周五，当白宫首次在加密政策上召开的白宫首脑会议时，该桌子将以行业领导人的身份为特色。

这也可能会激发有关3万亿美元行业的未来的辩论。

When the first ever White House summit on crypto policy convenes on Friday, the table will feature a who’s who of industry leaders.

周五，当白宫首次在加密政策上召开的白宫首脑会议时，该桌子将以行业领导人的身份为特色。

It’s also likely to fuel debate on the future of the $3 trillion industry.

这也可能会激发有关3万亿美元行业的未来的辩论。

Michael Saylor, the chairman of MicroStrategy is expected to be there, according to Fox News, as is Brian Armstrong, the CEO of Coinbase. The Winklevoss brothers will weigh in as well as Ripple boss Brad Garlinghouse.

福克斯新闻（Fox News）的说法，MicroStrategy董事长迈克尔·塞勒（Michael Saylor）和Coinbase首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）预计将在那里。 Winklevoss兄弟将体重和Ripple Boss Brad Garlinghouse。

Coordinating the discussion will be David Sacks, the onetime Solana investor who is now President Donald Trump’s crypto and AI czar.

协调讨论的是曾经的索拉纳投资者戴维·萨克斯（David Sacks），他现在是唐纳德·特朗普（Donald Trump）总统的加密货币和AI Czar。

Supporters and sceptics

支持者和怀疑论者

While the idea of a crypto strategic reserve has riven the industry between supporters and sceptics, the one thing everyone wants is clarity.

尽管加密战略储备的想法使支持者和怀疑论者之间的行业发展，但每个人都想要的一件事就是清晰。

What exactly will the reserve be, how will it be funded, and what is its ultimate purpose are among the questions that will be addressed at the summit.

储备金到底是什么是什么，它将被资助以及它的最终目的是什么是在峰会上解决的问题之一。

Supporters say it’s high time the US government amassed a stockpile of Bitcoin and perhaps other cryptocurrencies.

支持者说，现在是美国政府积累比特币以及其他加密货币的库存了。

They argue Bitcoin will enable Washington to hedge the risk from a deficit running at $839 billion in the current fiscal year and a national debt that tops $36 trillion.

他们认为比特币将使华盛顿能够在当前财政年度的赤字为8390亿美元，而国债超过36万亿美元。

Moreover, they contend a reserve would amass gains that will strengthen the US’s financial position.

此外，他们认为储备会积累增益，从而增强美国的财务状况。

‘It’s not the job of the government to run an ersatz crypto hedge fund.'

“经营Ersatz Crypto对冲基金不是政府的工作。”

MicroStrategy, after all, has recorded a 153% return in the last 12 months even as the software maker’s revenue has tanked.

毕竟，MicroStrategy在过去12个月中的收益率达到了153％的回报，即使软件制造商的收入已经下降。

On Thursday, Sacks said the federal government had been wrong to sell 195,000 Bitcoin for proceeds of $366 million.

萨克斯周四表示，联邦政府以3.66亿美元的收益出售195,000比特币是错误的。

“If the government had held the Bitcoin, it would be worth over $17 billion today” Sacks said on X. “That’s how much it has cost American taxpayers not to have a long-term strategy.”

萨克斯在X上说：“如果政府拥有比特币，今天的价值将超过170亿美元。这就是美国纳税人不制定长期战略的费用。”

Terrible idea

可怕的主意

Maybe so, but sceptics counter that using the federal government’s largesse — and quite possibly, taxpayer funds — to assemble a fund topping tens of billions of dollars is a terrible idea.

也许是这样，但怀疑论者反对说，使用联邦政府的庞大 - 很可能是纳税人的资金 - 汇总一笔超过数百亿美元的资金是一个糟糕的主意。

For one thing, Bitcoin and its ilk are among the most volatile assets on the planet.

一方面，比特币及其同类产品是地球上最动荡的资产之一。

When Bybit, a Dubai-based exchange most Americans have never heard of, was drained of $1.4 billion in crypto in a North Korea-backed heist earlier this month, Bitcoin’s price plunged 4%.

