唐纳德·特朗普的加密货币卷土重来：数字资产的新时代？

唐纳德·特朗普重返白宫重新引发了关于他的总统任期将如何重塑全球经济的争论，特别是在比特币、以太币等数字资产方面。

Donald Trump’s return to the White House could have a major impact on the global economy, particularly when it comes to digital assets like Bitcoin, Ether, and more. While at one point Trump was a vocal opponent and skeptic of cryptocurrency even having called it a scam, he has since drastically changed course and has openly praised and embraced the crypto landscape.

唐纳德·特朗普重返白宫可能会对全球经济产生重大影响，特别是在比特币、以太币等数字资产方面。虽然特朗普一度是加密货币的直言不讳的反对者和怀疑论者，甚至称其为骗局，但此后他彻底改变了方针，公开赞扬和拥抱加密货币领域。

His recent interactions with major figures in the industry, coupled with reports of potential crypto appointments in key financial departments, suggest a shift toward a policy framework that’s more open to blockchain innovation. That said, there are some lingering questions about how he’ll reconcile his newly pro-crypto stance with traditional financial institutions and regulatory agencies.

他最近与行业主要人物的互动，加上有关关键财务部门可能进行加密货币任命的报道，表明他正在转向对区块链创新更加开放的政策框架。尽管如此，关于他将如何与传统金融机构和监管机构协调他新的支持加密货币的立场，仍存在一些挥之不去的问题。

Let’s take an honest look at Trump’s changing relationship with digital assets, and what that could mean for markets and investors in 2025 and beyond.

让我们诚实地审视一下特朗普与数字资产关系的变化，以及这对 2025 年及以后的市场和投资者意味着什么。

Trump’s Evolving View on Cryptocurrencies

特朗普对加密货币的看法不断变化

For years, Donald Trump criticized Bitcoin and other cryptocurrencies, dismissing them as threats to the dollar’s dominance. He regularly voiced concerns about volatility, security, and the possibility of crypto undermining the national currency.

多年来，唐纳德·特朗普一直批评比特币和其他加密货币，认为它们对美元的主导地位构成威胁。他经常表达对波动性、安全性以及加密货币破坏本国货币的可能性的担忧。

However, in recent years his perspective has shifted dramatically. During his 2024 campaign, Trump surprised many by adopting a pro-crypto stance, stating that digital assets could boost the U.S. economy and calling for clearer regulations to encourage innovation. This about-face coincided with Bitcoin surpassing $100,000 in December 2024, suggesting a link between his endorsement and a surge in market confidence.

然而，近年来他的观点发生了巨大转变。在 2024 年竞选期间，特朗普采取了支持加密货币的立场，表示数字资产可以提振美国经济，并呼吁制定更明确的法规来鼓励创新，这令许多人感到惊讶。这一转变恰逢比特币在 2024 年 12 月突破 10 万美元，这表明他的认可与市场信心的飙升之间存在联系。

Further fueling optimism, Trump has signaled a willingness to appoint crypto advocates to influential roles, ranging from the Securities and Exchange Commission to the Commodity Futures Trading Commission. Reports also highlight his interest in a strategic Bitcoin reserve and crypto advisory councils, indicating that he might push for broader acceptance of digital currencies.

特朗普表示愿意任命加密货币倡导者担任有影响力的职务，从证券交易委员会到商品期货交易委员会，进一步激发了乐观情绪。报道还强调了他对比特币战略储备和加密咨询委员会的兴趣，这表明他可能会推动更广泛地接受数字货币。

While these moves contrast sharply with his earlier skepticism, supporters applaud Trump’s open-minded approach and see it as proof of crypto’s growing clout in mainstream politics. Critics, meanwhile, question whether the policies will align with a free-market ethos or evolve into an overly regulated environment.

虽然这些举措与他之前的怀疑态度形成鲜明对比，但支持者对特朗普的开放态度表示赞赏，并将其视为加密货币在主流政治中影响力日益增强的证据。与此同时，批评者质疑这些政策是否会符合自由市场精神，或演变成过度监管的环境。

Potential Policy Shifts

潜在的政策转变

As President, Donald Trump could introduce a wave of changes to crypto policy at the federal level. Reports suggest he might push for clearer guidelines on whether digital assets like Bitcoin fall under the jurisdiction of the SEC or CFTC, aiming to resolve conflicts that have confused investors and stifled innovation.

作为总统，唐纳德·特朗普可能会在联邦层面对加密货币政策进行一波变革。有报道称，他可能会推动就比特币等数字资产是否属于 SEC 或 CFTC 的管辖范围制定更明确的指导方针，旨在解决令投资者感到困惑和扼杀创新的冲突。

Trump has also hinted at appointing crypto advocates to key leadership roles in agencies such as the Treasury Department and Commodity Futures Trading Commission. Should these appointments materialize, they may pave the way for more favorable regulations by reducing the currently ‘gray’ areas that many crypto platforms operate in and streamlining the process for new crypto products to be approved.

