美国财政部可以通过新“₿债券”分配200B美元（BTC）

根据比特币政策研究所发表的政策框架，美国财政部可能会为比特币（BTC）购买2000亿美元

The US Treasury could begin allocating $200 million to Bitcoin (BTC) purchases through a proposed $2 trillion issuance of “Bitcoin-Enhanced Treasury Bonds.”

美国财政部可以通过拟议的200万亿美元发行“比特币增强财政债券”来向比特币（BTC）分配2亿美元。

The policy framework, published Thursday by the Bitcoin Policy Institute, details how the bonds could be structured to partially refinance the $14 trillion in federal debt set to mature over the next three years.

比特币政策研究所周四发布的政策框架详细介绍了如何将债券结构构成以部分再融资，以在未来三年内将14万亿美元的联邦债务置于成熟。

Each bond would allocate 90% of proceeds to conventional government financing and 10% toward BTC acquisition, enabling the creation of a Strategic Bitcoin Reserve without requiring direct taxpayer funding.

每笔债券将分配给常规政府融资的90％的收益，而10％的收益分配给BTC收购，从而在不需要直接纳税人资金的情况下创建战略性比特币储备。

The bonds, labeled “₿ Bonds,” would carry a 1% annual interest rate, well below the current 10-year Treasury yield of around 4.5%.

标记为“₿债券”的债券将持续1％的年利率，远低于当前10年的国库收益率约为4.5％。

In exchange for accepting lower fixed returns, investors would gain exposure to Bitcoin-linked upside through a structured payout at bond maturity. This would include full principal repayment, fixed interest, and a performance-based Bitcoin component.

为了换取接受较低的固定回报，投资者将通过债券成熟度的结构化支出获得接触与比特币相关的上升空间。这将包括全部本金还款，固定利息和基于绩效的比特币组件。

Investors would receive 100% of BTC gains up to a 10-year compounded annual return threshold of 12.5%, then 50% of any additional gains. The government would retain the remaining share.

投资者将获得BTC收益的100％，最高为10年的复合年收益率为12.5％，然后获得任何额外收益的50％。政府将保留其余部分。

Performance-based modeling indicates that, even if Bitcoin prices remain flat, the US will save approximately $354 billion in present value terms after subtracting the $200 billion BTC allocation from the projected $554.4 billion in interest savings.

基于绩效的建模表明，即使比特币价格保持持平，美国将从预计的5544亿美元的利息节省中减去2000亿美元的BTC分配后，以现代价值节省约3540亿美元。

However, if Bitcoin appreciates in line with historical medians, the program could offset significant portions of the national debt by 2045.

但是，如果比特币符合历史中位数的欣赏，该计划可能会在2045年抵消大部分国家债务。

The ₿ Bond proposal includes tax-exempt treatment for interest payments and Bitcoin-linked gains, positioning the instruments as retail-friendly savings products. With estimated participation by 132 million US households, the average per-household investment could reach $3,025.

₿债券提案包括利息支付和比特币关联收益的免税处理，将工具定位为零售友好的储蓄产品。随着1.32亿美国家庭的估计参与，人均投资的平均投资可能达到3,025美元。

The proposal outlines legislative and regulatory frameworks to codify the tax benefits, with administration by the Treasury and the Internal Revenue Service (IRS).

该提案概述了立法和监管框架，以使税收福利编纂，并由财政部和国税局（IRS）管理。

For institutional investors, ₿ Bonds present a compliant channel to gain Bitcoin exposure while preserving the security profile of Treasury securities. Approximately 80% of ₿ Bonds would be absorbed by institutional and foreign buyers, with the remaining 20% allocated to US households.

对于机构投资者，₿债券提出了一个合规的渠道，可以在保留国库券的安全性，以获得比特币的风险。大约80％的债券将被机构和外国买家吸收，其余20％分配给了美国家庭。

The rollout includes a three-phase implementation strategy: a $5 billion to $10 billion pilot program, a legislative expansion phase, and full integration into the Treasury’s standard issuance calendar.

推出包括三阶段的实施策略：一项50亿美元至100亿美元的试点计划，一个立法扩张阶段，以及与财政部标准发行日历的完全集成。

The program includes risk management protocols to cover Bitcoin price volatility, market execution, operational security, and regulatory classification. To mitigate market disruption, the government would acquire the $200 billion in Bitcoin through staggered dollar-cost averaging and diversified execution channels.

该计划包括风险管理协议，以涵盖比特币价格波动，市场执行，运营安全和监管分类。为了减轻市场破坏，政府将通过交错的美元成本平均和多元化的执行渠道获得2000亿美元的比特币。

The brief also detailed custody standards and coordination with federal regulatory bodies to clarify the bonds’ classification.

简介还详细介绍了监护标准和与联邦监管机构的协调，以澄清债券的分类。

The proposed $200 billion in BTC purchases would fund a Strategic Bitcoin Reserve established by President Donald Trump via an executive order in March 2025.

拟议的2000亿美元购买BTC的购买将资助唐纳德·特朗普总统在2025年3月的行政命令中建立的战略比特币储备。

The order classified Bitcoin as “digital gold” and authorized the development of budget-neutral strategies to expand national holdings. BTC recovered through forfeiture will fund the initial reserves.

该命令将比特币归类为“数字黄金”，并授权制定预算中立的战略以扩大国家持股。通过没收的BTC将资助初始储备金。

The ₿ Bond program builds directly on this directive, scaling reserves through public bond issuance without reliance on additional tax revenue.

₿债券计划直接建立在该指令上，通过公共债券发行规模储备，而不依赖额外的税收收入。

The policy institute stated that the reserve would function as a store of value, with assets held in secure custody and excluded from active trading. Custody plans include multi-signature cold storage and dedicated security infrastructure managed by a specialized Treasury unit.

该政策研究所表示，该储备将充当价值存储，并拥有安全的托管资产，并将其排除在主动交易之外。监护计划包括由专门的财政部管理的多签名冷藏和专用的安全基础设施。

Modeling scenarios based on historical Bitcoin performance suggests that a Bitcoin reserve could accumulate trillions in value. Assuming a median historical compound annual growth rate of 53%, the reserve’s BTC holdings could surpass $14 trillion in value by 2035, with the government retaining a $6.5 trillion share.

基于历史比特币性能的建模方案表明，比特币储备可以积累数万亿美元的价值。假设中位历史复合年增长率为53％，预备役的BTC持股可能会超过14万亿美元的价值，到2035年，政府保留了6.5万亿美元的份额。

Even at the 10th percentile of Bitcoin growth, the reserve’s government-held value could surpass the current US gold reserves.

即使是比特币增长的第10个百分点，后备政府拥有的价值也可能超过当前的美国黄金储备。

The ₿ Bond initiative is framed as an alternative to traditional austerity or tax-based debt solutions. It enables long-term fiscal stabilization through asset appreciation, potentially reducing or offsetting future federal debt obligations.

₿债券倡议被框架为传统紧缩或基于税收债务解决方案的替代方案。它通过资产升值，可能减少或抵消未来的联邦债务义务来实现长期的财政稳定。

The document also stated that the proposal positions the US as a global leader in integrating Bitcoin into sovereign finance, with implications for financial resilience, debt management, and digital asset market development.

该文件还指出，该提案将美国定位为将比特币整合到主权金融中的全球领导者，这对财务弹性，债务管理和数字资产市场发展产生了影响。