推出位债券，这是一种新型的国库工具，可以同时降低借贷成本，创造重要的国家比特币储备金，并可能削弱未来的债务义务

Newmarket Capital的首席执行官Andrew Hohns在由比特币政策研究所（BPI）主持的美国比特币活动的主题演讲中，为新型的财政部演奏提供了一个思想实验，他称之为“ Bit Bonds”。

Newmarket Capital CEO Andrew Hohns has proposed a new type of treasury instrument that he calls “Bit Bonds,” which would see a portion of a U.S. bond issuance dedicated to purchasing Bitcoin.

Newmarket Capital首席执行官安德鲁·霍恩斯（Andrew Hohns）提出了一种新型的国库工具，他称其为“位债券”，这将使美国债券发行的一部分致力于购买比特币。

Presenting at the Bitcoin Policy Institute’s (BPI) Bitcoin For America event on March 11, Hohns set out a framework in which the United States could simultaneously lower borrowing costs, create a significant national Bitcoin reserve, and potentially defease future debt obligations—all within a single bond issuance of up to $2 trillion.

霍恩斯在3月11日在比特币政策研究所（BPI）为美国活动的比特币比特币举行了一个框架，在该框架中，美国可以同时降低借贷成本，创造大量的国家比特币储备金，并可能降低了大量的未来债务义务 - 在单一债券发行范围内，最多可达2亿美元。

Remarkably, the proposal comes just a few days after U.S. President Donald Trump announced the strategic Bitcoin reserve (SBR) by executive order. The order is known to contain a sentence instructing the Secretary of the Treasury and Commerce to find “budget-neutral” methods for buying BTC.

值得注意的是，该提案就在美国总统唐纳德·特朗普（Donald Trump）按行政命令宣布战略比特币保护区（SBR）的几天之后。已知该命令包含一句话，指示财政和商业秘书找到购买BTC的“预算中立”方法。

Bitcoin Bonds

比特币债券

According to Hohns, the mechanism for Bit Bonds would involve allocating 10% of the issuance proceeds—$200 billion out of a $2 trillion issue—to purchasing BTC. The remaining 90% would fund regular government expenditure. The bonds would carry a lower current pay interest rate of 1% for the first 10 years, offset by a final payout structure that gives bondholders both a guaranteed annualized return (4.5% on a senior basis) and a share of any BTC price appreciation.

根据霍恩斯（Hohns）的说法，位债券的机制将涉及购买BTC的发行收益的10％（在2万亿美元的发行中）为2000亿美元。其余的90％将资助常规的政府支出。这些债券将在头10年的最终付款结构中持有较低的当前工资利率1％，而最终的支付结构则抵消了债券持有人的年度申报表（以高级为基础为4.5％）和任何BTC价格赞赏的份额。

“$2 trillion bond issuance, 10% of the bonds go for the purchase of Bitcoin, 90% go for other government purchases,” said Hohns, adding that the government itself would retain half of any gains from Bitcoin’s price increase.

霍恩斯说：“ 2万亿美元的发行债券，债券的10％用于购买比特币，有90％的债券用于其他政府购买。”

The plan is based on Bitcoin’s historical compound annual growth rates (CAGRs). If the asset continues to grow at even the more modest rates observed in its past, then the upside could be transformative for both investors and the U.S. Treasury, according to Hohns.

该计划基于比特币的历史复合年增长率（CAGR）。霍恩斯称，如果资产甚至以过去观察到的更为谦虚的利率继续增长，那么在投资者和美国财政部的上升空间可能是有影响力的。

One of the immediate benefits of issuing these Bit Bonds at a lower coupon rate is the reduction of the federal government’s interest expense: “The current U.S. 10-year rate is roughly 4.5%. The proposed rate for the BitBond is 1%, which is a 3.5% annual savings, or $70 billion on $2 trillion of total issuance. Over 10 years, that’s $700 billion.”

以较低的息票利率发行这些债券的直接好处之一是降低了联邦政府的利息费用：“当前的美国10年利率约为4.5％。 BitBond的拟议利率为1％，每年储蓄3.5％，总计2万亿美元的总发行费用为700亿美元。超过10年，这是7000亿美元。”

Even after accounting for the $200 billion spent on Bitcoin, Hohns calculated a net present value (NPV) saving of $354 billion. He argued that this structure is “revenue-neutral,” meaning the lower interest burden offsets the cost to taxpayers.

即使在比特币上花费了2000亿美元的费用之后，霍恩斯仍计算出3540亿美元的净现值（NPV）。他认为这种结构是“收入中立”，这意味着较低的利息负担抵消了纳税人的成本。

Hohns also noted the potential for significant gains if Bitcoin’s price appreciates as it has in past market cycles. Citing historical four-year growth rates at various percentiles, he said that the U.S. government’s portion of Bitcoin gains could “defease the federal debt” if Bitcoin’s performance meets or exceeds long-term bullish projections.

霍恩斯还指出，如果比特币的价格欣赏到过去的市场周期中，那么如果比特币的价格欣赏，则有可能获得巨大的收益。他说，如果比特币的绩效符合或超过长期看涨的预测，则说明美国政府的比特币收益的一部分可能会“削弱联邦债务”。

In addition to savings on federal debt servicing, Hohns said that reducing the 10-year rate to 1% for this tranche of issuance could “ripple through the rest of the Treasury market” and help to bring down borrowing costs for mortgages, auto loans, and small business financing. He also framed Bit Bonds as a possible tool for everyday Americans to build wealth:

除了节省联邦债务服务外，霍恩斯还说，将这笔发行的10年税率降低到1％，这可能“在财政市场的其余部分中荡漾”，并有助于减少抵押贷款，汽车贷款和小型企业融资的借贷成本。他还将比特债券作为日常美国人建立财富的可能工具：

“For American families, I would like to propose that the Bit Bonds be free of income tax and free of capital gains tax in order to put a tremendous tool for savings in the hands of everyday Americans.”

“对于美国家庭，我想提出，位债券不含所得税和不含资本利得的税，以便为储蓄掌握在日常美国人手中的巨大工具。”

Hohns said that 20% of the $2 trillion issuance would be subscribed by American households, with each family's portion (around $2,900) appreciating in a tax-exempt manner and delivering compound growth if BTC's performance matches historical levels.

霍恩斯说，在2万亿美元发行中，有20％由美国家庭订阅，如果BTC的绩效与历史水平相匹配，则每个家庭的部分（约合2,900美元）以免税方式欣赏并提供复合增长。

While Hohns said his proposal is still a “thought experiment,” the breadth and ambition of the plan drew attention from attendees at the Bitcoin For America event. He concluded by summarizing the triple benefits that could be achieved—lower government interest costs, a sizable SBR, and the possibility of enhanced savings for citizens.

霍恩斯说，他的提议仍然是一个“思想实验”，但该计划的广度和野心引起了与会者在美国比特币活动中的关注。他总结了可以实现的三重利益的总结 - 政府利息成本降低，大量SBR以及为公民节省储蓄的可能性。

“In summary, BitBonds are a win-win-win,” said Hohns. “I would love to see this adopted by the Treasury and by Congress.”

霍恩斯说：“总而言之，Bitbonds是双赢的。” “我很想看到财政部和国会采用的。”

At press time, BTC traded at $82,495.

发稿时，BTC的交易价格为82,495美元。