特朗普还暗示将任命加密货币倡导者在财政部和商品期货交易委员会等机构中担任关键领导职务。如果这些任命得以实现，它们可能会减少许多加密平台当前运营的“灰色”区域，并简化新加密产品的批准流程，从而为更有利的监管铺平道路。

Trump has even floated the idea of creating a strategic Bitcoin reserve, a notion that, if pursued, could mark a significant departure from previous administrations’ cautious stances. This policy would reflect a broader view of Bitcoin as a hedge or alternative asset. The potential drawback, however, is that too much government involvement could lead to overregulation, dampening the free-market ethos many cryptocurrency enthusiasts cherish.

特朗普甚至提出了建立比特币战略储备的想法，这一想法如果得到落实，可能标志着与前几届政府谨慎立场的重大背离。这项政策将反映比特币作为对冲或替代资产的更广泛观点。然而，潜在的缺点是政府过多的参与可能会导致过度监管，从而削弱许多加密货币爱好者所珍视的自由市场精神。

Only delicately balancing pro-crypto enthusiasm with national economic goals will likely be a delicate act, and early decisions under Trump’s leadership could set the tone for how the nation and even the world handles digital assets over the next four years or more.

只有在支持加密货币的热情与国家经济目标之间进行微妙的平衡才可能是一个微妙的行为，特朗普领导下的早期决定可能会为国家乃至世界在未来四年或更长时间内如何处理数字资产定下基调。

Help From Big Coin Stacks

来自大金币堆的帮助

A crucial factor in advancing pro-crypto policies may be the influence of major players holding large sums of digital assets. Prominent companies like MicroStrategy, known for amassing significant Bitcoin reserves, have already taken steps to propose frameworks that integrate crypto into mainstream finance. Additionally, high-profile exchanges such as Crypto.com have engaged with Trump’s team, hoping to ensure a friendlier regulatory environment. These big coin stacks can wield substantial sway, whether through lobbying or collaborative partnerships designed to develop new financial infrastructure.

推进支持加密货币政策的一个关键因素可能是持有大量数字资产的主要参与者的影响力。像 MicroStrategy 这样以积累大量比特币储备而闻名的知名公司已经采取措施提出将加密货币融入主流金融的框架。此外，Crypto.com 等备受瞩目的交易所已与特朗普团队进行了接触，希望确保一个更友好的监管环境。无论是通过游说还是旨在开发新金融基础设施的合作伙伴关系，这些大硬币都可以发挥巨大的影响力。

In parallel, outspoken industry figures from billionaire entrepreneurs to major fund managers, could lend substantial support to Trump’s crypto objectives by voicing public endorsement or providing expert guidance on policy. Their backing, in turn, might attract further institutional investment and spur additional corporate adoption. Yet questions remain about whether this alignment of private wealth and public policy might give certain stakeholders outsized influence over emerging regulations. If managed carefully, however, these heavyweight partnerships could accelerate adoption and cement America’s position at the forefront of digital asset innovation.

与此同时，从亿万富翁企业家到主要基金经理等直言不讳的行业人物可以通过表达公众支持或提供政策专家指导来为特朗普的加密货币目标提供大力支持。反过来，他们的支持可能会吸引更多的机构投资并刺激更多的企业采用。然而，私人财富与公共政策的这种结合是否可能会给某些利益相关者带来对新兴法规的巨大影响力，这一问题仍然存在。然而，如果管理得当，这些重量级合作伙伴关系可以加速采用并巩固美国在数字资产创新前沿的地位。

Regulatory Environment

监管环境

Under previous leadership, varying interpretations by bodies such as the SEC and CFTC led to confusion for investors and crypto firms. Now, with Trump’s pro-crypto stance, many in the industry hope for uniform guidelines that promote both innovation and consumer protection.

在之前的领导下，美国证券交易委员会和美国商品期货交易委员会等机构的不同解释导致投资者和加密货币公司感到困惑。现在，由于特朗普支持加密货币的立场，许多业内人士希望制定统一的指导方针，以促进创新和消费者保护。

Talk of merging or clarifying the jurisdictions of regulatory agencies has stirred optimism, especially among DeFi projects hoping to build legitimacy. The biggest challenge still seems to be striking the right balance. Overly strict rules stifle creativity and limit the growth of many promising startups, often driving blockchain entrepreneurs overseas. On the other hand, too little oversight can

关于合并或澄清监管机构管辖权的讨论激起了人们的乐观情绪，尤其是在希望建立合法性的 DeFi 项目中。最大的挑战似乎仍然是取得适当的平衡。过于严格的规则会扼杀创造力，限制许多有前途的初创企业的成长，往往会促使区块链企业家走向海外。另一方面，监管太少可能会导致