特朗普的美国加密保护区公告引发了辩论，因为专家认为比特币应该是唯一的资产

唐纳德·特朗普（Donald Trump）总统宣布由一篮子数字资产组成的美国加密保护区宣布，引起了行业领导人的辩论。

President Donald Trump’s announcement of a US crypto strategic reserve, comprising a basket of digital assets, has stirred debate among industry leaders. Many argue that Bitcoin (BTC) should be the sole reserve asset.

唐纳德·特朗普（Donald Trump）总统宣布了一个由一篮子数字资产组成的美国加密战略储备，引起了行业领导人的辩论。许多人认为比特币（BTC）应该是唯一的储备资产。

This debate follows Trump’s executive order on digital assets, which directed the Presidential Working Group to establish the reserve.

这场辩论是在特朗普关于数字资产的行政命令之后的，该命令指示总统工作组建立储备金。

A Divisive Selection? Experts Debate Trump’s US Crypto Reserve

分裂的选择？专家辩论特朗普的美国加密储备

According to the official announcement, the proposed crypto reserve would include Bitcoin, Ethereum (ETH), XRP (XRP), Solana (SOL), Cardano (ADA), and other digital assets. The initiative aims to strengthen the US as a global leader in crypto.

根据官方公告，拟议的加密储备将包括比特币，以太坊（ETH），XRP（XRP），Solana（Sol），Cardano（ADA）和其他数字资产。该倡议旨在加强美国作为加密货币的全球领导者。

Notably, the announcement triggered a substantial rally for the coins. Yet, experts remain sharply divided over the choice of assets included in the reserve.

值得注意的是，该公告引发了硬币的实质性集会。然而，专家在预备役中包含的资产选择方面仍然存在明显的分歧。

Brian Armstrong, CEO of Coinbase, shared his thoughts on asset allocation in the latest post on X (formerly Twitter).

Coinbase首席执行官Brian Armstrong在X（以前为Twitter）的最新帖子中分享了他对资产分配的看法。

“Just Bitcoin would probably be the best option – simplest, and clear story as successor to gold. If diversification is necessary, could use a market cap-weighted index of crypto assets to ensure neutrality.”

“只是比特币可能是最好的选择 - 最简单，最清晰的故事，作为黄金的继任者。如果需要多样化，则可以使用加密资产的市场上限加权指数来确保中立。”

Considering both options, Armstrong stated that a Bitcoin-only reserve would be the easiest path forward.

考虑到这两种选择，阿姆斯特朗表示，仅比特币的储备将是最简单的途径。

Investor and author Fred Krueger also expressed support for a market-weighted approach for the proposed crypto reserve. According to him, the Strategic Crypto Reserve should be Market Weighted, like the SP500.

投资者兼作家弗雷德·克鲁格（Fred Krueger）还表示支持拟议的加密保护区的市场加权方法。据他说，战略加密保护区应该像SP500一样对市场进行加权。

In his post, Krueger suggested an allocation, excluding foreign assets and stablecoins, with Bitcoin at 75%, followed by Ethereum at 12.4%, XRP at 5.7%, Solana at 3.1%, Dogecoin (DOGE) at 1.4%, and Cardano at 1.0%. Smaller allocations were designated for Litecoin (LTC), Avalanche (AVAX),Polkadot (DOT), and Cosmos (ATOM).

克鲁格（Krueger）在他的帖子中提出分配，不包括外国资产和稳定币，比特币为75％，其次是以太坊，为12.4％，XRP为5.7％，Solana为3.1％，Dogecoin（Doge）（Doge）为1.4％，Cardano为1.0％。指定较小的分配给莱特币（LTC），雪崩（Avax），Polkadot（DOT）和Cosmos（Atom）。

Meanwhile, many in the crypto community expressed disappointment. Jeff Park, head of Alpha Strategies at Bitwise, was among those advocating for a Bitcoin-only reserve.

同时，加密货币社区中的许多人表示失望。 Bitwise Alpha Strategies的负责人Jeff Park是主张仅比特币储备金的人之一。

“Huge political miscalculation by Trump in underestimating just how crucial it was for the Strategic Reserve to focus solely on Bitcoin,” Park stated.

