特朗普的加密货币拥抱完成了令人惊叹的周转

美国总统希望成为数字硬币游戏中的起搏器和最大的赢家，同时使美国成为世界的加密资本。

Donald Trump's crypto embrace completes a stunning turnaround from a man who famously labeled bitcoin a scam and said he doesn't like it because it's "another currency competing against the dollar."

唐纳德·特朗普（Donald Trump）的加密货币（Crypto Abraide）从一个著名的骗局标记为骗子的人那里完成了令人惊叹的转机，他说他不喜欢它，因为这是“另一种货币与美元竞争”。

The US President wants to be the pacemaker and biggest winner in the game of digital coins, while making America the world's crypto capital.

美国总统希望成为数字硬币游戏中的起搏器和最大的赢家，同时使美国成为世界的加密资本。

Trump's social media post last week that the US government would create a Strategic Bitcoin Reserve and stockpile five digital currencies - bitcoin, ether, XRP, SOL and ADA - sent crypto prices soaring, albeit briefly.

特朗普上周的社交媒体帖子称，美国政府将创建一个战略性的比特币储备金，并储存五种数字货币 - 比特币，以太，XRP，SOL和ADA-发出加密货币价格飙升，尽管短暂地。

Prices later fell after the market digested the news and crypto czar David Sacks revealed the executive order, while Friday's summit attended by who's who of the crypto world failed to excite bitcoin bulls either.

在市场消化新闻之后，价格下跌，加密沙皇戴维·萨克斯（Crypto Czar David Sacks）透露了行政命令，而周五的峰会则由加密货币世界的谁参加，也未能激发比特币公牛。

Much like how shares rise on the back of a good earnings call, Trump has demonstrated that he can buy or sell a digital asset in advance and then, in a single post, send that coin in the direction he wishes.

就像股票在良好的收益电话会议上的上涨一样，特朗普证明他可以提前买卖数字资产，然后在单个帖子中以他希望的方向发送硬币。

This has raised eyebrows among investors and officials alike who fear the United States will pick winners and losers. This would erase public trust - and in the crypto world investor trust is everything.

这引起了投资者和官员的关注，他们担心美国会选择赢家和失败者。这将消除公众信任 - 在加密世界投资者信托中，这就是一切。

The executive order creates a Strategic Bitcoin Reserve which prohibits the government from selling its US$17 billion (HK$132.6 billion) stash of seized criminal assets. It also allows the Treasury and Commerce departments to come up with "budget-neutral" plans to acquire more bitcoin - though details are scarce at the moment - and create a Digital Asset Stockpile of seized cryptocurrencies other than bitcoin.

该行政命令创建了战略性比特币储备，该储备禁止政府出售其170亿美元（136亿港元）的扣押犯罪资产。它还允许财政部和商务部门提出“预算中立”计划以获取更多比特币的计划 - 尽管目前稀缺细节，并创建了除比特币以外的被扣押加密货币的数字资产。

Apart from personal gain, is Trump's "Digital Fort Knox" a lot of hot air and nothing more?

除了个人利益外，特朗普的“数字诺克斯”是否有很多热空气，仅此而已？

Digital assets hedge fund manager Charles Edwards called it a "pig in lipstick," saying that if there are no active trades, it's just a fancy title and no more. Others warn this is another move toward crushing the US Federal Reserve's independence by excluding it from the initiative, after killing plans for a digital dollar and revealing plans to embrace stablecoins.

数字资产对冲基金经理查尔斯·爱德华兹（Charles Edwards）称其为“口红中的猪”，他说，如果没有积极的交易，那只是一个花哨的头衔，不再是。其他人则警告说，这是杀死数字美元计划并揭示了拥抱稳定的计划的计划，这是将美国联邦储备独立粉碎的又一步。

Any move toward decentralized finance and blockchain technology would effectively bypass the Fed and conventional regulation.

朝着分散的金融和区块链技术迈向的任何转会都将有效地绕过美联储和常规法规。

DeFi is more "democratic" in the sense that no government owns it, and it lowers costs by cutting through the swathe of middle men - yet it remains unregulated and less transparent.

从没有政府拥有的意义上说，Defi更加“民主”，并且通过削减中间人的削减来降低成本 - 但它仍然不受监管且透明。

Would the push also pressure the Fed into keeping interest rates low?

推动还会向美联储保持利率较低的压力吗？

Trump hates high interest rates but in the face of rising inflation, the Fed may be forced to hike them.

特朗普讨厌高利率，但面对通货膨胀率上升，美联储可能被迫远足。

Most experts agree that stablecoins would have a global impact on the US dollar and its rates.

大多数专家都认为，稳定币会对美元及其价格产生全球影响。

Trump has a vested interest in crypto and this will boost not just his fortunes but also those of his wealthy backers.

特朗普对加密货币有既得利益，这不仅会促进他的命运，而且会促进他富有的支持者的命运。

Reports indicate that World Liberty Financial, a DeFi project backed by Trump's family, snatched up more than US$20 million worth of digital assets ahead of the crypto summit. And when he launched his own meme coin in January, for instance, the entities behind it raked in close to US$100 million in trading fees in less than two weeks.

报告表明，在特朗普家人的支持下，世界自由金融项目在加密峰会之前抢夺了价值超过2000万美元的数字资产。例如，当他在一月份推出自己的模因硬币时，其背后的实体在不到两周的时间内就获得了近1亿美元的交易费用。

Trump's crypto assets are currently worth US$2 million, but he has a reason to push his TRUMP coin, which is down 80 percent since its January launch.

特朗普的加密资产目前价值200万美元，但他有理由推动特朗普硬币，这是自一月份推出以来的80％。

Crypto is slowly moving into the mainstream but is still plagued by scams, thieves and global criminals. Some nations have tried their hand at crypto and failed. In 2021, El Salvador made bitcoin legal tender but businesses and consumers scorned it forcing the country to dump it this year.

Crypto正在慢慢进入主流，但仍然受到骗局，小偷和全球罪犯的困扰。一些国家试图在加密货币上尝试并失败了。 2021年，埃尔·萨尔瓦多（El Salvador）制作了比特币法律招标，但企业和消费者蔑视它，迫使该国今年抛弃它。

As Trump and America go boldly forward, Hong Kong, too, should step up its game and judiciously press ahead with licensing regimes for over-the-counter trading, custody services and more.

随着特朗普和美国的大胆前进，香港也应该加强自己的比赛，并明智地向前推进实行非处方交易，监护服务等的许可制度。

But even top speculator Trump had a caveat when he quoted the maxim "never sell your bitcoin," saying: "I don't know if that's right or not. Who the hell knows."

但是，即使是顶级投机者特朗普引用格言“永远不会卖你的比特币”时，他也有一个警告，他说：“我不知道那是对的。谁知道谁。”

Indeed, who does?

确实，谁做？