特朗普关于加密货币的行政命令表示美国政策的重大转变

加密货币已从利基数字资产发展为全球金融力量，促使人们讨论了其在国民经济中的潜在作用。

Cryptocurrency has gained immense popularity in recent years, sparking discussions about its potential role in national economies. Some countries, like El Salvador and the Central African Republic, have already designated Bitcoin as legal tender.

近年来，加密货币已获得了极大的知名度，引发了关于其在国民经济中的潜在作用的讨论。一些国家，例如萨尔瓦多和中非共和国，已经将比特币指定为法定招标。

Now, with the United States under a second Trump administration, digital assets are once again in the spotlight. President Trump’s recent executive order on cryptocurrency explores the possibility of a national digital asset stockpile, highlighting a major shift in U.S. policy from the Biden administration.

现在，随着美国第二届特朗普政府，数字资产再次成为焦点。特朗普总统最近在加密货币上的行政命令探讨了国家数字资产库存的可能性，强调了美国政策与拜登政府的重大转变。

“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership,” the order states.

该命令指出：“数字资产行业在美国以及我们国家的国际领导力中在创新和经济发展中起着至关重要的作用。”

This marks a dramatic shift from Trump’s earlier skepticism of cryptocurrency. In 2019, he called Bitcoin a “scam” and insisted the U.S. dollar would always remain dominant. However, his 2024 campaign received significant financial backing from crypto investors, leading to a pro-crypto pivot. His administration is now aggressively pushing digital asset adoption.

这标志着特朗普先前对加密货币的怀疑的巨大转变。 2019年，他称比特币为“骗局”，并坚持认为美元将永远保持统治地位。但是，他的2024年竞选活动获得了加密投资者的大力财务支持，从而导致了一个亲克赖特的枢纽。他的政府现在正在积极推动数字资产采用。

But what would it mean for the U.S. to officially designate cryptocurrency as a national currency? Could this be a strategic advantage or a financial misstep? The answers directly impact the economic, regulatory, and geopolitical landscape.

但是，对美国正式将加密货币指定为国家货币意味着什么？这可能是战略优势还是财务失误？答案直接影响经济，监管和地缘政治格局。

One of the biggest challenges of adopting cryptocurrency as a national currency is its volatility. Bitcoin, for example, has experienced price swings of as much as 50% or more in a matter of months. Unlike fiat currencies managed by central banks, most cryptocurrencies operate on decentralized networks, making price stability difficult to maintain.

采用加密货币的最大挑战之一是其波动。例如，比特币在几个月内经历了多达50％或更多的价格波动。与中央银行管理的法定货币不同，大多数加密货币都在分散的网络上运行，从而使价格稳定难以维护。

However, stablecoins like USDC, which are backed by reserves and pegged to an underlying currency or asset, offer relative stability within the crypto ecosystem.

但是，像USDC这样的Stablecoins以储备为支持并固定在基础货币或资产上，提供了加密生态系统中的相对稳定性。

Potential Benefits

潜在的好处

Potential Risks

潜在风险

Trump’s executive order doesn’t go as far as designating Bitcoin as an official currency, but it does set the stage for deeper integration into the U.S. financial system. However, before considering such a move, the government must first address a fundamental question: Can it responsibly manage national assets in a way that protects economic stability and public trust?

特朗普的行政命令并没有将比特币指定为官方货币，但它确实为加入美国金融体系的更深入奠定了基础。但是，在考虑采取这种行动之前，政府必须首先解决一个基本问题：它可以以保护经济稳定和公共信任的方式负责任地管理国家资产吗？

Crucial Considerations for Government Fiduciary Duty and Public Trust in Crypto Policy

政府信托义务和公共信任的关键考虑因素

Governments have a fiduciary responsibility to manage national assets prudently, ensuring economic stability, protecting taxpayer interests, and maintaining liquidity for emergencies. Proposals like Trump’s national digital asset stockpile and adding Bitcoin to central bank reserves raise serious concerns about financial risk and responsible asset management.

政府有谨慎管理国家资产，确保经济稳定，保护纳税人利益并维持紧急情况流动性的责任。像特朗普的国家数字资产库存和在中央银行储备中增加比特币这样的建议引起了人们对财务风险和负责资产管理的严重关注。

Unlike gold or U.S. Treasury bonds, Bitcoin’s extreme volatility makes it a speculative reserve asset, potentially exposing public funds to unnecessary risk. The public trust issue is just as critical—without clear oversight, a government-held Bitcoin stockpile could invite market manipulation risks, raising ethical and transparency concerns.

与黄金或美国国库债券不同，比特币的极端波动使其成为投机性的储备资产，可能会使公共资金暴露于不必要的风险。公共信任问题同样至关重要 - 没有明确的监督，政府拥有的比特币库存可能会引起市场操纵风险，从而提高道德和透明度的问题。

A responsible approach requires clear government guidelines, transparency in asset management, and a legal framework that prioritizes public trust and economic resilience. Crypto has a role in financial innovation, but short-term political rhetoric should not dictate long-term economic policy.

负责任的方法需要明确的政府准则，资产管理方面的透明度以及优先考虑公共信任和经济韧性的法律框架。加密在金融创新中发挥了作用，但是短期的政治言论不应决定长期的经济政策。

The U.S. government’s historical approach to seized Bitcoin has been to auction it off, but Trump’s executive order suggests a strategic shift—storing it as part of a national asset stockpile. This move could have both geopolitical advantages and risks.

美国政府对扣押比特币的历史方法是将其拍卖，但特朗普的行政命令提出了一种战略性转变，将其存储为国家资产库存的一部分。这一举动可能具有地缘政治优势和风险。

Geopolitical Advantages

地缘政治优势

Geopolitical Risks

地缘政治风险

A Delicate Balancing Act

微妙的平衡行为

Designating cryptocurrency as a national currency remains a complex and controversial issue. While the U.S. has not yet taken this step, Trump’s executive order represents the most significant policy shift in U.S. crypto history. As more nations explore crypto adoption, the U.S. must decide whether to lead or risk falling behind in the rapidly evolving digital financial landscape.

将加密货币指定为国家货币仍然是一个复杂且有争议的问题。尽管美国尚未采取这一步骤，但特朗普的行政命令代表了美国加密货币历史上最重大的政策转变。随着越来越多的国家探索加密货币的采用，美国必须决定在快速发展的数字金融景观中领导还是风险落后。

One thing is clear: the future of money is digital, and America is making its move.

一件事很清楚：金钱的未来是数字化的，而美国正在采取行动。