#美国加密战略储备 ### US Crypto Strategic Reserve: Background, Policy Path, and Controversy Analysis
#### **1. Strategic Background and Policy Origins**
The proposal for the US crypto strategic reserve is seen as a key move from 'oil hegemony' to 'digital asset hegemony.' Its model draws from the strategic petroleum reserve established in 1975, aiming to consolidate global financial dominance by national reserves of cryptocurrencies (like Bitcoin). In July 2024, Senator Cynthia Lummis submitted the (2024 US Bitcoin Strategic Reserve Act) (BITCOIN Act), planning to purchase 1 million Bitcoins (worth about $1 trillion) within 5 years. The Trump administration further promoted this plan, and by March 2025, the US government had held approximately 200,000 Bitcoins (worth $21 billion), primarily from assets seized by the Department of Justice.
#### **2. Policy Advancement Path**
The current advancement path is divided into two types:
- **Executive Order 'Blitzkrieg'**: Trump plans to utilize the Treasury Department's Exchange Stabilization Fund (ESF) to directly purchase cryptocurrencies, bypassing congressional approval, but this may face constitutional controversies.
- **Congressional Legislation 'War of Attrition'**: Issues to resolve include sources of funding (budget or government bonds), reserve scale (controversy over 1 million BTC), and custody mechanisms (government self-management or entrusted to institutions like Coinbase).
#### **3. Inclusion of Currencies and Market Impact**
The reserve list announced by Trump includes Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA), emphasizing BTC and ETH as core assets. After the announcement:
- **Extreme Price Volatility**: BTC surged from $85,000 to $95,000, while XRP, SOL, ADA, and others saw increases of over 15%-70% within 24 hours.
- **Market Doubts About Benefit Transfer**: XRP and SOL have been accused of 'advertising space' operations due to their development teams providing political donations to Trump-related funds; ADA has been questioned for its weak technical ecosystem, but founder Charles Hoskinson has close ties with the Republican Party.
#### **4. Controversies and Challenges**
- **Legal and Regulatory Conflicts**: The Federal Reserve opposes binding monetary policy to crypto assets, and the securities attributes of tokens like SOL and XRP have yet to be clarified, potentially leading to litigation.
- **Suspicions of Market Manipulation**: After the US government holds a large amount of crypto assets, it may manipulate coin prices through policy, forming a dual role of 'referee and player.'
- **International Resistance**: China and the EU criticize the US for 'crypto unilateralism' and plan to coordinate global regulation through the IMF.
#### **5. Strategic Significance and Future Outlook**
- **Reshaping the Dollar System**: By establishing a 'BTC-Dollar' dual reserve model, it aims to consolidate the dollar's global settlement position and counteract de-dollarization trends.
- **Geopolitical Game of Crypto**: The US may leverage BTC reserves to impose 'crypto sanctions' on countries like Iran and North Korea and freeze on-chain assets; at the same time, it promotes cooperation between Wall Street and Silicon Valley to integrate DeFi protocols into the reserve ecosystem.
- **Global Demonstration Effect**: Sovereign funds in Norway, Singapore, and others have assessed allocating BTC, potentially prompting other countries to follow suit and accelerating the mainstreaming of crypto assets.
#### **6. Execution Barriers and Uncertainties**
- **Funding Gap**: The US fiscal deficit is projected to reach $1.865 trillion by 2025, and large-scale purchases of crypto assets require congressional approval or reliance on seized assets.
- **Technical Risks**: Vulnerabilities in private key management or 51% attacks could threaten national financial security.
### Summary
The US crypto strategic reserve is both an attempt at financial innovation and a political tool. Its core goal is to reconstruct the dollar's hegemony through digital assets, but it faces multiple challenges, including legal, financial, and international coordination. If successful, it could trigger structural changes in the global financial system; if it fails, it will expose policy speculation and market vulnerabilities. Future attention should be paid to the policy details of the White House crypto summit on March 7 and the progress of congressional legislation.
