比特币如何增加对美国国债的需求？

资深宏观投资者卢克·格罗门（Luke Gromen）表示，由于对加密货币的影响不断增长，比特币（BTC）在加强对美国国债的需求中发挥着关键作用

Veteran macro investor Luke Gromen says Bitcoin (BTC) is still positioned to play a critical role in strengthening demand for U.S. Treasuries, thanks to its growing influence on the crypto economy and financial markets.

资深宏观投资者卢克·格罗门（Luke Gromen）表示，由于对加密经济和金融市场的影响不断增长，比特币（BTC）仍然有能力在加强对美国国债的需求中发挥关键作用。

In a recent video update by the founder of macroeconomic research firm Forest for the Trees (FFTT), the investor is continuing to unpack new policy initiatives from the Trump administration.

在宏观经济研究公司Forest for The Trees（FFTT）的最新视频更新中，投资者将继续解开特朗普政府的新政策计划。

These measures, which aim to integrate Bitcoin into the U.S. financial system in new ways, could have interesting knock-on effects for dollar-pegged assets and macroeconomic trends.

这些措施旨在以新的方式将比特币整合到美国金融体系中，可能会对美元预资产和宏观经济趋势产生有趣的连锁影响。

One crucial aspect is President Trump’s executive order establishing a Strategic Bitcoin Reserve. This administration’s strategy, says Gromen, is to not only adopt BTC but also channel its momentum into greater demand for U.S. Treasury bills (T-bills).

一个关键方面是特朗普总统的行政命令建立战略性比特币储备。格罗门说，该政府的策略不仅要采用BTC，而且还将其势头转移到对美国国库账单（T-Bills）的更大需求中。

“Note that the Trump administration is still talking about putting T-bills into stablecoins, using stablecoins as a means to drive demand for T-bills,” Gromen explained. “And obviously, they’ve talked about the Strategic Bitcoin Reserve.”

格罗门解释说：“请注意，特朗普政府仍在谈论将t-bills纳入稳定币，利用稳定币作为推动对T-bills需求的一种手段。” “显然，他们已经谈到了战略比特币保护区。”

He added that higher Bitcoin prices would usually generate more demand for stablecoins—many of which are backed by T-bills—which in turn drives up demand for U.S. government debt.

他补充说，较高的比特币价格通常会产生对稳定币的需求，其中许多是由T-bills支持的，而这又推动了对美国政府债务的需求。

According to Gromen, this dynamic highlights a deeper theme: the U.S. government’s urgent need to reinforce its balance sheet. Stablecoins, supported by Treasury holdings, and Bitcoin, driving stablecoin growth, could together provide a crucial financial backstop.

根据格罗门的说法，这种动态的重点是一个更深层次的主题：美国政府迫切需要增强其资产负债表。在国库券控股的支持下，稳定的稳定币，驱动Stablecoin增长的比特币可以共同提供至关重要的财务背景。

“I think the underlying theme of [the] US government desperately needs balance sheet and stablecoins and therefore Bitcoin can help the US government find balance sheet,” Gromen said. “I think that is absolutely still in play. It’s one of the reasons why we still like Bitcoin over the intermediate longer term.”

格罗门说：“我认为，美国政府迫切需要资产负债表和稳定的主题，因此比特币可以帮助美国政府找到资产负债表。” “我认为这绝对仍在发挥作用。这是我们长期内中间喜欢比特币的原因之一。”

Gromen’s analysis suggests that Bitcoin’s role may be evolving to become an increasingly critical factor in macroeconomic trends and broader financial stability, especially as governments seek innovative solutions to pressing financial needs.

格罗门的分析表明，比特币的作用可能正在发展成为宏观经济趋势和更广泛的财务稳定性的越来越重要的因素，尤其是当政府寻求创新的解决方案来满足迫切的财务需求时。