比特幣：從數字黃金到全球資產 - 機構注意

比特幣超越了數字黃金的發展，在市場波動和減少交換供應量的情況下，機構涵蓋了一個全球資產基準。

Bitcoin: From Digital Gold to Global Asset - Institutions Take Note

比特幣：從數字黃金到全球資產 - 機構注意

Bitcoin is undergoing a fascinating transformation. Once viewed primarily as digital gold, it's increasingly becoming a reference benchmark for global assets. Institutions are taking note, and the implications are huge.

比特幣正在經歷著令人著迷的轉變。一旦將主要是數字黃金視為數字黃金，它將越來越成為全球資產的參考基準。機構正在註意，其影響是巨大的。

Bitcoin as a Unit of Account

比特幣作為帳戶單位

Forget just being a store of value. Some of the world's most prominent institutions are starting to price assets in Bitcoin terms. BlackRock's tokenized fund BUIDL even added Bitcoin to its balance sheet. Franklin Templeton's CEO publicly endorsed BTC as a "monetary anchor," highlighting its stability and reliability.

忘了成為價值存儲。一些世界上最傑出的機構開始以比特幣的價格進行價格資產。 BlackRock的標記基金Buidl甚至在其資產負債表中添加了比特幣。富蘭克林·鄧普頓（Franklin Templeton）的首席執行官公開認可BTC為“貨幣錨”，強調了其穩定性和可靠性。

Mining equipment, tokenized assets, and even DeFi derivatives are now being priced in BTC. MicroStrategy began referencing its own valuation in BTC terms. This isn't just about holding Bitcoin; it's about using it as a measuring stick.

採礦設備，令牌資產甚至是Defi衍生產品現在都在BTC中定價。 MicroStrategy開始用BTC術語引用自己的估值。這不僅僅是持有比特幣；這是關於將其用作測量棒。

The Role of Stablecoins

Stablecoins的作用

Dollar-backed stablecoins have become crucial for digital payments, but their reliance on USD pegs comes with regulatory and geopolitical challenges. What if trade was denominated in Bitcoin but settled in stablecoins? This is the question forward-thinking institutions are beginning to ask.

美元支持的穩定股對數字支付至關重要，但是它們對美元釘的依賴伴隨著監管和地緣政治挑戰。如果貿易在比特幣中被列為貿易，但定居在Stablecoins中怎麼辦？這是具有前瞻性的機構開始提出的問題。

The future might involve BTC-denominated stablecoins, synthetic sat-backed units, or vaults that rebalance into BTC indexes. These are no longer just ideas; they're being built. On-chain experiments like Ethena’s USDe point to hybrid stabilization models.

未來可能涉及以BTC計數的穩定性，合成的衛星單位或將重新平衡為BTC索引的保險庫。這些不再只是想法。他們正在建造。諸如Ethena的USDE之類的鏈實驗指向混合穩定模型。

Institutions and the Supply Squeeze

機構和供應擠壓

The supply of Bitcoin on exchanges has been decreasing, a trend that's been accelerating since April. Institutions and ETFs are driving this exodus. Corporate buyers and treasury firms have withdrawn significant amounts of BTC from exchanges. Bitcoin ETFs now hold over 800,000 BTC in custody wallets.

交易所中比特幣的供應一直在減少，這一趨勢自4月以來一直在加速。機構和ETF正在推動這一出埃及。公司買家和財政部已從交易所撤回了大量BTC。現在，比特幣ETF持有超過800,000 BTC的監護錢包。

This shrinking supply, coupled with rising demand, could trigger a sharp price movement, a scenario known as a supply shock.

這種不斷變化的供應以及需求不斷上升，可能會觸發急劇的價格變動，這種情況被稱為供應衝擊。

Volatility on the Horizon

地平線波動

Bitcoin has been trading in a narrow range, but derivatives and on-chain data suggest heightened activity among large holders, often referred to as whales. They've been moving significant volumes onto centralized exchanges, which is often a precursor to increased market volatility.

比特幣一直在狹窄的範圍內進行交易，但是衍生物和鏈上數據表明，大型持有人的活動增加，通常稱為鯨魚。他們一直在將大量的交流轉移到集中式交易所，這通常是增加市場波動的先驅。

Traders are also hedging against potential downside risks, possibly in anticipation of profit-taking or adverse reactions to macroeconomic developments. Keep an eye on those central bank decisions; they could significantly influence market sentiment.

貿易商還對潛在的下行風險進行對沖，這可能是因為預期利潤或對宏觀經濟發展的不利反應。密切關注這些中央銀行的決定；他們可能會極大地影響市場情緒。

The Dual-Stack Thesis

雙堆棧論文

The idea of Bitcoin as the unit of account and stablecoins as the medium of exchange is gaining traction. The Lightning ecosystem is exploring "synthetic stablecoins" denominated in sats. Firms are developing Bitcoin-native community banking models that enable USD or fiat-pegged balances underpinned by BTC reserves.

比特幣作為帳戶單位和穩定幣作為交換媒介的想法正在吸引。閃電生態系統正在探索SATS中的“合成穩定劑”。公司正在開發比特幣本地社區銀行業模型，以實現BTC儲備金支撐的美元或菲亞特·匹蓋餘額。

Sovereign miners, export firms, and even DeFi protocols are starting to report in BTC, not dollars. This isn't a return to the gold standard; it's the emergence of a programmable, post-sovereign ledger standard.

主權礦工，出口公司甚至Defi協議都開始以BTC而不是美元報告。這不是返回黃金標準；這是可編程後的分類帳標準的出現。

Regulatory Considerations

監管考慮

Global regulators currently mandate that stablecoins maintain a 1:1 backing with fiat currency. However, as Bitcoin gains traction as a decentralized store of value, could regulators eventually allow it to evolve into a reserve asset for stablecoins? While unlikely in the short term, adoption trends could prompt a reevaluation.

全球監管機構目前要求Stablecoins維持FIAT貨幣的1：1支持。但是，隨著比特幣作為分散的價值存儲而獲得的吸引力，監管機構最終是否可以將其演變為穩定的儲備資產？儘管在短期內不太可能，但採用趨勢可能會引起重新評估。

Final Thoughts

最後的想法

Bitcoin's journey from digital gold to a global asset benchmark is just beginning. With institutions increasingly recognizing its potential, and with a shifting landscape in monetary policy, the future looks bright (and potentially volatile!). Buckle up, buttercups; it's going to be an interesting ride!

比特幣從數字黃金到全球資產基準的旅程才剛剛開始。隨著機構越來越多地承認其潛力，並且隨著貨幣政策的變化景觀，未來看起來明亮（並且可能動盪不安！）。釦子，毛cup；這將是一個有趣的旅程！