唐纳德·特朗普（Donald Trump）总统于2025年3月6日签署了一项行政命令，为战略比特币储备和更广泛的美国数字资产库存奠定了基础

战略加密保护区在2024年的竞选期间源于特朗普的诺言

President Donald Trump signed an executive order on March 6, 2025, laying the groundwork for a strategic Bitcoin reserve and a broader U.S. digital asset stockpile, starting with Bitcoin already seized in criminal and civil forfeitures.

唐纳德·特朗普（Donald Trump）总统于2025年3月6日签署了一项行政命令，为战略比特币储备金和更广泛的美国数字资产库存奠定了基础，从已经在刑事和民事没收中查获的比特币开始。

The order, which follows through on Trump’s campaign promises to make the U.S. the “global hub for digital assets,” will see all Bitcoin forfeited to the Treasury in criminal or civil cases go into a dedicated custodial account, named the Strategic Bitcoin Reserve.

在特朗普的竞选活动中遵循的命令有望使美国成为“全球数字资产中心”，将使所有比特币被没收给刑事或民事案件的财政部，都将成为一个专门的托管账户，称为战略比特币保护区。

Each federal agency will also report on any additional bitcoin it holds—which could be used for administrative functions or held by agencies like the DEA and ICE.

每个联邦机构还将报告其持有的任何其他比特币 - 可以用于行政职能或由DEA和ICE等机构持有。

Those bitcoin holdings are estimated to be worth at least $15 billion. They will be transferred to Treasury if the agency deems it meets the criteria for inclusion in the Strategic Bitcoin Reserve.

这些比特币持有量估计至少价值150亿美元。如果该机构认为它符合战略比特币储备的标准，则将将它们转移到财政部。

While initial capitalization relies solely on forfeited assets, Trump’s order also authorizes the Secretaries of the Treasury and Commerce to develop “budget neutral” strategies for acquiring additional bitcoin—including the potential for new programs or increased levies.

虽然最初的资本仅依赖于没收资产，但特朗普的命令还授权财政和商业的秘书制定“预算中性”策略以获取其他比特币，包括新计划或增加征税的潜力。

Treasury will establish a dedicated office to administer the reserves, with authority to deploy various strategies—such as dollar‐cost averaging and hedging—to manage holdings. The amount held will be publicly attested and visible on the blockchain as proof-of-reserve.

财政部将建立一个专门的办公室来管理储备金，并有权部署各种策略（例如美元成本平均和对冲）来管理持股。持有的金额将在区块链上公开证明和可见，作为保留证明。

Crucially, the governing framework prohibits any sale of held bitcoin; all bitcoin holdings must be maintained as a strategic store of value.

至关重要的是，理事框架禁止出售持有的比特币；所有比特币持有量必须作为价值的战略存储。

Key Takeaways

关键要点

* Rationale for the Strategic Bitcoin Reserve

*战略比特币储备的理由

The strategic crypto reserve grew out of Trump’s promises during the 2024 election campaign, when he vowed to roll back regulations imposed under the Biden administration and make the U.S. the “global hub for digital assets." He also pledged to appoint an AI and crypto "czar" to champion innovation in blockchain technologies.

战略加密保护区在2024年的竞选期间源于特朗普的诺言，当时他发誓要退回拜登政府规定的法规，并使美国成为“全球数字资产中心”。他还承诺任命AI和加密“沙皇”以倡导区块链技术的创新。

His pro-crypto platform reflected growing interest in digital­-asset diversification, and Bitcoin’s capped supply and global use case as “digital gold” underpin arguments for its inclusion alongside petroleum, dollars, gold, and foreign currencies.

他的亲克莱普托平台反映了对数字资产多元化的日益兴趣，比特币的供应和全球用例作为“数字黄金”的基础论点，因为它将其与石油，美元，黄金和外汇货币一起纳入其中。

Holding Bitcoin may confer some strategic advantages. It is an uncorrelated diversifier and a perceived store of value. Moreover, as corporations like GameStop and MicroStrategy add bitcoin to their treasuries, government adoption could spur wider institutional acceptance.

持有比特币可能会带来一些战略优势。它是一个不相关的多样性和可感知的价值存储。此外，随着像GameStop和MicroStrategy这样的公司在国库中增加了比特币，政府的采用可能会刺激更广泛的机构接受。

But not everyone sees the logic behind the order. Strategic reserves traditionally store commodities like oil to cushion supply shocks. (The U.S. also has reserves of gold, critical minerals, and even cheese.) Critics argue that cryptocurrencies hold no intrinsic value (like gold or cheese) or key strategic commercial application (like oil). In addition, they say, holding large quantities of a highly volatile asset risks financial losses for taxpayers.

