According to a report by TheBlock on April 1, the Bitcoin Policy Institute has officially proposed an innovative financial instrument called "BitBonds," aimed at supporting the strategic Bitcoin reserve executive order signed by the Trump administration in March 2025.

"BitBonds": The Dual Logic of Low-Interest Financing and Bitcoin Appreciation

According to the proposal from the Bitcoin Policy Institute, "BitBonds" are low-interest government bonds with an annual interest rate set at only 1%, significantly lower than the current average yield of about 4.5% on traditional U.S. government bonds. The funding allocation model is uniquely innovative: 90% of the raised funds will be used for the government's daily operations and debt refinancing, while the remaining 10% will be directly invested in the Bitcoin market to increase national reserves.

Experts analyze that if "BitBonds" are issued at a scale of $2 trillion (approximately 20% of the U.S. short-term debt refinancing needs in 2025), the low-interest design could save the government about $70 billion in interest expenses annually, accumulating to as much as $700 billion over ten years. This figure is striking, especially given the $9.3 trillion short-term debt maturity pressure facing the U.S. More importantly, by using 10% of the raised funds to purchase Bitcoin, the U.S. can steadily expand its strategic reserves without increasing the fiscal deficit.

The Bitcoin Policy Institute further points out that based on Bitcoin's historical performance over the past decade, its annualized return has been around 100%-200%. Even with conservative estimates of slower future growth, if Bitcoin's price doubles over the next ten years, the value of Bitcoin assets acquired through "BitBonds" could surge from an initial $200 billion to $400 billion or even higher. This appreciation potential could not only offset the costs of issuing the bonds but also bring substantial capital gains to the government, thereby indirectly alleviating the pressure of up to $34 trillion in federal debt.

Policy Signal: From Regulation to Institutional Embrace

The introduction of the "BitBonds" proposal signals a significant shift in the Trump administration's attitude towards cryptocurrencies. Since the inception of Bitcoin, U.S. regulatory agencies have evolved from skepticism to cautious acceptance. In 2021, several countries imposed bans on Bitcoin due to its anonymity and use in criminal activities. However, with El Salvador adopting Bitcoin as legal tender in 2021 and the U.S. Securities and Exchange Commission (SEC) approving a Bitcoin spot ETF in 2024, the legitimacy and investment value of cryptocurrencies have gradually gained mainstream recognition.

This move by the Trump administration is seen as a landmark step from mere risk prevention to institutional management. Analysts point out that if "BitBonds" are successfully issued, it will not only provide the U.S. government with a new financing tool but may also prompt major global economies to reassess the role of cryptocurrencies in national strategy. The Treasury Secretary has been tasked with conducting a comprehensive assessment of the "BitBonds" proposal within the next 60 days, including its legal feasibility, economic impact, and potential effects on the existing financial system. This timeline indicates that the Trump administration intends to implement the plan before mid-2025.

Market Reaction and Controversy: Optimism and Skepticism Coexist

Once proposed, "BitBonds" sparked heated discussions in financial markets and the crypto community. Blockware Solutions previously stated that if Trump's Bitcoin reserve plan resonates with the Federal Reserve's easing policies and a surge in corporate adoption, Bitcoin prices could rise by 400%. The low-interest design and high yield potential of "BitBonds" undoubtedly add a realistic basis to this prediction.

However, skepticism remains prevalent. Pessimists point out that Bitcoin's high volatility could pose significant risks to the reserve plan. For instance, in March 2025, Bitcoin's price plummeted by 28% due to Trump's tariff threats and market turmoil, dropping from $100,000 to $76,000. If a similar situation were to occur, the value of Bitcoin assets held by the government could significantly shrink. Additionally, the U.S. federal deficit has reached $1.8 trillion, and the divergence in policy coordination between Congress and the Federal Reserve could lead to execution resistance. Some economists warn that if the U.S. were to sell Bitcoin on a large scale to repay debt, it could trigger a price collapse, countering the original intent of the reserves.

Global Impact: The Beginning of a Cryptocurrency Reserve Race?

If "BitBonds" are successfully implemented, their impact will extend far beyond the U.S. In recent years, countries around the world have shown increasingly divergent attitudes towards digital assets. Nearly 15% of Brazilians expressed willingness to use cryptocurrencies as a substitute for bank accounts, while Thailand plans to issue $148 million in digital bonds, reflecting an open attitude towards the crypto economy in emerging markets. Meanwhile, traditional economies like the European Union and Japan remain cautious.

Analysts believe that this move by the U.S. could trigger a global "cryptocurrency reserve race." If Bitcoin becomes a standard asset for national reserves, other countries may be compelled to follow suit to avoid falling behind in future financial competitions. However, this could also exacerbate geopolitical tensions, especially against the backdrop of challenges to dollar hegemony.

Conclusion: The Starting Point of a Historic Moment

Regardless of whether "BitBonds" ultimately succeed or fail, the proposal itself is significant enough to be recorded in history. It is not only part of the Trump administration's bold fiscal experiment but also a profound challenge to the traditional financial system. As the Bitcoin Policy Institute stated, "This is not just about Bitcoin; it is about the imagination of future currencies." Between fervor and clarity, the crypto market in 2025 is destined to witness a new transformation.

This article represents the author's personal views and does not reflect the stance or views of this platform. This article is for informational sharing only and does not constitute any investment advice to anyone.

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