由國家管理的比特幣儲備的創建

德克薩斯州眾議院最近對參議院第21號法案（SB 21）的批准為對比特幣的公共投資鋪平了道路

The creation of a Bitcoin reserve managed by the State is making great strides in Texas, marking an important development in the landscape of digital financial assets in the United States.

由國家管理的比特幣儲備的創建在德克薩斯州取得了長足的進步，這標誌著美國數字金融資產景觀的重要發展。

The recent approval of Senate Bill 21 (SB 21) by the Texas House of Representatives has paved the way for a public investment in Bitcoin, representing a clear signal of institutional interest in this cryptocurrency.

德克薩斯州眾議院最近對參議院第21號法案（SB 21）的批准為對比特幣的公共投資鋪平了道路，這代表了這種加密貨幣中明顯的機構利益信號。

Greg Abbott and the promotion of blockchain in Texas

格雷格·雅培（Greg Abbott）和德克薩斯州的區塊鏈促進

The SB 21 provision authorizes the Texas State Comptroller to establish and manage a Bitcoin reserve. The law, in fact, allows the comptroller to invest in any digital asset with a market capitalization exceeding 500 billion dollars in the last year.

SB 21規定授權德克薩斯州審計長建立和管理比特幣儲備。實際上，該法律允許審計長投資於去年市值超過500億美元的任何數字資產。

At this moment, the only asset that meets these requirements is Bitcoin, thus consolidating its position of predominance in the sector.

目前，符合這些要求的唯一資產是比特幣，因此鞏固了其在該行業中的占主導地位。

The project was proposed in February 2025 by the Republican senator Charles Schwertner, representative of Georgetown.

該項目是2025年2月由喬治敦代表的共和黨參議員查爾斯·施沃特納（Charles Schwertner）提出的。

After receiving the green light from the Texan Senate with a vote of 25-5 on March 6, the SB 21 received support from the House with a wide majority, 101 votes in favor against 42 opposed, on the third reading.

在3月6日以25票對5票獲得德克薩斯參議院的綠燈之後，SB 21在眾議院獲得了多數席位的支持，101票反對42票反對三分之二。

Now the ball is in the hands of the governor of Texas, Greg Abbott, who is called to sign the law or veto it. However, the prospect of a veto seems remote. Abbott, in fact, has already shown a strong interest in the world of digital assets.

現在，球掌握在德克薩斯州州長格雷格·雅培（Greg Abbott）的手中，格雷格·雅培（Greg Abbott）被要求籤署法律或否決法律。但是，否決的前景似乎很遙遠。實際上，雅培已經對數字資產世界表現出了強烈的興趣。

In 2021, the governor hosted the Texas Blockchain Conference and stated multiple times that Texas aims to become the leader in the blockchain and cryptocurrency fields. On Twitter stated that the State would be “#1 for blockchain & cryptocurrency,” emphasizing a favorable approach to digital innovation in public policies.

2021年，州長主持了德克薩斯區塊鏈會議，並多次表示，得克薩斯州旨在成為區塊鍊和加密貨幣領域的領導者。在Twitter上指出，該州將是“區塊鍊和加密貨幣的＃1”，強調了公共政策中的數字創新方法。

If Abbott were to approve SB 21, Texas would become the third U.S. state to legislate on Bitcoin reserves, following in the footsteps of New Hampshire and Arizona. This trend indicates a growing recognition of the strategic role of Bitcoin in state financial policies.

如果雅培要批准SB 21，則得克薩斯州將成為第三個關於比特幣儲備的美國，緊隨新罕布什爾州和亞利桑那州的腳步之後。這種趨勢表明，對比特幣在國家金融政策中的戰略作用的認識日益認識。

Trump’s strategy for Bitcoin and digital assets

特朗普的比特幣和數字資產策略

The legislative initiatives to establish reserves in Bitcoin are not an isolated phenomenon. The Bitcoin Laws website indeed monitors as many as 47 bills dedicated to Bitcoin reserves in 26 US states, alongside 13 other similar initiatives at the federal level. This reflects a national movement towards the institutional recognition of digital assets as a strategic tool.

在比特幣中建立儲備金的立法舉措不是孤立的現象。比特幣法律網站的確，在美國26個州的比特幣儲備中，還有多達47個賬單以及聯邦一級的其他13項類似舉措。這反映了以機構認可數字資產作為一種戰略工具的民族運動。

This legislative context fits perfectly within the political guidelines adopted by the federal government under the presidency of Donald Trump, re-elected in November 2024. Since his inauguration in January, Trump has initiated policies aimed at making the United States more welcoming towards criptovalute.

