美国已进入比特币竞技场，并以166亿美元的储备

2025年3月6日，唐纳德·特朗普（Donald Trump）总统签署了一项行政命令，建立了一个战略性比特币储备，从200,000 BTC开始，这是从刑事和民事没收案件中造成的。

The United States has entered the Bitcoin arena with a $16.6 billion reserve, a move viewed as it could propel global markets in a new direction.

美国已经以166亿美元的储备进入了比特币竞技场，这一举动被认为可以推动全球市场朝着新的方向推动。

On March 6, 2025, President Donald Trump signed an executive order instituting a Strategic Bitcoin Reserve, commencing with 200,000 BTC—garnered from criminal and civil forfeiture cases.

2025年3月6日，唐纳德·特朗普（Donald Trump）总统签署了一项行政命令，制定了一项战略性比特币储备，从200,000 BTC开始 - 从刑事和民事没收案件中加剧。

Ryan Rasmussen, head of research at Bitwise Asset Management, argues this step, announced amid a Bitcoin market cap of $1.73 trillion, could catalyze a worldwide rush for the asset.

Bitwise Asset Management的研究负责人Ryan Rasmussen认为，在比特币市值1.73万亿美元的情况下宣布，可能会催化全球范围内的资产。

His analysis, shared on X on March 7, 2025, suggests a transformative impact on adoption and legitimacy. Let’s examine the facts driving this development.

他的分析在2025年3月7日在X上分享，这表明对采用和合法性产生了变革性的影响。让我们研究推动这一发展的事实。

Strategic Reserve: A $16.6 billion Commitment

战略储备：166亿美元的承诺

Trump’s order, enacted on March 6, 2025, allocates 200,000 BTC to a national reserve. White House crypto czar David Sacks confirmed the funding source: assets confiscated through legal proceedings.

特朗普于2025年3月6日颁布的命令将200,000 BTC分配给了国家预备役。白宫加密沙皇戴维·萨克斯（David Sacks）确认了资金来源：通过法律诉讼没收的资产。

“This incurs no taxpayer expense,” Sacks stated in a March 6, 2025, briefing, emphasizing fiscal neutrality. The reserve represents 0.95% of Bitcoin’s 21 million total supply. This is a sizable stake for a known government entity.

萨克斯在2025年3月6日的简报中说：“这不会造成纳税人的费用。”储备金占比特币2100万总供应量的0.95％。对于一个已知的政府实体来说，这是相当大的股份。

He contends that the U.S. Bitcoin reserve could prompt other nations to acquire BTC. “The goal isn’t U.S. domination of Bitcoin holdings,” he wrote, “but a signal that forces global action.”

他认为，美国比特币储备可以促使其他国家收购BTC。他写道：“目标不是我们对比特币持有的统治，而是迫使全球行动的信号。”

Matt Hougan, Bitwise’s chief investment officer, echoed this in a March 4, 2025, analysis, noting early adopters like El Salvador (2,381 BTC), Bhutan (undisclosed), and Abu Dhabi (undisclosed). Hougan asked, “If Honduras or Qatar sees the U.S. and peers move, can they afford to lag?” per his report.

Bitwise首席投资官Matt Hougan在2025年3月4日的分析中对此表示赞同，指出了El Salvador（2,381 BTC），不丹（未公开）和Abu Dhabi（未公开）等早期采用者。霍根问：“洪都拉斯或卡塔尔是否看到美国和同龄人移动，他们能负担得起滞后吗？”根据他的报告。

Financial Institutions Poised to Respond

有望做出回应的金融机构

The reserve could alter institutional behavior. Rasmussen highlighted that regulatory uncertainty has deterred wealth managers, pension funds, and endowments from Bitcoin.

储备可以改变机构行为。拉斯穆森（Rasmussen）强调，监管不确定性阻止了比特币的财富管理人员，养老基金和捐赠基金。

With the U.S. holding 200,000 BTC, that barrier is weakening. “This legitimizes Bitcoin as a strategic asset,” he posted on X. The White House fact sheet from March 6, 2025, authorizes Commerce and Treasury Secretaries to explore additional BTC acquisitions, provided they remain budget-neutral, reinforcing this shift.

由于美国持有200,000 BTC，该障碍正在减弱。他在X上发布了“将比特币合法化为战略资产。”他在X. 2025年3月6日的白宫概况说明书上授权商业和财政部秘书探索其他BTC收购，只要他们仍然是预算中立，从而加强了这一转变。

Rasmussen also addressed a key concern in his post: the risk of a U.S. sell-off destabilizing Bitcoin’s price. “A reserve makes a ban impossible,” he wrote, estimating the probability at “definitively zero.” The $16.6 billion suggests accumulation, not liquidation.

拉斯穆森（Rasmussen）在他的帖子中还解决了一个关键问题：美国售罄使比特币价格稳定的风险。他写道：“储备使禁令变得不可能，”估计概率为“明确的零”。这笔166亿美元表明积累，而不是清算。

Hougan’s analysis framed the reserve as a global signal. “The most critical audience is abroad,” he wrote, citing nations like Russia and China as potential responders.

霍根（Hougan）的分析将保护区列为全球信号。他写道：“最关键的受众是国外的，”他以俄罗斯和中国等国家为潜在反应者的身份。