比特币可能会越来越接近政府桌子

比特币可能会越来越接近政府餐桌。摩根士丹利（Morgan Stanley）指出，世界上最大的加密货币现在足够大

The possibility of Bitcoin having a place at the government table could be getting closer, according to Morgan Stanley. The bank stated that the world’s largest cryptocurrency is now large enough to be held as a reserve asset by the U.S.

摩根士丹利（Morgan Stanley）表示，比特币在政府桌上占有一席之地的可能性可能会越来越近。该银行表示，世界上最大的加密货币现在足够大，可以作为美国的储备资产持有

One of the reasons why the notion is no longer a fantasy is due to Bitcoin’s $1.07 trillion market capitalization, which is comparable to the market cap proportion that the U.S. holds in other currencies in global reserves.

该概念不再幻想的原因之一是由于比特币的1.07万亿美元市值，这与美国在全球储备中其他货币中持有的市场上限比例相当。

But there’s a catch. Bitcoin still swings too wildly in price. Its volatility makes it a risky bet, especially when compared to other reserve currencies like the dollar, euro, or yen. While the numbers show it’s growing, stability is still a major issue, as Morgan Stanley pointed out.

但是有一个渔获。比特币的价格仍然太疯狂了。它的波动率使它成为一个冒险的赌注，尤其是与美元，欧元或日元等其他储备货币相比。正如摩根士丹利（Morgan Stanley）指出的那样，虽然数字表明它正在增长，但稳定仍然是一个主要问题。

US Eyes Strategic Bitcoin Reserve

我们眼睛战略比特币储备

This development comes as President Trump’s administration is considering adding a Strategic Bitcoin Reserve to the country’s economic agenda. Back in March, the Trump government introduced a new executive order instructing the government to set up a federal institution for holding Bitcoins.

这一发展是因为特朗普总统的政府正在考虑在该国的经济议程中增加战略性比特币储备。早在三月份，特朗普政府提出了一项新的行政命令，指示政府建立一个联邦机构来持有比特币。

It is being discussed similarly as how gold is deposited with the government in Fort Knox.

它的讨论类似于如何将黄金存入诺克斯堡。

According to Morgan Stanley’s perspective, if the U.S. were to maintain between 12% and 17% of the top crypto’s supply, it would be comparable to the treatment of other currencies in global reserves. That would involve sitting on about $370 billion in BTC to equal its international market significance.

根据摩根士丹利（Morgan Stanley）的观点，如果美国要维持最高加密货币的12％至17％，那将与全球储备中其他货币的处理相媲美。这将涉及在BTC坐约3700亿美元，以等于其国际市场的重要性。

Serious report by @MorganStanley. -Bitcoin has sufficient market cap to be a reserve, but is more volatile than other reserve currencies. -Volatility is decreasing. -$370b allocation to bitcoin would reflect market cap proportions. -Reserve of 12%-17% of total bitcoin supply… pic.twitter.com/RfFjdobw5Z

@morganstanley的认真报告。 - 比特币具有足够的市值成为储备金，但比其他储备货币更波动。 - 挥发性正在降低。 - 向比特币分配$ 370B将反映市场上限比例。 - 保留比特币供应总额的12％-17％... pic.twitter.com/rffjdobw5z

— Troy Cross (@thetrocro) May 6, 2025

- Troy Cross（@thetrocro），2025年5月6日

The action would potentially put the U.S. ahead of the pack in crypto policy and fortify its financial future, according to backers. Some go so far as to claim it could aid in the national debt.

据支持者称，该诉讼有可能使美国在加密政策方面领先并加强其财务未来。有些人甚至声称它可以帮助国家债务。

However, the British government has stepped back from the possibility of holding Bitcoin in reserve.

但是，英国政府已经退缩了将比特币保留的可能性。

During the FT Digital Asset Summit, Economic Secretary Emma Reynolds indicated that the government will look at regulating crypto and applying blockchain to public finance — but not holding BTC.

在FT数字资产峰会上，经济秘书艾玛·雷诺兹（Emma Reynolds）表示，政府将考虑调节加密货币并将区块链应用于公共财政，但不持有BTC。

In Switzerland, the central bank made a similar decision: during its annual meeting, Swiss National Bank President Martin Schlegel stated that cryptocurrencies do not provide the long-term protection of value required for reserves.

在瑞士，中央银行做出了类似的决定：在年度会议期间，瑞士国家银行总裁马丁·施莱格尔（Martin Schlegel）表示，加密货币并不能长期保护储备金所需的价值。

Abrupt declines in liquidity are one of the primary threats, according to Schlegel.

施莱格说，流动性突然下降是主要威胁之一。

Whereas Bitcoin enthusiasts can envision the future, money experts reply that price volatility is still too excessive.

尽管比特币爱好者可以设想未来，但货币专家回答说，价格波动仍然太过分了。

Bitcoin supporter Troy Cross admitted the high levels of volatility present make it difficult to label the asset as “reserve ready.” But he also stated that if those fluctuations are below important thresholds, the argument for crypto will be a lot more powerful.

比特币支持者特洛伊·克罗斯（Troy Cross）承认，目前的波动率很高，因此很难将资产标记为“准备就绪”。但是他还指出，如果这些波动低于重要阈值，那么对加密的论点将更加强大。