国有比特币储备：采用比特币的新时代？

以重塑金融格局的重大举措，美国20个州提出了旨在建立比特币储备的立法提案。

A group of 20 U.S. states have introduced legislative proposals aimed at establishing Bitcoin reserves, a move that could lead to the collective purchase of approximately 247,000 Bitcoins if enacted. This development highlights a growing acceptance of Bitcoin as a financial asset by state governments and may set a precedent for future cryptocurrency adoption at the institutional level.

一组美国20个州提出了旨在建立比特币储量的立法提案，此举可能会导致集体购买约247,000比特币，如果颁布。这一发展强调了州政府对比特币作为金融资产的越来越多，并可能为在机构一级采用未来的加密货币树立先例。

Overview of Bitcoin Reserve ProposalsThe proposals introduced by these states aim to integrate Bitcoin into state reserves, treating it as a store of value akin to gold or other strategic financial assets. The motivation behind these initiatives varies by state, with some viewing Bitcoin as a hedge against inflation, while others see it as an opportunity to diversify their investment portfolios and generate potential long-term gains.

对比特币储备的概述，这些州提出的提案旨在将比特币整合到国家储备中，将其视为类似于黄金或其他战略金融资产的价值存储。这些举措背后的动机因国家而异，有些将比特币视为反对通货膨胀的对冲，而其他人则认为这是使他们的投资组合多样化并产生潜在的长期收益的机会。

Notable states leading the charge include Texas, Ohio, Florida, North Carolina, Illinois, and Massachusetts. Each state has proposed different strategies for acquiring and managing Bitcoin reserves. For example, Oklahoma has suggested allocating 10% of its $14.7 billion state funds to Bitcoin, which would result in acquiring over 15,000 BTC. Meanwhile, Massachusetts is exploring the possibility of using its $8.8 billion “Rainy Day” fund for Bitcoin investments. Texas has gone a step further by proposing legislation that would commit at least 1% of its unencumbered general revenue toward Bitcoin.

领导该指控的著名州包括德克萨斯州，俄亥俄州，佛罗里达州，北卡罗来纳州，伊利诺伊州和马萨诸塞州。每个州都提出了获取和管理比特币储量的不同策略。例如，俄克拉荷马州建议将其147亿美元的州资金中的10％分配给比特币，这将导致收购超过15,000 BTC。同时，马萨诸塞州正在探索使用其88亿美元的“雨天”基金进行比特币投资的可能性。得克萨斯州提出立法，将其无限的一般收入占比特币的1％，这是进一步的一步。

North Carolina is considering an even larger commitment, planning to allocate over $2.6 billion toward Bitcoin purchases. This could position the state as one of the largest institutional holders of Bitcoin if the legislation passes. Other states, including Illinois and Florida, are still in the early stages of legislative discussions but have expressed significant interest in adopting Bitcoin reserves.

北卡罗来纳州正在考虑更大的承诺，计划为购买比特币分配超过26亿美元。如果立法通过，这可以将国家定位为比特币的最大机构持有人之一。包括伊利诺伊州和佛罗里达州在内的其他州仍处于立法讨论的早期阶段，但对采用比特币储备表示了重大兴趣。

Legislative Challenges and Success RatesWhile the idea of state-owned Bitcoin reserves is gaining traction, not all proposals have met with success. Legislative hurdles remain, and as of now, three states—Pennsylvania, Wyoming, and North Dakota—have already seen their Bitcoin reserve bills fail. The reasons for these failures range from concerns about Bitcoin’s volatility to skepticism among lawmakers regarding its long-term viability as a reserve asset.

立法挑战和成功率的同时，国有比特币储备的想法正在受到关注，并非所有建议都取得了成功。立法障碍仍然存在，到目前为止，三个州（彭诺瓦尼亚，怀俄明州和北达科他州）已经看到他们的比特币储备账单失败了。这些失败的原因包括对比特币的波动性的担忧到立法者对其长期可行性作为储备资产的怀疑。

However, the growing number of states exploring Bitcoin adoption suggests a shifting attitude towards digital assets. Some lawmakers argue that Bitcoin’s finite supply and decentralized nature make it an attractive alternative to traditional reserve assets, particularly in an economic climate marked by inflation concerns and fiat currency depreciation.

