国家国库开始投资比特币（BTC）

新罕布什尔州于5月6日签署了一项法案，该法案使其国家财政部能够投资于比特币等数字资产（BTC 2.12％）。

May 6 saw New Hampshire sign a bill that permits its state treasury to invest in digital assets like Bitcoin (BTC 0.00%). A day later, Arizona followed suit with a slightly different bill of its own. Now, there’s yet another set of policy catalysts from which the digital coin’s holders can benefit.

5月6日，新罕布什尔州签署了一项法案，该法案允许其州财政部投资于比特币等数字资产（BTC 0.00％）。一天后，亚利桑那州的账单略有不同。现在，还有另一套政策催化剂，数字硬币的持有人可以从中受益。

Much like the federal government’s Strategic Bitcoin Reserve (SBR), none of these state-level reserves have been implemented as of yet. If they are, they could directly impact the coin’s pricing and supply dynamics.

与联邦政府的战略比特币储备（SBR）一样，截至目前尚未实施这些州级的储备。如果是，它们可能直接影响硬币​​的定价和供应动态。

Let’s dive in and examine what these bills aim to do and why they matter.

让我们潜入并检查这些法案的目标以及为什么要做什么。

State reserve bills differ from the federal policy

州预备账单与联邦政策不同

The first thing to appreciate about the proposed state-level Bitcoin reserve policies is that they differ significantly from each other, as well as from the federal government’s SBR.

关于拟议的州级比特币储备政策，要欣赏的第一件事是，它们彼此之间以及联邦政府的SBR彼此之间有很大差异。

For instance, New Hampshire’s new law allows its state treasurer to use public funds to invest in precious metals like gold, silver, or platinum. It also opens the door to buying cryptocurrencies or “any digital asset with a market capitalization of over $500 billion,” which may enable the holding of stablecoins as well. Right now, only Bitcoin fulfills the market cap criteria, but that could change in the future.

例如，新罕布什尔州的新法律允许其国家财务主管使用公共资金来投资黄金，银或铂金等贵金属。它还为购买加密货币或“市值超过5000亿美元的任何数字资产”打开了大门，这也可能使稳定币的持有。目前，只有比特币才能符合市值的标准，但这可能会在未来发生变化。

Arizona's new law takes a different approach, redirecting the proceeds from unclaimed property into Bitcoin and “top-tier digital assets.” There’s no indication that public funds can or will be allocated to buying such assets, or that seized coins will be retained rather than sold. That strategy will likely result in far less upward price pressure on the coin, but other states are evaluating other paths that might be more impactful.

亚利桑那州的新法律采用了不同的方法，将收益从无人认领的财产重定向到比特币和“顶级数字资产”。没有迹象表明公共资金可以或将分配给购买此类资产，或者将保留扣押的硬币而不是出售。该策略可能会导致硬币上的价格压力大大减轻，但其他州正在评估其他可能更具影响力的路径。

Image source: Getty Images.

图像来源：盖蒂图像。

The bill under consideration in Texas requires that the reserve be filled with funds appropriated by the legislature. North Carolina’s proposed bill calls both for holding on to seized digital assets and for potentially investing in them using state pension funds, but this bill doesn't mention Bitcoin specifically.

德克萨斯州正在审议的法案要求将储备金填满立法机关拨款的资金。北卡罗来纳州的拟议法案呼吁既保留占领数字资产，又要使用州养老基金对其进行投资，但该法案并未具体提及比特币。

Votes for these bills are coming up in the next few months, though it’s important to note that some attempts, like Montana’s, have already been voted down. Other states have seen their crypto reserve bills vetoed by the governor in question.

这些法案的投票将在接下来的几个月内提出，尽管重要的是要注意，一些尝试（例如蒙大拿州的尝试）已经被投票。其他州也看到了有关州长否决的加密储备金账单。

In contrast to these proposed policies, the federal SBR does not allow for direct investment of public funds into Bitcoin or other cryptocurrencies in any way that would increase the size of the budget. However, it does mandate the retention of all of those assets if the government comes into possession of them via asset forfeitures.

与这些拟议的政策相反，联邦SBR不允许以任何增加预算规模的任何方式将公共资金直接投资于比特币或其他加密货币。但是，如果政府通过资产没收拥有所有这些资产，则确实要求保留所有这些资产。

From an investment standpoint, these different policies are likely to have somewhat different strengths in terms of their effect on Bitcoin. Opting to retain seized assets takes a supply of the coin off the market, at least until state governments opt to spend it. That could increase the asset’s price by reducing the outstanding float of supply. On the other hand, the states that are planning to directly invest public funds into Bitcoin have far more bullish implications for its price.

从投资的角度来看，这些不同的政策在对比特币的影响方面可能具有不同的优势。至少在州政府选择花费它之前，选择保留扣押资产可以从市场上供应硬币。这可能会通过减少未偿还的供应量来提高资产的价格。另一方面，计划将公共资金直接投资于比特币的州对其价格具有更大的看涨影响。

Either way, there is no way to interpret the swath of new policies under consideration as being bearish for Bitcoin in any way. While states may not necessarily be as dedicated to holding the coin for the long term as the federal government claims it will be if it implements the SBR, they’ll still be more reliable holders than flighty investors, who can often be scared into selling based on poor market sentiment.

无论哪种方式，都没有办法将所考虑的新政策解释为对比特币的看跌。尽管各州可能不一定要长期持有硬币，就像联邦政府所说的那样，如果它实现了SBR，但他们仍然比飞行的投资者更可靠地持有人，他们通常会因为贫困的市场情绪而害怕卖出销售。

Expect more policies to come

期望更多的政策来

New Hampshire and Arizona are just the first couple of states to pass a digital asset reserve bill of some kind. Dozens of others are currently evaluating policies or voting on related bills. Some have already made more than one attempt at getting bills through the local legislature or past the governor’s veto. These attempts will probably continue through the rest of the year, and perhaps beyond.

新罕布什尔州和亚利桑那州只是第一批通过某种数字资产储备账单的州。目前，数十名正在评估政策或对相关法案进行投票。有些人已经做出了不止一次的尝试，以通过当地立法机关或州长的否决权获得账单。这些尝试可能会持续到今年剩下的时间，甚至可能会持续到以后。

The immediate price impacts on Bitcoin itself will be insignificant at best.

对比特币本身的直接价格影响至多将是微不足道的。

Over the long term, however, the effect of having more competition for supply, and of having more of the supply held in storage rather than being available for sale, may become significant. State budgets are similar in size to those of many institutional investors, which means that they can bring real capital to bear when they’re allowed to. And there isn’t much that’s a bigger validation of an asset’s value and long-term viability than if both the state and the federal government are going out of their way to hold onto it.

但是，从长远来看，有更多的供应竞争以及拥有更多供应量而不是出售的供应的影响可能会变得很重要。国家预算的规模与许多机构投资者的预算相似，这意味着他们可以在允许时带来真正的资本。与国家和联邦政府都竭尽所能，对资产价值和长期生存能力的验证并不多。