这些债券中筹集了资金。投资者将获得所有BTC收益，直到最大年收益为4.5％。从这一点开始，投资者将与政府平均分配收益。根据Sigel的说法，这种布置是一种使激励措施不匹配的对齐解决方案。

The investor perspective on BitBonds is one of opportunity for substantial returns. Sigel noted that investors could expect a compound annual growth rate (CAGR) for Bitcoin between 8% and 17%, depending on the bond’s coupon.

投资者对BitBonds的看法是获得大量回报的机会之一。 Sigel指出，根据债券的优惠券，投资者可以期望比特币的复合年增长率（CAGR）在8％至17％之间。

In a positive scenario, where Bitcoin’s performance exceeds expectations, the returns could be even steeper, with a CAGR of 30% to 50%. However, the structure also carries risk.

在一个积极的情况下，比特币的性能超过了预期，回报可能会更加陡峭，复合年增长率为30％至50％。但是，该结构也有风险。

While investors would share in Bitcoin’s upside, they would also bear its downside. If Bitcoin fails to meet growth expectations, this could diminish the attractiveness of lower-coupon bonds.

尽管投资者将分享比特币的上涨空间，但他们也将承担其不利之处。如果比特币无法满足增长期望，这可能会降低低企业债券的吸引力。

The U.S. needs to refinance $14T in debt. Investors want protection from inflation + asset debasement.Enter BitBonds:📎 90% Treasury + 10% BTC📎 Full BTC upside until 4.5% annual return.📎 50/50 BTC upside split thereafterAn aligned solution for mismatched incentives. https://t.co/gmkKLs7PsO pic.twitter.com/rZEJZ1Fb2B

美国需要再融资14吨债务。投资者希望免受通货膨胀 +资产贬值的保护。EnterBitBonds：📎90％的财政部 + 10％BTC📎完全BTC上空，直到4.5％的年收益。50/50BTC的上行空间拆分以后对不匹配激励的解决方案对齐。 https://t.co/gmkkls7pso pic.twitter.com/rzejz1fb2b

— matthew sigel, recovering CFA (@matthew_sigel) April 15, 2025

- Matthew Sigel，恢复CFA（@matthew_sigel）2025年4月15日

Risk Mitigation for the U.S. Government

减轻美国政府的风险

For the U.S. government, the risks are limited. Even in the worst-case scenario—where Bitcoin loses all its value—the government would still benefit from lower funding costs than traditional bond issuance, as long as the coupon rate is lower than the breakeven point.

对于美国政府，风险有限。即使在最糟糕的情况下，比特币损失了所有价值，只要票方税率低于盈亏平衡点，政府仍将从较低的资金成本中受益。

Sigel pointed out that, in such a case, the government would have secured inexpensive funding while still keeping the potential upside from Bitcoin’s growth. This hybrid structure offers the government a way to manage its fiscal challenges and exposure to cryptocurrency volatility.

Sigel指出，在这种情况下，政府将获得廉价的资金，同时仍然可以从比特币增长中获得潜在的上升空间。这种混合结构为政府提供了一种管理其财政挑战并暴露于加密货币波动的方式。

Senator Lummis’ National Debt Cut Strategy

卢米斯参议员的国家债务削减战略

Sigel’s BitBonds proposal aligns closely with Senator Cynthia Lummis’s vision. Lummis has been suggesting that the U.S. government should acquire Bitcoin as a strategy to manage national debt.

Sigel的Bitbonds提议与参议员Cynthia Lummis的愿景紧密相吻合。卢米斯（Lummis）一直在建议美国政府应收购比特币作为管理国家债务的战略。

She proposed that the U.S. acquires 200,000 Bitcoin annually over the next five years, aiming to accumulate 1 million tokens. Lummis believes this initiative could help cut the national debt by 50% over the next two decades.

她建议美国在未来五年内每年收购200,000比特币，旨在积累100万个令牌。卢米斯（Lummis）认为，这项倡议可以在未来二十年内帮助将国债减少50％。

Lummis highlighted Bitcoin’s potential as an asset for fiscal stability, especially following the significant monetary expansion during the COVID-19 pandemic, which she stated led to the devaluation of the dollar.

卢米斯（Lummis）强调了比特币作为财政稳定性的潜力，尤其是在Covid-19大流行期间大量货币扩张之后，她说这导致了美元贬值。