但是，越来越多的州探索比特币采用的州表明，对数字资产的态度转移。一些立法者认为，比特币的有限供应和分散的性质使其成为传统储备资产的诱人替代品，尤其是在通货膨胀问题和法定货币贬值标志的经济环境中。

Potential Economic and Market ImpactIf these proposals are successfully enacted, they could lead to a massive influx of institutional money into Bitcoin, significantly influencing the cryptocurrency’s price and market stability. A combined purchase of 247,000 BTC by state governments would constitute a substantial portion of Bitcoin’s circulating supply, potentially driving up demand and price levels.

如果这些建议成功地制定了，那么潜在的经济和市场影响可能会导致大量的机构资金涌入比特币，从而极大地影响了加密货币的价格和市场稳定性。州政府共同购买247,000 BTC将构成比特币循环供应的很大一部分，可能会提高需求和价格水平。

Moreover, the $23 billion estimate for these purchases is considered conservative, as it does not take into account potential Bitcoin acquisitions by state pension funds. Should pension funds and other institutional investors follow suit, the total amount of Bitcoin purchased could be considerably higher, further increasing its value and market influence.

此外，这些购买的230亿美元估算被认为是保守的，因为它没有考虑到国家养老基金的潜在比特币收购。如果养老基金和其他机构投资者效仿，那么购买的比特币的总量可能会更高，从而进一步增加了其价值和市场影响力。

The potential market impact of these large-scale Bitcoin acquisitions cannot be ignored. Increased government adoption could lend greater legitimacy to Bitcoin, encouraging broader institutional participation and reducing volatility over time. Additionally, should Bitcoin reserves become a widespread practice, other jurisdictions—both domestic and international—may follow suit, further strengthening Bitcoin’s role in the global financial system.

这些大规模比特币采集的潜在市场影响不可忽视。政府采用的提高可以使比特币具有更大的合法性，鼓励更广泛的机构参与并随着时间的推移降低波动。此外，应该将比特币储备成为一种广泛的做法，而其他司法管辖区（包括国内和国际）可能会效仿，并进一步加强比特币在全球金融体系中的作用。

National Trends and Federal InvolvementThe movement towards Bitcoin reserves at the state level aligns with broader national trends regarding cryptocurrency adoption. Former U.S. President Donald Trump has advocated for the establishment of a federal Bitcoin reserve, emphasizing the need for the United States to maintain a strategic position in the evolving digital economy. Additionally, a federal cryptocurrency working group has been created to explore regulatory frameworks and potential use cases for digital assets in government reserves.

国家趋势和联邦参与国家一级向比特币储备的运动与采用加密货币的更广泛的国家趋势一致。美国前总统唐纳德·特朗普（Donald Trump）主张建立联邦比特币储备，强调了美国在不断发展的数字经济中保持战略地位的必要性。此外，已经成立了一个联邦加密货币工作组，以探索政府储备中数字资产的监管框架和潜在用例。

The creation of a federal Bitcoin reserve would require significant legislative and regulatory considerations. While state-level adoption is progressing at a faster pace, a federally-backed Bitcoin reserve would mark a major milestone in cryptocurrency’s journey towards mainstream financial integration.

建立联邦比特币储备将需要大量的立法和监管考虑。尽管州级的采用速度正在以更快的速度进行，但联邦支持的比特币储备将标志着加密货币迈向主流金融整合之旅的一个重要里程碑。

While these developments signal a growing acceptance of Bitcoin within governmental structures, the outcome of these proposals remains uncertain. Each state must navigate its own legislative process, balancing the potential benefits of Bitcoin investment against the risks posed by market volatility and regulatory uncertainty.

尽管这些发展表明在政府结构内越来越接受比特币，但这些提案的结果仍然不确定。每个州都必须驾驶自己的立法流程，平衡比特币投资的潜在利益与市场波动和监管不确定性带来的风险。