Economic Dimension (经济维度)
- English: Bitcoin’s fixed supply and deflationary issuance make it a potential inflation hedge . Unlike fiat currencies, Bitcoin cannot be printed arbitrarily, which may help preserve value against monetary debasement. Holding Bitcoin could thus protect China’s reserves from runaway inflation or currency devaluation.
中文： 比特币供应固定、发行递减，被认为是一种潜在的抗通胀工具 。与法定货币不同，比特币无法随意增发，有助于抵御本国货币贬值。因此，持有比特币可以保护中国外储资产免受通胀和货币贬值的冲击。 - English: Bitcoin offers portfolio diversification. As a non‑sovereign asset, it is largely uncorrelated with stocks, bonds or commodities . Analysts note that adding Bitcoin to reserves is a “pragmatic diversification” strategy – it may reduce dependence on dollar reserves and smooth China’s balance-sheet volatility. For example, before COVID-19 Bitcoin’s correlation with equities was nearly zero , so including it can improve overall stability.
中文： 比特币作为非主权资产，与股票、债券等传统资产关联度极低 。专家指出，将比特币纳入储备是一种“务实的多元化”策略 ，能够降低对美元储备的依赖并平抑资产波动。例如，疫情前比特币与股票市场的相关性几乎为零 ，因此纳入比特币可以提高投资组合的稳定性。 - English: Bitcoin is emerging as a new store-of-value. Chainalysis observes that many countries hold Bitcoin “more for pragmatic diversification” than speculation. Its capped supply (21 million BTC) provides a hedge against currency oversupply. In China’s case, policymakers see Bitcoin as a way to diversify away from over-reliance on the US dollar. For instance, analysts note Bitcoin could help countries “reduce dependence on dollar-based reserves” , aligning with China’s de-dollarization goals.
中文： 比特币作为一种新的价值储藏手段受到关注。链上分析机构指出，许多国家持有比特币更多是出于“务实的多元化”考量 。由于比特币总量上限为2100万枚，它可以对冲货币超发。中国决策层认为，比特币有助于分散对美元的过度依赖。有分析认为，比特币能帮助国家“减少对美元储备的依赖” ，这与中国去美元化的战略目标相契合。 - English: Bitcoin participation drives fintech innovation. A sovereign Bitcoin holding is seen as a signal of blockchain leadership . In fact, China is already a global blockchain powerhouse – in 2023 Chinese entities filed ~90% of all blockchain patents worldwide . By engaging with Bitcoin, China can spur advances in cryptography, consensus algorithms and payment networks. These innovations can then feed back into China’s digital economy and improve financial infrastructure.
中文： 持有比特币也能刺激金融科技创新。专家指出，国家比特币储备可被视为“区块链创新”的象征 。实际上，中国在区块链技术领域已经占据领先地位——2023年中国提交了全球约90%的区块链专利申请 。通过参与比特币，中国可以加速密码学、共识算法和支付网络等领域的突破，这些创新反过来将促进国内数字经济和金融基础设施的发展。
Political Dimension (政治维度)
- English: Bitcoin’s decentralized, peer-to-peer network undermines centralized financial control . Transactions occur without banks or governments, allowing cross-border value transfer beyond state intermediaries. This reduces China’s reliance on foreign-controlled systems (e.g. SWIFT, dollar-clearing networks) and may mitigate the risk of being cut off from global finance. In essence, Bitcoin provides a parallel payment channel outside any one nation’s authority.
中文： 比特币的去中心化点对点网络挑战了传统金融管控 。交易无需银行或政府作为中介，实现了跨境价值转移。这降低了中国对外国控制系统（如SWIFT美元结算网络）的依赖，并减少了被全球金融体系排斥的风险。本质上，比特币提供了一条独立于任何单一国家机构的支付渠道。 - English: Holding Bitcoin can enhance China’s financial sovereignty. Experts note that Bitcoin may help countries “counter US dollar hegemony” by diversifying reserves into a non‑US asset. This weakens the dollar’s “weaponized” influence over China. For example, China’s think-tanks highlight Bitcoin’s role in “contesting dollar dominance” . In sum, Bitcoin gives China a financial tool less subject to foreign leverage or sanctions.
