关于如何为新创建的战略比特币储备（SBR）融资的讨论正在获得动力

这一考虑是在唐纳德·特朗普总统的指示下，所有未来的政府比特币购买不得为纳税人造成任何额外费用。

The discussion about how to finance the newly created Strategic Bitcoin Reserve (SBR) is gaining momentum. According to Geoff Kendrick of Standard Chartered, a budget-neutral option could be to sell parts of the U.S. gold reserves to buy Bitcoin.

关于如何为新创建的战略比特币储备（SBR）融资的讨论正在发展。根据《标准特许》的杰夫·肯德里克（Geoff Kendrick）的说法，预算中立的选择可能是出售美国黄金储备的部分产品来购买比特币。

This consideration follows President Donald Trump’s directive that all future government Bitcoin purchases must not incur any additional costs for taxpayers.

这一考虑是在唐纳德·特朗普总统的指示下，所有未来的政府比特币购买不得为纳税人造成任何额外费用。

Gold as a source of financing for the Bitcoin reserve

黄金作为比特币储备的融资来源

The U.S. government holds gold reserves worth about $760 billion. Kendrick proposes selling some of these holdings to purchase Bitcoin for the SBR. This would represent a significant strategic shift, as gold has traditionally been considered a safe haven for the U.S. economy.

美国政府持有价值约7600亿美元的黄金储备。肯德里克（Kendrick）提议出售其中一些持股，以购买SBR的比特币。这将代表着一个重大的战略转变，因为黄金传统上被认为是美国经济的避风港。

Trump’s executive order stipulates that all Bitcoin already owned by the government will be transferred to the reserve but may not be sold, signaling a long-term stance toward the digital currency.

特朗普的行政命令规定，政府已经拥有的所有比特币都将被转移到储备金中，但可能不会出售，这表明对数字货币的长期立场。

Other budget-neutral strategies

其他预算中立的策略

In addition to selling gold, Kendrick named two other potential financing options:

除出售黄金外，肯德里克还任命了另外两个潜在的融资选择：

Use of the Exchange Stabilization Fund (ESF): The ESF has assets of $39 billion and is traditionally used to stabilize financial markets. Repurposing it for Bitcoin purchases would be a radical step and would represent a significant reversal in financial policy.

使用交易所稳定基金（ESF）：ESF的资产为390亿美元，传统上用于稳定金融市场。重新利用它以购买比特币将是一个激进的一步，将代表财务政策的重大逆转。

Bitcoin Act: This bill, proposed by Senator Cynthia Lummis, would allow 200,000 Bitcoin to be purchased annually for five years. If properly designed legally and financially, it could serve as a budget-neutral solution.

比特币法案：由参议员辛西娅·卢米斯（Cynthia Lummis）提出的该法案将允许每年购买200,000比特币五年。如果在法律和财务上进行适当的设计，它可以作为预算中立的解决方案。

The impact on the global market

对全球市场的影响

Kendrick predicts that the formal introduction of a strategic Bitcoin reserve in the U.S. could encourage other nations to take similar measures. As early as the end of 2024, Abu Dhabi had held 4,700 BTC via IBIT, and more countries could follow suit.

肯德里克（Kendrick）预测，在美国，正式引入了战略比特币储备，可以鼓励其他国家采取类似的措施。早在2024年底，阿布扎比就通过IBIT持有4,700 BTC，越来越多的国家可以效仿。

In addition, U.S. policy could encourage institutional investors, including pension funds, to consider Bitcoin as a strategic part of their portfolios. This could have a lasting impact on the market and further strengthen the adoption of digital assets.

此外，美国政策可以鼓励包括养老基金在内的机构投资者将比特币视为其投资组合的战略部分。这可能会对市场产生持久的影响，并进一步加强数字资产的采用。

Outlook – further details on the Bitcoin reserve

展望 - 有关比特币储备的更多详细信息

Trump is expected to announce further details on the Bitcoin reserve at the Digital Assets Summit. However, Kendrick stresses that short-term measures are unlikely. Treasury Secretary Scott Bessent will play a key role in the concrete implementation.

预计特朗普将在数字资产峰会上宣布有关比特币储备的更多细节。但是，肯德里克（Kendrick）强调，短期措施不太可能。财政部长Scott Bessent将在具体实施中发挥关键作用。

The question remains: Will the U.S. government really sell gold to finance the U.S. Bitcoin reserve? Or will another budget-neutral solution prevail? The coming weeks are likely to be particularly exciting for crypto investors.

问题仍然存在：美国政府真的会出售黄金来为美国比特币储备提供资金吗？还是另一个预算中立的解决方案会占上风？对于加密投资者来说，接下来的几周可能会特别令人兴奋。

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（Alesia Kozik通过Pexels的特色图像）