当大多数美国人从未听说过的迪拜交易所拜比特（Bybit）在本月初在朝鲜支持的抢劫案中排出了14亿美元的加密货币，比特币的价格下跌了4％。

Moreover, Bitcoin, which has closely tracked stocks for years as a ‘risk-on” asset, has lost a fifth of its value since Trump was inaugurated on January 20.

此外，自从特朗普于1月20日开幕以来，比特币多年来一直以“风险登机”的资产进行了密切追踪的股票。

Sophisticated investors may be comfortable taking such risks, but US taxpayers, it’s safe to say, are not.

老练的投资者可能很乐意承担这种风险，但可以肯定地说，美国纳税人不是。

“It’s not the job of the government to run an ersatz crypto hedge fund,” crypto investor Nic Carter wrote on X.

加密投资者尼克·卡特（Nic Carter）在X上写道：“经营Ersatz Crypto对冲基金不是政府的工作。”

“When did we completely abandon free markets ideology and become big fans of central planning?”

“我们什么时候完全放弃了自由市场的意识形态并成为中央计划的忠实拥护者？​​”

Percolating idea

渗透想法

A push for a strategic reserve has been percolating in Washington for some time.

一段时间以来，华盛顿已经渗透了战略储备。

After Trump floated the idea at a Bitcoin conference last year, Senator Cynthia Lummis, a Republican from Wyoming, filed the Bitcoin Act, which directs the Treasury to purchase 1 million Bitcoin.

特朗普在去年的比特币会议上提出了这个想法后，怀俄明州的共和党参议员辛西娅·卢米斯（Cynthia Lummis）提出了《比特币法》，该法案指示财政部购买100万比特币。

For 20 years, that Bitcoin could be used for only one thing: paying off the country’s multi-trillion-dollar debt.

20年来，该比特币只能用于一件事：还清该国的数万亿美元债务。

In a letter to US Senators, Cody Carbone, chief policy officer at the Digital Chamber, said the bill “aligns with our national interests, demonstrates fiscal responsibility, and embraces technological advancements to alleviate economic burdens.”

数字商会首席政策官科迪·卡伯恩（Cody Carbone）在给美国参议员的信中说，该法案“与我们的国家利益保持一致，表现出财政责任，并采取了技术进步以减轻经济负担。”

But Lummis’ bill was a dud.

但是卢米斯的账单是一个愚蠢的人。

Of the 30 bills Lummis filed last session, the Bitcoin Act was one of only two that failed to attract a single co-sponsor.

在上次会议提交的30张法案中，《比特币法案》是仅有的两项未能吸引单个共同赞助者的法案之一。

Three bills

三个账单

At least three bills aimed to introduce state-level Bitcoin reserves have failed since Trump took office.

自从特朗普上任以来，至少有三个旨在引入州级比特币储备的法案失败了。

In the meantime, the reserve has attracted significant controversy.

同时，预备役引起了重大争议。

In the tribal crypto industry, where various factions are quick to criticize rivals’ perceived failings, there was significant debate over the tokens Trump had chosen, in particular Cardano and Ripple’s XRP.

在部落加密货币行业中，各种派系迅速批评竞争对手的失败，对特朗普选择的代币进行了重大辩论，尤其是Cardano和Ripple的XRP。

Others say the optics are poor, as Trump and his children stand to benefit from any run-up in crypto prices due to the various crypto ventures they’ve spun up in the past several months.

其他人则说，光学元件很差，因为特朗普和他的孩子们将由于过去几个月中纺起来的各种加密货币而受益。

On Thursday, one Trump-backed crypto venture, World Liberty Financial, purchased more than $20 million in Bitcoin, Ether, and other cryptocurrencies, according to news reports.

据新闻报道，周四，一家特朗普支持的加密货币企业，世界自由金融，购买了超过2000万美元的比特币，以太和其他加密货币。

Sacks himself spent much of the past week fighting accusations he steered Trump toward tokens in which he had direct or indirect investments.

萨克斯本人在过去一周的大部分时间里都花了大部分时间与指控作斗争，他将特朗普转向了他有直接或间接投资的代币。

Sacks repeatedly said on X he did not benefit from Trump’s announcement, having divested his major crypto holdings before ascending to his current

萨克斯在X上反复说，他没有从特朗普的宣布中受益，他剥离了他的主要加密货币，然后登上了他的当前