#BTC, ETH, SOL, XRP, ADA 纳入战略储备

Trump's crypto reserve plan: the ultimate tug of war between 'centralized' and 'decentralized'

Trump will include BTC, ETH, SOL, XRP, ADA in the national strategic reserve, which seems to be a victory for cryptocurrencies, but in fact it is the traditional power's "recruitment" of the crypto world - this top-down reform may plunge the crypto market into a "prosperity under discipline".

When the national machine holds the private key
The essence of the strategic reserve is the state's "centralized custody" of crypto assets, which directly shakes the original belief in blockchain. The U.S. Treasury Department may monitor reserve wallets in real-time through escrow solutions such as the Chainalysis Regulatory Suite, making Bitcoin's "censorship-resistant" nature useless in state-level applications. More alarmingly, strategic reserves may evolve into a new monetary policy tool: the Fed may curb inflation by selling ETH reserves, which will open up a new battlefield of "digital tightening" in addition to traditional interest rate hikes.

The "compliance trap" of the White House summit
The cryptocurrency summit on Friday may signal 'selective openness': the government may issue 'digital franchise licenses' for compliant projects, but require project parties to pre-set regulatory circuit breakers in smart contracts (such as backdoors like Tornado Cash). This 'dancing with shackles' model will lead to the bifurcation of the cryptocurrency market into two parallel worlds: 'white-listed ecosystem' and 'underground dark pools'.

The dilemma of the "investment name" of new assets
In the future, if crypto assets want to be included in the national reserve, they must complete three "detoxification" transformations:
1. Strip anonymity (e.g. Zcash's masked transaction feature)
2. Accept real-time data reporting (similar to SWIFT's KYC chain)
3. Promise not to threaten the legal status of fiat currency (such as restricting the issuance of stablecoins)
This transformation will give birth to a new generation of "compliant encrypted assets", whose value will no longer depend on community consensus, but on national credit endorsement - perhaps this is the real "cryptocurrency 2.0 revolution".

In this state-led crypto revolution, investors need to re-understand the risk boundaries: assets included in reserves will receive a liquidity premium, but may also become chips in the game of big powers; and projects that adhere to decentralization may be forced into the underground economy, becoming the "dark matter" of the digital world. When crypto assets put on the national uniform, Satoshi Nakamoto's white paper may be quietly burning at some hidden node of the blockchain.