#比特币政策转变 **Bitcoin Policy Shift: U.S. Strategic Reserves and the New Global Financial Landscape**

On March 7, 2025, U.S. President Trump signed an executive order officially establishing a national Bitcoin strategic reserve, incorporating approximately 200,000 Bitcoins held by the U.S. government (primarily sourced from judicial seizures) into the reserve system, and pledging that "these assets will not be sold," aiming to strengthen the U.S. leadership position in the cryptocurrency sector. This policy marks the first time the U.S. has included cryptocurrencies in its national reserve framework and is one of the core initiatives of the Trump administration's "new policy on cryptocurrencies."

Trump's shift in Bitcoin policy began with his campaign promises, which included firing the SEC chairman who took a tough stance on the crypto industry, banning central bank digital currencies (CBDCs), and promoting the establishment of a clear regulatory framework. Behind this shift is not only the drive for personal business interests but also strategic national considerations. In recent years, the share of the U.S. dollar as a global reserve currency has continued to decline, while crypto assets like stablecoins are deeply linked to the dollar (95% of stablecoins are dollar-pegged), which has objectively reinforced the dollar's international position through the cryptocurrency market's return to U.S. Treasuries. The Trump administration aims to establish the U.S. as the "world's cryptocurrency capital" to respond to technological competition from countries like China, while also promoting a shift from "strict control" to "supporting innovation" through legislation (such as the "21st Century Financial Innovation and Technology Act").

However, the market's reaction following the policy implementation has shown divergence. Despite the long-term institutional benefits being recognized, Bitcoin's price dropped over 5% on the day the news was announced, with tokens like Ethereum and SOL experiencing similar volatility, highlighting market concerns about the uncertainty of policy execution. Industry insiders, such as Solana co-founder Toly, pointed out that while the executive order eliminates some regulatory ambiguity, further clarification is needed regarding the rules for token issuance, DeFi, and other areas.

Overall, the shift in U.S. Bitcoin policy serves as both a litmus test for financial innovation and a new battleground for geopolitical economic competition. Its success or failure will profoundly impact the integration process between the global cryptocurrency ecosystem and the traditional financial system.