特朗普针对美国加密储备的计划“引发了全市范围”

总统唐纳德·特朗普（Donald Trump）总统在3月2日在加密货币中对美国加密货币保护区的计划“引发了全球的反弹”，全球市场

A pair of posts by President Donald Trump about his plans for a US crypto reserve “triggered a marketwide rebound” in cryptocurrencies on March 2, with global market capitalization increasing nearly 7% to $3.04 trillion, according to a report by Cointelegraph.

根据Cointelegraph的一份报告，唐纳德·特朗普（Donald Trump）总统在3月2日在加密货币中“触发了全球范围的篮板”的计划，全球市值增长了近7％，至3.04万亿美元。

Still, on closer examination, a crypto strategic reserve — presumably along the lines of the US Strategic Petroleum Reserve, created in the 1970s after the Arab oil embargo — raises as many questions as it answers.

尽管如此，经过仔细检查，加密战略储备（大概是按照阿拉伯石油禁运之后创建的美国战略石油储备的线路）提出了许多问题。

There was controversy, if not confusion, about what sorts of crypto would comprise the “reserve,” as well as whether the US would purchase crypto for the reserve, as opposed to simply adding to its stock of confiscated crypto when law enforcement makes seizures.

关于哪种加密货币将构成“储备金”，以及美国是否为保护区购买加密货币，而不是简单地将其在执法部门扣押时简单地添加到没收的加密货币的股票中，就存在争议（即使不是混乱）。

The order of Trump’s two posts on the Truth Social platform also drew scrutiny. Interestingly, the first post mentioned only the projected reserve’s three smallest tokens by market capitalization: XRP (XRP), Solana (SOL) and Cardano (ADA).

特朗普在真相社交平台上的两个帖子的秩序也引起了审查。有趣的是，第一篇文章仅提到了预计的储备金的三个最小令牌，按市值：XRP（XRP），Solana（SolAna）（Sol）（Sol）和Cardano（ADA）。

A few minutes later, almost as an afterthought, the president posted again, this time referencing the two largest cryptocurrencies: Bitcoin (BTC) and Ether (ETH).

几分钟后，总统几乎是一个事后的想法，这次是指两个最大的加密货币：比特币（BTC）和Ether（ETH）。

Fairly or unfairly, some critics noted that the president’s own memecoin was launched on Solana, so that platform might have been more front-of-mind.

一些批评家相当或不公平地指出，总统自己的成员是在索拉纳（Solana）上推出的，因此该平台可能会更加领先。

Others in the crypto community were surprised at the inclusion of altcoins. Some assumed that the US might one day have a Bitcoin strategic reserve because BTC was the oldest, safest, most widely owned and best-capitalized cryptocurrency. But a reserve with altcoins, too?

加密货币社区中的其他人对包括山寨币的包含感到惊讶。有些人认为美国可能有一天有比特币战略储备，因为BTC是最古老，最安全，拥有最广泛的加密货币。但是还有Altcoins的储备吗？

“An unforced error”

“一个未强制的错误”

“This decision on a wide-ranging crypto strategic reserve is an unforced error that will be regretted in the future,” Anthony Pompliano, founder and CEO at Professional Capital Management, wrote on March 3. “We seem to be getting a random smattering of speculative tools that will enrich the insiders and creators of these coins at the expense of the US taxpayer.”

专业资本管理专业资本管理的创始人兼首席执行官Anthony Pompliano在3月3日写道：“对广泛加密战略储备的这一决定将在未来感到遗憾，这将在将来感到遗憾。我们似乎正在随机地对投机工具进行随机的嘲笑，这些工具将丰富这些内部人员和创造者，这些硬币和创建者以这些税收税收的费用为代价。”

Crypto tokens like ETH, SOL, XRP, and ADA simply don’t fit the “reserve” framework, Pompliano added. They are more like technology stocks than the hard money or natural commodities that typically populate strategic reserves (Canada has a strategic reserve of maple syrup, a less-common commodity, admittedly.)

