特朗普总统承诺建立战略性比特币储备

在较早的承诺中为战略性的加密货币持有奠定了基础，3月6日签署了14233年的行政命令，旨在建立官方的战略比特币储备和单独的数字资产库存。

President Trump’s signature this month on Executive Order 14233, setting up a U.S. Strategic Bitcoin Reserve and a separate Digital Asset Stockpile, followed through on a popular campaign promise.

特朗普总统本月通过14233号行政命令的签名，建立了美国战略比特币储备金和单独的数字资产库存，随后是一个流行的竞选承诺。

Earlier commitments had already laid the groundwork for this move, and several crypto investors had been hoping for a truly game-changing strategic reserve, paving the way to massive federal purchases of Bitcoin (BTC 0.98%) and other digital assets. The executive order didn't exactly deliver on those bullish hopes, and the immediate market reaction was largely negative. On the other hand, this two-pronged digital asset strategy may turn out to have some value-boosting power after all.

较早的承诺已经为这一举动奠定了基础，几位加密投资者一直希望真正改变游戏规则的战略储备，为大规模的联邦购买比特币（BTC 0.98％）和其他数字资产铺平了道路。行政命令并未完全兑现那些看涨的希望，而直接的市场反应在很大程度上是负面的。另一方面，这种两med的数字资产策略毕竟可能具有一定的增值能力。

Here are three important details about Executive Order 14233 that probably didn't jump out at you from reading the headlines -- and perhaps not even after taking a quick look at the order. Bitcoin investors should pay more attention than others, but it's also substantial news to Ethereum (ETH 1.41%) and XRP (XRP 1.31%) holders.

这里有三个有关行政命令14233的重要细节，这些细节可能并没有从阅读头条新闻中跳出来 - 甚至在快速查看订单之后也没有。比特币投资者应该比其他投资者更多的关注，但这对以太坊（ETH 1.41％）和XRP（XRP 1.31％）持有人来说也是实质性的消息。

1. Private investments dwarf strategic reserves

1。私人投资矮人战略储备金

1。私人投资矮人战略储备金

The idea of mirroring the U.S. gold reserve in Bitcoin (and perhaps other digital assets) sounds like a big deal. However, the gold holdings in Fort Knox and elsewhere aren't that large. According to the Treasury's own data, the total value of all gold under federal ownership was about $11 billion in February.

在比特币（也许还有其他数字资产）中反映美国黄金储备的想法听起来很重要。但是，诺克斯堡和其他地方的黄金持有并不大。根据财政部自己的数据，2月，所有黄金的总价值约为110亿美元。

To put that gold figure into context, there are currently three Bitcoin-based exchange-traded funds (ETFs) with more than $11 billion of Bitcoin in each portfolio:

将这个金数置于上下文中，目前有三个基于比特币的交易所贸易资金（ETF），每个投资组合中有超过110亿美元的比特币：

Data collected from Finviz.com on March 21, 2025

2025年3月21日从Finviz.com收集的数据

Gold reserves would be larger if the American dollar were directly based on the value of its gold holdings, but that's not how the dollar works anymore. The country started to cut loose from the gold standard in 1933, completing the journey to a fiat currency in 1973. Since then, the dollar hasn't been tied to any physical assets, becoming a fiat currency with more direct government control over its effective value.

如果美元的美元直接基于其黄金持有的价值，黄金储备将更大，但这不再是美元的运作方式。该国于1933年开始从黄金标准中脱颖而出，于1973年完成了菲亚特货币的旅程。从那时起，美元就没有与任何物理资产联系在一起，成为一种菲亚特货币，具有更直接的政府对其有效价值的控制权。

Now, the gold reserve has nothing to do with the value of American dollars. It's also a pretty small portion of the global gold reserve, currently worth about $20 trillion, according to several sources. ETFs already manage 5.5% of the cryptocurrency's market value, making $11 billion a drop in the golden ocean.

