扩大美国加密战略储备，包括使用美联储或国库基金面临重大障碍的比特币BTC/USD以外的区块链资产

尽管对唐纳德·特朗普总统的周末宣布的市场反应，但伯恩斯坦的分析师提出了担心，扩大了拟议的美国加密战略储备

Analysts at Bernstein have raised concerns that expanding the proposed U.S. Crypto Strategic Reserve to include blockchain assets beyond Bitcoin (BTC) using Federal Reserve or Treasury funds faces significant hurdles, despite a bullish market response to President Donald Trump's weekend announcement.

伯恩斯坦的分析师提出了担心，即扩大拟议的美国加密货币战略储备将使用美联储或国库基金面临重大障碍，包括比特币（BTC）以外的区块链资产，尽管对唐纳德·特朗普总统的周末宣布产生了反应。

The reserve, unveiled ahead of Trump's Crypto Summit scheduled for Friday, includes five digital assets—Bitcoin, Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA)—sparking debate over its feasibility and funding.

该保护区在定于周五举行的特朗普加密峰会之前揭幕，其中包括五个数字资产，例如Bitcoin，Ethereum（ETH），Solana（Sol），Ripple（XRP）和Cardano（ADA） - 对其可行性和资金进行了辩论。

While Bitcoin's inclusion aligns with its “digital gold” narrative, the rationale for other assets remains murky, Bernstein noted.

伯恩斯坦指出，尽管比特币的包容符合其“数字黄金”的叙述，但其他资产的理由仍然模糊。

The announcement triggered a sharp market rally. Bitcoin climbed above $94,000 (up 12%), while Ethereum advanced 15%. Solana, XRP, and Cardano surged 25%, 30%, and 70%, respectively, from last week's lows.

该公告引发了急剧的集会。比特币攀升至94,000美元以上（增长12％），而以太坊提高了15％。索拉纳（Solana），XRP和卡迪诺（Cardano）分别从上周的低点飙升了25％，30％和70％。

However, Bernstein analysts believe justifying federal purchases of non-Bitcoin assets might be a difficult task.

但是，伯恩斯坦分析师认为，为联邦购买非比蒂币资产的合理性可能是一项艰巨的任务。

"We think a realistic path could be that the U.S. government can convince Congress that Bitcoin is the new digital gold/global store of value and a gold revaluation/gold reserve reallocation makes sense. However, buying other blockchain assets from Fed funds or treasury funds is a difficult sell," they wrote in the report.

他们在报告中写道：“一条现实的途径可能是，美国政府可以说服国会，比特币是新的数字黄金/全球价值存储和金黄金储备/黄金储备/金准备金的重新分配是有道理的。但是，从美联储基金或财政资金中购买其他区块链资产是一种困难的销售。”

The analysts highlighted three unresolved issues: allocation across assets, funding mechanisms, and legal authority.

分析师强调了三个未解决的问题：跨资产，资金机制和法律权威的分配。

On allocation, they suggest market capitalization could guide weights—Bitcoin at 75%, Ethereum at 11% and Solana at 4%. Alternatively, a dedicated committee could decide and allocate the remaining portion among other assets.

在分配时，他们认为市值可以指导体重 - 次币为75％，以太坊为11％，索拉纳（Solana）为4％。另外，专门的委员会可以决定并分配其他资产中的剩余部分。

Funding poses a deeper challenge. Proposals include reallocating gold reserves, issuing Treasury debt, adjusting the Fed's balance

资金提出了更深入的挑战。提案包括重新分配黄金储备，发行国库债务，调整美联储的余额