各国推进各自的工作：比特币作为国家储备？

各国政府对比特币的兴趣现在已经超越了政治辩论，而是植根于战略考虑。

In the face of evolving financial markets and geopolitical tensions, several governments and central banks are considering integrating bitcoin into their currency reserves. In the United States, a bill proposes the gradual acquisition of 1 million BTC over five years. In the Czech Republic, the governor of the central bank is examining the possibility of diversifying into crypto. Similarly, in Russia, political officials are pushing for a strategic reserve in bitcoin, while in Brazil, a project aims for an allocation of 5 % of sovereign reserves to this asset. This movement represents a notable shift in the institutional perception of bitcoin, which now transcends private diversification to become an economic and geopolitical issue. While El Salvador has already taken the plunge, other countries are moving cautiously, hindered by the volatility of cryptos and regulatory uncertainties. Between experimentation and resistance, a new financial dynamic is emerging, hinting at a possible shift in the equilibrium of the global monetary system.

面对不断变化的金融市场和地缘政治紧张局势，一些政府和央行正在考虑将比特币纳入其货币储备。在美国，一项法案提议在五年内逐步收购 100 万比特币。在捷克共和国，央行行长正在研究加密货币多元化的可能性。同样，在俄罗斯，政治官员正在推动比特币的战略储备，而在巴西，一个项目旨在将 5% 的主权储备分配给这一资产。这一运动代表了比特币制度观念的显着转变，比特币现在超越了私人多元化，成为一个经济和地缘政治问题。尽管萨尔瓦多已经采取了这一举措，但其他国家却因加密货币的波动性和监管不确定性而采取谨慎行动。在实验和阻力之间，一种新的金融动态正在出现，暗示全球货币体系的平衡可能发生变化。

Countries advance their pieces : bitcoin as a national reserve ?

各国推进自己的棋子：比特币作为国家储备？

The interest of governments in bitcoin now goes beyond political debates and is rooted in strategic considerations. In the United States, a bill proposes to gradually integrate 1 million BTC into national reserves over a five-year period. Led by Senator Cynthia Lummis, this text aims to strengthen the financial sovereignty of the country in the face of global economic uncertainties. “Such a reserve would be a protection against inflationary risks and a response to the decline in trust towards the dollar,” affirmed Lummis. However, despite marked support within the Republican Party, its adoption remains uncertain. The scale of the investment, estimated at 18 billion dollars at current prices, raises hesitations, as some consider bitcoin too volatile to serve as a national guarantee.

各国政府对比特币的兴趣现在已经超越了政治辩论，而是植根于战略考虑。在美国，一项法案提议在五年内逐步将 100 万比特币纳入国家储备。该文本由参议员辛西娅·卢米斯 (Cynthia Lummis) 领导，旨在加强国家的金融主权，应对全球经济的不确定性。鲁米斯肯定说：“这样的储备将可以防范通胀风险，并应对美元信任度下降。”然而，尽管共和党内部得到了明显支持，但该法案的通过仍存在不确定性。按当前价格计算，投资规模估计为 180 亿美元，这引起了人们的犹豫，因为一些人认为比特币波动太大，无法作为国家担保。

Other nations are also exploring this path. Each is moving at its own pace. In the Czech Republic, the governor of the National Bank, Aleš Michl, has mentioned the possibility of diversifying reserves to include bitcoin. “We are analyzing several options, including cryptos, but nothing is finalized yet,” he specified. In Russia, where crypto regulation remains strict, political officials are beginning to view this asset as a strategic tool. Deputy Anton Tkachev has asked the government to consider creating a bitcoin reserve, citing the instability of traditional currencies such as the Chinese yuan and the American dollar. This positioning fits into a context where Moscow seeks to reduce its dependence on Western currencies and circumvent certain economic sanctions through the use of cryptos for international trade.

其他国家也在探索这条道路。每个人都按照自己的节奏前进。在捷克共和国，国家银行行长 Aleš Michl 提到了将比特币纳入储备多元化的可能性。 “我们正在分析几种选择，包括加密货币，但尚未最终确定，”他指出。在加密货币监管仍然严格的俄罗斯，政治官员开始将这种资产视为一种战略工具。副议员安东·特卡切夫（Anton Tkachev）要求政府考虑建立比特币储备，理由是人民币和美元等传统货币不稳定。这一定位符合莫斯科寻求减少对西方货币的依赖并通过在国际贸易中使用加密货币来规避某些经济制裁的背景。

A still fragmented, but progressing global adoption

仍然分散，但全球采用正在取得进展

While some global powers are still pondering the integration of bitcoin into their national reserves, other countries are taking action. Indeed, in Brazil, a bill currently under discussion proposes allocating up to 5% of sovereign reserves to crypto. Brazilian lawmakers advocate this initiative as a way to protect the local economy from fluctuations in foreign currencies and geopolitical uncertainties. According to them, such a reserve would help stabilize the real, preparing the country for the transformations in the international monetary system. However, if this project succeeds, Brazil would become one of the first G20 countries to institutionalize bitcoin as a strategic asset.

