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Bitcoin: A New Choice for Global Strategic Reserve Assets in the Technological Era
Bitcoin: A New Strategic Asset in the Technological Era?
Recently, a striking event shook the cryptocurrency market: a meme coin named TRUMP saw its market value soar to $8 billion in a short period of time. This phenomenon has sparked deep reflection on the role of cryptocurrencies, especially Bitcoin, in today's era.
Bitcoin, as the pioneer of cryptocurrency, is continuously expanding its influence. There are views that Bitcoin may become one of the potential choices for a "global strategic asset." This perspective arises not only from Bitcoin's scarcity but also from deeper reasons that are worth exploring through history.
Traditional Strategic Reserves: Oil and Gold
Throughout history, energy and precious metals have been the core of safeguarding national economic security. The oil crisis of 1973 prompted the United States to establish a strategic petroleum reserve to address the risks of supply chain disruptions. To this day, the United States remains one of the world's major oil reserve countries, with its reserves accounting for about 15% of the global total.
Gold, as another important strategic reserve asset, remains irreplaceable even after the collapse of the Bretton Woods system. As a symbol of wealth and credit, gold is still the main reserve asset of central banks around the world. The United States currently holds 23% of the world's gold reserves, which not only provides stability and credibility to its financial system but also reinforces its core position in the global credit system.
The reason these assets become strategic reserves is not only due to their physical properties, but more importantly, because they carry the core trust of the economic order: oil is the lifeblood of industry, while gold is the last barrier of the monetary system.
However, with technological advancements and the deepening of globalization, the limitations of traditional physical assets are gradually becoming apparent. Data shows that there was a net outflow in gold investments in 2023. This prompts us to consider: what characteristics should national strategic reserves possess in the technological era? Should they still be limited to the form of "physical assets"?
Bitcoin: The Potential of a New Strategic Reserve
The demand for "trust" has undergone a fundamental change in the technological era. Traditional trust systems rely on central authorities, while Bitcoin proposes a decentralized trust mechanism. This mechanism does not depend on a single institution or government; its value is recognized and maintained collectively by global market participants. It is precisely this characteristic that enables Bitcoin to transcend geographical and political boundaries, achieving a globalized value storage and exchange.
Compared to traditional physical assets, Bitcoin combines the scarcity and value storage attributes of gold, while also possessing global circulation potential similar to that of oil. More importantly, the value of Bitcoin does not rely on any single country or institution, but is constructed by the consensus of global market participants. This globalized trust foundation, which is free from geographical and political constraints, is the potential basis for a new type of national strategic reserve in the technological era and represents society's exploration of future trust mechanisms.
The Layout of the United States in the Bitcoin Field
Although the U.S. government has not announced direct holdings of Bitcoin as a strategic reserve, its private sector's deep involvement in the Bitcoin ecosystem has become a global focal point. Several U.S. publicly traded financial and technology companies openly hold Bitcoin, and some states are also considering establishing Bitcoin reserves.
According to statistics, as of January 20, the public sector in the United States holds about 1% of Bitcoin, while the private sector holds about 9%, totaling approximately 10%. It is worth noting that the trend of the private sector increasing its Bitcoin holdings continues. Some analyses point out that the worsening fiscal deficit and debt pressure have enhanced the attractiveness of Bitcoin as an alternative reserve asset, especially among institutional investors. Compared to traditional strategic reserve assets, the proportion of Bitcoin held in the public sector still has significant room for growth.
Regardless of the method used to reserve Bitcoin and other crypto assets, this not only involves the issue of quantity but also concerns the exploration of countries' upgrades and restructuring of the future financial system in the global technological era.
Bitcoin's transition from "a decentralized technological experiment" to "a strategic asset of the technological era" not only represents the application of blockchain technology in the financial sector but also reflects humanity's bold exploration of a new trust system. Whether Bitcoin can penetrate the economic lifeblood of nations like gold and oil may depend on the global economy's acceptance speed of a new digital trust, as well as the foresight of major economies in their strategic planning.