美国应该建立一个美元平台，而不是比特币储备

在美国总统唐纳德·特朗普（Donald Trump）的意外行政命令之后，这暗示了建立美国主权基金并纳入比特币

US President Donald Trump’s recent executive order hinted at establishing a US sovereign fund and incorporating bitcoin into the national strategic reserve. While accumulating bitcoin may seem like an obvious strategy, a more ambitious – and ultimately more effective – plan calls for overhauling the nation’s financial architecture to unlock the potential of open networks.

美国总统唐纳德·特朗普（Donald Trump）最近的行政命令暗示，建立了美国主权基金，并将比特币纳入国家战略储备。尽管积累比特币似乎是一个明显的策略，但更有雄心勃勃的策略，最终更有效的是计划呼吁大修国家的金融体系结构，以释放开放网络的潜力。

The US occupies a unique position in global finance by issuing the world’s reserve currency – a status often referred to as the ‘exorbitant privilege’. But it’s more than a label economists use: it fundamentally reflects the global trust in US governance, economic resilience and the enduring safety of the dollar as a store of value.

美国通过发行全球储备货币占据了全球金融领域的独特地位，这种状态通常被称为“过高的特权”。但这不仅仅是经济学家使用的标签：它从根本上反映了全球对美国治理的信任，经济韧性以及美元作为价值存储的持久安全。

The biggest risk posed by a bitcoin reserve

比特币保护区带来的最大风险

Proponents of a US bitcoin reserve argue that bitcoin’s status as ‘digital gold’ – decentralised and without a single point of failure – positions it as a neutral global asset, detached from any one nation’s monetary policy. But would accumulating bitcoin truly secure US financial leadership?

美国比特币储备的支持者认为，比特币作为“数字黄金”的地位（分散且没有单一的失败点）将其定位为中立的全球资产，与任何一个国家的货币政策分离。但是，积累比特币会真正确保美国财务领导吗？

Unlikely. Strategic reserves are meant to ensure stability and provide immediate access during a crisis. Countries store dollars or oil because they need them to repay debts, settle cross-border obligations and keep essential systems running when supply chains falter. For all its promise, bitcoin doesn’t meet these near-term needs.

不太可能。战略储备旨在确保稳定性并在危机期间立即获得通道。国家存储美元或石油是因为他们需要他们偿还债务，解决跨境义务并在供应链动摇时保持基本系统运行。尽管如此，比特币无法满足这些近期需求。

But there’s a bigger risk. If the US began amassing bitcoin on a large scale, it might be seen as a hedge against the dollar itself – raising alarms and giving rivals like China or Russia an opening to claim that the US no longer trusts its own currency.

但是风险更大。如果美国开始大规模积累比特币，则可以将其视为对美元本身的树篱 - 提高警报，并为中国或俄罗斯等竞争对手提供公开声称美国不再信任自己的货币。

Bitcoin’s long-term trajectory could be bright. It could grow into a universal settlement layer for nations wary of each other’s financial rails. But that transition is still unfolding. Today, the more critical step is building the infrastructure to let bitcoin and other cryptocurrencies evolve from speculative assets into a key component of global finance. Acquiring a large stash now will drive gains for early adopters and fuel speculation, but it offers minimal strategic advantage.

比特币的长期轨迹可能很明亮。它可能会发展成为国家对彼此金融轨道保持警惕的通用定居层。但是这种过渡仍在发展。如今，更关键的一步是建立基础架构，以使比特币和其他加密货币从投机资产发展为全球金融的关键组成部分。现在购买大型藏匿处将为早期采用者和燃料猜测带来收益，但它提供了最小的战略优势。

Raising the stakes with a dollar platform strategy

通过美元平台策略提高赌注

A far more powerful move than simply buying bitcoin is to shape its integration into the US financial system. Think of the early internet: the biggest winners weren’t those who just hoarded domain names; they were the ones who built on top of open protocols, becoming the backbone of a new digital economy.

一个比简单地购买比特币更强大的举动是将其集成到美国金融系统中。想想早期的互联网：最大的赢家不是那些只是ho积域名的人；他们是建立在公开协议之上的人，成为新数字经济的骨干。

Becoming a global bitcoin hub

成为全球比特币中心

Rather than treating bitcoin solely as an asset, recognise it as an open, permissionless network for money movement. Even countries that shun the dollar might end up using bitcoin’s neutral ledger. By building robust bitcoin infrastructure – including secure custody solutions, regulated exchanges and efficient on- and off-ramps – the US can attract significant economic activity and innovation. This is an opportunity to export US regulatory and compliance frameworks, technological expertise and financial best practices as the global financial stack evolves.

