由国家管理的比特币储备的创建

德克萨斯州众议院最近对参议院第21号法案（SB 21）的批准为对比特币的公共投资铺平了道路

The creation of a Bitcoin reserve managed by the State is making great strides in Texas, marking an important development in the landscape of digital financial assets in the United States.

由国家管理的比特币储备的创建在德克萨斯州取得了长足的进步，这标志着美国数字金融资产景观的重要发展。

The recent approval of Senate Bill 21 (SB 21) by the Texas House of Representatives has paved the way for a public investment in Bitcoin, representing a clear signal of institutional interest in this cryptocurrency.

德克萨斯州众议院最近对参议院第21号法案（SB 21）的批准为对比特币的公共投资铺平了道路，这代表了这种加密货币中明显的机构利益信号。

Greg Abbott and the promotion of blockchain in Texas

格雷格·雅培（Greg Abbott）和德克萨斯州的区块链促进

The SB 21 provision authorizes the Texas State Comptroller to establish and manage a Bitcoin reserve. The law, in fact, allows the comptroller to invest in any digital asset with a market capitalization exceeding 500 billion dollars in the last year.

SB 21规定授权德克萨斯州审计长建立和管理比特币储备。实际上，该法律允许审计长投资于去年市值超过500亿美元的任何数字资产。

At this moment, the only asset that meets these requirements is Bitcoin, thus consolidating its position of predominance in the sector.

目前，符合这些要求的唯一资产是比特币，因此巩固了其在该行业中的占主导地位。

The project was proposed in February 2025 by the Republican senator Charles Schwertner, representative of Georgetown.

该项目是2025年2月由乔治敦代表的共和党参议员查尔斯·施沃特纳（Charles Schwertner）提出的。

After receiving the green light from the Texan Senate with a vote of 25-5 on March 6, the SB 21 received support from the House with a wide majority, 101 votes in favor against 42 opposed, on the third reading.

在3月6日以25票对5票获得德克萨斯参议院的绿灯之后，SB 21在众议院获得了多数席位的支持，101票反对42票反对三分之二。

Now the ball is in the hands of the governor of Texas, Greg Abbott, who is called to sign the law or veto it. However, the prospect of a veto seems remote. Abbott, in fact, has already shown a strong interest in the world of digital assets.

现在，球掌握在德克萨斯州州长格雷格·雅培（Greg Abbott）的手中，格雷格·雅培（Greg Abbott）被要求签署法律或否决法律。但是，否决的前景似乎很遥远。实际上，雅培已经对数字资产世界表现出了强烈的兴趣。

In 2021, the governor hosted the Texas Blockchain Conference and stated multiple times that Texas aims to become the leader in the blockchain and cryptocurrency fields. On Twitter stated that the State would be “#1 for blockchain & cryptocurrency,” emphasizing a favorable approach to digital innovation in public policies.

2021年，州长主持了德克萨斯区块链会议，并多次表示，得克萨斯州旨在成为区块链和加密货币领域的领导者。在Twitter上指出，该州将是“区块链和加密货币的＃1”，强调了公共政策中的数字创新方法。

If Abbott were to approve SB 21, Texas would become the third U.S. state to legislate on Bitcoin reserves, following in the footsteps of New Hampshire and Arizona. This trend indicates a growing recognition of the strategic role of Bitcoin in state financial policies.

如果雅培要批准SB 21，则得克萨斯州将成为第三个关于比特币储备的美国，紧随新罕布什尔州和亚利桑那州的脚步之后。这种趋势表明，对比特币在国家金融政策中的战略作用的认识日益认识。

Trump’s strategy for Bitcoin and digital assets

特朗普的比特币和数字资产策略

The legislative initiatives to establish reserves in Bitcoin are not an isolated phenomenon. The Bitcoin Laws website indeed monitors as many as 47 bills dedicated to Bitcoin reserves in 26 US states, alongside 13 other similar initiatives at the federal level. This reflects a national movement towards the institutional recognition of digital assets as a strategic tool.

在比特币中建立储备金的立法举措不是孤立的现象。比特币法律网站的确，在美国26个州的比特币储备中，还有多达47个账单以及联邦一级的其他13项类似举措。这反映了以机构认可数字资产作为一种战略工具的民族运动。

This legislative context fits perfectly within the political guidelines adopted by the federal government under the presidency of Donald Trump, re-elected in November 2024. Since his inauguration in January, Trump has initiated policies aimed at making the United States more welcoming towards criptovalute.

