比特币的竞赛：美国各州引入储备金，引发了对全球积累竞赛的猜测

美国提出比特币储备账单的美国各州的日益增长的趋势引发了人们对积累加密货币的潜在种族的猜测，而早期采用者准备受益于比特币作为主流储备资产的日益增长的作用。

As U.S. states continue to introduce Bitcoin reserve bills, a potential global race to accumulate the cryptocurrency could be on the horizon, with early adopters poised to benefit from Bitcoin’s growing role as a mainstream reserve asset.

随着美国各州继续引入比特币储备账单，积累加密货币的全球潜在竞赛可能会出现，早期采用者准备从比特币作为主流储备资产的越来越多的作用中受益。

On February 6, Kentucky became the 16th state to propose legislation aiming to allocate up to 10% of its excess state reserves into Bitcoin (BTC), further pushing the narrative that Bitcoin could become a key part of future financial portfolios.

2月6日，肯塔基州成为第16个国家提出的立法，旨在将多达10％的州储备分配给比特币（BTC），进一步推动了比特币可能成为未来金融投资组合的关键部分的叙述。

Kentucky’s Proposal and the Growing Bitcoin Reserve Movement

肯塔基州的提议和日益增长的比特币储备运动

The move by Kentucky follows a wave of states introducing similar legislation, signaling a larger trend that could accelerate Bitcoin’s integration into traditional financial systems.

肯塔基州的举动遵循了一系列国家，引入了类似的立法，这表明了更大的趋势，可以加速比特币中的整合到传统的金融系统中。

According to Isaac Joshua, CEO of the Gems Launchpad, Kentucky’s bill could be a tipping point that prompts other states to formally adopt Bitcoin into their reserve systems. Joshua predicts that once a few states commit to this strategy, others will feel compelled to follow suit, creating a global Bitcoin accumulation race.

GEMS Launchpad首席执行官艾萨克·约书亚（Isaac Joshua）表示，肯塔基州的法案可能是一个转折点，促使其他州正式采用比特币进入其储备系统。约书亚（Joshua）预测，一旦一些州致力于这种策略，其他人将被迫效仿，从而创造全球比特币积累竞赛。

As Joshua mentions, the growing institutional and national adoption of Bitcoin is helping to position it as a mainstream reserve asset. Bitcoin has been slowly gaining traction with major asset management firms, with some of the largest firms already amassing significant portions of the total Bitcoin supply. According to Dune Analytics, U.S. spot Bitcoin exchange-traded funds (ETFs) currently hold over 5.91% of the total Bitcoin supply, valued at a staggering $113.5 billion.

正如约书亚（Joshua）所提到的那样，日益增长的机构和国家采用比特币正在帮助将其定位为主流储备资产。比特币一直在逐渐吸引主要资产管理公司，其中一些最大的公司已经积累了总比特币供应的大部分。根据Dune Analytics的说法，美国现货比特币交易所交易基金（ETF）目前占比特币供应总额的5.91％，价值惊人的1,135亿美元。

Bitcoin ETFs: A Driving Force in Bitcoin Accumulation

比特币ETF：比特币积累的驱动力

A significant driver behind the growing interest in Bitcoin reserves is the rise of Bitcoin ETFs. The most prominent among them is BlackRock’s Bitcoin ETF, which holds over 48.7% of the total Bitcoin ETF market share, translating to a value of $55.3 billion. Continued inflows into these ETFs could push Bitcoin to new all-time highs. In fact, in 2024, U.S. Bitcoin ETFs accounted for around 75% of new investments into Bitcoin, contributing to the cryptocurrency’s rally back above the $50,000 mark in February.

比特币ETF的兴起，对比特币储量日益兴趣的重要驱动力是。其中最突出的是贝莱德的比特币ETF，该比特币ETF占比特币ETF市场份额的48.7％以上，价值为553亿美元。继续流入这些ETF可以将比特币推向新的历史高点。实际上，在2024年，美国比特币ETF占对比特币的新投资的75％，这导致了加密货币的集会返回2月的50,000美元。

These developments have many believing that Bitcoin’s role in the financial ecosystem is set to expand further, and state-level Bitcoin reserve proposals are just one example of the growing adoption.

这些发展有许多人认为，比特币在金融生态系统中的作用将进一步扩展，而州级比特币储备建议只是采用不断增长的一个例子。

Regulatory and Volatility Concerns

监管和波动问题

Despite the promising outlook for Bitcoin reserves, regulatory challenges persist. James Wo, CEO of DFG Venture Capital, acknowledges the fascinating potential of a Bitcoin accumulation race but highlights the regulatory uncertainty that still surrounds Bitcoin. He points out that many of the Bitcoin reserve bills are still in their proposal stages, meaning they are far from becoming law. Additionally, concerns about Bitcoin’s volatility could pose significant challenges for both legislators and the public.

