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BTC（160%担保）。"}}]},"key":"a92d583d-e031-4379-a4e7-2171e8f9ef4b"}]}},{"id":"RichTextListItem","config":{"content":[{"id":"RichTextParagraph","config":{"content":[{"id":"RichTextText","config":{"style":{},"content":"公司债0.1%：$96B。"}}]},"key":"fd2b30d7-9ebb-4e5d-a3c2-172a74ad9f3b"}]}},{"id":"RichTextListItem","config":{"content":[{"id":"RichTextParagraph","config":{"content":[{"id":"RichTextText","config":{"style":{},"content":"主权债0.01%：$11.2B。合计$174.4B需求÷BTC市值$1.9兆=9.2%增长（价格≈$100K）。若翻倍，破$110K。"}}]},"key":"171b13dc-61d3-40f0-b493-a9d8c278b61b"}]}}]},"empty":false,"id":"RichTextList"},"c051be5a-a675-4ff9-9aa0-77468fb40f7b":{"config":{"content":[{"id":"RichTextText","config":{"style":{},"content":"托管方BitGo：全球最大机构托管商，$700M保险覆盖，95%冷钱包存储。"}}]},"empty":false,"id":"RichTextParagraph"},"02d4d47c-545d-47db-ae23-ddef0722092b":{"config":{"content":[{"id":"RichTextText","config":{"style":{},"content":"但就在散户恐慌砍仓之际，新罕布什尔州悄然批准全美首张$100M比特币担保市政债券——这张债券不只是融资工具，它撬开了全球$140兆债务市场的合规通道，比特币从“投机资产”正式升级为“政府担保品”。"}}]},"empty":false,"id":"RichTextParagraph"},"fba8e06f-4279-4274-8fc9-a73391b1edfb":{"config":{"tag":"h3","content":[{"id":"RichTextText","config":{"style":{},"content":"六、实操策略"}}]},"empty":false,"id":"RichTextHeader"},"8d5c03e9-3320-4109-b84e-deaed521cb7b":{"config":{"content":[{"id":"RichTextText","config":{"style":{},"content":"渗透测算（5年后保守）："}}]},"empty":false,"id":"RichTextParagraph"},"8517b4a9-35cc-4afa-8987-61ad547d75fb":{"config":{"content":[{"id":"RichTextText","config":{"style":{},"content":"企业视角：持$1000万BTC，传统卖出缴42%税到手$580万；BTC担保借$1000万，无税，保留上涨收益。"}}]},"empty":false,"id":"RichTextParagraph"},"d17df428-629f-4017-8091-cc761f0b29db":{"config":{"content":[{"id":"RichTextText","config":{"style":{},"content":"清算线130%：BTC跌破就自动卖出部分还债，保护债券持有人。"}}]},"empty":false,"id":"RichTextParagraph"},"8f069fb7-57c5-4624-8128-c5a94eec533b":{"config":{"content":[{"id":"RichTextText","config":{"style":{},"content":"过去一年，加密政策从“监管敌意”到“政策红利”，新罕布什尔州是先锋："}}]},"empty":false,"id":"RichTextParagraph"},"e64c5a33-517a-4780-b1f8-e00ab442397b":{"config":{"content":[{"id":"RichTextText","config":{"style":{},"content":"风险缓解：多预言机验证、CertiK审计、$700M 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