#美国加密战略储备 On March 2 local time, U.S. President Trump dropped a bombshell on his social media platform Truth Social, announcing that the U.S. would create a cryptocurrency strategic reserve, with Bitcoin (BTC) and Ethereum (ETH) as the core, alongside smaller but riskier tokens like Solana (SOL), XRP linked to Ripple, and Cardano (ADA).
After the news broke, the named cryptocurrencies soared in price. Data from cryptocurrency data and analysis company CoinGecko shows that hours after Trump's post, the total market capitalization of cryptocurrencies rose by about 10%, exceeding $300 billion.
But the good times didn't last. According to Coindesk data, as of 11:30 on the 4th, Bitcoin fell more than 9% in the past 24 hours, priced at $83,986 each, while Ethereum dropped over 15%, priced at $2,056 each, both below levels prior to Trump's post.
Discussing the potential impact of Trump's latest policy on the market, Ma Tianping, a researcher at Tsinghua University's Wudaokou Financial Security Center, told reporters from (Daily Economic News) that, essentially, under the dollar system, cryptocurrencies are still just a special commodity. Despite being called 'coins', they do not fundamentally differ from ordinary goods in their monetary properties.
He also told reporters that, operationally, incorporating cryptocurrency into strategic reserves faces many challenges. If the Federal Reserve subscribes to cryptocurrencies, it will lose its independence. If the Treasury uses funds from government bonds or tax revenues to subscribe to cryptocurrencies, taxpayer consent is needed, and Congress should also provide a clear statement; otherwise, it will involve issues of funding sources and decision-making rationality at the level of national governance.
The cryptocurrency market 'plummeted' after a brief celebration.
According to Xinhua News Agency, in the past week, Bitcoin's price first fell below $80,000, essentially offsetting most of the gains since the U.S. election last November, and then surged due to news that President Trump plans to include various cryptocurrencies in reserves.
Data from cryptocurrency data and analysis company CoinGecko shows that hours after Trump's post, the total market capitalization of cryptocurrencies rose by about 10%, exceeding $300 billion. On the 2nd, Bitcoin rose over 11%, and Ethereum rose about 13%. Ripple (XRP) broke through $2.93 each, up over 30%; Solana (SOL) broke through $178 each, gaining over 24% in a day; Cardano (ADA) nearly rose 72% in a day.
However, the good times did not last long; after a brief celebration, cryptocurrencies began to plummet again. Coindesk data shows that as of the time of writing, the prices of Bitcoin and Ethereum were both below levels prior to Trump's post. Ripple and Solana have almost completely reversed the gains from the 2nd, and Cardano has also given back most of its gains.
However, the good times didn't last long. After a brief celebration, cryptocurrency prices began to plummet.
Ma Tianping explained to reporters that, essentially, under the dollar system, cryptocurrencies are still just a commodity. Despite being called 'coins', they do not fundamentally differ from ordinary goods in their monetary properties. Theoretically, as long as there are corresponding algorithms, a wide variety of cryptocurrencies can be issued without restriction worldwide, lacking solid theoretical support.
Cryptocurrency trading firm QCP Capital wrote in a letter to investors, 'Cryptocurrency volatility remains relatively high, with the two major cryptocurrencies (Bitcoin and Ethereum) still showing a bearish option tendency before the end of March, and the VIX (volatility index) is also at a high level, indicating a broader sense of unease in the overall risk asset market, especially after the U.S. government's recent escalation of tariff measures.'
Experts: There are many challenges to incorporating cryptocurrencies into strategic reserves.
So, what is the main purpose of Trump proposing a 'U.S. cryptocurrency strategic reserve'?
Ma Tianping believes that 'Trump admires cryptocurrencies, which are unrestrained and unregulated, and hopes to improve the financial environment in the U.S. by incorporating cryptocurrencies into reserves.'
He also mentioned that Trump's choice to consider Bitcoin and others as core reserves may be more based on personal interest, market performance, or other personal associative factors.
Shortly after Trump took office, he launched a personal meme coin TRUMP and supported a project involving his son called World Freedom Finance. This series of actions raised questions about his motives.
From an operational standpoint, incorporating cryptocurrencies into national strategic reserves also faces many technical challenges.
Ma Tianping further pointed out to reporters that if national fiscal funds are used to purchase cryptocurrencies, then whether it is the Federal Reserve or the Treasury executing this operation, both face dilemmas.
He stated that if the Federal Reserve, as a relatively independent institution, subscribes to cryptocurrencies without analysis, it will lose its independence and find it difficult to explain why certain cryptocurrencies are chosen as strategic reserves while excluding others.
Ma Tianping also pointed out that if the Treasury uses funds from government bonds or tax revenues to subscribe to cryptocurrencies, taxpayer consent is necessary, and Congress should also provide a clear statement; otherwise, arbitrary reserves will involve issues of funding sources and decision-making rationality at the level of national governance.
Additionally, he emphasized that defining the 'reserve nature' of cryptocurrencies is itself a challenge, which is fundamentally different from traditional oil and gold reserves, where there are moral hazards, such as the difficulty in excluding the possibility of Trump reserving specific cryptocurrencies based on personal relationships.
Cryptocurrencies cannot shake the dollar system.
(The Wall Street Journal) reports that details of Trump's push for cryptocurrency reserves remain unclear. If expectations do not match reality, the market may fall again. Additionally, macroeconomic concerns related to trade policies remain unresolved issues that will continue to weigh on the prospects for cryptocurrency trends.
Overall, Ma Tianping believes that due to the extreme volatility of the cryptocurrency market, incorporating it into strategic reserves carries many risks. For cryptocurrency enthusiasts, Trump's actions may be a significant boon, but from the perspective of the dollar system, cryptocurrencies are just one of thousands of products in the world, priced and purchased in dollars, merely a relationship of 'goods and commodities'.
'Cryptocurrencies must completely change the relationship between money and goods, making other currencies commodities, which faces enormous obstacles both theoretically and practically,' Ma Tianping summarized.
On March 7, Trump will host the White House's first cryptocurrency summit, where 'participants will include well-known founders, CEOs, and investors from the cryptocurrency industry, as well as members of the presidential digital asset working group.'
The White House stated that the government is committed to providing a clear regulatory framework to promote innovation and protect economic freedom. This summit may provide more clues for the further advancement of the U.S. cryptocurrency strategic reserve plan and the future direction of the industry.
