比特幣如何增加對美國國債的需求？

資深宏觀投資者盧克·格羅門（Luke Gromen）表示，由於對加密貨幣的影響不斷增長，比特幣（BTC）在加強對美國國債的需求中發揮著關鍵作用

Veteran macro investor Luke Gromen says Bitcoin (BTC) is still positioned to play a critical role in strengthening demand for U.S. Treasuries, thanks to its growing influence on the crypto economy and financial markets.

資深宏觀投資者盧克·格羅門（Luke Gromen）表示，由於對加密經濟和金融市場的影響不斷增長，比特幣（BTC）仍然有能力在加強對美國國債的需求中發揮關鍵作用。

In a recent video update by the founder of macroeconomic research firm Forest for the Trees (FFTT), the investor is continuing to unpack new policy initiatives from the Trump administration.

在宏觀經濟研究公司Forest for The Trees（FFTT）的最新視頻更新中，投資者將繼續解開特朗普政府的新政策計劃。

These measures, which aim to integrate Bitcoin into the U.S. financial system in new ways, could have interesting knock-on effects for dollar-pegged assets and macroeconomic trends.

這些措施旨在以新的方式將比特幣整合到美國金融體系中，可能會對美元預資產和宏觀經濟趨勢產生有趣的連鎖影響。

One crucial aspect is President Trump’s executive order establishing a Strategic Bitcoin Reserve. This administration’s strategy, says Gromen, is to not only adopt BTC but also channel its momentum into greater demand for U.S. Treasury bills (T-bills).

一個關鍵方面是特朗普總統的行政命令建立戰略性比特幣儲備。格羅門說，該政府的策略不僅要採用BTC，而且還將其勢頭轉移到對美國國庫賬單（T-Bills）的更大需求中。

“Note that the Trump administration is still talking about putting T-bills into stablecoins, using stablecoins as a means to drive demand for T-bills,” Gromen explained. “And obviously, they’ve talked about the Strategic Bitcoin Reserve.”

格羅門解釋說：“請注意，特朗普政府仍在談論將t-bills納入穩定幣，利用穩定幣作為推動對T-bills需求的一種手段。” “顯然，他們已經談到了戰略比特幣保護區。”

He added that higher Bitcoin prices would usually generate more demand for stablecoins—many of which are backed by T-bills—which in turn drives up demand for U.S. government debt.

他補充說，較高的比特幣價格通常會產生對穩定幣的需求，其中許多是由T-bills支持的，而這又推動了對美國政府債務的需求。

According to Gromen, this dynamic highlights a deeper theme: the U.S. government’s urgent need to reinforce its balance sheet. Stablecoins, supported by Treasury holdings, and Bitcoin, driving stablecoin growth, could together provide a crucial financial backstop.

根據格羅門的說法，這種動態的重點是一個更深層次的主題：美國政府迫切需要增強其資產負債表。在國庫券控股的支持下，穩定的穩定幣，驅動Stablecoin增長的比特幣可以共同提供至關重要的財務背景。

“I think the underlying theme of [the] US government desperately needs balance sheet and stablecoins and therefore Bitcoin can help the US government find balance sheet,” Gromen said. “I think that is absolutely still in play. It’s one of the reasons why we still like Bitcoin over the intermediate longer term.”

格羅門說：“我認為，美國政府迫切需要資產負債表和穩定的主題，因此比特幣可以幫助美國政府找到資產負債表。” “我認為這絕對仍在發揮作用。這是我們長期內中間喜歡比特幣的原因之一。”

Gromen’s analysis suggests that Bitcoin’s role may be evolving to become an increasingly critical factor in macroeconomic trends and broader financial stability, especially as governments seek innovative solutions to pressing financial needs.

格羅門的分析表明，比特幣的作用可能正在發展成為宏觀經濟趨勢和更廣泛的財務穩定性的越來越重要的因素，尤其是當政府尋求創新的解決方案來滿足迫切的財務需求時。