隨著貿易戰頭條淡入後台，比特幣中斷了97,000美元

該社論來自上週的《評論新聞》一周。訂閱每週的新聞通訊，以獲取第二個新聞通訊。

As trade war headlines faded into the background last week, markets exhaled—and bitcoin broke above $97,000. Meanwhile, Token2049 Dubai offered both spectacle and substance.

隨著貿易戰頭條上週逐漸消失，市場呼出了，比特幣打破了97,000美元以上。同時，Token2049迪拜提供了奇觀和實質。

This editorial is from last week’s edition of the Week in Review newsletter. Subscribe to the weekly newsletter to get the editorial the second it’s finished.

該社論來自上週的《評論新聞》一周。訂閱每週的新聞通訊，以獲取第二個新聞通訊。

Bitcoin and Token2049 Dubai

比特幣和Token2049迪拜

Bitcoin broke through $97,000 this week, marking an 18% rebound since March’s close. This rally is fueled in part by renewed institutional interest, including increased ETF inflows and the continuation of the narrative that bitcoin is finally becoming a gold-like asset.

本週比特幣打破了97,000美元，自3月份結束以來，比特幣的反彈率為18％。這次集會的部分原因是由於機構的重新興趣，包括ETF流入的增加以及比特幣最終成為類似黃金的資產的敘述的延續。

Another reason for Bitcoin’s price action relates to the lessening of trade war news. After a month of nearly constant Trump tariff news, this week was almost silent on the issue, though tariff news did continue to come out. Traditional markets and crypto markets responded positively to this lack of major trade war news.

比特幣價格行動的另一個原因與貿易戰新聞的減少有關。經過一個月的特朗普關稅新聞，本週對這個問題幾乎保持沉默，儘管關稅新聞確實繼續發布。傳統市場和加密市場對缺乏重大貿易戰新聞的反應做出了積極反應。

I spent the week at Token2049 interviewing people, taking in the spectacle, and checking out projects and talks on the conference floor. Eric Trump headlined Day 2, discussing digital sovereignty and confirming that buyers of a new Trump Organization tower in Dubai can purchase apartments with bitcoin. On a related note, World Liberty Financial announced its USD1 stablecoin will be natively integrated on TRON, with plans to scale to billions in market cap.

我在Token2049度過了一周，採訪了人們，參加奇觀，並在會議場上檢查了項目和談判。埃里克·特朗普（Eric Trump）成為第2天的頭條新聞，討論了數字主權，並確認迪拜新特朗普組織塔的買家可以用比特幣購買公寓。與之相關的是，世界自由金融宣布其USD1 Stablecoin將在Tron上本地融合，併計劃擴展到數十億美元的市值。

Changpeng Zhao (CZ) made a rare public appearance. To me, the most interesting point he made was about Europe, “We are advising many countries on how to set up a crypto reserve like in the US. Europe isn’t part of the discussion, it’s missing on the map.” Europe, getting ahead of the U.S. with MiCA (Markets in Crypto-Assets), the nations themselves seem far behind both the U.S. and Asia. Afterwards, in an interview with Oliver Stauber, the CEO of KuCoin EU, I asked him about this, he wasn’t terribly hopeful in the short term, but was over the long term.

Changpeng Zhao（CZ）罕見地公開露面。對我來說，他提出的最有趣的觀點是關於歐洲的，“我們正在為許多國家提供如何建立像美國這樣的加密保護區。歐洲不是討論的一部分，而是在地圖上缺少。”歐洲，通過雲母（加密資產市場的市場）領先於美國，各國本身似乎都遠遠落後於美國和亞洲。之後，在接受Kucoin EU的首席執行官Oliver Stauber的採訪中，我問了他這一點，他在短期內並不充滿希望，但長期來看。

The spectacle of Token2049 Dubai included a zipline, climbing wall, big mascot costumed characters, men in mirror-paneled suits, a cold plunge, fresh coconut stand, an excessive amount of neon lights, arcade games, a race simulator with a moving seat, cosplay girls, and more. The floor was packed, and everyone seemed excited. I heard the hilarious phrase, “zipline to the moon!” It made me a little uneasy. Top signs?

Token2049迪拜的奇觀包括郵政編碼，攀岩牆，大吉祥物服裝，穿著鏡子式西服的男人，冷淡的跌落，新鮮的椰子架，過多的霓虹燈燈，街機遊戲，競賽模擬器，帶有移動的座位，cosplay Girls的競賽模擬器，以及更多。地板被打包了，每個人似乎都很興奮。我聽到了熱鬧的短語：“月球上的滑索！”這讓我有些不安。最佳跡象？

My last interview of the conference, Eric Balchunas, Senior ETF Analyst for Bloomberg, and my go-to guy when it comes to ETF news related to crypto, made me feel much better about the exuberance of the conference. He also reframed my thinking of the coming fight between spot bitcoin ETFs and all the crypto native custodians like centralized exchanges, wrapped bitcoin providers, bitcoin sidechains and L2s.

我對會議的最後一次採訪，彭博社的高級ETF分析師埃里克·巴爾庫納斯（Eric Balchunas），以及與加密貨幣有關的ETF新聞時的首選人，使我對會議的興旺感到更好。他還重新考慮了我對現場比特幣ETF和所有加密本地保管人之間即將發生的戰鬥的想法，例如集中式交流，包裹的比特幣提供者，比特幣側幣和L2。

I used to think the crypto native bitcoin custodians would eventually win out, now I’m not so sure. I think crypto companies are not taking the ETFs as seriously as they should.

我曾經認為加密貨幣本地比特幣保管人最終會勝出，現在我不太確定。我認為加密貨幣公司並沒有像應有的那樣認真對待ETF。

Certainly some non-trivial percent of Bitcoin’s strong price action is attributable to the ETFs. These ETF inflows will only increase over time. The Bitcoin and crypto ecosystem cannot afford to underestimate the power of ETFs, which have transformed the traditional equity market.

當然，比特幣強勁的價格動作的某些非平凡歸因於ETF。這些ETF流入只會隨著時間而增加。比特幣和加密生態系統無法低估ETF的力量，ETF改變了傳統的股票市場。