关键见解：摩根士丹利说比特币储备金可能可以触及

摩根士丹利（Morgan Stanley）的最新报告表明，比特币储备金可能可以触及。同时，一些美国各州正在从计划将加密货币整合到其财务战略中的计划中。

U.S. states are pulling back from plans to integrate cryptocurrency into their financial strategies, diverging from moves by emerging economies and global institutions, according to a new analysis by Morgan Stanley.

根据摩根·史丹利（Morgan Stanley）的新分析，美国各州正在退出计划将加密货币整合到其财务策略中，与新兴经济体和全球机构的举动不同。

The investment bank said that the growing market capitalization of Bitcoin (BTC) and the declining volatility of its price could put it within reach of reserve status.

投资银行表示，比特币（BTC）的市值不断增长，其价格的波动率下降可能使其达到储备金状态。

Meanwhile, Florida lawmakers have scuttled two bills that would have created a state-level Bitcoin reserve.

同时，佛罗里达州议员们削减了两项本来可以创建州级比特币储备金的法案。

The bills, which were filed earlier this year, would have allowed state officials to invest some public funds in the leading cryptocurrency.

这些法案是在今年早些时候提起的，它将允许州官员投资一些公共资金，以领先的加密货币。

House Bill 487, filed by Republican Rep. Gaston Schिवली, and Senate Bill 550, filed by Republican Sen. Bill stated that state officials could invest up to 10% of certain state funds, including the Florida Opportunity Trust Fund and the Florida Economic Development and Transportation Fund, in digital assets.

共和党参议员法案提交的共和党众议员加斯顿·施िवली（Gaston Sch）提交的众议院第487号法案指出，在数字资产上，州官员可以投资最多可投资某些州基金的10％，包括佛罗里达州机会信托基金和佛罗里达州经济发展和运输基金。

However, both bills were tabled and subsequently withdrawn by the Florida Senate on May 3, effectively killing the proposals.

但是，这两项法案均由佛罗里达州参议院于5月3日提出并随后撤回，有效地杀死了这些提议。

The legislative session ended that day without including any of the Bitcoin-related proposals, even as lawmakers passed more than 200 other bills.

立法会议结束了那天，即使议员们通过了其他200多个法案，也没有包括任何与比特币相关的提案。

Lawmakers did not provide an apparent reason for pulling the bills. But legislative priorities and concerns about crypto investments may have influenced their decision.

议员们没有提供明显的理由来拉账单。但是立法优先事项和对加密投资的关注可能会影响他们的决定。

Florida joins Wyoming, South Dakota, and Montana, where similar proposals failed to advance in 2025.

佛罗里达州加入怀俄明州，南达科他州和蒙大拿州，在2025年，类似的提议未能前进。

Bitcoin Reserve Status: Growing Potential and Market Evaluation

比特币储备的状态：潜力和市场评估的日益增加

Morgan Stanley published a report exploring the potential for Bitcoin to achieve reserve currency status and its role as a global asset.

摩根士丹利（Morgan Stanley）发表了一份报告，探讨了比特币获得储备货币状况及其作为全球资产的作用的潜力。

The bank acknowledged that, unlike traditional reserve currencies, Bitcoin is known for its volatility, which has been a key discussion point.

该银行承认，与传统的储备货币不同，比特币以波动性而闻名，这是一个关键的讨论点。

Despite this difference, the investment observed that the cryptocurrency’s volatility has gradually declined over time, and its market capitalization has grown significantly, reaching $760 Billion by May 2024.

尽管有这种差异，但投资观察到，随着时间的流逝，加密货币的波动率逐渐下降，其市值增长幅度显着增长，到2024年5月，其市值增长了7600亿美元。

In comparison, the market capitalization of major global currencies, such as the U.S. dollar, euro, Japanese yen, and British pound, is estimated at about $3.5 Trillion.

相比之下，全球主要货币的市值，例如美元，欧元，日元和英镑，估计约为3.5万亿美元。

This analysis suggests that allocating $370 Billion to Bitcoin would reflect its existing share in the currency market. Moreover, 12% to 17% of Bitcoin’s supply would align with these major global currencies.

该分析表明，将3700亿美元分配给比特币将反映其在货币市场中的现有份额。此外，比特币供应量的12％至17％与这些主要的全球货币保持一致。

This estimation highlights Bitcoin’s growing role in global finance. As policymakers determine the role of digital assets in sovereign and institutional investments, many are examining how these assets fit into broader financial strategies.

