關鍵見解：摩根士丹利說比特幣儲備金可能可以觸及

摩根士丹利（Morgan Stanley）的最新報告表明，比特幣儲備金可能可以觸及。同時，一些美國各州正在從計劃將加密貨幣整合到其財務戰略中的計劃中。

U.S. states are pulling back from plans to integrate cryptocurrency into their financial strategies, diverging from moves by emerging economies and global institutions, according to a new analysis by Morgan Stanley.

根據摩根·史丹利（Morgan Stanley）的新分析，美國各州正在退出計劃將加密貨幣整合到其財務策略中，與新興經濟體和全球機構的舉動不同。

The investment bank said that the growing market capitalization of Bitcoin (BTC) and the declining volatility of its price could put it within reach of reserve status.

投資銀行表示，比特幣（BTC）的市值不斷增長，其價格的波動率下降可能使其達到儲備金狀態。

Meanwhile, Florida lawmakers have scuttled two bills that would have created a state-level Bitcoin reserve.

同時，佛羅里達州議員們削減了兩項本來可以創建州級比特幣儲備金的法案。

The bills, which were filed earlier this year, would have allowed state officials to invest some public funds in the leading cryptocurrency.

這些法案是在今年早些時候提起的，它將允許州官員投資一些公共資金，以領先的加密貨幣。

House Bill 487, filed by Republican Rep. Gaston Schिवली, and Senate Bill 550, filed by Republican Sen. Bill stated that state officials could invest up to 10% of certain state funds, including the Florida Opportunity Trust Fund and the Florida Economic Development and Transportation Fund, in digital assets.

共和黨參議員法案提交的共和黨眾議員加斯頓·施िवली（Gaston Sch）提交的眾議院第487號法案指出，在數字資產上，州官員可以投資最多可投資某些州基金的10％，包括佛羅里達州機會信託基金和佛羅里達州經濟發展和運輸基金。

However, both bills were tabled and subsequently withdrawn by the Florida Senate on May 3, effectively killing the proposals.

但是，這兩項法案均由佛羅里達州參議院於5月3日提出並隨後撤回，有效地殺死了這些提議。

The legislative session ended that day without including any of the Bitcoin-related proposals, even as lawmakers passed more than 200 other bills.

立法會議結束了那天，即使議員們通過了其他200多個法案，也沒有包括任何與比特幣相關的提案。

Lawmakers did not provide an apparent reason for pulling the bills. But legislative priorities and concerns about crypto investments may have influenced their decision.

議員們沒有提供明顯的理由來拉賬單。但是立法優先事項和對加密投資的關注可能會影響他們的決定。

Florida joins Wyoming, South Dakota, and Montana, where similar proposals failed to advance in 2025.

佛羅里達州加入懷俄明州，南達科他州和蒙大拿州，在2025年，類似的提議未能前進。

Bitcoin Reserve Status: Growing Potential and Market Evaluation

比特幣儲備的狀態：潛力和市場評估的日益增加

Morgan Stanley published a report exploring the potential for Bitcoin to achieve reserve currency status and its role as a global asset.

摩根士丹利（Morgan Stanley）發表了一份報告，探討了比特幣獲得儲備貨幣狀況及其作為全球資產的作用的潛力。

The bank acknowledged that, unlike traditional reserve currencies, Bitcoin is known for its volatility, which has been a key discussion point.

該銀行承認，與傳統的儲備貨幣不同，比特幣以波動性而聞名，這是一個關鍵的討論點。

Despite this difference, the investment observed that the cryptocurrency’s volatility has gradually declined over time, and its market capitalization has grown significantly, reaching $760 Billion by May 2024.

儘管有這種差異，但投資觀察到，隨著時間的流逝，加密貨幣的波動率逐漸下降，其市值增長幅度顯著增長，到2024年5月，其市值增長了7600億美元。

In comparison, the market capitalization of major global currencies, such as the U.S. dollar, euro, Japanese yen, and British pound, is estimated at about $3.5 Trillion.

相比之下，全球主要貨幣的市值，例如美元，歐元，日元和英鎊，估計約為3.5萬億美元。

This analysis suggests that allocating $370 Billion to Bitcoin would reflect its existing share in the currency market. Moreover, 12% to 17% of Bitcoin’s supply would align with these major global currencies.

該分析表明，將3700億美元分配給比特幣將反映其在貨幣市場中的現有份額。此外，比特幣供應量的12％至17％與這些主要的全球貨幣保持一致。

This estimation highlights Bitcoin’s growing role in global finance. As policymakers determine the role of digital assets in sovereign and institutional investments, many are examining how these assets fit into broader financial strategies.

