唐纳德·特朗普（Donald Trump）创建了“战略性比特币储备”

唐纳德·特朗普（Donald Trump）在他的第一个白宫任职期间将比特币视为骗局时，现在已经彻底改变了策略。

Part of Donald Trump’s enduring appeal lies in his ability to surprise. While he dismissed Bitcoin as a scam during his first White House stint, Trump has now definitively changed tack. He warmed to cryptocurrencies during his re-election campaign, and to complete his conversion, on 6 March he signed an executive order to set up a “Strategic Bitcoin Reserve and a US Digital Asset Stockpile”.

唐纳德·特朗普（Donald Trump）持久的上诉的一部分在于他的惊喜能力。当他在他的第一个白宫任职期间将比特币视为骗局时，特朗普现在已经完全改变了策略。在连任期间，他为加密货币热身，为了完成他的conversion依，他于3月6日签署了一项行政命令，以建立“战略性比特币储备和美国数字资产库存”。

The United States government sensibly stockpiles a number of materials in case of an emergency, including oil, military gear, medical supplies and gold. But what is the point of hoarding cryptocurrencies which lack any intrinsic utility? Especially if you have constrained yourself, as Trump has done, never to sell the crypto you stashed away? The logic of strong-arming the Federal Reserve into creating a crypto stash is one part self-serving bluster, one part trolling, but also one part strategy.

在紧急情况下，美国政府明智地储存了许多材料，包括石油，军事装备，医疗用品和黄金。但是，缺乏任何内在效用的加密货币的ho积的意义呢？特别是，如果您像特朗普一样束缚自己，那就永远不要卖掉您藏匿的加密货币吗？武装美联储来创建加密储物库的逻辑是自私的一部分，其中一部分是巨魔，但也是一部分策略。

The self-serving bluster part was made painfully obvious as Donald and Melania Trump pocketed tens of millions of dollars from the otherwise pointless meme coins they issued three days before his inauguration. The trolling part was also on display as he signed the executive order. While ceremoniously putting his exuberant signature on the order’s dotted line, he beamed with the grin of a cheeky peasant who, having just broken into the baron’s pristine drawing room, spoils the splendour of its Persian rugs with his muddied boots. That’s how Democrats and mainstream Republicans felt as they watched Trump elevate the cryptocurrencies favoured by libertarians, cranks and criminals to the lofty status previously reserved for solid gold and US Treasury bills.

当唐纳德（Donald）和梅拉尼亚·特朗普（Melania Trump）从他们在就职典礼前三天发出的原本毫无意义的模因硬币中赚了数千万美元时，自我服务的泡沫部分变得非常痛苦。当他签署行政命令时，拖钓的部分也在展出。虽然有话要地将他的旺盛签名放在订单上的虚线上，但他笑着笑着，一个厚脸皮的农民笑着，刚刚闯入男爵的原始客厅，用泥泞的靴子破坏了波斯地毯的辉煌。这就是民主党和主流共和党人看着特朗普提升自由主义者，曲柄和罪犯所青睐的加密货币时的感觉，以升至先前保留用于固体黄金和美国国债法案的崇高地位。

However, amid this cacophony of creepy profiteering, triumph and despair, it is easy to lose sight of the interesting role that Trump’s strategic crypto reserve plays in his broader economic masterplan. And that would be our mistake.

然而，在令人毛骨悚然的暴利，胜利和绝望的这种刺耳的声音中，很容易忽视特朗普的战略加密储备储备在其更广泛的经济总体规划中发挥的有趣作用。那将是我们的错误。

To recast the global economic order in America’s long-term interest, Trump has a two-pronged, seemingly contradictory, strategy: to devalue the dollar while maintaining its global dominance. By boosting US exports (as the dollar becomes cheaper) while pushing down the US government’s borrowing costs (as foreign wealth piles into US long-term debt), the President seeks to increase US hegemony while also bringing back manufacturing to America. Tariffs, in this context, are the country’s chief weapon, pressurising friends and foes to unload their dollar holdings and buy more long-dated bonds (exceeding 10 years).

