全球儲備金中的美元無可爭議的統治正在步履蹣跚。

面對地緣政治緊張局勢和經濟制裁，像中國這樣的權力正在重新評估其主權資產的安全。

A high-level executive from BlackRock, one of the world’s largest asset managers, has revealed that several central banks are cutting their U.S. Treasury holdings amid rising geopolitical tensions and economic sanctions.

來自貝萊德（Blackrock）的高級高管是世界上最大的資產經理之一，他透露，由於地緣政治緊張局勢和經濟制裁的上升，幾家中央銀行正在削減其美國財政部的股份。

Jay Jacobs, Head of Exchange-Traded Products at BlackRock, stated in an interview with CNBC that “geopolitical fragmentation is a mega-force that is redefining global markets for the decades to come.”

貝萊德（Blackrock）交易所交易產品負責人傑伊·雅各布斯（Jay Jacobs）在接受CNBC採訪時說：“地緣政治碎片化是一種巨大的力量，它正在重新定義未來幾十年的全球市場。”

This dynamic, which has been fueled by the freezing of $300 billion in Russian assets abroad, has prompted several central banks, including China’s, to reduce their exposure to U.S. Treasury bonds and seek new avenues for their sovereign assets.

這種動態是由於在國外凍結了3000億美元的俄羅斯資產而引起的，促使包括中國在內的幾家中央銀行減少了其對美國國債的敞口，並為其主權資產尋求新的途徑。

Over the past three to four years, a strategic diversification movement has been unfolding, aiming to place sovereign reserves beyond any direct Western influence.

在過去的三到四年中，戰略多元化運動一直在展開，旨在將主權儲備置於任何直接的西方影響力之外。

This repositioning is visibly resulting in a decrease in U.S. Treasury holdings, as confirmed by Jay Jacobs:

正如傑伊·雅各布斯（Jay Jacobs）確認的那樣，這種重新定位明顯導緻美國財政部持有的減少：

“We are seeing a move away from U.S. Treasuries in particular. We’re also seeing a move away from thinly traded assets, assets that are easily sanctioned, assets that are encumbered in any way, shape or form.”

“我們看到尤其是遠離美國國債的轉移。我們還看到了一個偏離交易的資產，容易被認可的資產，以任何方式，形式或形式累積的資產。”

These decisions are focused on consolidating financial independence within a context of prolonged uncertainty.

這些決定的重點是在不確定性的情況下鞏固財務獨立性。

As Jay Jacobs noted:

正如傑伊·雅各布斯（Jay Jacobs）指出的那樣：

“There is a broader move by institutions to try to maximize their own financial independence in a world where we’re seeing a lot of geopolitical fragmentation.”

“機構採取了更廣泛的舉動，試圖在我們看到許多地緣政治分散的世界中最大化自己的財務獨立性。”

The Chinese authorities are showing a preference for tangible or decentralized assets, which are viewed as more resilient to political risks and asset freezing measures.

中國當局對有形或分散的資產表示偏愛，這被視為對政治風險和資產凍結措施更具彈性。

In the present instance, they are turning to avenues less susceptible to direct Western influence.

在目前的情況下，他們轉向不太容易受到直接西方影響的途徑。

Another asset class that is becoming increasingly important is bitcoin, according to Jay Jacobs. He mentioned that bitcoin is beginning to “decouple from risk assets” and is now displaying a dynamic similar to gold.

傑伊·雅各布斯（Jay Jacobs）表示，另一個變得越來越重要的資產類是比特幣。他提到比特幣開始“與風險資產相關”，現在顯示出類似於黃金的動態。

This transformation of the asset, often linked to speculation, showcases institutional recognition of its role as a safe haven, particularly in fractured economic environments.

資產的這種轉變通常與猜測有關，它展示了其作為避風港的作用，尤其是在破裂的經濟環境中。

Other key players also highlight this evolution. Alex Svanevik, CEO of Nansen, observed on the social network X (formerly Twitter) on April 21, 2025, that bitcoin is becoming “less Nasdaq, more gold.”

其他主要參與者也強調了這一演變。 Nansen的首席執行官Alex Svanevik於2025年4月21日在社交網絡X（以前為Twitter）上觀察到，該比特幣正變得“納斯達克少，更多的黃金”。

He underscores its relative insensitivity to fluctuations in traditional stock markets.

他強調了其對傳統股票市場波動的相對不敏感。

QCP Capital also notes that bitcoin is benefiting from “geopolitical fragmentation,” attracting investment flows seeking alternatives outside the American system.

QCP Capital還指出，比特幣受益於“地緣政治破碎化”，吸引了在美國系統之外尋求替代方案的投資流。

This readjustment sets the stage for an unprecedented strategic role for bitcoin in sovereign portfolios.

此重新調整為比特幣在主權投資組合中的前所未有的戰略角色奠定了基礎。

As international economic fragmentation intensifies, bitcoin’s appeal could endure.

隨著國際經濟分裂的加劇，比特幣的吸引力可能會持續下去。

If Beijing and other major powers integrate this shift, bitcoin could transition from a speculative asset to a pillar of state reserves.

如果北京和其他主要大國整合了這一轉變，則比特幣可以從投機資產過渡到國家儲備支柱。

Such a development would drastically alter the global monetary balance and signify the entry of cryptos into the heart of institutional finance.

這樣的發展將大大改變全球貨幣平衡，並表示加密貨幣進入機構金融的心臟。