尽管对比特币储量有希望的前景，但监管挑战仍然存在。 DFG风险投资首席执行官詹姆斯·沃（James Wo）承认比特币积累种族的引人入胜的潜力，但突出了仍然围绕比特币的监管不确定性。他指出，许多比特币储备账单仍处于提议阶段，这意味着它们远非法律。此外，对比特币波动性的担忧可能对立法者和公众构成重大挑战。

Bitcoin’s volatility has been well-documented, especially during market corrections. The 2022 bear market saw Bitcoin experience a 64% drop, and in 2018, it retraced by over 73%. Such sharp fluctuations can make Bitcoin an unpredictable reserve asset for states seeking financial stability. To mitigate this risk, institutional investors are adopting long-term holding strategies, including a minimum five-year holding period for Bitcoin in their funds.

比特币的波动率已得到充分记录，尤其是在市场更正期间。 2022年的熊市看到比特币的下降了64％，在2018年，比特币降低了73％以上。如此急剧的波动可以使比特币成为寻求财务稳定的州的不可预测的储备资产。为了减轻这种风险，机构投资者正在采用长期持有策略，包括比特币在其资金中的最低五年持有期。

The Growing Number of U.S. States With Bitcoin Reserve Proposals

美国有比特币储备提案的美国越来越多的州

Kentucky’s Bitcoin reserve bill follows in the footsteps of other U.S. states like Arizona, Alabama, Florida, Massachusetts, Missouri, and Texas, all of which have introduced similar legislation. Together, these states signal a growing movement in the U.S. to consider Bitcoin as a legitimate part of state reserves. States like Illinois are also adopting long-term strategies. For example, Illinois’ Bitcoin reserve bill proposes a five-year holding period for any Bitcoin the state acquires.

肯塔基州的比特币储备法案遵循了其他美国州的脚步，例如亚利桑那州，阿拉巴马州，佛罗里达州，马萨诸塞州，密苏里州和德克萨斯州，所有这些都列出了类似的立法。这些国家共同表示，在美国，将比特币视为国家储备的合法部分的日益增长的运动。伊利诺伊州等州也采用了长期战略。例如，伊利诺伊州的比特币储备法案建议该州获得的任何比特币持有五年。

Such moves by states, alongside growing institutional adoption, raise the question of whether Bitcoin could become a central player in global financial systems. If the proposed Bitcoin reserve bills gain traction, the path could be set for Bitcoin to solidify its place as a key component of state and national financial portfolios.

各州的这种举动以及不断增长的机构采用，提出了一个问题，即比特币是否可以成为全球金融系统中的核心参与者。如果拟议的比特币储备账单获得了吸引力，则可以为比特币设定该路径，以巩固其作为州和国家金融投资组合的关键组成部分的位置。

Bitcoin’s Volatility and Long-Term Gains

比特币的波动和长期收益

Despite Bitcoin’s volatile nature, its long-term potential remains an attractive prospect. Over the last five years, Bitcoin has averaged an impressive 1,077% return. This long-term growth potential, coupled with increasing institutional adoption, has led some institutions, such as the University of Austin, to implement a minimum five-year holding strategy for their Bitcoin investments to smooth out volatility risks.

尽管比特币的性质易变，但其长期潜力仍然是一个有吸引力的前景。在过去的五年中，比特币平均回报了1,077％。这种长期增长的潜力，再加上增加的机构采用，导致了一些机构，例如奥斯汀大学，为其比特币投资实施了最低五年的持有策略，以使波动性风险弥补。

Bitcoin’s potential as a reserve asset is rapidly gaining recognition, with states such as Kentucky leading the way in introducing Bitcoin reserve proposals. As more states join this movement, it could set the stage for Bitcoin’s widespread adoption, both at the institutional and state level. However, the future of these reserve bills will depend largely on how Bitcoin’s volatility is managed and how regulators respond to the growing role of cryptocurrency in global finance.

比特币作为储备资产的潜力正在迅速获得认可，肯塔基州等州领先于引入比特币储备建议。随着越来越多的州加入这一运动，它可以为比特币在机构和州一级的广泛采用奠定基础。但是，这些储备账单的未来将在很大程度上取决于比特币的波动率的管理方式，以及监管机构如何应对加密货币在全球金融中不断增长的作用。