与其仅将比特币视为资产，不如将其视为货币运动的开放且无权的网络。即使是避开美元的国家，最终也可能使用比特币的中性分类帐。通过建立强大的比特币基础设施（包括安全的监护解决方案，规范的交流和有效的越野和外界），美国可以吸引重大的经济活动和创新。随着全球金融堆栈的发展，这是一个出口美国监管和合规框架，技术专业知识和财务最佳实践的机会。

Bitcoin might be the first cryptocurrency to capture financial institutions’ attention, but it won’t be the last. As decentralised finance evolves, the true opportunity lies in becoming the digital capital of that emerging ecosystem.

比特币可能是引起金融机构注意的第一个加密货币，但这并不是最后一个。随着分散财务的发展，真正的机会在于成为该新兴生态系统的数字资本。

Driving adoption of dollar-pegged stablecoins

驾驶Dollar Peggged Stablecoins的采用

Dollar-pegged stablecoins extend the reach of the dollar by modernising cross-border payments and making it easier for people worldwide to hold, send and spend in dollars. Their widespread adoption hinges on proper regulation – ensuring transparency, robust backing and consumer protections. Managed effectively, stablecoins can reinforce dollar dominance by turning the dollar into the digital currency of choice for innovative financial services built on open networks.

美元固定的稳定者通过现代化跨境支付并使全球人们更容易以美元持有，发送和花费来扩大美元的范围。他们的广泛采用取决于适当的法规 - 确保透明度，强大的支持和消费者保护。有效管理的稳定币可以通过将美元转变为基于开放网络的创新金融服务首选的数字货币来增强美元的统治地位。

While dollarisation may be unwelcome and even hinder the use of dollar-pegged stablecoin in some regions, that’s exactly where bitcoin can thrive – as a bridge between competing financial systems in a multipolar world.

虽然美元化可能不受欢迎，甚至阻碍了在某些地区使用美元固定的stablecoin的使用，但这正是比特币可以蓬勃发展的地方 - 作为在多极世界中竞争金融系统之间的桥梁。

Empowering US innovation and experimentation

增强我们的创新和实验

The US didn’t scale the internet on its own – it laid the groundwork that allowed private innovation to flourish. Tech giants emerged by building on top of open protocols within a supportive regulatory environment. Today, a similar strategy could enable US startups and established financial institutions to develop innovative cryptocurrency and stablecoin-based financial services, thereby broadening the dollar’s influence rather than limiting it.

美国并没有自己扩展互联网 - 它奠定了允许私人创新蓬勃发展的基础。科技巨头是通过在支持性监管环境中建立开放协议的基础上建立的。如今，类似的战略可以使美国初创企业和建立的金融机构能够开发创新的加密货币和基于Stablecoin的金融服务，从而扩大美元的影响力而不是限制。

A balanced approach – combining robust government oversight with market-driven innovation – will keep the US ahead of top-down alternatives like central bank digital currencies, especially those from authoritarian regimes that are fundamentally incompatible with open networks.

平衡的方法 - 将强大的政府监督与市场驱动的创新相结合 - 将使美国领先于自上而下的替代方案，例如中央银行数字货币，尤其是那些与开放网络根本上不兼容的专制政权的货币。

A bold, strategic leap

大胆，战略性的飞跃

This more complex strategy could secure the dollar’s dominance for decades. Instead of stockpiling bitcoin – a move that might undermine confidence – the US could integrate it into its financial system, allowing the government to shape the emerging ecosystem by setting standards and guiding innovation.

这种更复杂的策略可以确保美元数十年来的统治地位。美国可以将比特币（可能破坏信心的举动）纳入其金融体系，使政府能够通过设定标准和指导创新来塑造新兴生态系统。

The upside is a more transparent financial system in which the US continues to leverage its most powerful asset: the dollar. Similar to how tech leaders open-source critical components to establish industry norms while monetising other areas, the US can expand its dollar platform and ensure seamless interoperability with bitcoin and stablecoins.

优势是一个更透明的金融体系，在该系统中，美国继续利用其最强大的资产：美元。类似于技术领导者如何开源关键组成部分建立行业规范，同时货币化其他领域，美国可以扩大其美元平台并确保与比特币和稳定币的无缝互操作性。

While any bold, transformative strategy carries inherent

虽然任何大胆的变革性策略都具有固有的