这种立法背景完全符合联邦政府在唐纳德·特朗普（Donald Trump）总统任期内采用的政治准则，该准则于2024年11月再次当选。自从他在一月份就职典礼以来，特朗普就启动了旨在使美国更受欢迎的政策。

Among the most significant actions are the suspension of measures that limited the use of cryptocurrencies by banks, the appointment of cryptocurrency supporters in key regulatory roles, and, above all, the creation of a strategic reserve of Bitcoin.

最重要的行动之一是暂停措施，这些措施限制了银行对加密货币的使用，任命关键监管角色中的加密货币支持者，最重要的是创建了比特币战略储备。

On March 7, Trump officially signed an executive order titled “Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile”. This directive establishes an exclusive strategic reserve for Bitcoin, addressing the concerns of some industry sectors that feared a digital portfolio too diversified with other cryptocurrencies like XRP, SOL, and ADA.

3月7日，特朗普正式签署了一项行政命令，名为“建立战略比特币保护区和美国数字资产库存”。该指令为比特币建立了独家战略储备，以解决某些行业领域的关注，这些行业担心数字投资组合与XRP，SOL和ADA等其他加密货币过于多样化。

In parallel, the order introduces the concept of a “Digital Asset Stockpile,” which is a broader reserve comprising various cryptocurrencies, aimed at giving further institutional dignity to the entire digital asset sector.

同时，该订单引入了“数字资产库存”的概念，该概念是一个更广泛的储备，包括各种加密货币，旨在为整个数字资产行业提供进一步的机构尊严。

The adoption of reserves in Bitcoin by states like Texas and the push from federal bodies represent a paradigm shift. Cryptocurrencies are no longer just private investment or speculative tools. On the contrary, they are entering public financial strategies as long-term assets with growth potential and reserve value.

德克萨斯州等州在比特币中采用储量和联邦机构的推动代表了范式的转变。加密货币不再只是私人投资或投机工具。相反，他们正在作为具有增长潜力和储备价值的长期资产进入公共财务战略。

This evolution could attract further investments in the blockchain sector in the United States, strengthening the country’s role as a global hub of digital innovation.

这种演变可以吸引在美国的区块链领域的进一步投资，从而加强了该国作为全球数字创新枢纽的作用。

Why the Bitcoin reserve is important for Texas and the USA

为什么比特币储备对德克萨斯和美国很重要

The interest in a Bitcoin reserve reflects a growing willingness to diversify public portfolios compared to traditional assets. Furthermore, Bitcoin, with its capitalization and global spread, emerges as a single recognized, secure, and relatively stable digital asset, ideal for reserve functions.

与传统资产相比，对比特币储备的兴趣反映了使公共投资组合多样化的意愿。此外，比特币凭借其资本化和全球差异，成为一个公认，安全且相对稳定的数字资产，非常适合储备功能。

In the current political context, marked by the acceleration of economic digitalization under Trump’s presidency, these initiatives show how public institutions intend not only to regulate but also to invest actively in this new class of assets.

在当前的政治背景下，以特朗普总统任期的经济数字化的加速为标志，这些举措表明，公共机构不仅打算监管，而且要积极投资于这一新的资产。

If Governor Abbott signs SB 21, Texas could become a model for other states interested in introducing digital reserves managed by the public administration. Beyond the financial value, this could improve the State’s position in terms of technological innovation and attractiveness for companies in the sector.

如果州长雅培（Abbott）符合SB 21的迹象，德克萨斯州可能会成为有兴趣引入公共行政管理数字储备的其他州的典范。除了财务价值之外，这可以改善该州的技术创新和该行业公司的吸引力。

Moreover, the approval will make Texas a strategic player in U.S. digital finance, helping to shape future public investment policies in cryptocurrencies.

此外，批准将使德克萨斯州成为美国数字融资的战略参与者，有助于塑造加密货币未来的公共投资政策。

The birth of the Bitcoin reserve in Texas marks an important step towards the integration of digital assets into public policies. Through targeted legislation and strong government support, Texas positions itself at the forefront of the national movement increasingly recognizing Bitcoin as a pillar of

德克萨斯州比特币保护区的诞生标志着将数字资产融入公共政策的重要一步。通过有针对性的立法和强有力的政府支持，得克萨斯州位于民族运动的最前沿，越来越认识到比特币是