比特幣支持的貸款：金融新領域

隨著 2024 年的深入，利用比特幣 (BTC) 作為貸款抵押品的想法變得越來越普遍。

As we move deeper into 2024, the idea of utilizing Bitcoin (BTC) as collateral for lending is becoming increasingly common. Individuals and businesses around the globe are putting up their Bitcoin in exchange for significant liquid capital.

隨著 2024 年的深入，利用比特幣 (BTC) 作為貸款抵押品的想法變得越來越普遍。全球各地的個人和企業都在用比特幣換取大量的流動資金。

Think about how real estate investors use mortgages. They’ve long known that borrowing against an asset they believe will appreciate is a smart move. Why sell something you think is going up in value when you can borrow against it instead? When comparing Bitcoin loans to mortgage financing in real estate, both types of loans operate under the assumption that these assets will appreciate over the long run—why sell something you think is going up in value when you can borrow against it instead?

想想房地產投資者如何使用抵押貸款。他們早就知道，以他們認為會升值的資產為抵押進行借貸是明智之舉。當你可以藉到一些你認為會升值的東西時，為什麼要賣掉它呢？當比特幣貸款與房地產抵押貸款融資進行比較時，兩種類型的貸款都是在這些資產長期升值的假設下運作的——當你可以藉用它時，為什麼要出售你認為會升值的東西呢？

Bitcoin vs. real estate financing

比特幣與房地產融資

Physical property almost always holds or grows its value because it is a limited resource. The same can be said about Bitcoin, as it has a capped supply. This scarcity is exactly what makes mortgages an important tool in real estate investing, and Bitcoin-backed loans provide a similar proposition.

實體財產幾乎總是保值或增值，因為它是一種有限的資源。比特幣也是如此，因為它的供應量是有限的。這種稀缺性正是抵押貸款成為房地產投資的重要工具的原因，而比特幣支持的貸款也提供了類似的主張。

However, Bitcoin offers unique advantages that set it apart from traditional collateral.

然而，比特幣具有與傳統抵押品不同的獨特優勢。

With a daily trading volume of $40 billion and a 24/7 global market, Bitcoin is incredibly liquid. This substantial and relatively untapped liquidity allows for large positions to be liquidated in minutes at any time, ensuring lenders utilizing it as collateral can recoup their funds with minimal delay or loss—significantly reducing the risk of a loan. Moreover, Bitcoin’s low correlation with traditional asset classes makes it an attractive diversification tool for institutional investors. Compare this to mortgage financing, where selling a property can take weeks or months, involving a complex process with multiple steps. The laborious liquidation process in real estate means that lenders face greater risk in recovering value in the event of a default, as they may encounter delays, market fluctuations, and potential losses.

比特幣的每日交易量為 400 億美元，全球市場 24/7，流動性極強。這種大量且相對未開發的流動性允許隨時在幾分鐘內清算大量頭寸，確保利用其作為抵押品的貸方可以在最小的延遲或損失的情況下收回資金，從而顯著降低貸款風險。此外，比特幣與傳統資產類別的低相關性使其成為對機構投資者有吸引力的多元化工具。與抵押貸款融資相比，出售房產可能需要數週或數月的時間，涉及多個步驟的複雜過程。房地產行業的清算過程十分艱難，這意味著貸款人在發生違約時面臨更大的收回價值的風險，因為他們可能會遇到延誤、市場波動和潛在損失。

Structural parallels: Bitcoin loans and equity financing

結構相似之處：比特幣貸款和股權融資

While being built around the same logic as real estate financing, Bitcoin-backed loans are actually more structurally similar to equity financing. When investors engage in equity financing, they are subject to margin calls. For example, if the stock price drops, the bank may ask the investor to deposit cash or sell some of their stock to cover the loan. Bitcoin-backed loans work in the same way but offer several benefits.

雖然比特幣支持的貸款與房地產融資的邏輯相同，但實際上在結構上與股權融資更為相似。當投資者進行股權融資時，他們會受到追加保證金的追繳。例如，如果股價下跌，銀行可能會要求投資者存入現金或出售部分股票以償還貸款。比特幣支持的貸款以同樣的方式運作，但提供了一些好處。

One key advantage is that Bitcoin is borderless. Unlike traditional assets, which can vary significantly in quality due to regulatory and exchange differences by jurisdiction, Bitcoin is the same to everyone and everywhere. It remains uniform regardless of geography. This means that lending against Bitcoin is not affected by the complexities of varying jurisdictions or property rights that often complicate traditional lending. Whether the borrower is in Canada or Argentina, the Bitcoin used as collateral is identical, greatly simplifying the lending process and eliminating many of the geographic risks associated with traditional cross-border financing.