但是并不是每个人都看到订单背后的逻辑。战略储备在传统上将石油等商品存储到垫子供应冲击。 （美国还拥有黄金，关键矿物质甚至奶酪的储量。）批评家认为，加密货币没有内在价值（例如黄金或奶酪）或关键的战略商业应用（例如石油）。他们说，此外，对纳税人持有大量高度波动性资产的财务损失。

* Creation and Capitalization

*创造和资本化

Under the executive order, all bitcoin forfeited to the U.S. Treasury through criminal or civil proceedings is to be transferred into custodial accounts collectively named the Strategic Bitcoin Reserve. Each federal agency will also review and report on any additional bitcoin it holds and transfer it to Treasury if eligible. The U.S. government's Bitcoin holdings are estimated to be worth at least $17 billion

根据行政命令，将通过刑事或民事诉讼没收给美国财政部的所有比特币将被转移到持有的拘留帐户中，统称为战略比特币储备。每个联邦机构还将审查并报告其持有的任何其他比特币，并在符合条件的情况下将其转让给财政部。据估计，美国政府的比特币持有量至少价值170亿美元

While initial capitalization relies solely on forfeited assets, Trump's order explicitly authorizes the Secretaries of the Treasury and Commerce to develop "budget neutral" strategies for acquiring additional bitcoin—including open‐market purchases.

虽然最初的资本仅依赖于没收资产，但特朗普的命令明确授权财政和商业的秘书制定“预算中性”策略，以获取其他比特币（包括开放市场购买）。

* Management and Strategy

*管理和战略

The Treasury will establish a dedicated office to administer the reserves, with authority to deploy various strategies—such as dollar‐cost averaging and hedging—to manage holdings. The amount held will be publicly attested and visible on the blockchain as proof-of-reserve.

财政部将建立一个专门的办公室来管理储备金，并有权部署各种策略（例如美元成本平均和对冲）来管理持股。持有的金额将在区块链上公开证明和可见，作为保留证明。

Importantly, the governing framework prohibits any sale of held bitcoin; all holdings must be maintained as a strategic store of value.

重要的是，理事框架禁止出售持有的比特币；所有股份必须作为价值的战略存储。

Crypto Regulation

加密法规

Despite Trump's order, digital assets remain subject to a complex patchwork of regulation across multiple layers of government—state and federal. They range from stringent licensing regimes to proactive encouragement of blockchain businesses.

尽管特朗普的命令，数字资产仍在多个政府（国家和联邦）中受到复杂的监管拼凑而成。它们的范围从严格的许可制度到主动鼓励区块链业务。

U.S. Digital Asset Stockpile

美国数字资产库存

In parallel to the Strategic Bitcoin Reserve, Trump's Executive Order also calls for a U.S. Digital Asset Stockpile to manage non‐bitcoin digital assets seized by Treasury. This broader stockpile could include tokens like ether, ripple, solana, and cardano, as outlined in Trump’s Truth Social posts, enabling strategic disposition or sale over time.

与战略比特币保护区平行，特朗普的行政命令还呼吁美国数字资产库存，以管理财政部扣押的非标志数字资产。正如特朗普的真相社会帖子中概述的那样，这种更广泛的库存可能包括以太，波纹，索拉纳和卡丹诺等代币，随着时间的推移，可以进行战略性的处置或销售。

Critics say the inclusion of these other coins makes little sense, amounts to picking winners, and risks distorting the market. Unlike Bitcoin, which is not a product of any company or person, the coins in the broader stockpile are all commercial assets. Some note that their selection will benefit crypto billionaires who contributed to Trump's campaign.

批评家说，包括这些其他硬币的包含毫无意义，相当于挑选赢家，并冒着扭曲市场的风险。与不是任何公司或人员的产品的比特币不同，更广泛的库存中的硬币都是商业资产。有人指出，他们的选择将使为特朗普的竞选活动做出贡献的加密货币女星受益。

The Bottom Line

底线

The Strategic Bitcoin Reserve marks an unprecedented step toward integrating digital currencies into the national financial architecture. While this initiative could help solidify the U.S. crypto industry as a global leader,

战略比特币储备标志着将数字货币整合到国家金融体系结构中的前所未有的一步。尽管该倡议可以帮助巩固美国加密货币行业，但