比特幣可能會越來越接近政府桌子

比特幣可能會越來越接近政府餐桌。摩根士丹利（Morgan Stanley）指出，世界上最大的加密貨幣現在足夠大

The possibility of Bitcoin having a place at the government table could be getting closer, according to Morgan Stanley. The bank stated that the world’s largest cryptocurrency is now large enough to be held as a reserve asset by the U.S.

摩根士丹利（Morgan Stanley）表示，比特幣在政府桌上佔有一席之地的可能性可能會越來越近。該銀行表示，世界上最大的加密貨幣現在足夠大，可以作為美國的儲備資產持有

One of the reasons why the notion is no longer a fantasy is due to Bitcoin’s $1.07 trillion market capitalization, which is comparable to the market cap proportion that the U.S. holds in other currencies in global reserves.

該概念不再幻想的原因之一是由於比特幣的1.07萬億美元市值，這與美國在全球儲備中其他貨幣中持有的市場上限比例相當。

But there’s a catch. Bitcoin still swings too wildly in price. Its volatility makes it a risky bet, especially when compared to other reserve currencies like the dollar, euro, or yen. While the numbers show it’s growing, stability is still a major issue, as Morgan Stanley pointed out.

但是有一個漁獲。比特幣的價格仍然太瘋狂了。它的波動率使它成為一個冒險的賭注，尤其是與美元，歐元或日元等其他儲備貨幣相比。正如摩根士丹利（Morgan Stanley）指出的那樣，雖然數字表明它正在增長，但穩定仍然是一個主要問題。

US Eyes Strategic Bitcoin Reserve

我們眼睛戰略比特幣儲備

This development comes as President Trump’s administration is considering adding a Strategic Bitcoin Reserve to the country’s economic agenda. Back in March, the Trump government introduced a new executive order instructing the government to set up a federal institution for holding Bitcoins.

這一發展是因為特朗普總統的政府正在考慮在該國的經濟議程中增加戰略性比特幣儲備。早在三月份，特朗普政府提出了一項新的行政命令，指示政府建立一個聯邦機構來持有比特幣。

It is being discussed similarly as how gold is deposited with the government in Fort Knox.

它的討論類似於如何將黃金存入諾克斯堡。

According to Morgan Stanley’s perspective, if the U.S. were to maintain between 12% and 17% of the top crypto’s supply, it would be comparable to the treatment of other currencies in global reserves. That would involve sitting on about $370 billion in BTC to equal its international market significance.

根據摩根士丹利（Morgan Stanley）的觀點，如果美國要維持最高加密貨幣的12％至17％，那將與全球儲備中其他貨幣的處理相媲美。這將涉及在BTC坐約3700億美元，以等於其國際市場的重要性。

Serious report by @MorganStanley. -Bitcoin has sufficient market cap to be a reserve, but is more volatile than other reserve currencies. -Volatility is decreasing. -$370b allocation to bitcoin would reflect market cap proportions. -Reserve of 12%-17% of total bitcoin supply… pic.twitter.com/RfFjdobw5Z

@morganstanley的認真報告。 - 比特幣具有足夠的市值成為儲備金，但比其他儲備貨幣更波動。 - 揮發性正在降低。 - 向比特幣分配$ 370B將反映市場上限比例。 - 保留比特幣供應總額的12％-17％... pic.twitter.com/rffjdobw5z

— Troy Cross (@thetrocro) May 6, 2025

- Troy Cross（@thetrocro），2025年5月6日

The action would potentially put the U.S. ahead of the pack in crypto policy and fortify its financial future, according to backers. Some go so far as to claim it could aid in the national debt.

據支持者稱，該訴訟有可能使美國在加密政策方面領先並加強其財務未來。有些人甚至聲稱它可以幫助國家債務。

However, the British government has stepped back from the possibility of holding Bitcoin in reserve.

但是，英國政府已經退縮了將比特幣保留的可能性。

During the FT Digital Asset Summit, Economic Secretary Emma Reynolds indicated that the government will look at regulating crypto and applying blockchain to public finance — but not holding BTC.

在FT數字資產峰會上，經濟秘書艾瑪·雷諾茲（Emma Reynolds）表示，政府將考慮調節加密貨幣並將區塊鏈應用於公共財政，但不持有BTC。

In Switzerland, the central bank made a similar decision: during its annual meeting, Swiss National Bank President Martin Schlegel stated that cryptocurrencies do not provide the long-term protection of value required for reserves.

在瑞士，中央銀行做出了類似的決定：在年度會議期間，瑞士國家銀行總裁馬丁·施萊格爾（Martin Schlegel）表示，加密貨幣並不能長期保護儲備金所需的價值。

Abrupt declines in liquidity are one of the primary threats, according to Schlegel.

施萊格說，流動性突然下降是主要威脅之一。

Whereas Bitcoin enthusiasts can envision the future, money experts reply that price volatility is still too excessive.

儘管比特幣愛好者可以設想未來，但貨幣專家回答說，價格波動仍然太過分了。

Bitcoin supporter Troy Cross admitted the high levels of volatility present make it difficult to label the asset as “reserve ready.” But he also stated that if those fluctuations are below important thresholds, the argument for crypto will be a lot more powerful.

比特幣支持者特洛伊·克羅斯（Troy Cross）承認，目前的波動率很高，因此很難將資產標記為“準備就緒”。但是他還指出，如果這些波動低於重要閾值，那麼對加密的論點將更加強大。