中文： 持有比特币可增强中国金融主权。专家指出，比特币有助于各国“对抗美元霸权” ，因为它代表了一种非美元资产的储备多元化。这削弱了美元对中国的“货币武器化”影响。例如，中国官方智库就强调，比特币可能在“对抗美元霸权”中发挥作用 。总之，比特币为中国提供了一个不易受他国杠杆或制裁影响的金融工具。 - English: Bitcoin empowers individuals under censorship. Because it is permissionless, citizens can hold and transfer wealth without state approval. HRF strategist Alex Gladstein notes that self‑custody of Bitcoin means governments “can’t freeze or delete” one’s assets and cannot “hyperinflate” them . This gives people a measure of autonomy and protects savings against arbitrary regime actions.
中文： 比特币在个人层面赋权公民。由于无需许可，民众可以在不经政府同意的情况下保有和转移资产。人权基金会顾问Gladstein指出，如果公民自行保管比特币，政府就“无法冻结、删除”他们的资产，也不能对其进行“强制通胀” 。这使得个人财富在一定程度上免受任意管控的影响。 - English: Bitcoin resists censorship. Its blockchain transactions cannot be easily blocked, reversed or frozen by any authority . Even if China bans exchanges, Bitcoin sent over its network still reaches the recipient (via global nodes) without going through state-controlled rails. In short, Bitcoin offers a censorship‑resistant payment option, increasing Chinese citizens’ access to uncensored financial networks and information.
中文： 比特币具有抗审查特性。任何一国政府都难以阻断、逆转或冻结比特币链上的交易 。即使中国禁止本地交易所，只要有矿工打包，支付也能通过全球节点传递到对方，而无需经过受国家控制的支付通道。总之，比特币为国民提供了一种抗审查的支付选择，增加了他们访问不受审查金融网络和信息的可能性。
Technological Dimension (科技维度)
- English: Bitcoin runs on blockchain, a field where China leads globally. In 2023 Chinese institutions filed ~90% of all blockchain patent applications worldwide . President Xi has endorsed blockchain as a strategic technology. By participating in the Bitcoin ecosystem, Chinese developers and firms deepen expertise in distributed ledgers and smart contracts, accelerating breakthroughs in fintech relevant to China’s goals (e.g. digital yuan, supply-chain finance, IoT).
中文： 比特币基于区块链技术，而中国在这一领域处于全球领先。2023年，中国机构提交了全球约90%的区块链专利申请 ，习近平也将区块链作为战略技术大力倡导。通过参与比特币生态，中国开发者和企业可以加深对分布式账本和智能合约的理解，从而加速与中国目标相关的金融科技创新（如数字人民币、供应链金融、物联网支付等领域）。 - English: China is advancing blockchain cryptography. For example, a Beijing research team recently unveiled a new blockchain protocol (EQAS) designed to resist quantum‑computer attacks . Such work on post-quantum security is spurred in part by Bitcoin’s prominence (Bitcoin uses SHA‑256, which would be vulnerable to quantum cracking). By confronting these challenges, China strengthens the core cryptographic techniques that also underlie Bitcoin and other digital currencies.
中文： 中国在推进区块链密码学方面不断突破。例如，北京的科研团队最近推出了一种可抵抗量子计算机攻击的新区块链协议（EQAS） 。比特币使用的SHA-256算法在量子时代存在安全隐患，因此其流行推动了这一抗量子研究。应对这些挑战有助于加强中国在加密技术领域的实力，而这些技术同样支撑着比特币和其他数字货币。 - English: Bitcoin adoption provides practical blockchain know‑how. Chainalysis notes that holding Bitcoin gives governments “first-hand exposure to digital asset management – including custody, policy integration, and compliance” without needing a new CBDC infrastructure. For China, learning how to secure keys, audit smart contracts, and interface crypto with legacy finance can feed into its broader digital economy ambitions.
中文： 接触比特币为中国积累了区块链实践经验。链分解分析指出，持有比特币能让政府获得“数字资产管理——包括托管、政策整合和合规——的第一手经验” ，而不必另行开发数字货币基础设施。对中国而言，这些经验有助于完善密钥安全、智能合约审计以及将加密资产接入现有金融体系的技术，推动数字经济建设。
Social Dimension (社会维度)
- English: Bitcoin increases personal financial freedom. In authoritarian settings, its decentralized network makes it extremely hard for states to track or seize individual funds . Activists in Ukraine and Pakistan have already turned to Bitcoin when banks froze accounts. In effect, Bitcoin can act as a “humanitarian” payment tool under repression.
