探索比特幣國庫，新興風險以及潛入加密貨幣的策略的交集。

Bitcoin, Emerging Risk, and Treasury Companies: A New York Perspective

比特幣，新興風險和國庫公司：紐約的觀點

The world of Bitcoin is constantly evolving, bringing new opportunities and challenges. One notable trend is the adoption of Bitcoin as a treasury asset by various companies. However, this strategy isn't without its risks, and it's crucial to understand the potential pitfalls.

比特幣的世界不斷發展，帶來了新的機遇和挑戰。一個值得注意的趨勢是，將比特幣作為各種公司作為國庫資產。但是，這種策略並非沒有風險，了解潛在的陷阱至關重要。

The Bitcoin Treasury Model: Opportunity or Overhang?

比特幣國庫模型：機會還是懸垂？

Recently, Matthew Sigel, Head of Digital Assets Research at VanEck, voiced concerns about the Bitcoin treasury model. He pointed out that companies holding Bitcoin as a primary treasury asset could face shareholder value erosion if their stock price trades near their net asset value (NAV). This is a critical point for investors to consider.

最近，Vaneck數字資產研究負責人Matthew Sigel對比特幣國庫模式表示擔憂。他指出，持有比特幣作為主要國庫資產的公司，如果其股價交易接近其淨資產價值（NAV），則可能面臨股東價值侵蝕。這是投資者考慮的關鍵點。

For example, Semler Scientific (SMLR) is trading at 1 times NAV, according to Strategy Tracker, highlighting the potential for market valuation to reflect the underlying Bitcoin holdings rather than the company's operational value. This introduces a new dynamic where a company's stock price becomes highly correlated with Bitcoin's price movements, adding volatility and risk.

例如，根據戰略追踪器的說法，Semler Scientific（SMLR）的交易價格為1倍，強調了市場估值的潛力，以反映基本的比特幣持有量，而不是公司的運營價值。這引入了一種新的動態，其中公司的股價與比特幣的價格變動高度相關，從而增加了波動和風險。

Broader Market Trends: Banks Embrace Bitcoin

更廣泛的市場趨勢：銀行擁抱比特幣

Despite the emerging risks, there's growing institutional acceptance of Bitcoin. BBVA, a major Spanish bank, is now advising its wealthy clients to allocate a portion of their portfolio (3% to 7%) to Bitcoin and Ethereum, based on their risk tolerance. This is a significant move, as it signals a shift from mere tolerance to active encouragement of cryptocurrency investment by a traditional financial institution.

儘管有新興的風險，但比特幣的機構接受越來越多。 BBVA是一家主要的西班牙銀行，現在建議其富裕客戶根據風險承受能力將其部分投資組合（3％至7％）分配給比特幣和以太坊。這是一個重大舉措，因為它表明從僅僅寬容到積極鼓勵傳統金融機構對加密貨幣投資的轉變。

Philippe Meyer, head of digital & blockchain solutions at BBVA Switzerland, mentioned that they started advising private customers on Bitcoin since September of last year. This proactive approach could pave the way for other banks to follow suit, potentially unlocking a significant influx of capital into the crypto market. BBVA manages around $700 billion in assets and serves approximately 80 million customers worldwide, making their endorsement a game-changer.

瑞士BBVA的數字和區塊鏈解決方案負責人Philippe Meyer提到，自去年9月以來，他們開始在比特幣上為私人客戶提供建議。這種主動的方法可能為其他銀行效仿的道路鋪平了道路，有可能將大量資本湧入加密市場。 BBVA管理約7億美元的資產，為全球約8000萬客戶提供服務，使他們的認可成為改變遊戲規則。

Coinbase and the Expanding Crypto Ecosystem

Coinbase和擴展的加密生態系統

Coinbase continues to expand its support for Ethereum-based tokens, recently listing Spark (SPK) and planning to support Spark perpetual futures on Coinbase International Exchange and Coinbase Advanced. This ongoing expansion demonstrates the growing diversity and sophistication of the crypto market, providing more options for investors and traders.

Coinbase繼續擴大對以太坊的代幣的支持，最近列出Spark（SPK），併計劃支持Coinbase International Exchange和Coinbase Advanced的Spark Perpetual Futures。這種持續的擴張表明，加密市場的多樣性和復雜性不斷增長，為投資者和貿易商提供了更多選擇。

Final Thoughts: Navigating the Crypto Landscape

最終想法：導航加密貨幣景觀

The integration of Bitcoin into corporate treasuries is a fascinating development, but it's essential to tread carefully. While the potential for gains is enticing, the risks of shareholder value erosion and market volatility are real. As more traditional institutions like BBVA embrace Bitcoin, the landscape will undoubtedly continue to evolve.

將比特幣整合到公司國庫中是一個令人著迷的發展，但要謹慎行事至關重要。儘管獲得的潛力是誘人的，但股東價值侵蝕和市場波動的風險是真實的。隨著BBVA等較傳統的機構擁抱比特幣，毫無疑問，景觀將繼續發展。

So, keep your eyes peeled, New York! The world of Bitcoin is full of surprises, and it's always good to be in the know.

因此，紐約，請睜大眼睛，紐約！比特幣的世界充滿了驚喜，在知道的情況下總是很好。