這種立法背景完全符合聯邦政府在唐納德·特朗普（Donald Trump）總統任期內採用的政治準則，該準則於2024年11月再次當選。自從他在一月份就職典禮以來，特朗普就啟動了旨在使美國更受歡迎的政策。

Among the most significant actions are the suspension of measures that limited the use of cryptocurrencies by banks, the appointment of cryptocurrency supporters in key regulatory roles, and, above all, the creation of a strategic reserve of Bitcoin.

最重要的行動之一是暫停措施，這些措施限制了銀行對加密貨幣的使用，任命關鍵監管角色中的加密貨幣支持者，最重要的是創建了比特幣戰略儲備。

On March 7, Trump officially signed an executive order titled “Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile”. This directive establishes an exclusive strategic reserve for Bitcoin, addressing the concerns of some industry sectors that feared a digital portfolio too diversified with other cryptocurrencies like XRP, SOL, and ADA.

3月7日，特朗普正式簽署了一項行政命令，名為“建立戰略比特幣保護區和美國數字資產庫存”。該指令為比特幣建立了獨家戰略儲備，以解決某些行業領域的關注，這些行業擔心數字投資組合與XRP，SOL和ADA等其他加密貨幣過於多樣化。

In parallel, the order introduces the concept of a “Digital Asset Stockpile,” which is a broader reserve comprising various cryptocurrencies, aimed at giving further institutional dignity to the entire digital asset sector.

同時，該訂單引入了“數字資產庫存”的概念，該概念是一個更廣泛的儲備，包括各種加密貨幣，旨在為整個數字資產行業提供進一步的機構尊嚴。

The adoption of reserves in Bitcoin by states like Texas and the push from federal bodies represent a paradigm shift. Cryptocurrencies are no longer just private investment or speculative tools. On the contrary, they are entering public financial strategies as long-term assets with growth potential and reserve value.

德克薩斯州等州在比特幣中採用儲量和聯邦機構的推動代表了範式的轉變。加密貨幣不再只是私人投資或投機工具。相反，他們正在作為具有增長潛力和儲備價值的長期資產進入公共財務戰略。

This evolution could attract further investments in the blockchain sector in the United States, strengthening the country’s role as a global hub of digital innovation.

這種演變可以吸引在美國的區塊鏈領域的進一步投資，從而加強了該國作為全球數字創新樞紐的作用。

Why the Bitcoin reserve is important for Texas and the USA

為什麼比特幣儲備對德克薩斯和美國很重要

The interest in a Bitcoin reserve reflects a growing willingness to diversify public portfolios compared to traditional assets. Furthermore, Bitcoin, with its capitalization and global spread, emerges as a single recognized, secure, and relatively stable digital asset, ideal for reserve functions.

與傳統資產相比，對比特幣儲備的興趣反映了使公共投資組合多樣化的意願。此外，比特幣憑藉其資本化和全球差異，成為一個公認，安全且相對穩定的數字資產，非常適合儲備功能。

In the current political context, marked by the acceleration of economic digitalization under Trump’s presidency, these initiatives show how public institutions intend not only to regulate but also to invest actively in this new class of assets.

在當前的政治背景下，以特朗普總統任期的經濟數字化的加速為標誌，這些舉措表明，公共機構不僅打算監管，而且要積極投資於這一新的資產。

If Governor Abbott signs SB 21, Texas could become a model for other states interested in introducing digital reserves managed by the public administration. Beyond the financial value, this could improve the State’s position in terms of technological innovation and attractiveness for companies in the sector.

如果州長雅培（Abbott）符合SB 21的跡象，德克薩斯州可能會成為有興趣引入公共行政管理數字儲備的其他州的典範。除了財務價值之外，這可以改善該州的技術創新和該行業公司的吸引力。

Moreover, the approval will make Texas a strategic player in U.S. digital finance, helping to shape future public investment policies in cryptocurrencies.

此外，批准將使德克薩斯州成為美國數字融資的戰略參與者，有助於塑造加密貨幣未來的公共投資政策。

The birth of the Bitcoin reserve in Texas marks an important step towards the integration of digital assets into public policies. Through targeted legislation and strong government support, Texas positions itself at the forefront of the national movement increasingly recognizing Bitcoin as a pillar of

德克薩斯州比特幣保護區的誕生標誌著將數字資產融入公共政策的重要一步。通過有針對性的立法和強有力的政府支持，得克薩斯州位於民族運動的最前沿，越來越認識到比特幣是