下一个国际储备货币

该消息没有发出太多噪音，因为该报告不是公开的。在线只有几节摘录，但要旨在那里。

The big investment bank is thinking about what the U.S. should do if it decides to make bitcoin its reserve currency.

这家大投资银行正在考虑如果美国决定将比特币制造其储备货币应该做什么。

What began as a joke on Twitter has quickly escalated.

最初在Twitter上开玩笑的是迅速升级。

The report by Morgan Stanley was not widely covered by the press and it is not clear if a complete version of the document exists online. Only a few excerpts are highlighting some of the key findings.

摩根士丹利（Morgan Stanley）的报告并未被媒体广泛介绍，目前尚不清楚该文档的完整版本是否存在。只有少数摘录突出了一些关键发现。

According to the bank, the U.S. should ideally hold the equivalent of $370 billion in bitcoin if the latter were to become a full reserve currency. That is about 18% of bitcoin’s market capitalization which is around $2 trillion.

据该银行称，如果后者成为完整的储备货币，则美国应持有比特币3700亿美元的比特币。这大约是比特币市值的18％，约为2万亿美元。

This projection is made by drawing a parallel with how central banks typically manage foreign exchange reserves.

该预测是通过与中央银行通常如何管理外汇储备的方式相似的。

According to the International Monetary Fund (IMF), the dollar currently accounts for 57% of the world’s foreign currency reserves. The euro is second at 20%. The Japanese yen and the British pound, along with some other currencies, share the remainder. In fact, the greenback only accounts for 42% of global reserves if gold is included.

根据国际货币基金（IMF）的数据，该美元目前占全球外币储备的57％。欧元以20％为第二。日元和英镑以及其他一些货币共享其余部分。实际上，如果包括黄金，绿背仅占全球储量的42％。

The United States holds about $600 billion in gold which is 17% of all global gold reserves that total $3.5 trillion.

美国持有约6000亿美元的黄金，这是全球所有黄金储量的17％，总计3.5万亿美元。

This is interesting because Senator Cynthia Lummis previously suggested buying one million bitcoins which would cost $100 billion or 3.7 times less than what Morgan Stanley suggests.

这很有趣，因为参议员辛西娅·卢米斯（Cynthia Lummis）先前建议购买一百万个比特币，这比摩根士丹利（Morgan Stanley）的建议少于1000亿美元，或者低3.7倍。

If the senator does not succeed in having this measure voted on by Congress, it is also worth recalling that the Presidential Council on Crypto Assets is to submit by July 22 a strategy aimed at accumulating bitcoins without affecting the budget.

如果参议员没有成功地将这项措施投票给国会，那么还值得回想起，加密货币资产总统委员会将在7月22日之前提交一项旨在累积比特币而不会影响预算的战略。

In other words, the United States has already made bitcoin their reserve currency. The only remaining question is how many BTC? As many as possible according to the White House adviser Bo Hines.

换句话说，美国已经使比特币成为储备货币。剩下的唯一问题是多少个BTC？根据白宫顾问Bo Hines的说法，尽可能多。

But gold has not yet said its last word. The yellow metal now weighs $20 trillion having gained 86% since the end of 2023. Central banks bought over a thousand tons last year.

但是黄金尚未说出它的最后一句话。自2023年底以来，黄色金属现在重量达到86％，重量为20万亿美元。去年中央银行购买了超过一千吨。

Yet, the whole world will soon realize that bitcoin is infinitely superior. Its money supply is fixed at 21 million while more and more gold is mined each year. Not to mention that bitcoin is both a payment network and a store of value, two-in-one. Gold does not circulate on the internet.

然而，全世界很快就会意识到比特币是无限优越的。它的货币供应固定为2100万，而每年越来越多的黄金。更不用说比特币既是支付网络，又是价值存储，二合一。黄金不会在互联网上流通。

We will have a clearer picture when all cryptocurrencies (XRP, Ethereum, etc.) have completely collapsed, a process that is already underway with ETH falling almost 80% against BTC since August 2022.

当所有加密货币（XRP，以太坊等）完全崩溃时，我们将有一个更清晰的图片，这一过程已经在进行中，自2022年8月以来，ETH对BTC的近80％下跌了近80％。

Here is where the main cryptocurrencies stand compared to their record against the dollar:

这是与美元的记录相比，主要的加密货币立场的位置：

The bitcoin imitators still represent $970 billion (excluding stablecoins which weigh $246 billion). All this money will sooner or later end up in bitcoin, as well as a good part of the $20 trillion still invested in gold.

比特币模仿者仍然代表9700亿美元（不包括2460亿美元的稳定币）。所有这笔钱迟早都将成为比特币，以及仍投资于黄金的20万亿美元的大部分。

Bitcoin dominance is currently back at 66%, its highest level since January 2021. We could quickly rise above 70% if bitcoin manages to surpass its all-time high of $108,000.

比特币优势目前恢复了66％，是自2021年1月以来的最高水平。如果比特币设法超过其历史最高高点，我们可能会迅速上升到70％以上。

And if Washington sells gold to buy bitcoins, things could really move very fast.

而且，如果华盛顿卖黄金来购买比特币，那么事情就会非常迅速。