中文： 比特币提升了个人金融自由。在极权国家，其去中心化网络让政府几乎无法追踪或没收个人资金 。例如，在乌克兰和巴基斯坦，当局冻结银行账户时，维权人士纷纷转向比特币进行捐款和转账。实际上，比特币可以成为高压政权下的一种“人道主义”支付方式。 - English: Bitcoin provides private payment and savings. Transactions are pseudonymous (no real‑name requirement) and recorded on a public ledger. This transparency protects users: once funds are on the Bitcoin network, no authority can arbitrarily censor them. For ordinary Chinese, Bitcoin offers an alternative way to store and move money without revealing identities or relying on censored banking channels.
中文： 比特币提供了私密的支付和储蓄选项。交易无需实名，并记录在公开账本上。这种透明性保护了用户：资金一旦进入比特币网络，任何机构都无法随意审查或冻结。对普通中国人而言，比特币提供了一种无需透露身份、绕过审查性银行渠道存取资金的替代方案。 - English: Bitcoin serves the unbanked and underbanked. Worldwide, ~1.4 billion adults lack formal bank accounts . Bitcoin only requires Internet access; anyone with a smartphone can send, receive or hold BTC. For example, Pakistan notes its “100 million unbanked” citizens and views crypto as a way to “break through economic barriers” . Likewise, rural or migrant Chinese left out of formal finance could gain new access via crypto-based wallets.
中文： 比特币帮助无银行账户群体。全球约有14亿成年人没有银行服务 。只要能上网，任何人都可收发比特币。比如，巴基斯坦就提到“1亿无银行账户的人”，认为加密货币可以帮助他们打破经济封锁 。同样地，中国农村或外来务工人员等金融服务不足群体，也可以通过手机钱包等加密工具获得新的金融接入机会。
Strategic Dimension (战略维度)
- English: Bitcoin could reshape global monetary competition. Analysts say it may serve as “a politically neutral store of value outside traditional monetary blocs” . For China, this means having an asset whose value isn’t tied to US, EU or other power’s policies. If Bitcoin were widely held, its price would be determined by global demand, not by any single government.
中文： 比特币可能重塑全球货币竞争格局。分析机构指出，比特币可成为“独立于传统货币体系之外的中性价值储藏” 。对中国而言，这意味着拥有一种其价值不受美欧等国政策干扰的资产。如果比特币被广泛持有，其价格将由全球需求决定，而不受单一国家的左右。 - English: Bitcoin aligns with China’s de‑dollarization drive. Beijing has openly called for a “multipolar” currency system. In that context, Bitcoin offers an alternative to the US dollar. Experts note that crypto could help “counter US dollar hegemony” . Over time, digital currencies (including Bitcoin) provide China a way to conduct trade and reserves outside the dollar system.
中文： 比特币契合中国“去美元化”战略。北京明确推动“多极化货币体系”，而比特币恰可为此提供一个替代美元的选项。专家指出，加密货币可以帮助“对抗美元霸权” 。长期来看，比特币等数字货币为中国提供了在美元体系之外开展贸易和储备的新途径。 - English: Bitcoin reduces exposure to Western sanctions. Because Bitcoin transfers do not require US-regulated banks, China could use it to move funds if traditional channels are blocked. This practical advantage – an asset outside the US financial system – is why some sanctioned countries (e.g. Iran, Russia) have accumulated BTC. For China, it provides an extra “escape hatch” in crisis scenarios where the dollar is weaponized.
中文： 比特币降低了对西方制裁的脆弱性。由于比特币交易不经过美国监管的银行体系，中国在传统渠道被切断时可用其转移资金。这种实用优势——一种独立于美国金融体系之外的资产——正是一些受制裁国家（如伊朗、俄罗斯）持有比特币的原因。对中国而言，在危机和美元被“武器化”的情形下，比特币提供了额外的“后路”。 - English: Bitcoin can undermine dollar dominance. Long-term, researchers argue cryptocurrencies could become “denationalized” global currencies that challenge the US dollar . Digital‑currency experts warn that new crypto alternatives pose a “tangible threat” to dollar supremacy . By adopting Bitcoin as a strategic asset, China could increase its financial influence as the world gradually shifts toward more diversified currency use.
中文： 比特币可削弱美元霸权。研究者认为，加密货币可能最终成为挑战美元的“去国家化货币” 。数字货币专家警示，新的加密货币为美元霸权构成“实质性威胁” 。如果中国将比特币作为战略资产，可以提高自身金融影响力，因为全球正逐步向更分散的货币体系演进。
Sources: The above analysis draws on studies and expert commentary . (All statements are supported by the cited references.)