比特币和美国主权财富基金：探索加密货币包容的含义

美国主权财富基金的创建引发了有关资产分配的讨论，尤其是关于比特币和以太坊等数字资产的潜在包含的讨论。本文探讨了将加密货币纳入基金的含义，权衡可能影响这一决定的收益，风险和全球趋势。

On February 3, 2025, U.S. President Donald Trump signed an executive order establishing the country’s first sovereign wealth fund (SWF), signaling a shift in national economic strategy. The creation of this government-owned investment fund has sparked discussions on asset allocation, particularly regarding the potential inclusion of digital assets like Bitcoin and Ethereum. This article explores the implications of incorporating cryptocurrencies into the fund, weighing the benefits, risks, and global trends that may shape this decision.

2025年2月3日，美国总统唐纳德·特朗普（Donald Trump）签署了一项行政命令，建立了该国首个主权财富基金（SWF），这表明国家经济战略发生了变化。该政府拥有的投资基金的创建引发了有关资产分配的讨论，尤其是关于比特币和以太坊等数字资产的潜在包含的讨论。本文探讨了将加密货币纳入基金的含义，权衡可能影响这一决定的收益，风险和全球趋势。

Sovereign wealth funds are state-owned investment pools typically used to manage surplus reserves from trade, natural resource revenue, or foreign exchange holdings. Countries such as Norway, China, and the United Arab Emirates have built massive SWFs to ensure financial stability and generate returns for future generations. Historically, these funds have prioritized traditional assets such as equities, bonds, and real estate. However, with the rise of alternative investments, digital assets like Bitcoin and Ethereum have entered the conversation as potential holdings for SWFs.

主权财富基金是国有投资池，通常用于管理贸易，自然资源收入或外汇持有的剩余储量。挪威，中国和阿拉伯联合酋长国等国家已经建立了巨大的SWF，以确保财务稳定并为子孙后代带来回报。从历史上看，这些资金优先考虑传统资产，例如股票，债券和房地产。但是，随着替代投资的兴起，比特币和以太坊等数字资产作为SWF的潜在股份进入了对话。

The establishment of a U.S. sovereign wealth fund under President Trump has fueled speculation on whether Bitcoin and Ethereum will be included. While the executive order does not explicitly mention digital assets, financial analysts suggest that the administration might leverage the fund to acquire Bitcoin in a streamlined manner. According to Austin King, a financial expert, the government might aim “to acquire Bitcoin without the bureaucracy,” reinforcing the possibility of cryptocurrency inclusion.

特朗普总统领导下的美国主权财富基金的建立激发了人们对是否包括比特币和以太坊的猜测。尽管行政命令没有明确提及数字资产，但财务分析师认为，政府可能会利用该基金以简化的方式获取比特币。据金融专家奥斯汀·金（Austin King）称，政府可能是“在没有官僚机构的情况下获取比特币”，从而加强了加密货币包容性的可能性。

Adding to this speculation, the appointment of Howard Lutnick, a known Bitcoin advocate, to oversee the fund has further amplified discussions. Lutnick’s involvement suggests that digital assets could play a role in the fund’s long-term investment strategy.

除了这一猜测外，已知的比特币倡导者霍华德·卢特尼克（Howard Lutnick）的任命进一步放大了讨论。卢特尼克（Lutnick）的参与表明，数字资产可以在基金的长期投资策略中发挥作用。

President Trump has had a complex relationship with cryptocurrencies. In 2019, he was openly critical, stating, “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” However, his stance has evolved. During the 2024 presidential campaign, Trump became the first presidential candidate to accept digital assets as donations. Additionally, he proposed the creation of a federal Bitcoin reserve, which could be sourced from assets seized from criminals or through new acquisitions.

特朗普总统与加密货币有着复杂的关系。在2019年，他公开批评，说：“我不是比特币和其他加密货币的粉丝，它们不是金钱，而且其价值高度波动且基于稀薄的空气。”但是，他的立场发展了。在2024年总统竞选期间，特朗普成为第一位接受数字资产作为捐款的总统候选人。此外，他提议创建联邦比特币储备，该储备可以从罪犯从罪犯那里获得的资产或新的收购来源。

This shift in position has led to increased speculation that Bitcoin and Ethereum could find a place within the U.S. sovereign wealth fund.

这种位置的转变导致人们越来越猜测比特币和以太坊可以在美国主权财富基金中找到一个地位。

The inclusion of Bitcoin and Ethereum in sovereign wealth funds could provide several strategic advantages:

将比特币和以太坊纳入主权财富基金可以提供几种战略优势：

1. Diversification Benefits: Cryptocurrencies have demonstrated low correlation with traditional assets, making them a potential tool for diversification. By including Bitcoin and Ethereum, the U.S. SWF could mitigate risks associated with traditional market fluctuations.

