下一個國際儲備貨幣

該消息沒有發出太多噪音，因為該報告不是公開的。在線只有幾節摘錄，但要旨在那裡。

The big investment bank is thinking about what the U.S. should do if it decides to make bitcoin its reserve currency.

這家大投資銀行正在考慮如果美國決定將比特幣製造其儲備貨幣應該做什麼。

What began as a joke on Twitter has quickly escalated.

最初在Twitter上開玩笑的是迅速升級。

The report by Morgan Stanley was not widely covered by the press and it is not clear if a complete version of the document exists online. Only a few excerpts are highlighting some of the key findings.

摩根士丹利（Morgan Stanley）的報告並未被媒體廣泛介紹，目前尚不清楚該文檔的完整版本是否存在。只有少數摘錄突出了一些關鍵發現。

According to the bank, the U.S. should ideally hold the equivalent of $370 billion in bitcoin if the latter were to become a full reserve currency. That is about 18% of bitcoin’s market capitalization which is around $2 trillion.

據該銀行稱，如果後者成為完整的儲備貨幣，則美國應持有比特幣3700億美元的比特幣。這大約是比特幣市值的18％，約為2萬億美元。

This projection is made by drawing a parallel with how central banks typically manage foreign exchange reserves.

該預測是通過與中央銀行通常如何管理外匯儲備的方式相似的。

According to the International Monetary Fund (IMF), the dollar currently accounts for 57% of the world’s foreign currency reserves. The euro is second at 20%. The Japanese yen and the British pound, along with some other currencies, share the remainder. In fact, the greenback only accounts for 42% of global reserves if gold is included.

根據國際貨幣基金（IMF）的數據，該美元目前佔全球外幣儲備的57％。歐元以20％為第二。日元和英鎊以及其他一些貨幣共享其餘部分。實際上，如果包括黃金，綠背僅佔全球儲量的42％。

The United States holds about $600 billion in gold which is 17% of all global gold reserves that total $3.5 trillion.

美國持有約6000億美元的黃金，這是全球所有黃金儲量的17％，總計3.5萬億美元。

This is interesting because Senator Cynthia Lummis previously suggested buying one million bitcoins which would cost $100 billion or 3.7 times less than what Morgan Stanley suggests.

這很有趣，因為參議員辛西婭·盧米斯（Cynthia Lummis）先前建議購買一百萬個比特幣，這比摩根士丹利（Morgan Stanley）的建議少於1000億美元，或者低3.7倍。

If the senator does not succeed in having this measure voted on by Congress, it is also worth recalling that the Presidential Council on Crypto Assets is to submit by July 22 a strategy aimed at accumulating bitcoins without affecting the budget.

如果參議員沒有成功地將這項措施投票給國會，那麼還值得回想起，加密貨幣資產總統委員會將在7月22日之前提交一項旨在累積比特幣而不會影響預算的戰略。

In other words, the United States has already made bitcoin their reserve currency. The only remaining question is how many BTC? As many as possible according to the White House adviser Bo Hines.

換句話說，美國已經使比特幣成為儲備貨幣。剩下的唯一問題是多少個BTC？根據白宮顧問Bo Hines的說法，盡可能多。

But gold has not yet said its last word. The yellow metal now weighs $20 trillion having gained 86% since the end of 2023. Central banks bought over a thousand tons last year.

但是黃金尚未說出它的最後一句話。自2023年底以來，黃色金屬現在重量達到86％，重量為20萬億美元。去年中央銀行購買了超過一千噸。

Yet, the whole world will soon realize that bitcoin is infinitely superior. Its money supply is fixed at 21 million while more and more gold is mined each year. Not to mention that bitcoin is both a payment network and a store of value, two-in-one. Gold does not circulate on the internet.

然而，全世界很快就會意識到比特幣是無限優越的。它的貨幣供應固定為2100萬，而每年越來越多的黃金。更不用說比特幣既是支付網絡，又是價值存儲，二合一。黃金不會在互聯網上流通。

We will have a clearer picture when all cryptocurrencies (XRP, Ethereum, etc.) have completely collapsed, a process that is already underway with ETH falling almost 80% against BTC since August 2022.

當所有加密貨幣（XRP，以太坊等）完全崩潰時，我們將有一個更清晰的圖片，這一過程已經在進行中，自2022年8月以來，ETH對BTC的近80％下跌了近80％。

Here is where the main cryptocurrencies stand compared to their record against the dollar:

這是與美元的記錄相比，主要的加密貨幣立場的位置：

The bitcoin imitators still represent $970 billion (excluding stablecoins which weigh $246 billion). All this money will sooner or later end up in bitcoin, as well as a good part of the $20 trillion still invested in gold.

比特幣模仿者仍然代表9700億美元（不包括2460億美元的穩定幣）。所有這筆錢遲早都將成為比特幣，以及仍投資於黃金的20萬億美元的大部分。

Bitcoin dominance is currently back at 66%, its highest level since January 2021. We could quickly rise above 70% if bitcoin manages to surpass its all-time high of $108,000.

比特幣優勢目前恢復了66％，是自2021年1月以來的最高水平。如果比特幣設法超過其歷史最高高點，我們可能會迅速上升到70％以上。

And if Washington sells gold to buy bitcoins, things could really move very fast.

而且，如果華盛頓賣黃金來購買比特幣，那麼事情就會非常迅速。