在經濟壓力時期，比特幣和其他加密貨幣正在使用更多

這主要發生在通貨膨脹率很高，匯款昂貴的國家，或者政府限制了多少錢可以離開該國。

A new report by the Bank for International Settlements (BIS) has revealed that the use of Bitcoin and other cryptocurrencies tends to increase during periods of economic stress, particularly in countries with high inflation, expensive remittances, or capital controls.

國際定居銀行（BIS）的一份新報告顯示，在經濟壓力期間，尤其是在通貨膨脹率高，昂貴的匯款或資本控制的國家，比特幣和其他加密貨幣的使用往往會增加。

As reported by Ben Armstrong on X, the report, titled "Bumpy Ride: A Tale of Two Hemispheres in a Small World," delves into the factors influencing the adoption and utilization of cryptocurrencies. It provides insights into the role of crypto in a globalized and interconnected economy, highlighting the role of Bitcoin in times of financial hardship.

正如本·阿姆斯特朗（Ben Armstrong）在X上報導的那樣，該報告的標題為“顛簸之旅：一個小世界中兩個半球的故事”，探討了影響加密貨幣採用和利用的因素。它提供了有關加密在全球化和相互聯繫的經濟中的作用的見解，突出了比特幣在經濟困難時期的作用。

The study found that when the financial system becomes dysfunctional or too costly to use, people turn to decentralized alternatives like Bitcoin and stablecoins such as USDT and USDC. This is especially true for small international payments, where crypto offers a viable third option when traditional money transfer systems become unreliable or limited.

該研究發現，當金融系統變得功能失調或過於昂貴時，人們會轉向分散的替代品，例如比特幣和穩定幣，例如USDT和USDC。對於小型國際付款尤其如此，當傳統匯款系統變得不可靠或有限時，加密貨幣提供了可行的第三種選擇。

Furthermore, the report shows that the use of crypto rises when inflation surges, making local currency hold less value, or when remittances become expensive, hindering the ability of migrants to support their families back home.

此外，該報告表明，當通貨膨脹率激增，使當地貨幣的價值降低或匯款變得昂貴時，加密貨幣的使用會增加，這阻礙了移民支持其家人回到家的能力。

Additionally, the researchers observed an increase in crypto use when countries implement capital controls, limiting how much money people can move in or out of the country. This leads to a higher demand for cryptocurrencies like Bitcoin, which offer a means to bypass such restrictions.

此外，研究人員觀察到，當國家實施資本管制時，加密貨幣的使用情況有所增加，限制了人們可以進出該國的資金。這導致對比特幣等加密貨幣的需求更高，這提供了繞過此類限制的手段。

The report utilized data from major crypto exchanges and the usage patterns of crypto-related mobile applications to track cross-border transactions of Bitcoin, Ethereum, USDT, and USDC from 2017 to mid-2024.

該報告利用了來自主要加密交易所的數據以及與加密相關的移動應用程序的使用模式來跟踪2017年至2024年中期比特幣，以太坊，USDT和USDC的跨境交易。

The cross-border crypto flows, which include both retail and institutional transactions, shot up from less than $7 billion in the first quarter of 2017 to over $800 billion in the fourth quarter of 2021. However, they decreased to around $400 billion in 2022 during a crypto market slump but rebounded to approximately $600 billion by the second quarter of 2024.

包括零售和機構交易在內的跨境加密貨幣流量從2017年第一季度的不到70億美元增加到2021年第四季度的8000億美元以上。然而，在2022年，在一個加密貨幣市場下降到2024年，這些季度下降到2024年，在2024年下降到2024年的600億美元。

Initially, Bitcoin constituted about 80 percent of those payments, but that proportion has since fallen to less than 25 percent as more people opt for stablecoins for cross-border transactions. This shift indicates that different user groups prefer different tools for varying needs.

最初，比特幣構成了約80％的付款，但是隨著更多人選擇跨境交易的人，該比例已下降到不到25％。此班次表明不同的用戶組更喜歡不同的工具來滿足不同的需求。

The report also noted that Bitcoin use doesn't seem to depend much on where people live or what language they speak, unlike regular bank activity. It's used more when and where people need it, and it becomes more visible when global financial stress increases.

該報告還指出，與常規銀行活動不同，比特幣的使用似乎不大取決於人們的生活或說什麼語言。它在人們需要的時間和何處使用了更多，當全球財務壓力增加時，它會變得更加明顯。

The researchers measured global financial stress using the VIX, a widely recognized market fear index. They found that surges in the VIX tend to coincide with a rise in Bitcoin use, even among investors and businesses, who increase their use of crypto during uncertain economic times.

研究人員使用VIX（這是一個公認的市場恐懼指數）測量了全球財務壓力。他們發現，VIX中的激增傾向於與比特幣使用的增加，即使在投資者和企業中，他們在不確定的經濟時期增加了對加密貨幣的使用。