1。多样化的好处：加密货币与传统资产的相关性较低，使它们成为多元化的潜在工具。通过包括比特币和以太坊，美国SWF可以减轻与传统市场波动有关的风险。

2. Hedge Against Inflation: Bitcoin’s fixed supply of 21 million coins makes it an attractive hedge against inflation. As fiat currencies face devaluation risks, holding Bitcoin could provide a store of value, similar to gold.

2。反对通货膨胀的对冲：比特币的固定供应2100万枚硬币使其成为抵抗通货膨胀的有吸引力的树篱。随着法定货币面临贬值的风险，持有比特币可以提供类似于黄金的价值存储。

3. Geopolitical and Economic Strategy: Bitcoin and Ethereum operate outside the traditional financial system, making them less vulnerable to geopolitical risks. Countries looking to reduce reliance on the U.S. dollar or navigate financial sanctions may view cryptocurrencies as strategic assets.

3。地缘政治和经济战略：比特币和以太坊在传统金融体系之外运作，使其不易受到地缘政治风险的影响。希望减少对美元或导航金融制裁的国家可能将加密货币视为战略资产。

4. Innovation and Technological Advancement: Including digital assets in SWFs signals a commitment to financial modernization. Governments that embrace blockchain technology and cryptocurrencies could position themselves at the forefront of global economic innovation.

4。创新和技术进步：包括SWF中的数字资产标志着对金融现代化的承诺。采用区块链技术和加密货币的政府可以将自己置于全球经济创新的最前沿。

Despite the potential advantages, several concerns must be addressed before Bitcoin and Ethereum can be included in the U.S. sovereign wealth fund:

尽管有潜在的优势，但必须在比特币和以太坊都包含在美国主权财富基金中之前要解决一些问题：

1. Volatility Risks: Bitcoin and Ethereum have historically exhibited extreme price volatility. While this can lead to high returns, it also introduces significant risk, which could be problematic for a government-managed investment fund.

1。波动性风险：比特币和以太坊历史上表现出极端的价格波动。尽管这可能会带来很高的回报，但它也引入了重大风险，这对于政府管理的投资基金可能会出现问题。

2. Regulatory and Legal Uncertainty: Cryptocurrency regulation varies across jurisdictions, and the legal framework surrounding digital assets remains unclear. The U.S. government would need to establish clear guidelines to ensure compliance and mitigate legal risks.

2。监管和法律不确定性：司法管辖区的加密货币法规各不相同，围绕数字资产的法律框架尚不清楚。美国政府将需要建立明确的准则，以确保合规性并减轻法律风险。

3. Security and Custody Issues: Unlike traditional assets, cryptocurrencies require specialized storage solutions. Ensuring the security of Bitcoin and Ethereum holdings would necessitate robust custody mechanisms, possibly involving third-party custodians or government-managed cold storage.

3。安全和监护权问题：与传统资产不同，加密货币需要专门的存储解决方案。确保比特币和以太坊持有的安全性将需要强大的监护机制，可能涉及第三方托管人或政府管理的冷藏库。

4. Public Perception and Political Risks: The speculative nature of cryptocurrencies has led to skepticism among policymakers and the public. Critics argue that taxpayer funds should not be invested in highly volatile assets, as this could erode trust in the sovereign wealth fund’s management.

4。公众的看法和政治风险：加密货币的投机性质导致政策制定者和公众怀疑。批评家认为，纳税人资金不应投资于高度波动的资产，因为这可能会侵蚀对主权财富基金管理层的信任。

The United States is not alone in considering the role of cryptocurrencies in national reserves. Other countries have taken steps to incorporate Bitcoin into their economic frameworks:

美国并不孤单地考虑加密货币在国家储量中的作用。其他国家已采取步骤将比特币纳入其经济框架：

1. Czech Republic’s Central Bank Proposal: Aleš Michl, the governor of the Czech National Bank, has proposed allocating up to 5% of the country’s €140 billion reserves to Bitcoin. This move reflects a growing recognition of Bitcoin’s potential as a hedge against financial instability.

1.捷克共和国的中央银行提案：捷克国家银行州长阿勒什·米尔尔（AlešMichl）提议将该国多达5％的1,400亿欧元储备金分配给比特币。这一举动反映了对比特币作为抵抗金融不稳定的对冲的潜力的认识。

2. El Salvador’s Bitcoin Experiment: In

2。萨尔瓦多的比特币实验：