Pompliano补充说，像ETH，SOL，XRP和ADA这样的加密代币根本不适合“储备”框架。它们更像是技术库存，而不是通常填充战略储备的硬钱或天然商品（加拿大拥有战略性的枫糖浆储备，公认的商品较少。）

“Skeptics say the most obvious winner is Trump himself, who has rolled out a crypto venture of his own that carries millions of dollars in tokens set to be included in the reserve,” The New York Times noted, adding that Ripple, “whose XRP token is one of the five that Trump said would be included…donated $45 million to an industry-wide PAC that sought to help elect Trump and other Republicans.”

Others suggested, however, that these altcoins better reflect the direction blockchain-based currencies are heading. Cardano, for example, is “more energy efficient, cost-efficient, deterministic, decentralized, scalable and able to handle programmability today” than Bitcoin, noted one reader who objected to the direction of Pompliano’s letter.

然而，其他人建议这些替代币更好地反映了基于区块链的方向的货币。例如，卡尔达诺（Cardano）与比特币相比，“更节能，成本效益，确定性，分散，可扩展并且能够处理可编程性”。

Altcoins: a “double-edged sword”

AltCoins：一把“双刃剑”

Yu Xiong, a professor and director of the Surrey Academy for Blockchain and Metaverse Applications at the Surrey Business School, University of Surrey, called the inclusion of altcoins in a state-backed reserve a “double-edged sword” with pros and cons.

萨里大学萨里商学院萨里区和元申请的教授兼校长Yu Xiong称将Altcoins纳入州支持的储备金为“双刃剑”，并带有优点和缺点。

A multi-asset reserve offers more diversification and less reliance on Bitcoin, which today accounts for about half of crypto’s total market capitalization, he told Cointelegraph, further explaining:

他告诉Cointelegraph，多元资产储备提供了更多的多元化和更少的对比特币的依赖，这占了加密货币总市值的一半。

The inclusion of altcoins also recognizes blockchain’s broader use cases. Ukraine raised $135 million in crypto donations via ETH, SOL and other coins after it was invaded by Russia in 2022, he added.

替代币的包含也认可了区块链更广泛的用例。他补充说，乌克兰在2022年被俄罗斯入侵后通过ETH，SOL和其他硬币筹集了1.35亿美元的加密货币。

But there are potential downsides, too, including regulatory uncertainty. The SEC still has an ongoing lawsuit against Ripple, for instance. “A government holding these tokens could face backlash,” said Xiong.

但是，也有潜在的缺点，包括监管不确定性。例如，SEC仍针对Ripple提起诉讼。 Xiong说：“持有这些代币的政府可能会面临反弹。”

Liquidity risks are another concern. Given how thinly these coins are traded, government purchases or sales could send crypto prices soaring or crashing.

流动性风险是另一个问题。鉴于这些硬币的交易多薄，政府购买或销售可能会使加密货币价格飙升或崩溃。

BTC has a larger trading volume than the other coins, of course. In a recent 24-hour period, Bitcoin’s volume across all platforms stood at $54.8 billion, compared with ETH’s $23.4 billion, XRP’s $5.5 billion, SOL’s $5.4 billion and ADA’s $3.6 billion — which may indicate a “lack of depth for large scale reserves” among some of the altcoins, Xiong said.

当然，BTC的交易量大于其他硬币。在最近的24小时期间，所有平台的比特币数量均为548亿美元，而ETH的234亿美元，XRP的55亿美元，54亿美元的54亿美元和ADA的36亿美元，这可能表明“在大规模储备中缺乏大规模储备”。

This, in turn, could raise market manipulation fears. “The US Treasury’s 2014 sale of 30,000 Silk Road BTC caused minimal disruption, but today, selling 3% of Bitcoin’s supply (~$5.5 billion) could crash prices by 15%

反过来，这可能会增加市场操纵的担忧。 “美国财政部的2014年出售30,000丝绸之路BTC造成了最小的破坏，但如今，出售比特币供应量的3％（约55亿美元）可能会崩溃15％