为了重塑美国长期利益的全球经济秩序，特朗普拥有两管齐下的，看似矛盾的战略：在维持其全球主导地位的同时贬值美元。通过提高美国出口（随着美元的价格便宜），同时降低美国政府的借贷成本（随着外国财富堆积在美国的长期债务中），总统试图增加美国霸权，同时还将制造业带回美国。在这种情况下，关税是该国的主要武器，使朋友和敌人施加压力，以卸载其美元持股并购买更多长期债券（超过10年）。

But what does crypto have to do with any of this? To get a whiff of the answer, take the case of Japanese banks which hold more than $1 trillion, the result of decades of exports to the United States. Trump wants to bully Tokyo into either investing in the US or dumping most of their dollars into the money markets (thus driving the dollar down) while also not converting them into euros or renminbi (which would risk strengthening the reserve status of rival currencies). What could do the trick? How about convincing, or strong-arming, the Japanese to swap their dollars for crypto? That would work, especially if the Federal Reserve dominated the crypto scene. What else could Trump have meant when asserting in his executive order that the US “has not maximised its strategic position as a unique store of value in the global financial system”?

但是，加密货币与任何一个有什么关系？要获得答案，请以日本银行持有超过1万亿美元的案例，这是数十年来向美国出口的结果。特朗普想将东京欺凌投资于美国，或者将大部分美元倾倒到货币市场（从而驱逐美元），同时也不将其转换为欧元或人民币（这可能会加强竞争对手货币的储备金状态）。可以做什么技巧？如何说服日本人将美元换成加密货币怎么样？这将起作用，特别是如果美联储主导着加密货币现场。特朗普在按照其行政命令中宣称美国“尚未最大化其作为全球金融体系中的独特价值存储的战略地位”时，还有什么意思？

More intriguingly, four days after the executive order, Trump endorsed stablecoins. In so doing, he added a fascinating new dimension to the idea of forcing non-American institutional investors into moves that serve his economic masterplan.

更有趣的是，在执行命令四天后，特朗普认可了稳定的。在这样做时，他为迫使非美国机构投资者进入为他的经济总体规划提供的举动添加了一个引人入胜的新维度。

What are these stablecoins and why are they particularly promising tools for Trump’s twin strategy? Marketed as crypto versions of the dollar, stablecoins such as Tether, USD Coin and Binance are, by design, a contradiction in terms. The whole point of Bitcoin, the first cryptocurrency, was to stick it to the man — to central bankers and their fiat currencies, the dollar chiefly. But stablecoins, which are mainly used for cross-border payments, are dollar-denominated cryptocurrencies that offer you the anonymity, versatility and universality of Bitcoin — while also claiming to guarantee full convertibility to the dollar on a one-for-one exchange rate. Indeed, some of the world’s largest banks and financial institutions are keen to issue stablecoins which are popular in emerging markets. Last month, the CEO of Bank of America suggested it might launch its own, following the examples of PayPal, Revolut, Stripe and many others.

这些稳定的是什么？为什么它们是特朗普双胞胎策略的特别有希望的工具？按设计，诸如Tether，USD硬币和Binance之类的稳定股作为加密版本的销售是一种矛盾。比特币的全部目的是第一个加密货币，是将其坚持到该人 - 中央银行家及其法定货币，主要是美元。但是，主要用于跨境支付的Stablecoins是美元计价的加密货币，可为您提供比特币的匿名性，多功能性和普遍性，同时还声称以一对一的汇率保证了对美元的完全可转换性。的确，世界上一些最大的银行和金融机构渴望发行在新兴市场中流行的Stablecoins。上个月，美国银行首席执行官建议，按照贝宝（Paypal），革命，条纹和其他许多人的示例，它可能会发起自己的创建。

But how can stablecoins promise to keep their value tethered to the dollar, and is this promise credible? In theory, this promise can be met if the stablecoin issuer holds, in some vault, one dollar for every token issued. But, of course, holding zero-interest-bearing dollars in a vault would be anathema to any self-respecting financier. So, even if the stablecoin issuer truly owns an equal amount of dollars to the tokens it has issued, it will immediately trade these dollars for some safe, interest-bearing, dollar-denominated asset

但是，稳定剂如何承诺将其价值束缚在美元上，这是否可信？从理论上讲，如果在某些保险库中为每一个发行的代币持有一美元，就可以实现这一诺言。但是，当然，在保险库中拿着零利益的美元对任何自尊的金融家来说都是不良的。因此，即使Stablecoin发行人真正拥有与其发行的代币相同的美元