比特币：国家储备资产的未来？

在通货膨胀压力和经济制裁的时代，黄金和外汇储备等金融稳定的传统支柱现在面临着审查

As the world grapples with inflationary pressures, economic sanctions, and the demand for sovereignty over national assets, traditional pillars of financial stability, such as gold and foreign currency reserves, are coming under increasing scrutiny. For centuries, gold and fiat currencies have dominated national reserves, but a new era demands innovative solutions.

随着世界努力应对通胀压力、经济制裁和对国家资产主权的要求，黄金和外汇储备等传统的金融稳定支柱正受到越来越严格的审查。几个世纪以来，黄金和法定货币一直主导着国家储备，但新时代需要创新的解决方案。

Enter Bitcoin (BTC), the world's first decentralized digital currency. Could Bitcoin be the solution to these ever-growing issues? Recent developments indicate a growing trend among nations considering Bitcoin as part of their financial strategy.

比特币（BTC）是世界上第一个去中心化的数字货币。比特币可以解决这些日益严重的问题吗？最近的事态发展表明，越来越多的国家将比特币视为其金融战略的一部分。

El Salvador's Audacious Bitcoin Adoption and Brazil's Proposed Sovereign Bitcoin Reserve

萨尔瓦多大胆的比特币采用和巴西提议的主权比特币储备

In 2021, El Salvador made headlines by adopting Bitcoin as legal tender and establishing a national Bitcoin reserve, sparking a global debate on the future of reserve assets. As of December 2024, the government holds approximately 5,944 BTC, valued at over $560 million, aiming to leverage Bitcoin's potential to strengthen its economy.

2021年，萨尔瓦多因采用比特币作为法定货币并建立国家比特币储备而成为头条新闻，引发了全球对储备资产未来的争论。截至 2024 年 12 月，政府持有约 5,944 个比特币，价值超过 5.6 亿美元，旨在利用比特币的潜力来增强其经济。

Meanwhile, in Brazil, legislators are introducing a bill to create a Sovereign Strategic Bitcoin Reserve (RESBit), proposing to allocate up to 5% of Brazil's international reserves to Bitcoin. The bill aims to diversify Brazil's reserves, bolster its economy, and support Bitcoin's integration into the country's financial system.

与此同时，在巴西，立法者正在提出一项法案，建立比特币主权战略储备（RESBit），提议将巴西国际储备的 5% 分配给比特币。该法案旨在实现巴西储备多元化、提振经济并支持比特币融入该国金融体系。

Even in the United States, discussions have emerged about establishing a strategic Bitcoin reserve. President-elect Donald Trump has proposed creating a 'Strategic National Bitcoin Stockpile,' suggesting that the US government retain bitcoins acquired through asset forfeitures to bolster national financial security.

即使在美国，也出现了关于建立比特币战略储备的讨论。当选总统唐纳德·特朗普提议建立“国家比特币战略储备”，建议美国政府保留通过没收资产获得的比特币，以加强国家金融安全。

A Vision for Bitcoin-Backed Treasury Management

比特币支持的资金管理愿景

Over a decade in the market has shown that Bitcoin offers a hedge against inflation, and its unparalleled transparency through blockchain technology might help it outpace gold as the dominant reserve asset.

十多年来的市场表明，比特币可以对冲通货膨胀，其通过区块链技术实现的无与伦比的透明度可能有助于其超越黄金，成为主要的储备资产。

This presents a trillion-dollar opportunity, but it also emphasizes the need for secure storage, clear legal frameworks, and balanced diversification with traditional assets, paving the way for a future-proof financial system.

这提供了数万亿美元的机会，但也强调了安全存储、明确的法律框架以及传统资产平衡多元化的需求，为面向未来的金融体系铺平了道路。

“Within the next decade, Bitcoin will surpass gold as the world's leading store of value, which would imply a price of at least $1 million per Bitcoin,” said Stelian Balta, founder of HyperChain Capital, in a recent interview. “Being in the market for 12 years, I’ve seen it survive and thrive through every storm as an asset class. Forward-thinking countries should think about moving from gold to Bitcoin. Most likely, the USA will lead the way and other nations are likely to follow suit.”