帕克说：“特朗普在低估战略储备只专注于比特币有多么重要的政治错误估计。”

He cautioned that including altcoins with unclear national significance could invite perceptions of insider dealing, even if unfounded. Park further noted that while Bitcoin should be the only strategic reserve asset, broader crypto adoption can still be supported from an investment perspective.

他警告说，即使毫无根据，包括具有不清国家意义的山寨币也可能引起人们对内幕交易的看法。帕克进一步指出，尽管比特币应该是唯一的战略储备资产，但从投资的角度来看，仍然可以支持更广泛的加密货币。

Even long-time Bitcoin skeptic Peter Schiff acknowledged the logic behind a BTC reserve. Despite his disagreement, he compared it to the gold reserve, recognizing Bitcoin as “digital gold.” However, he criticized the inclusion of XRP, questioning its necessity in the crypto reserve.

即使是长期的比特币怀疑论者彼得·希夫（Peter Schiff）也承认了BTC储备金背后的逻辑。尽管他分歧，但他还是将其与黄金储备进行了比较，认为比特币是“数字黄金”。但是，他批评XRP的包含，质疑其在加密保护区的必要性。

“But what’s the rationale for an XRP reserve? Why the hell would we need that?” Schiff asked.

“但是XRP储备的理由是什么？为什么我们需要那个？”希夫问。

Alex Xu, a research partner at Mint Ventures, argued that Trump made a politically motivated decision to reward projects that financially backed him, calling it an “advertising slot” within Trump’s presidential powers.

MINT Ventures的研究合作伙伴Alex Xu认为，特朗普做出了出于政治动机的决定，以奖励在经济上支持他的项目，称其为特朗普总统权力中的“广告上”。

“However, in the long run, pushing assets like ADA and XRP as reserve holdings is absurd. It undermines the legitimacy of BTC as a strategic reserve and further reduces the chances of passing a BTC reserve bill at the federal level.”

“但是，从长远来看，将诸如ADA和XRP之类的资产推向了储备金，这是荒谬的。它破坏了BTC作为战略储备的合法性，并进一步减少了通过联邦一级通过BTC储备法案的机会。”

He noted that with Republicans holding a narrow majority in the House and Democrats controlling the Senate, it’s highly unlikely that legislation including SOL, ADA, and XRP in national reserves would pass.

他指出，随着共和党人在众议院占多数席位，民主党人控制参议院，在国家储备中包括索尔，ADA和XRP在内的立法极不可能通过。

Xu suggested the only feasible option would be a sovereign wealth fund controlled by the Treasury, which would enable Trump to buy these assets without congressional approval.

徐建议唯一可行的选择是由财政部控制的主权财富基金，这将使特朗普能够在未经国会批准的情况下购买这些资产。

“But how likely is that? How much would SOL, XRP, and ADA need to funnel into Trump’s circle for him to issue an executive order using taxpayer money to buy them? Trump’s style is about making big headlines with minimal effort. He won’t invest heavily or take on major risks without significant personal gain.”

“但是那有多大的可能性？ Sol，XRP和ADA需要多少钱进入特朗普的圈子，以便他发出使用纳税人资金购买的行政命令？特朗普的风格是在努力最少的努力方面成为大型头条新闻。没有大量个人利益，他不会大力投资或承担重大风险。”

Arthur Hayes, former CEO of BitMEX, took a more critical stand, dismissing Trump’s crypto reserve proposal as rhetoric.

Bitmex的前首席执行官Arthur Hayes采取了更为批判的立场，将特朗普的加密储备建议作为修辞学。

“Nothing new here. Just words. Without Congress approving borrowing more funds or an executive order to revalue gold, the government lacks the resources to buy Bitcoin or any other cryptocurrency.”

“这里没有什么新的。只是说话。如果国会批准借入更多的资金或行政命令重估黄金，政府缺乏购买比特币或任何其他加密货币的资源。”