唐納德·特朗普（Donald Trump）總統於2025年3月6日簽署了一項行政命令，為戰略比特幣儲備和更廣泛的美國數字資產庫存奠定了基礎

戰略加密保護區在2024年的競選期間源於特朗普的諾言

President Donald Trump signed an executive order on March 6, 2025, laying the groundwork for a strategic Bitcoin reserve and a broader U.S. digital asset stockpile, starting with Bitcoin already seized in criminal and civil forfeitures.

唐納德·特朗普（Donald Trump）總統於2025年3月6日簽署了一項行政命令，為戰略比特幣儲備金和更廣泛的美國數字資產庫存奠定了基礎，從已經在刑事和民事沒收中查獲的比特幣開始。

The order, which follows through on Trump’s campaign promises to make the U.S. the “global hub for digital assets,” will see all Bitcoin forfeited to the Treasury in criminal or civil cases go into a dedicated custodial account, named the Strategic Bitcoin Reserve.

在特朗普的競選活動中遵循的命令有望使美國成為“全球數字資產中心”，將使所有比特幣被沒收給刑事或民事案件的財政部，都將成為一個專門的託管賬戶，稱為戰略比特幣保護區。

Each federal agency will also report on any additional bitcoin it holds—which could be used for administrative functions or held by agencies like the DEA and ICE.

每個聯邦機構還將報告其持有的任何其他比特幣 - 可以用於行政職能或由DEA和ICE等機構持有。

Those bitcoin holdings are estimated to be worth at least $15 billion. They will be transferred to Treasury if the agency deems it meets the criteria for inclusion in the Strategic Bitcoin Reserve.

這些比特幣持有量估計至少價值150億美元。如果該機構認為它符合戰略比特幣儲備的標準，則將將它們轉移到財政部。

While initial capitalization relies solely on forfeited assets, Trump’s order also authorizes the Secretaries of the Treasury and Commerce to develop “budget neutral” strategies for acquiring additional bitcoin—including the potential for new programs or increased levies.

雖然最初的資本僅依賴於沒收資產，但特朗普的命令還授權財政和商業的秘書製定“預算中性”策略以獲取其他比特幣，包括新計劃或增加徵稅的潛力。

Treasury will establish a dedicated office to administer the reserves, with authority to deploy various strategies—such as dollar‐cost averaging and hedging—to manage holdings. The amount held will be publicly attested and visible on the blockchain as proof-of-reserve.

財政部將建立一個專門的辦公室來管理儲備金，並有權部署各種策略（例如美元成本平均和對沖）來管理持股。持有的金額將在區塊鏈上公開證明和可見，作為保留證明。

Crucially, the governing framework prohibits any sale of held bitcoin; all bitcoin holdings must be maintained as a strategic store of value.

至關重要的是，理事框架禁止出售持有的比特幣；所有比特幣持有量必須作為價值的戰略存儲。

Key Takeaways

關鍵要點

* Rationale for the Strategic Bitcoin Reserve

*戰略比特幣儲備的理由

The strategic crypto reserve grew out of Trump’s promises during the 2024 election campaign, when he vowed to roll back regulations imposed under the Biden administration and make the U.S. the “global hub for digital assets." He also pledged to appoint an AI and crypto "czar" to champion innovation in blockchain technologies.

戰略加密保護區在2024年的競選期間源於特朗普的諾言，當時他發誓要退回拜登政府規定的法規，並使美國成為“全球數字資產中心”。他還承諾任命AI和加密“沙皇”以倡導區塊鏈技術的創新。

His pro-crypto platform reflected growing interest in digital­-asset diversification, and Bitcoin’s capped supply and global use case as “digital gold” underpin arguments for its inclusion alongside petroleum, dollars, gold, and foreign currencies.

他的親克萊普托平台反映了對數字資產多元化的日益興趣，比特幣的供應和全球用例作為“數字黃金”的基礎論點，因為它將其與石油，美元，黃金和外匯貨幣一起納入其中。

Holding Bitcoin may confer some strategic advantages. It is an uncorrelated diversifier and a perceived store of value. Moreover, as corporations like GameStop and MicroStrategy add bitcoin to their treasuries, government adoption could spur wider institutional acceptance.

持有比特幣可能會帶來一些戰略優勢。它是一個不相關的多樣性和可感知的價值存儲。此外，隨著像GameStop和MicroStrategy這樣的公司在國庫中增加了比特幣，政府的採用可能會刺激更廣泛的機構接受。

But not everyone sees the logic behind the order. Strategic reserves traditionally store commodities like oil to cushion supply shocks. (The U.S. also has reserves of gold, critical minerals, and even cheese.) Critics argue that cryptocurrencies hold no intrinsic value (like gold or cheese) or key strategic commercial application (like oil). In addition, they say, holding large quantities of a highly volatile asset risks financial losses for taxpayers.