现在，黄金储备与美元的价值无关。据多个消息人士称，这也是全球黄金储备的一小部分，目前价值约20万亿美元。 ETF已经管理了加密货币市场价值的5.5％，在金海洋中跌幅110亿美元。

In other words, it may be misguided to expect a price-changing impact from any version of the Strategic Bitcoin Reserve. These reserves aren't that huge. The private investments flowing through ETFs seem to have stronger price-moving effects on Bitcoin than any government effort ever could.

换句话说，可能会误以为可以期待任何战略比特币储备的任何版本都会改​​变价格的影响。这些储备并不那么巨大。通过ETF进行的私人投资似乎对比特币具有比任何政府努力更强大的价格影响。

2. The Digital Asset Stockpile is very different from the Strategic Bitcoin Reserve

2。数字资产库存与战略比特币储备有很大不同

2。数字资产库存与战略比特币储备有很大不同

Cryptocurrencies not named Bitcoin are in the domain of the distinct Digital Asset Stockpile. This portfolio is tasked to collect the non-Bitcoin crypto coins currently held by any part of the Treasury, adding more only as the result of legal proceedings. To be clear, the Treasury will manage its altcoins in one central portfolio but will not actively buy any more Ethereum, Litecoin (LTC 1.33%), XRP, Solana, or stablecoins. Any additions to this Stockpile will come from criminal or civil court cases.

未命名比特币的加密货币处于不同数字资产库存的领域。该投资组合的任务是收集美国财政部任何部分目前持有的非比型币加密硬币，仅在法律程序的结果上增加了更多。需要明确的是，财政部将在一个中央投资组合中管理其Altcoins，但不会积极购买以太坊，Litecoin（LTC 1.33％），XRP，Solana或Stablecoins。该库存的任何添加都将来自刑事或民事法院案件。

Solana and XRP investors were expecting a more active purchasing program, and their coin prices drooped sharply as soon as Trump signed the executive order.

索拉纳（Solana）和XRP投资者预计采购计划更加积极，一旦特朗普签署了行政命令，他们的硬币价格就会急剧下跌。

XRP Price data by YCharts

YCHARTS的XRP价格数据

3. “Budget-neutral” Bitcoin purchases can be larger than you think

3。“预算中立”比特币的购买可能比您想象的要大

3。“预算中立”比特币的购买可能比您想象的要大

I don't have any bullish insights to share about the Digital Asset Stockpile, but the Strategic Bitcoin Reserve might have some price-boosting power in the end. If Bitcoin continues to rise in value over the long term, the Treasury could reallocate many forms of monetary holdings to this newfangled asset class.

我没有任何关于数字资产库存的见解，但是战略性比特币储备最终可能具有提高价格的能力。如果比特币长期以来一直在价值上升，那么财政部就可以将许多形式的货币持股重新分配给这个新型资产类别。

You've heard of other asset reserves, but those are often outside the Treasury Department's control and, therefore, not a serious part of the Strategic Bitcoin Reserve discussion.

您已经听说过其他资产储备，但是这些储量通常不在财政部的控制之内，因此并不是战略比特币储备讨论中的严重组成部分。

The Department of Energy had about 396 million barrels of oil in the Strategic Petroleum Reserve on March 14. That's worth about $27 billion at recent oil prices, but it's not a Treasury-owned asset. Likewise, fabled 1.4 billion pounds of surplus cheese in long-term cold cave storage could be worth $7.8 billion on the open market.

能源部在3月14日的战略石油储备中拥有约3.96亿桶石油。最近油价的价值约为270亿美元，但这不是财政部资产。同样，在长期冷洞存储中，寓言中有14亿磅的剩余奶酪在公开市场上价值78亿美元。

Flooding the market with massive amounts of extra oil or literal government cheese would drive prices way down, but you get my drift. The U.S. Department of Agriculture (USDA) owns the cheese caves, and the USDA is not mentioned in Executive Order 14233. And pulling huge portions of America's monetary reserves out of the IMF could result in a global economic

用大量的额外石油或字面上的政府奶酪淹没市场会使价格降低，但您会变得我的漂移。美国农业部（USDA）拥有奶酪洞穴，在14233年行政命令中没有提及美国农业部。将美国大部分货币储备从国际货币基金组织中撤出可能会导致全球经济经济。