尽管一些全球大国仍在考虑将比特币纳入其国家储备，但其他国家正在采取行动。事实上，在巴西，目前正在讨论的一项法案提议将最多 5% 的主权储备分配给加密货币。巴西立法者主张这一举措是保护当地经济免受外币波动和地缘政治不确定性影响的一种方式。他们认为，这样的储备将有助于稳定雷亚尔，为该国应对国际货币体系的转型做好准备。然而，如果该项目成功，巴西将成为首批将比特币制度化为战略资产的 G20 国家之一。

Other states approach the issue from a more institutional and democratic angle. In Switzerland, a group of crypto experts has launched a petition aiming to obtain 100,000 signatures to submit the creation of a bitcoin reserve to a national referendum. “The Swiss legal framework allows us to explore this option with a transparent and thoughtful approach,” explains Yves Bennaïm, founder of the think tank 2B4CH. If the petition succeeds, bitcoin could be debated at the highest political level, in a country where financial innovation plays a key role.

其他国家从更加制度化和民主的角度来处理这个问题。在瑞士，一群加密货币专家发起了一份请愿书，旨在获得 10 万个签名，将比特币储备的创建提交全国公投。 “瑞士的法律框架使我们能够以透明且深思熟虑的方式探索这一选择，”智库 2B4CH 创始人 Yves Bennaïm 解释道。如果请愿成功，比特币可能会在金融创新发挥关键作用的国家的最高政治层面展开辩论。

In South Africa, interest in bitcoin is taking on a political and economic dimension. The uMkhonto weSizwe Party (MKP) advocates for the adoption of a strategic reserve to reduce the country’s dependence on financing from institutions such as the IMF and the World Bank. This proposal is based on the idea that bitcoin could offer a sovereign monetary alternative, through protecting the South African economy from external pressures and fluctuations in the rand. The MKP also mentions the possibility of using bitcoin mining to leverage renewable energy surpluses, thus enhancing the energy independence of the country.

在南非，对比特币的兴趣正在上升到政治和经济层面。 UMkhonto weSizwe党（MKP）主张采用战略储备，以减少该国对国际货币基金组织和世界银行等机构融资的依赖。该提议基于这样的想法：比特币可以通过保护南非经济免受外部压力和兰特波动的影响，提供主权货币替代品。 MKP 还提到了利用比特币挖矿来利用可再生能源盈余的可能性，从而增强该国的能源独立性。

Despite the rise of bitcoin reserves, several challenges hinder its large-scale adoption. The extreme volatility remains a major obstacle, discouraging central banks from integrating such an unpredictable asset into their strategic reserves. Moreover, its acceptance as an official reserve would require profound regulatory reforms to align with international financial market standards. However, the evolution of monetary policies indicates a paradigm shift. Central banks and governments are increasingly considering cryptos in their macroeconomic decisions. Thus, the idea of bitcoin as a reserve asset is no longer a matter of speculation, but fits into a strategic debate on the future of global monetary reserves. If this trend continues, it could reshape international financial equilibria and provide states with an alternative to traditional reserves dominated by the dollar and gold.

尽管比特币储备有所增加，但仍有一些挑战阻碍了其大规模采用。极端波动仍然是一个主要障碍，阻碍央行将这种不可预测的资产纳入其战略储备。此外，接受其作为官方储备需要进行深刻的监管改革，以符合国际金融市场标准。然而，货币政策的演变表明范式的转变。中央银行和政府在宏观经济决策中越来越多地考虑加密货币。因此，比特币作为储备资产的想法不再是一个投机问题，而是符合关于全球货币储备未来的战略辩论。如果这种趋势持续下去，可能会重塑国际金融平衡，并为各国提供以美元和黄金为主的传统储备的替代方案。

After graduating from Sciences Po Toulouse and obtaining a blockchain consultant certification from Alyra, I joined the Cointribune adventure in 2019.

从图卢兹政治学院毕业并获得 Alyra 的区块链顾问认证后，我于 2019 年加入了 Cointribune 冒险。

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