Vaneck Sigel揭露了将10年债务工具与比特币曝光合并的BitBonds

拟议中的Bitbonds结合了10年的债务工具，将其价值的90％分配给美国国库券以及其对比特币的价值的10％。

The proposed BitBonds combine 10-year debt instruments that distribute 90% of their value to U.S. Treasury bonds alongside 10% of their value to Bitcoin. The bonds would become available for $100 per unit before the money went to support the Bitcoin part of the investment. The structure provides investors with complete Bitcoin gains until the bond generates an annualized yield that reaches 4.5% of its purchase value. The government would share equally any Bitcoin winnings acquired after the 4.5% threshold is exceeded. The investment bond offers a redemption value of $90 from the original $100 principal and partnership gains from the Bitcoin component at maturity time.

拟议中的Bitbonds结合了10年的债务工具，将其价值的90％分配给美国国库券以及其对比特币的价值的10％。在资金支撑投资的比特币部分之前，这些债券的价格为每单位100美元。该结构为投资者提供了完全比特币的收益，直到债券产生的年度收益率达到其购买价值的4.5％。在超过4.5％的阈值之后，政府将同样分享获得的任何比特币奖金。投资债券从原始的100美元本金中提供了90美元的赎回价值，并在到期时的比特币组件中获得了合伙股的收益。

BitBonds Promise Lower Debt Costs and Higher Crypto-Linked Gains

BitBonds承诺较低的债务成本和更高的加密货币收益

At the Strategic Bitcoin Reserve Summit, Sigel demonstrated this proposal, which merged governmental and investor interests. Citizens would find BitBonds appealing as a cost-efficient replacement for their existing debt, while investors could defend against monetary erosion through this innovative bond structure.

在战略比特币储备峰会上，西格尔（Sigel）展示了这一提案，该提案与政府和投资者的利益合并。公民会发现，比特斯特人可以作为其现有债务的成本效益替代者，而投资者可以通过这种创新的债券结构来防御金钱侵蚀。

According to the analysis by VanEck Sigel, investors can achieve enhanced returns beyond regular bond payments when Bitcoin achieves specific compound annual growth rates. When the coupon rate stands at 4%, the minimum required Bitcoin CAGR needs to be zero. The breakeven point for a 3% coupon reaches 8.27%, and a 1% coupon requires a breakeven of 16.60%. The historical compound annual growth rate of Bitcoin between 30% and 50% enables investors to achieve returns up to 282% through different coupon options.

根据Vaneck Sigel的分析，当比特币达到特定的复合年增长率时，投资者可以在常规债券支付之外获得增强的回报。当优惠券利率为4％时，最低所需的比特币CAGR需要为零。 3％优惠券的收支平衡点达到8.27％，1％的优惠券需要16.60％的收支平衡。比特币在30％至50％之间的历史复合年增长率使投资者通过不同的优惠券选择获得了高达282％的回报。

The authorities could reduce their interest expense by using BitBonds as a bond issuance method. A $100 billion BitBonds issuance with a 1% coupon rate would allow the Treasury to cut down its interest payments, which typically reach 4% for fixed-rate bonds. The government stands to produce yields of up to $40 billion from shared Bitcoin gains based on Bitcoin maintaining a 30% CAGR. Bonding with Bitcoin would let the U.S. present its own unique bond instrument to investors while obtaining exposure to possible Bitcoin market gains.

当局可以将BitBonds用作债券发行方法来减少其利息费用。 1000亿美元的票数为1％的票息率将使财政部减少其利息支付，这通常达到固定利率债券的4％。政府根据比特币维持30％的复合年增长率，从共享的比特币收益中产生高达400亿美元的收益率。与比特币建立债券将使美国向投资者展示自己独特的债券工具，同时获得可能的比特币市场增长。

VanEck Sigel Pushes Innovative Debt Model at Bitcoin Reserve Summit

Vaneck Sigel在比特币储备峰会上推动创新债务模型

Sigel recognized that BitBonds contain specific risks and dangers that need attention. Investors must witness significant Bitcoin value appreciation to achieve a no-loss position with its low coupon rate. The 2035 Bitcoin price needs to surpass $383,000 with a 1% coupon rate to make stocks profitable for investors. The investors would bear total risk exposure for losses, except for earning their allocated share of profits after exceeding the initial yield-to-maturity threshold of 4.5%. Investors might find more attractiveness in holding Treasury bonds and Bitcoin directly instead of investing in this arrangement.

Sigel认识到Bitbonds包含需要注意的特定风险和危险。投资者必须目睹大量的比特币价值升值，以便以低优惠券利率获得无损的位置。 2035比特币价格需要超过$ 383,000，票价为1％，以使投资者有利可图。投资者将承担损失的总风险敞口，除了在超过4.5％的初始收益率到成熟度阈值之后赚取了分配的利润份额。投资者可能会直接持有财政债券和比特币，而不是投资于此安排时会发现更多吸引力。

The government faces financial uncertainty from its first obligation to take on debt for Bitcoin acquisition because Bitcoin may not perform as predicted. The challenges of BitBonds implementation can be overcome through proper regulatory structures combined with required adjustments to make the instrument effective for federal debt management.

由于比特币可能无法按照预期的方式执行债务，因此政府首先要承担债务的义务，因此面临财务不确定性。可以通过适当的监管结构以及所需的调整来克服BITBONDS实施的挑战，以使该工具有效地对联邦债务管理有效。

The proposal from VanEck introduces a new approach to handling government debt by combining it with crypto exposure in a BitBond structure. The potential advantages for both investors and the government must be balanced against the new management needs for risks emerging from this concept. As the financial landscape continues to evolve, we might yet see this innovative instrument integrated into future economic strategies.

Vaneck的提案通过将其与BitBond结构中的加密货币相结合，引入了一种新的处理政府债务的方法。投资者和政府的潜在优势必须与这一概念中兴起的新管理需求保持平衡。随着金融景观的不断发展，我们可能仍会看到这种创新工具融入了未来的经济战略。