该估计凸显了比特币在全球金融中的越来越多的作用。当决策者确定数字资产在主权和机构投资中的作用，许多人正在研究这些资产如何适合更广泛的财务战略。

“The market cap is now large enough to be considered for reserve allocation,” the report stated. However, it also noted that risks remain due to price fluctuations.

报告说：“现在的市值已经足够大，可以被考虑用于储备分配。”但是，它还指出，由于价格波动，风险仍然存在。

Florida Pulls Back on Plans for Cryptocurrency Reserve

佛罗里达州撤回加密货币储备的计划

Earlier this year, Florida lawmakers were advancing plans to introduce Bitcoin into state finances with the creation of a cryptocurrency reserve.

今年早些时候，佛罗里达州议员正在推进计划，将比特币引入州财务状况，创建加密货币储备。

The proposals emerged as part of broader efforts by U.S. states to engage with cryptocurrency and blockchain technology.

这些建议是美国各州与加密货币和区块链技术互动的更广泛努力的一部分。

Both the state house and senate were considering bills that would have allowed portions of state funds to be invested in digital assets.

州议会和参议院都在考虑将部分国家资金投资于数字资产的法案。

House Bill 487, filed by Republican Rep. Gaston Schिवली, and Senate Bill 550, filed by Republican Sen. Bill stated that state officials could invest up to 10% of certain state funds, including the Florida Opportunity Trust Fund and the Florida Economic Development and Transportation Fund, in digital assets.

共和党参议员法案提交的共和党众议员加斯顿·施िवली（Gaston Sch）提交的众议院第487号法案指出，在数字资产上，州官员可以投资最多可投资某些州基金的10％，包括佛罗里达州机会信托基金和佛罗里达州经济发展和运输基金。

The bills also included provisions for a state-level reserve to be managed by state officials.

法案还包括由州官员管理的州级储备金的规定。

However, on May 3, the Florida Senate confirmed that both bills were tabled and subsequently withdrawn from consideration for the remainder of the legislative session.

但是，5月3日，佛罗里达州参议院确认，这两个法案均已提交，随后在立法会议的其余部分中撤回了考虑。

The legislative session ended that day without including any of the Bitcoin-related proposals, even as lawmakers passed more than 200 other bills.

立法会议结束了那天，即使议员们通过了其他200多个法案，也没有包括任何与比特币相关的提案。

Lawmakers did not provide an apparent reason for pulling the bills. But legislative priorities and concerns about crypto investments may have influenced their decision.

议员们没有提供明显的理由来拉账单。但是立法优先事项和对加密投资的关注可能会影响他们的决定。

Earlier this year, lawmakers in Wyoming, South Dakota, and Montana also pulled back on plans for a state-level Bitcoin reserve after failing to gain sufficient support for the proposals.

今年早些时候，怀俄明州，南达科他州和蒙大拿州的立法者在未能为这些提案获得足够的支持后，撤回了州级比特币储备的计划。

Arizona lawmakers passed a bill that would have allowed the state to invest seized funds in Bitcoin and established a reserve managed by state officials.

亚利桑那州议员通过了一项法案，该法案将允许该州投资于比特币中扣押的资金，并建立了由州官员管理的储备。

Despite legislative approval, Governor Katie Hobbs decided against signing the bill.

尽管获得了立法批准，但州长凯蒂·霍布斯（Katie Hobbs）决定不签署该法案。

In her veto message, Governor Hobbs said that Arizona’s retirement funds should not be used for untested investments. Virtual currency, she added, is not yet suitable for state-managed funds.

霍布斯州长在她的否决信息中说，亚利桑那州的退休资金不应用于未经测试的投资。她补充说，虚拟货币尚不适合国家管理的资金。

This decision was in line with her earlier statements that she would not support any legislation without bipartisan support for disability funding.

这一决定符合她较早的声明，即如果没有两党支持残疾资金，她将不支持任何立法。

However, supporters of the bill said that they would continue to push for it to be passed next year.

但是，该法案的支持者说，他们将继续推动明年通过。

Arizona Senator Wendy Rogers, a key supporter of the cryptocurrency initiative, said that she planned to refile the bill at the next legislative session.

加密货币倡议的主要支持者亚利桑那参议员温迪·罗杰斯（Wendy Rogers）表示，她计划在下一次立法会议上对该法案进行补充。

Two other bills related to cryptocurrency in Arizona are still active.

与亚利桑那州的加密货币有关的另外两项账单仍然活跃。

House Bill 2749, filed by

房屋法案2749，提交