特朗普建立正式的国家加密货币储备引发了抛售

在美国总统唐纳德·特朗普（Donald Trump）建立正式的国家加密货币保护区之后，加密货币倡导者正在敦促镇定，因为投资者触发了抛售

U.S. President Donald Trump has sparked a shift in sentiment among institutional investors and sovereign wealth funds following the establishment of a national cryptocurrency reserve, a policy that one pundit says “delivered almost nothing”.

在建立国家加密货币储备后，美国总统唐纳德·特朗普（Donald Trump）引发了机构投资者和主权财富基金的情绪转变，这一政策是专家们说的“几乎没有交付”。

Trump's administration announced the creation of the Strategic Bitcoin Reserve (SBR) and the U.S. Digital Asset Stockpile (DAS) at this month's inaugural White House cryptocurrency summit.

特朗普政府宣布在本月首届白宫加密货币峰会上创建战略比特币保护区（SBR）和美国数字资产库存（DAS）。

The SBR will be dedicated exclusively to Bitcoin, while the DAS will manage other cryptocurrencies such as Ether, XRP, Cardano and the troubled Solana, on which Trump's own controversial $TRUMP coin is based.

SBR将专门用于比特币，而DAS将管理其他加密货币，例如Ether，XRP，Cardano和陷入困境的Solana，特朗普自己有争议的$ Trump Coin所基于的。

The new funds will serve as vehicles for the "orderly and strategic management" of any cryptocurrency held by all U.S. government departments, which will now have 30 days to inventory their crypto holdings and weigh the legal implications of transferring them into the SBR.

新资金将作为美国所有政府部门持有的任何加密货币的“有序和战略管理”的工具，现在，该货币将有30天的时间库存其加密货币持有物，并权衡将其转移到SBR中的法律意义。

The government will not be buying additional assets for the DAS and will not sell bitcoin from the SBR, which will initially contain all Bitcoin held by the U.S. Department of the Treasury.

政府将不会为DAS购买额外资产，也不会从SBR出售比特币，SBR最初将包含美国财政部持有的所有比特币。

According to Trump's crypto czar David Sacks, the administration's agencies have seized "a significant amount of BTC" from criminal or civil asset forfeitures. However, despite this, the government has not implemented a policy to maximize BTC's strategic position as a unique store of value in the global financial system.

根据特朗普的加密沙皇大卫·萨克斯（David Sacks）的说法，政府的机构从刑事或民事资产没收中夺取了“大量BTC”。但是，尽管如此，政府尚未实施最大化BTC作为全球金融体系中一种独特价值的战略地位的政策。

Each department has been left to manage forfeited crypto on its own, with many shelving the assets or selling them in a haphazard process that has already cost the government over $17 billion, the White House says.

白宫说，每个部门都可以自己管理被没收的加密货币，许多人将资产搁置或以偶然的过程出售，这已经使政府损失了超过170亿美元。

The administration's announcement comes in response to a request from several senators to create a national Bitcoin trust to protect the U.S. dollar from manipulation by China and other nations.

政府的宣布是为了回应几位参议员建立国家比特币信托的要求，以保护美元免受中国和其他国家的操纵。

"This move harnesses the power of digital assets for national prosperity, rather than letting them languish in limbo," the executive order says, promising that the new structure "will ensure proper oversight, accurate tracking, and a cohesive approach" to crypto.

行政命令说：“此举利用数字资产来实现国家繁荣的力量，而不是让它们陷入困境。”承诺新结构“将确保对加密货币的适当监督，准确的跟踪和凝聚力的方法”。

Sometimes, bros get what they asked for

有时，兄弟会得到他们要的东西

Trump's rhetoric about normalizing the government's approach to cryptocurrency was a regular feature of his election campaign, and the establishment of the SBR and DAS fulfills his promises to an industry that donated tens of millions in response.

特朗普关于使政府对加密货币进行正常化的言论是他的竞选活动的常规特征，而SBR和DAS的建立则履行了他的诺言，向一个捐赠了数千万的回应行业。

The president's campaign saw him tout the promise of Bitcoin as a hedge against inflation and a tool for financial inclusion, while also pivoting to criticize the Build Back Better Act as a "socialist agenda item" despite its potential to benefit economically vulnerable households.

