Bitwise Cio Matt Hougan认为，市场正在误读特朗普拟议的战略加密储备的影响

霍根（Hougan）预计，最终储备将主要由比特币（BTC）组成，并且很可能比该行业预期的要大得多。

Bitwise CIO Matt Hougan believes the market is misreading the impact of former President Donald Trump’s proposed strategic crypto reserve, projecting that the initiative will ultimately be bullish for digital assets despite the initial volatility.

Bitwise Cio Matt Hougan认为，该市场正在误读前总统唐纳德·特朗普（Donald Trump）拟议的战略加密保护区的影响，并预测该计划最终将对数字资产看涨，尽管最初的波动性。

In a recent interview with Blockworks, Hougan projected that the final reserve will predominantly be made up of Bitcoin (BTC) and will most likely be much larger than the industry expects.

在最近接受Blockworks的采访中，Hougan预计最终储备将主要由比特币（BTC）组成，并且很可能比行业预期的要大得多。

He also argued that other nations may accelerate their own Bitcoin acquisitions in response and that once acquired, the US will be unlikely to sell its holdings for a very long time — if ever.

他还认为，其他国家可能会加速自己的比特币收购，并且一旦获得，美国就不太可能在很长一段时间内出售其持股。

Industry concerns over Trump's crypto reserve

行业对特朗普的加密储备储备的关注

Trump’s announcement on Thursday brought a Bitcoin price surge from $85,000 to $95,000, but by Friday, the crypto retraced as skepticism over the inclusion of altcoins grew amid increasing geopolitical tensions.

特朗普周四的宣布将比特币的价格从85,000美元提高到95,000美元，但到周五，随着对替代币的持怀疑态度，加密货币在增加地缘政治紧张局势的情况下越来越多。

According to Hougan, the sell-off was driven by concerns that the reserve’s structure was more political than strategic, causing negative sentiment to permeate the market.

据霍根说，抛售是出于担忧，即储备的结构比战略更政治化，导致负面情绪渗透到市场上。

Some industry leaders, including Coinbase CEO Brian Armstrong and Castle Island Ventures co-founder Nic Carter, criticized the inclusion of speculative assets like Cardano (ADA). Bitwise CEO Hunter Horsley also advocated for a Bitcoin-only reserve, aligning with broader market sentiment that such a move would provide greater stability.

一些行业领导人，包括Coinbase首席执行官Brian Armstrong和Castle Island Ventures联合创始人Nic Carter，批评包括Cardano（ADA）等投机资产。 Bitwise首席执行官亨特·霍斯利（Hunter Horsley）还提倡仅比特币的储备，与更广泛的市场情绪保持一致，即这样的举动将提供更大的稳定性。

However, Hougan argued that the market is overreacting. He said the initial proposal has shifted the conversation, making a Bitcoin-only reserve a more viable outcome.

但是，霍根认为市场反应过度。他说，最初的提议改变了对话，使仅比特币的预订成为更可行的结果。

“The boldness of the initial proposal has widened the Overton window,” he stated.

他说：“最初提案的大胆使Overton窗口扩大了。”

He also argued that the announcement was the first version of the proposal and is likely to evolve as the industry provides more feedback to the Trump administration.

他还认为，宣布是该提案的第一个版本，随着行业向特朗普政府提供更多反馈，可能会发展。

Hougan further stated that regardless of whether the final version of the proposal changes, the core idea of a government-backed reserve remains a long-term positive for the industry.

霍根进一步指出，不管提案的最终版本是否改变，政府支持的储备金的核心思想仍然是该行业的长期积极的良好。

Global ripple effects of Bitcoin reserve

比特币储备的全球连锁反应

Moreover, Hougan highlighted that the move could have broader geopolitical implications beyond the US, arguing that other countries may now feel pressured to establish their own Bitcoin reserves — accelerating global adoption.

此外，霍根强调，此举可能在美国以外具有更广泛的地缘政治含义，认为其他国家现在可能会感到压力以建立自己的比特币储备，这加速了全球采用。

“El Salvador, Bhutan, and Abu Dhabi have already made strategic Bitcoin acquisitions. If you are Honduras, Mexico, or Guatemala, and you see both El Salvador and the U.S. making moves, can you afford to be left out? If you’re Dubai, Qatar, or Saudi Arabia, does Abu Dhabi’s lead put pressure on you to act?” said Hougan.

“萨尔瓦多，不丹和阿布扎比已经进行了战略性的比特币收购。如果您是洪都拉斯，墨西哥或危地马拉，并且您会看到El Salvador和美国进行动作，您能负担得起被排除在外吗？如果您是迪拜，卡塔尔或沙特阿拉伯，阿布扎比的领导会给您带来压力吗？”霍根说。

White House crypto advisor David Sacks is set to host a Crypto Summit on Wednesday, where industry leaders are expected to push for a revised reserve structure. Sacks also recently revealed that Trump will reveal more details about the reserve during the summit.

白宫加密顾问戴维·萨克斯（David Sacks）将于周三举办加密省会峰会，预计行业领导者将推动修订后的储备结构。萨克斯最近还透露，特朗普将在峰会期间透露有关储备金的更多细节。

Long-term policy implications on Bitcoin price

对比特币价格的长期政策影响

Addressing concerns that a future administration could reverse the policy, Hougan argued that political realities make such a move unlikely.

霍根（Hougan）解决对未来政府可能会扭转这一政策的担忧，他认为政治现实使这种举动不太可能。

He noted that crypto enjoys strong support among certain voter demographics, making it a difficult issue for Democrats to oppose outright.

他指出，加密货币在某些选民人口统计中得到了强有力的支持，这使民主党人彻底反对这是一个困难的问题。

“The GOP’s embrace of crypto won votes in the last election, while Democratic hostility gained little. Any crypto purchased will likely be held for a long time, similar to the U.S. gold reserves,” said Hougan.

“共和党对加密货币的拥抱在上次选举中赢得了选票，而民主敌对却几乎没有。购买的任何加密货币都可能长时间持有，类似于美国黄金储备。”

While the initial market reaction was mixed, Hougan argued that the creation of a U.S. strategic crypto reserve signals a turning point.

霍根（Hougan）虽然最初的市场反应是混杂的，但他认为，创建美国战略加密储备储备标志着转折点。

Whether the final reserve holds multiple assets or becomes Bitcoin-only, the broader takeaway is that the U.S. government now considers crypto a strategic asset — a stance that could have lasting consequences for global markets.

最终储备金是持有多个资产还是仅仅是比特币，更广泛的收获是，美国政府现在将加密货币视为战略资产，这一立场可能会对全球市场产生持久的后果。