全球储备金中的美元无可争议的统治正在步履蹒跚。

面对地缘政治紧张局势和经济制裁，像中国这样的权力正在重新评估其主权资产的安全。

A high-level executive from BlackRock, one of the world’s largest asset managers, has revealed that several central banks are cutting their U.S. Treasury holdings amid rising geopolitical tensions and economic sanctions.

来自贝莱德（Blackrock）的高级高管是世界上最大的资产经理之一，他透露，由于地缘政治紧张局势和经济制裁的上升，几家中央银行正在削减其美国财政部的股份。

Jay Jacobs, Head of Exchange-Traded Products at BlackRock, stated in an interview with CNBC that “geopolitical fragmentation is a mega-force that is redefining global markets for the decades to come.”

贝莱德（Blackrock）交易所交易产品负责人杰伊·雅各布斯（Jay Jacobs）在接受CNBC采访时说：“地缘政治碎片化是一种巨大的力量，它正在重新定义未来几十年的全球市场。”

This dynamic, which has been fueled by the freezing of $300 billion in Russian assets abroad, has prompted several central banks, including China’s, to reduce their exposure to U.S. Treasury bonds and seek new avenues for their sovereign assets.

这种动态是由于在国外冻结了3000亿美元的俄罗斯资产而引起的，促使包括中国在内的几家中央银行减少了其对美国国债的敞口，并为其主权资产寻求新的途径。

Over the past three to four years, a strategic diversification movement has been unfolding, aiming to place sovereign reserves beyond any direct Western influence.

在过去的三到四年中，战略多元化运动一直在展开，旨在将主权储备置于任何直接的西方影响力之外。

This repositioning is visibly resulting in a decrease in U.S. Treasury holdings, as confirmed by Jay Jacobs:

正如杰伊·雅各布斯（Jay Jacobs）确认的那样，这种重新定位明显导致美国财政部持有的减少：

“We are seeing a move away from U.S. Treasuries in particular. We’re also seeing a move away from thinly traded assets, assets that are easily sanctioned, assets that are encumbered in any way, shape or form.”

“我们看到尤其是远离美国国债的转移。我们还看到了一个偏离交易的资产，容易被认可的资产，以任何方式，形式或形式累积的资产。”

These decisions are focused on consolidating financial independence within a context of prolonged uncertainty.

这些决定的重点是在不确定性的情况下巩固财务独立性。

As Jay Jacobs noted:

正如杰伊·雅各布斯（Jay Jacobs）指出的那样：

“There is a broader move by institutions to try to maximize their own financial independence in a world where we’re seeing a lot of geopolitical fragmentation.”

“机构采取了更广泛的举动，试图在我们看到许多地缘政治分散的世界中最大化自己的财务独立性。”

The Chinese authorities are showing a preference for tangible or decentralized assets, which are viewed as more resilient to political risks and asset freezing measures.

中国当局对有形或分散的资产表示偏爱，这被视为对政治风险和资产冻结措施更具弹性。

In the present instance, they are turning to avenues less susceptible to direct Western influence.

在目前的情况下，他们转向不太容易受到直接西方影响的途径。

Another asset class that is becoming increasingly important is bitcoin, according to Jay Jacobs. He mentioned that bitcoin is beginning to “decouple from risk assets” and is now displaying a dynamic similar to gold.

杰伊·雅各布斯（Jay Jacobs）表示，另一个变得越来越重要的资产类是比特币。他提到比特币开始“与风险资产相关”，现在显示出类似于黄金的动态。

This transformation of the asset, often linked to speculation, showcases institutional recognition of its role as a safe haven, particularly in fractured economic environments.

资产的这种转变通常与猜测有关，它展示了其作为避风港的作用，尤其是在破裂的经济环境中。

Other key players also highlight this evolution. Alex Svanevik, CEO of Nansen, observed on the social network X (formerly Twitter) on April 21, 2025, that bitcoin is becoming “less Nasdaq, more gold.”

其他主要参与者也强调了这一演变。 Nansen的首席执行官Alex Svanevik于2025年4月21日在社交网络X（以前为Twitter）上观察到，该比特币正变得“纳斯达克少，更多的黄金”。

He underscores its relative insensitivity to fluctuations in traditional stock markets.

他强调了其对传统股票市场波动的相对不敏感。

QCP Capital also notes that bitcoin is benefiting from “geopolitical fragmentation,” attracting investment flows seeking alternatives outside the American system.

QCP Capital还指出，比特币受益于“地缘政治破碎化”，吸引了在美国系统之外寻求替代方案的投资流。

This readjustment sets the stage for an unprecedented strategic role for bitcoin in sovereign portfolios.

此重新调整为比特币在主权投资组合中的前所未有的战略角色奠定了基础。

As international economic fragmentation intensifies, bitcoin’s appeal could endure.

随着国际经济分裂的加剧，比特币的吸引力可能会持续下去。

If Beijing and other major powers integrate this shift, bitcoin could transition from a speculative asset to a pillar of state reserves.

如果北京和其他主要大国整合了这一转变，则比特币可以从投机资产过渡到国家储备支柱。

Such a development would drastically alter the global monetary balance and signify the entry of cryptos into the heart of institutional finance.

这样的发展将大大改变全球货币平衡，并表示加密货币进入机构金融的心脏。