該估計凸顯了比特幣在全球金融中的越來越多的作用。當決策者確定數字資產在主權和機構投資中的作用，許多人正在研究這些資產如何適合更廣泛的財務戰略。

“The market cap is now large enough to be considered for reserve allocation,” the report stated. However, it also noted that risks remain due to price fluctuations.

報告說：“現在的市值已經足夠大，可以被考慮用於儲備分配。”但是，它還指出，由於價格波動，風險仍然存在。

Florida Pulls Back on Plans for Cryptocurrency Reserve

佛羅里達州撤回加密貨幣儲備的計劃

Earlier this year, Florida lawmakers were advancing plans to introduce Bitcoin into state finances with the creation of a cryptocurrency reserve.

今年早些時候，佛羅里達州議員正在推進計劃，將比特幣引入州財務狀況，創建加密貨幣儲備。

The proposals emerged as part of broader efforts by U.S. states to engage with cryptocurrency and blockchain technology.

這些建議是美國各州與加密貨幣和區塊鏈技術互動的更廣泛努力的一部分。

Both the state house and senate were considering bills that would have allowed portions of state funds to be invested in digital assets.

州議會和參議院都在考慮將部分國家資金投資於數字資產的法案。

House Bill 487, filed by Republican Rep. Gaston Schिवली, and Senate Bill 550, filed by Republican Sen. Bill stated that state officials could invest up to 10% of certain state funds, including the Florida Opportunity Trust Fund and the Florida Economic Development and Transportation Fund, in digital assets.

共和黨參議員法案提交的共和黨眾議員加斯頓·施िवली（Gaston Sch）提交的眾議院第487號法案指出，在數字資產上，州官員可以投資最多可投資某些州基金的10％，包括佛羅里達州機會信託基金和佛羅里達州經濟發展和運輸基金。

The bills also included provisions for a state-level reserve to be managed by state officials.

法案還包括由州官員管理的州級儲備金的規定。

However, on May 3, the Florida Senate confirmed that both bills were tabled and subsequently withdrawn from consideration for the remainder of the legislative session.

但是，5月3日，佛羅里達州參議院確認，這兩個法案均已提交，隨後在立法會議的其餘部分中撤回了考慮。

The legislative session ended that day without including any of the Bitcoin-related proposals, even as lawmakers passed more than 200 other bills.

立法會議結束了那天，即使議員們通過了其他200多個法案，也沒有包括任何與比特幣相關的提案。

Lawmakers did not provide an apparent reason for pulling the bills. But legislative priorities and concerns about crypto investments may have influenced their decision.

議員們沒有提供明顯的理由來拉賬單。但是立法優先事項和對加密投資的關注可能會影響他們的決定。

Earlier this year, lawmakers in Wyoming, South Dakota, and Montana also pulled back on plans for a state-level Bitcoin reserve after failing to gain sufficient support for the proposals.

今年早些時候，懷俄明州，南達科他州和蒙大拿州的立法者在未能為這些提案獲得足夠的支持後，撤回了州級比特幣儲備的計劃。

Arizona lawmakers passed a bill that would have allowed the state to invest seized funds in Bitcoin and established a reserve managed by state officials.

亞利桑那州議員通過了一項法案，該法案將允許該州投資於比特幣中扣押的資金，並建立了由州官員管理的儲備。

Despite legislative approval, Governor Katie Hobbs decided against signing the bill.

儘管獲得了立法批准，但州長凱蒂·霍布斯（Katie Hobbs）決定不簽署該法案。

In her veto message, Governor Hobbs said that Arizona’s retirement funds should not be used for untested investments. Virtual currency, she added, is not yet suitable for state-managed funds.

霍布斯州長在她的否決信息中說，亞利桑那州的退休資金不應用於未經測試的投資。她補充說，虛擬貨幣尚不適合國家管理的資金。

This decision was in line with her earlier statements that she would not support any legislation without bipartisan support for disability funding.

這一決定符合她較早的聲明，即如果沒有兩黨支持殘疾資金，她將不支持任何立法。

However, supporters of the bill said that they would continue to push for it to be passed next year.

但是，該法案的支持者說，他們將繼續推動明年通過。

Arizona Senator Wendy Rogers, a key supporter of the cryptocurrency initiative, said that she planned to refile the bill at the next legislative session.

加密貨幣倡議的主要支持者亞利桑那參議員溫迪·羅傑斯（Wendy Rogers）表示，她計劃在下一次立法會議上對該法案進行補充。

Two other bills related to cryptocurrency in Arizona are still active.

與亞利桑那州的加密貨幣有關的另外兩項賬單仍然活躍。

House Bill 2749, filed by

房屋法案2749，提交