随着国家债务水平继续上升，美国正在探索新的和非常规的解决方案

随着比特币在未来的财政计划中成为一个严肃的竞争者，这个想法曾经被视为边缘，现在正在吸引

As national debt levels continue to soar to new highs, the United States is exploring a unique and unconventional solution—integrating Bitcoin into its fiscal planning. While the idea may seem radical, it's being driven by necessity. With the government already in possession of nearly 200,000 seized bitcoins, some experts argue that it’s time to stop selling these digital assets and instead incorporate them into a long-term strategic reserve.

随着国家债务水平继续飙升至新高点，美国正在探索一种独特且非常规的解决方案，将比特币整合到其财政计划中。虽然这个想法似乎是激进的，但它是由必需品驱动的。由于政府已经拥有近200,000份被占领的比特币，一些专家认为，是时候停止出售这些数字资产了，而是将其纳入长期战略储备中了。

This proposal is born out of a pressing need for new solutions. At present, the U.S. is juggling an enormous national debt, currently around $32 trillion, and vast social security and Medicare liabilities, ultimately adding up to over $150 trillion in total obligations over the next 75 years. To service this debt, the Treasury issues bonds, currently yielding 4.5% over ten years. This translates to an interest expense of roughly $70 billion per year, or $700 billion over a decade.

该提议源于对新解决方案的迫切需求。目前，美国正在兼顾一笔巨大的国家债务，目前约32万亿美元，以及巨大的社会保障和医疗保险负债，最终在未来75年内总计多达150万亿美元。为了偿还这一债务，财政部发行债券，目前在十年内产生4.5％的债券。这意味着每年约有700亿美元的利息费用，即十年来7000亿美元。

Now, several financial executives, including Mark Zoren, a managing director at Athena Capital, have devised a suggestion to combine Bitcoin with these bonds. Their proposal is to issue up to $2 trillion in bonds, allocating 10%—roughly $200 billion—for direct Bitcoin investment, with the remaining funds covering regular government expenditures.

现在，包括雅典娜资本董事总经理马克·佐伦（Mark Zoren）在内的几位财务主管已经设计了一个建议，将比特币与这些债券相结合。他们的提议是向直接的比特币投资发行高达2万亿美元的债券，分配10％（大约2000亿美元），其余资金涵盖了常规的政府支出。

The crux of the suggestion lies in the structure of the bond. By offering these so-called “Bit Bonds” with a reduced interest rate of just 1%, compared to the standard 10-year Treasury yield of 4.5%, the government could save approximately $70 billion annually in interest payments. Over ten years, those savings could amount to a staggering $700 billion. After subtracting the cost of acquiring the Bitcoin, which is estimated at $346 billion over ten years, the net savings would still sit around $354 billion.

该建议的症结在于键的结构。通过提供这些所谓的“比特债券”，利率降低了1％，而标准的10年国库收益率为4.5％，政府每年可以节省约700亿美元的利息支付。十年来，这些节省可能达到惊人的7000亿美元。在减去收购比特币的成本（估计在十年内为3460亿美元）之后，净储蓄仍将支付约3540亿美元。

Moreover, these bonds wouldn’t just help reduce debt—they’d also provide a unique value proposition to investors. Under the proposed structure, both the U.S. government and bondholders would share any profits made if Bitcoin’s price rises. To lessen the tax burden on investors, gains from these bonds could be exempt from income and capital gains taxes, encouraging wider public participation and bringing more Americans into the crypto economy.

此外，这些债券不仅可以帮助减少债务，还为投资者提供了独特的价值主张。在拟议的结构下，如果比特币的价格上涨，美国政府和债券持有人都将分享任何利润。为了减轻投资者的税收负担，这些债券的收益可以免于收入和资本利得税，鼓励更广泛的公众参与，并将更多的美国人带入加密经济。

This proposal also aligns with broader goals in government debt management. Treasury officials have long considered ways to reduce refinancing risks, especially given the massive sums involved in servicing the national debt. Diversifying the debt structure using innovative financial tools could be a step in that direction.

该提案还与政府债务管理中的更广泛的目标保持一致。财政官员长期以来考虑了减少再融资风险的方法，尤其是考虑到为国家债务服务所涉及的大量款项。使用创新的财务工具使债务结构多样化可能是朝这个方向迈出的一步。

Furthermore, this strategy is being echoed by other influential figures in finance and politics. Several experts, including digital asset analysts and senators, have proposed similar approaches, suggesting that Bitcoin-backed reserves could become a central part of national fiscal policy.

此外，这一策略在金融和政治方面的其他有影响力的人物都在回应。包括数字资产分析师和参议员在内的几位专家提出了类似的方法，建议由比特币支持的储量成为国家财政政策的核心部分。

Senator Cynthia Lummis, a vocal advocate for Bitcoin adoption, has proposed that the U.S. acquire up to 1 million BTC over the next five years—an aggressive plan she believes could cut national debt in half over two decades.

辛西娅·卢米斯（Cynthia Lummis）参议员是通过比特币采用的人声倡导者，他提出，在未来五年内，美国将获得多达100万BTC的收入 - 她认为，她认为可以在二十年内削减国家债务。

Meanwhile, others, like Ari Melamed, the chief legal officer at the crypto exchange FTX, argue that simply holding onto already-owned bitcoins from federal seizures, instead of liquidating them at auctions, would generate value through long-term appreciation.

同时，加密交易所FTX的首席法律官阿里·梅拉梅（Ari Melamed）认为，简单地将已经拥有的比特币从联邦癫痫发作中持有，而不是通过拍卖来清算它们，而是通过长期欣赏而产生价值。

Of course, there are risks. Bitcoin is still a highly volatile asset, and its integration into sovereign financial systems would represent uncharted territory. Critics, like economists Paul Krugman and Mark Zandi, warn of the dangers of placing public funds in such a speculative market, especially given the potential for scams and fraud in the cryptocurrency industry.

当然，有风险。比特币仍然是一个高度波动的资产，其整合到主权金融系统中将代表未知的领域。像经济学家保罗·克鲁格曼（Paul Krugman）和马克·赞迪（Mark Zandi）一样，批评者警告说，将公共资金置于这样的投机市场上的危险，尤其是考虑到加密货币行业造成骗局和欺诈的潜力。

Despite these concerns, the growing institutional adoption of Bitcoin globally suggests that the digital asset is maturing, and its use as a strategic reserve is becoming more plausible by the day. With institutions like BlackRock and Ark Invest increasingly investing in Bitcoin, and countries like Argentina and Vietnam showing interest in using it for macroeconomic stability, the stage is set for a new chapter in fiscal policy.

尽管存在这些担忧，但全球比特币的制度采用越来越多，这表明数字资产正在成熟，并且它用作战略储备的使用越来越多。随着诸如贝莱德（Blackrock）和方舟（Ark）投资越来越多地投资比特币的机构，阿根廷和越南等国家对将其用于宏观经济稳定表现出了兴趣，该阶段将在财政政策上进行新的篇章。

As the global financial system continues to evolve, the United States faces a critical choice—whether to stick with legacy tools or embrace emerging technologies like Bitcoin to drive innovation in fiscal policy. If executed carefully, a Bitcoin-backed bond strategy could mark the beginning of a new era in government finance—one where digital assets and traditional economic planning converge for a more sustainable future.

随着全球金融体系的不断发展，美国面临着一个关键的选择 - 是否坚持使用遗产工具或拥抱像比特币这样的新兴技术，以在财政政策中推动创新。如果仔细执行，由比特币支持的债券战略可以标志着政府金融新时代的开始，这是一种数字资产和传统的经济规划融合了更可持续的未来。