HyperChain Capital 创始人 Stelian Balta 在最近的一次采访中表示：“在未来十年内，比特币将超越黄金，成为全球领先的价值储存手段，这意味着每枚比特币的价格至少为 100 万美元。” “进入市场 12 年以来，我见证了它作为一种资产类别在每场风暴中生存下来并蓬勃发展。有远见的国家应该考虑从黄金转向比特币。最有可能的是，美国将带头，其他国家也可能效仿。”

Another key aspect is Bitcoin's resistance to financial sanctions, which could be a critical advantage for countries navigating geopolitical uncertainties, according to Matthew Ferranti, an economist with the US Intelligence Community:

美国情报界经济学家马修·费兰蒂表示，另一个关键方面是比特币对金融制裁的抵抗力，这对于应对地缘政治不确定性的国家来说可能是一个关键优势：

“To the extent that gold is a reserve asset, so is Bitcoin. But unlike traditional reserve assets which are held in foreign custodial accounts, Bitcoin offers the possibility of self-custody, reducing reliance on third-party institutions that may freeze or restrict access to assets in politically tense scenarios.”

“就黄金而言，比特币也是储备资产。但与外国托管账户中持有的传统储备资产不同，比特币提供了自我托管的可能性，减少了对第三方机构的依赖，这些机构可能会在政治紧张的情况下冻结或限制对资产的访问。”

At the corporate level, MicroStrategy has already pioneered Bitcoin-backed treasury management. As of December 23, 2024, the company has accumulated over 444,262 BTC as part of its strategic reserve strategy, showcasing how Bitcoin can serve as a cornerstone for long-term value preservation and financial agility.

在企业层面，MicroStrategy 已经率先推出了比特币支持的财务管理。截至 2024 年 12 月 23 日，该公司已积累了超过 444,262 BTC 作为其战略储备策略的一部分，展示了比特币如何成为长期保值和财务敏捷性的基石。

Balta's four main pillars for integrating Bitcoin into national reserves focus on simplicity and strategic foresight:

Balta 将比特币纳入国家储备的四大支柱侧重于简单性和战略远见：

Reserves: Diversify a portion of national reserves into Bitcoin, aiming for a balance between traditional assets and the potential growth opportunities offered by BTC.

储备：将部分国家储备分散到比特币中，旨在实现传统资产与比特币提供的潜在增长机会之间的平衡。

Sovereign Wealth Funds: Integrate Bitcoin into sovereign wealth funds to enhance portfolio diversification and capitalize on cryptocurrency's unique characteristics.

主权财富基金：将比特币纳入主权财富基金，以增强投资组合多元化并利用加密货币的独特特征。

Central Bank Digital Currencies: Explore the potential of launching Bitcoin-backed central bank digital currencies (CBDCs) to combine the benefits of both worlds.

中央银行数字货币：探索推出比特币支持的中央银行数字货币（CBDC）的潜力，以结合两个世界的利益。

Technology Adoption: Actively participate in the development and adoption of blockchain technology to optimize asset management and propel the country into the Web3 era.

技术采用：积极参与区块链技术的开发和采用，优化资产管理，推动国家进入Web3时代。

Blockchain's Impact on Governance and On-Chain Asset Management

区块链对治理和链上资产管理的影响

Apart from its role as a reserve asset, Bitcoin is a tangible expression of the broader promise of blockchain technology to redefine governance and asset management. The UK Treasury has already explored how on-chain asset management could transform the investment landscape by leveraging tokenization.

除了作为储备资产的作用之外，比特币还是区块链技术重新定义治理和资产管理的更广泛承诺的具体体现。英国财政部已经探索了链上资产管理如何利用代币化来改变投资格局。

Applications such as tokenized assets serving as collateral for money market funds and their integration into fully on-chain markets demonstrate the potential to improve efficiency, transparency, and accountability across the investment sector.

作为货币市场基金抵押品的代币化资产及其与完全链上市场的整合等应用程序展示了提高整个投资领域的效率、透明度和问责制的潜力。

“Blockchain is so much more than just currency innovation,” asserts Balta. “It’s a tool for rebuilding trust, creating efficiencies, and ensuring accountability across financial systems.” Balta envisions a future where financial systems fully operate on-chain, providing verifiability and clarity at every level. “On-chain asset management transforms financial systems since it inspires confidence by offering accountability for public and private entities alike.”

“区块链不仅仅是货币创新，”巴尔塔断言。 “它是重建信任、提高效率和确保整个金融系统问责制的工具。” Balta 设想未来金融系统完全在链上运行，在各个层面提供可验证性和清晰度。 “链上资产管理改变了金融体系，因为它通过为公共和私人实体提供问责制来激发信心。”

Bottom Line

底线

The geopolitical influence of the 21st century

21世纪的地缘政治影响