特朗普意外宣布的战略加密储备将比特币的价格飙升

在唐纳德·特朗普（Donald Trump）总统在周末意外宣布战略性加密储备之后，加密货币市场却鞭打了。

Crypto markets have whipsawed following President Donald Trump’s unexpected announcement of a strategic cryptocurrency reserve over the weekend, while a Bitwise Asset Management chief investment officer (CIO) says traders are overreacting to details and missing what could be a bullish development for digital assets.

加密市场在周末意外宣布战略加密货币储备之后，加密市场已经鞭打了，而Bitwise Asset Management首席投资官（CIO）表示，贸易商对细节的反应过度，并且缺少可能对数字资产的看涨发展。

On Sunday evening, President Trump unveiled a U.S. government initiative to acquire and hold five different cryptocurrencies—Bitcoin, Ethereum, Solana, XRP, and Cardano—in a strategic reserve. The market response was initially strong, with Bitcoin’s price surging from around $85,000 to $95,000. However, as Matt Hougan notes in his latest investor memo, that optimism was short-lived. By Monday, the major crypto assets named in the announcement had surrendered their gains.

周日晚上，特朗普总统宣布了一项美国政府倡议，旨在在战略储备中收购和持有五种不同的加密货币，即Bitcoin，Ethereum，Solana，XRP和Cardano。市场响应最初是强劲的，比特币的价格从约85,000美元飙升至95,000美元。但是，正如马特·霍根（Matt Hougan）在他的最新投资者备忘录中指出的那样，这种乐观情绪是短暂的。到周一，该公告中提到的主要加密资产已投降。

Everyone Is Misjudging Trump’s Crypto Reserve

每个人都在错误地判断特朗普的加密储备

Bitwise released its memo on March 4, titled “The Market Has This Wrong: Thoughts on Trump’s Strategic Crypto Reserve.” In it, Hougan attributes the abrupt retracement to overly narrow market interpretations of the proposed plan.

Bitwise于3月4日发布了备忘录，标题为“市场错误：对特朗普战略加密保护区的想法”。在其中，霍根（Hougan）将突然的回溯归因于对拟议计划的过度狭窄市场解释。

“The market is overthinking things. For all the flaws in the rollout, the reserve news is bullish,” Hougan says. He adds that the proposal’s inclusion of a broad range of crypto assets is being met with skepticism.

“市场正在思考事物。对于推出中的所有缺陷，预备役新闻都是看好的。”侯甘说。他补充说，该提案包含了广泛的加密资产，这对怀疑主义持怀疑态度。

“A large part of the criticism is focused on the White House’s choice of five cryptocurrencies, which critics say is too broad an inclusion. As [Bitwise's Hunter Horsley] noted in his post, there is a strong argument to be made for a more conservative, bitcoin-only reserve.”

“很大一部分批评集中在白宫选择五种加密货币的选择上，批评者说这是一种包容性。正如[Bitwise的Hunter Horsley]在他的帖子中指出的那样，对于更保守的，仅比特币的储备有很大的论据。”

However, Hougan argues that market participants may be failing to see the bigger picture.

但是，霍根认为，市场参与者可能无法看到更大的前景。

In the memo, Hougan highlights three major takeaways regarding the strategic reserve plan.

在备忘录中，Hougan强调了有关战略储备计划的三个主要收获。

First, he suggests that President Trump’s first public draft often differs considerably from what eventually becomes policy. The reserve, he argues, might ultimately shift to a “bitcoin-only” approach or evolve to a more balanced composition following industry input.

首先，他建议特朗普总统的第一份公开草案通常与最终成为政策的情况大不相同。他认为，该保护区最终可能会转向“仅比特币”的方法，或者发展到行业投入后更加平衡的组成。

“Over the coming days, big names from the crypto industry will make their feelings felt about the reserve idea. We learned this in the last election, where the GOP’s courtship of crypto gained it many votes while Democratic hostility gained few. I suspect that any crypto that is purchased will be held for a very long time.”

“在接下来的几天里，加密货币行业的知名人士将使他们对储备的想法感受到感受。我们在上次选举中得知了这一点，在那里共和党的加密诉讼获得了许多选票，而民主敌对行动则获得了很少的投票。我怀疑购买的任何加密货币都将在很长一段时间内持有。”

Despite this optimism, Hougan acknowledges the prospect that the pushback could become so intense that the reserve is either scaled down or scrapped. Critics say that including less-established assets alongside Bitcoin only muddies the waters and may undermine the legitimacy of the initiative.

尽管有这种乐观的态度，霍根还是承认了前景，即推动力可能变得如此强烈，以至于储备金可以缩小或取消。批评者说，包括较欠佳的资产以及比特币并只弄脏了水域，并可能破坏该计划的合法性。

However, Hougan believes that “the final reserve will be nearly entirely bitcoin, and it will be larger than people think.”

但是，霍根（Hougan）认为“最终储备将几乎完全是比特币，它将比人们想象的要大。”

He also emphasizes a broader point: the simple acknowledgment by the U.S. government that crypto assets can be deemed “strategic” has potentially game-changing significance.

他还强调了一个更广泛的观点：美国政府的简单承认，即加密资产可以被视为“战略性”具有改变游戏规则的意义。

In his view, such a designation could catalyze global adoption, spurring other countries to purchase crypto or ramp up holdings already in place.

他认为，这样的指定可以催化全球采用，促使其他国家购买已经到位的加密货币或增加股份。

“If you are Honduras, Mexico, or Guatemala, and you’re watching El Salvador and now the U.S. acquire bitcoin, can you really afford to be at zero?”

“如果您是洪都拉斯，墨西哥或危地马拉，并且您正在看萨尔瓦多，现在美国获得了比特币，您真的可以负担得起零吗？”

According to Hougan, Sunday’s announcement should be interpreted as bullish for digital assets—despite the complicated rollout and the resulting price swings. He warns that markets might be letting short-term controversies overshadow the bigger picture.

据霍根说，周日的宣布应被解释为数字资产的看涨，尽管这是复杂的推出和由此产生的价格波动。他警告说，市场可能会让短期争议掩盖了更大的景象。

“The U.S. government declaring crypto assets ‘strategic’ is bullish. I think the market will eventually realize that.”

“美国政府宣布加密资产'战略'是看好的。我认为市场最终会意识到这一点。”

As the White House prepares for a scheduled Crypto Summit this Friday—hosted by crypto czar David Sacks—industry voices will likely press for a more measured and possibly narrower reserve structure.

当白宫准备在本周五（由Crypto Czar David Sacks主持）的预定加密峰会时，行业声音可能会施压更加可衡量的，可能更狭窄的储备结构。

Whether the final policy ultimately narrows to a bitcoin-focused plan or persists with multiple coins, Hougan believes it may still mark a meaningful step forward in the mainstream legitimization of crypto. The initial reaction may have been mixed, but, as he succinctly puts it, “after the dust settles, I suspect the final reserve will look pretty good.”

无论最终政策最终都会缩小以比特币为重点的计划，还是用多个硬币持续存在，Hougan认为，这仍然可能标志着加密货币主流合法化的有意义的一步。最初的反应可能是混杂的，但是正如他简洁地说：“尘埃落定后，我怀疑最终的储备看起来会很好。”

At press time, BTC traded at $87,565.

发稿时，BTC的交易价格为87,565美元。