如果比特幣是數位黃金，那麼以太坊是什麼？

彭博 ETF 分析師 Eric Balchunas 在 X 平台上討論以太坊現貨 ETF 市場的成功機會

The United States Securities and Exchange Commission (SEC) approved several pending Ethereum spot ETF applications last week. This development sparked commentary on the value and acceptability of the Ether token, particularly among a specific demographic.

美國證券交易委員會 (SEC) 上週批准了幾項待決的以太坊現貨 ETF 申請。這一發展引發了對以太幣的價值和可接受性的評論，特別是在特定人群中。

After the recent approval, Eric Balchunas, an ETF analyst at Bloomberg, took to the X platform to discuss the chances of success in the Ethereum spot ETF market. The analyst highlighted how the acceptability of the Ethereum token, especially amongst investors in the 60 to 80-year-old age group (baby boomers), might pose a challenge to how well the investment products will perform.

在最近獲得批准後，彭博社的 ETF 分析師 Eric Balchunas 在 X 平台上討論了以太坊現貨 ETF 市場的成功機會。這位分析師強調了以太坊代幣的可接受性，尤其是 60 至 80 歲年齡層（嬰兒潮世代）投資者的接受度，可能會對投資產品的表現構成挑戰。

If Bitcoin Is Digital Gold, What Is Ethereum?

如果比特幣是數位黃金，那麼以太坊是什麼？

One way ETF issuers might be able to penetrate the “baby boomer” market is by distilling the value or purpose of the ETH ETFs into an “easy-to-understand sound bite.” The Bloomberg analyst questioned if Ethereum has a simple selling point while citing “Bitcoin is digital gold” as an exemplary marketing one-liner that the older generation can resonate with.

ETF 發行人能夠滲透「嬰兒潮世代」市場的一種方式是將 ETH ETF 的價值或目的提煉成「易於理解的原話」。這位彭博分析師質疑以太坊是否有一個簡單的賣點，同時引用「比特幣是數位黃金」作為老一代人可以產生共鳴的典型行銷俏皮話。

Balchunas then asked in his post:

巴爾丘納斯隨後在貼文中問道：

Does a simple one-liner like that exist for Ether? If so, what is it?

以太幣是否存在這麼簡單的一句話？如果是的話，那是什麼？

There were several interesting answers from notable personalities in the cryptocurrency space. Notably, crypto journalist Colin Wu called Ethereum the “Web 3.0 internet.”

加密貨幣領域的知名人士給了一些有趣的答案。值得注意的是，加密貨幣記者 Colin Wu 將以太幣稱為「Web 3.0 網路」。

Prominent crypto investor and partner at venture capital firm Cinneamhain Ventures Adam Cochran also responded, saying “Ethereum is like digital oil.” Cochran explained further that Ethereum is the gas that powers decentralized protocols.

著名的加密貨幣投資者和風險投資公司 Cinneamhain Ventures 的合夥人 Adam Cochran 也做出了回應，稱「以太坊就像數位石油」。科克倫進一步解釋說，以太坊是為去中心化協議提供動力的天然氣。

Staked ETH is like an internet bond.

質押的 ETH 就像網路債券。

— Adam Cochran (adamscochran.eth) (@adamscochran) May 24, 2024

— Adam Cochran (adamscochran.eth) (@adamscochran) 2024 年 5 月 24 日

Meanwhile, James Check (popularly known as CheckMatey), a lead analyst at Glassnode, suggested that Ether doesn’t have a selling point. “Ethereum still has no elevator pitch, despite years of attempts,” the crypto pundit said in a post on X.

同時，Glassnode 的首席分析師 James Check（俗稱 CheckMatey）表示，以太坊沒有賣點。這位加密貨幣專家在 X 上的一篇帖子中表示：“儘管經過多年的嘗試，以太坊仍然沒有電梯推銷。”

ETH ETF To Clear The Path For More Funds: TD Cowen

ETH ETF 將為更多基金清除道路：TD Cowen

While it is unclear whether the Ethereum spot ETFs will be successful, these newly approved funds are expected to usher in even newer crypto products in the coming year. According to investment bank TD Cowen’s research team, a product containing a “basket of crypto tokens,” possibly just Bitcoin and Ether or other tokens might be next in line.

雖然目前尚不清楚以太坊現貨 ETF 是否會成功，但這些新批准的基金預計將在來年推出更新的加密產品。根據投資銀行 TD Cowen 的研究團隊的說法，下一個可能是包含「一籃子加密代幣」的產品，可能只是比特幣和以太幣或其他代幣。

However, the research group noted in its report that the recent approval of Ethereum spot ETF doesn’t indicate a shift in the SEC’s overall stance towards crypto. This was highlighted in chairman Gary Gensler’s recent statement against the passage of crypto legislation.

然而，研究小組在報告中指出，最近以太坊現貨 ETF 的批准並未表明 SEC 對加密貨幣的整體立場發生了轉變。主席加里·詹斯勒 (Gary Gensler) 最近發表的反對通過加密貨幣立法的聲明強調了這一點。

TD Cowen predicts the SEC will keep its Democratic majority through 2026. "We expect the agency will continue to litigate against crypto trading platforms that trade tokens that the agency believes are unregistered securities". Next ETF to come within a year might be an offering…

TD Cowen 預測 SEC 將在 2026 年之前保持民主黨的多數席位。一年內推出的下一個 ETF 可能是一種產品…

— Wu Blockchain (@WuBlockchain) May 26, 2024

— Wu Blockchain (@WuBlockchain) 2024 年 5 月 26 日

“We expect the agency will continue to litigate against crypto trading platforms that trade tokens that the agency believes are unregistered securities,” the TD Cowen researchers said about the SEC keeping its Democratic majority through 2026.

TD Cowen 研究人員在談到 SEC 在 2026 年之前保持民主黨多數席位時表示：“我們預計該機構將繼續對加密貨幣交易平台提起訴訟，這些平台交易該機構認為是未註冊證券的代幣。”