总统的竞选活动使他吹捧比特币的承诺是抵制通货膨胀和金融包容性工具的对冲，同时还旋转批评该建筑物更好地作为“社会主义议程项目”，尽管它有可能使经济上脆弱的家庭受益。

In response, several cryptocurrency firms shifted their investments to stablecoins—lower-risk cryptocurrencies pegged to fiat currencies like the U.S. dollar—with their collective value surging by $7.7 billion in February as investors responded to increasing financial instability.

作为回应，几家加密货币公司将其投资转移到了稳定币（较低风险的加密货币）与诸如美元这样的FIAT货币挂钩的情况下，他们的集体价值在2月飙升了77亿美元，因为投资者对日益增加的财务不稳定做出了反应。

"On the face of things Trump has kept his promise to the crypto industry, but whether that repays the contribution it made to him winning the election is questionable," said Impossible Cloud Network co-founder Kai Wawrzinek.

“面对特朗普对加密货币产业的诺言，这是他对他赢得选举所做的贡献的诺言，这是值得怀疑的，” Imports Cloud Network联合创始人Kai Wawrzinek说。

"With no solid plans to buy further coins mentioned, and indeed with Trump emphasising that the taxpayer would not contribute a single penny to any such endeavour, a reserve of coins already in reserve seems like a thin deal."

“由于没有扎实的计划来购买进一步的硬币，而且确实在特朗普强调的是，纳税人不会为任何此类努力贡献一分钱，所以已经准备好的硬币似乎是一笔薄薄的交易。”

Fanning the flames of crypto policy

驱动加密政策的火焰

Despite its shortcomings, Trump's announcement of a formal crypto policy appears to have normalized attitudes towards crypto holdings, with senators in the U.S. state of Texas passing legislation that would establish a similar state-level reserve.

尽管存在缺点，但特朗普宣布采取正式加密政策似乎已经对加密货币持有的态度正常化，美国德克萨斯州的参议员通过了立法，该立法将建立类似的州级储备。

The new law, which still requires approval from the Texas House of Representatives, would see the state's government invest in Bitcoin and other cryptocurrencies through a special trust fund.

仍需要获得德克萨斯州众议院的新法律，该法律将通过特殊信托基金对该州政府对比特币和其他加密货币进行投资。

The senators argued that investing in crypto would protect the state's economy against central bank intervention and supply-side manipulation of the U.S. dollar's value—echoing allegations of currency manipulation levelled at China and others.

参议员认为，投资加密货币将保护该州的经济免受中央银行的干预和供应方对美元价值的操纵，这是对中国及其他人的货币操纵指控的回应。

It remains to be seen whether the upswell of cryptocurrency reserve policy could trigger similar moves in Australia, with policies currently under review but the Reserve Bank of Australia long skeptical about the role of Bitcoin or mooted central bank digital currencies (CBDC).

加密货币预备役政策的提升是否可以引发澳大利亚的类似举动，目前正在审查澳大利亚的政策，但澳大利亚储备银行对比特币或互联的中央银行数字货币（CBDC）的作用持怀疑态度还有待观察。

The U.S. Congress is also considering legislation that would create a national bank to issue a CBDC, which could compete with the cryptocurrency markets and render the SBR obsolete.

美国国会还正在考虑建立国家银行发行CBDC的立法，该银行可以与加密货币市场竞争并使SBR过时。

However, with the U.S. now managing cryptocurrency and 23 other U.S. states reportedly considering similar moves, sentiment is shifting rapidly.

但是，由于美国现在正在管理加密货币，据报道其他23个美国州正在考虑采取类似的行动，情绪正在迅速转移。

And according to Nigel Green, CEO of financial advisory deVere Group, that shift in policy clarity will resonate with institutional investors, central banks, and sovereign wealth funds.

财务咨询公司首席执行官奈杰尔·格林（Nigel Green）表示，政策清晰度的转变将引起机构投资者，中央银行和主权财富基金的共鸣。

"Bitcoin is no stranger to market overreactions, with its price often making dramatic moves in response to even minor news events or changes in sentiment," said Green, who called the policy a "game-changer" and noted that "trading on immediate sentiment rather than long-term implications… creates opportunities."

格林说：“比特币对市场过度反应并不陌生，其价格通常会导致戏剧性的举动，即使是小小的新闻事件或情绪变化。”

"This executive order makes it more

“该行政命令使它更加