但是並不是每個人都看到訂單背後的邏輯。戰略儲備在傳統上將石油等商品存儲到墊子供應衝擊。 （美國還擁有黃金，關鍵礦物質甚至奶酪的儲量。）批評家認為，加密貨幣沒有內在價值（例如黃金或奶酪）或關鍵的戰略商業應用（例如石油）。他們說，此外，對納稅人持有大量高度波動性資產的財務損失。

* Creation and Capitalization

*創造和資本化

Under the executive order, all bitcoin forfeited to the U.S. Treasury through criminal or civil proceedings is to be transferred into custodial accounts collectively named the Strategic Bitcoin Reserve. Each federal agency will also review and report on any additional bitcoin it holds and transfer it to Treasury if eligible. The U.S. government's Bitcoin holdings are estimated to be worth at least $17 billion

根據行政命令，將通過刑事或民事訴訟沒收給美國財政部的所有比特幣將被轉移到持有的拘留帳戶中，統稱為戰略比特幣儲備。每個聯邦機構還將審查並報告其持有的任何其他比特幣，並在符合條件的情況下將其轉讓給財政部。據估計，美國政府的比特幣持有量至少價值170億美元

While initial capitalization relies solely on forfeited assets, Trump's order explicitly authorizes the Secretaries of the Treasury and Commerce to develop "budget neutral" strategies for acquiring additional bitcoin—including open‐market purchases.

雖然最初的資本僅依賴於沒收資產，但特朗普的命令明確授權財政和商業的秘書製定“預算中性”策略，以獲取其他比特幣（包括開放市場購買）。

* Management and Strategy

*管理和戰略

The Treasury will establish a dedicated office to administer the reserves, with authority to deploy various strategies—such as dollar‐cost averaging and hedging—to manage holdings. The amount held will be publicly attested and visible on the blockchain as proof-of-reserve.

財政部將建立一個專門的辦公室來管理儲備金，並有權部署各種策略（例如美元成本平均和對沖）來管理持股。持有的金額將在區塊鏈上公開證明和可見，作為保留證明。

Importantly, the governing framework prohibits any sale of held bitcoin; all holdings must be maintained as a strategic store of value.

重要的是，理事框架禁止出售持有的比特幣；所有股份必須作為價值的戰略存儲。

Crypto Regulation

加密法規

Despite Trump's order, digital assets remain subject to a complex patchwork of regulation across multiple layers of government—state and federal. They range from stringent licensing regimes to proactive encouragement of blockchain businesses.

儘管特朗普的命令，數字資產仍在多個政府（國家和聯邦）中受到復雜的監管拼湊而成。它們的範圍從嚴格的許可製度到主動鼓勵區塊鏈業務。

U.S. Digital Asset Stockpile

美國數字資產庫存

In parallel to the Strategic Bitcoin Reserve, Trump's Executive Order also calls for a U.S. Digital Asset Stockpile to manage non‐bitcoin digital assets seized by Treasury. This broader stockpile could include tokens like ether, ripple, solana, and cardano, as outlined in Trump’s Truth Social posts, enabling strategic disposition or sale over time.

與戰略比特幣保護區平行，特朗普的行政命令還呼籲美國數字資產庫存，以管理財政部扣押的非標誌數字資產。正如特朗普的真相社會帖子中概述的那樣，這種更廣泛的庫存可能包括以太，波紋，索拉納和卡丹諾等代幣，隨著時間的推移，可以進行戰略性的處置或銷售。

Critics say the inclusion of these other coins makes little sense, amounts to picking winners, and risks distorting the market. Unlike Bitcoin, which is not a product of any company or person, the coins in the broader stockpile are all commercial assets. Some note that their selection will benefit crypto billionaires who contributed to Trump's campaign.

批評家說，包括這些其他硬幣的包含毫無意義，相當於挑選贏家，並冒著扭曲市場的風險。與不是任何公司或人員的產品的比特幣不同，更廣泛的庫存中的硬幣都是商業資產。有人指出，他們的選擇將使為特朗普的競選活動做出貢獻的加密貨幣女星受益。

The Bottom Line

底線

The Strategic Bitcoin Reserve marks an unprecedented step toward integrating digital currencies into the national financial architecture. While this initiative could help solidify the U.S. crypto industry as a global leader,

戰略比特幣儲備標誌著將數字貨幣整合到國家金融體系結構中的前所未有的一步。儘管該倡議可以幫助鞏固美國加密貨幣行業，但