比特幣的一個關鍵優勢是它是無國界的。與傳統資產不同，傳統資產由於司法管轄區的監管和兌換差異而品質差異很大，比特幣對每個人、任何地方都是相同的。無論地理位置如何，它都保持統一。這意味著以比特幣為抵押的貸款不會受到不同司法管轄區或產權的複雜性的影響，而這些複雜性通常會使傳統貸款變得複雜。無論借款人在加拿大還是阿根廷，用作抵押品的比特幣都是相同的，這大大簡化了借貸流程，並消除了與傳統跨境融資相關的許多地理風險。

Institutional investors: Attractive yields in a declining rate environment

機構投資者：在利率下降的環境下，收益率具有吸引力

The economics of Bitcoin-backed lending are particularly attractive in the current financial landscape. As investors start to have concerns that traditional fixed-income products may struggle to provide meaningful yields in a declining rate environment, Bitcoin-backed loans offer significantly higher interest rates, often in the 12-14% range. This premium exists due to the perceived risk in the digital asset industry, but as more traditional institutions enter the space, we can expect this premium to decrease over time.

在當前的金融格局中，比特幣支持的貸款的經濟性特別有吸引力。由於投資者開始擔心傳統的固定收益產品可能難以在利率下降的環境下提供有意義的收益率，因此比特幣支持的貸款提供了明顯更高的利率，通常在 12-14% 的範圍內。這種溢價的存在是由於數位資產行業存在風險，但隨著更多傳統機構進入該領域，我們預計這種溢價會隨著時間的推移而下降。

Looking forward, we can anticipate the development of a secondary market for syndicated Bitcoin-backed loans, similar to traditional financing. In addition, a securitization product may develop in a way similar to that of the mortgage-backed securities market. This would further professionalize the industry, increase liquidity, and potentially lead to even more attractive products and rates for lenders and borrowers alike.

展望未來，我們可以預見比特幣銀團貸款二級市場的發展，類似傳統融資。此外，證券化產品可能會以類似於抵押貸款支持證券市場的方式發展。這將進一步使該行業專業化，增加流動性，並有可能為貸款人和借款人帶來更具吸引力的產品和利率。

For institutional investors, Bitcoin-backed lending presents a compelling alternative to traditional fixed-income investments like money market funds and treasuries, especially in a declining interest rate environment. While the price of Bitcoin can be volatile, the over-collateralized structure and ability for near-instant liquidation of collateral provides substantial security for the protection of capital.

對於機構投資者來說，比特幣支持的貸款是貨幣市場基金和國債等傳統固定收益投資的引人注目的替代方案，尤其是在利率下降的環境下。雖然比特幣的價格可能會波動，但超額抵押結構和近乎即時清算抵押品的能力為保護資本提供了實質的安全保障。

It’s important to note that the Bitcoin lending industry is still in its early stages, comparable to the first inning of residential mortgages. Currently, only an estimated 2% of Bitcoin has leverage on it, compared to roughly 60% of American homes. As Bitcoin continues to grow and stabilize, and as people become more comfortable using it as collateral, the market size for Bitcoin-backed loans is poised for immense growth.

值得注意的是，比特幣借貸行業仍處於早期階段，與住宅抵押貸款的第一階段相當。目前，估計只有 2% 的比特幣具有槓桿作用，而美國家庭的比例約為 60%。隨著比特幣的持續增長和穩定，以及人們越來越願意使用它作為抵押品，比特幣支持的貸款的市場規模有望實現巨大增長。

As traditional financial institutions begin to enter this space, it’s clear that Bitcoin-backed lending is moving from the fringes to the mainstream of finance. However, it’s the established digital asset firms that currently hold the expertise and experience in this unique market.

隨著傳統金融機構開始進入這一領域，很明顯，比特幣支持的貸款正在從金融的邊緣走向主流。然而，目前在這個獨特市場上擁有專業知識和經驗的是成熟的數位資產公司。

Ultimately, Bitcoin-backed lending represents a significant evolution in the world of finance. It combines the best aspects of traditional lending with the unique properties of Bitcoin, offering unparalleled liquidity, global accessibility, and potentially higher yields. As the market matures and becomes more regulated, we can expect to see increased participation from institutional investors,

最終，比特幣支持的貸款代表了金融界的重大演變。它將傳統借貸的最佳方面與比特幣的獨特屬性相結合，提供無與倫比的流動性、全球可訪問性和潛在的更高收益。隨著市場的成熟和監管的加強，我們預期機構投資者的參與將會增加，