特朗普承諾，比特幣將在中期有監管的清晰度

在任職的第一天，特朗普做出了大膽的諾言：比特幣將在中期有監管的清晰度。

WASHINGTON, DC - MARCH 07: U.S. President Donald Trump (C) speaks alongside Treasury Secretary Scott ... [+] Bessent (L) and White House Crypto Czar David Sacks at the The White House Digital Assets Summit at the White House on March 07, 2025 in Washington, DC. The Summit, which comes a day after Trump established a U.S. bitcoin reserve, will bring together industry experts and lawmakers for dialogs on market structure, regulations and cryptocurrency adoption. (Photo by Anna Moneymaker/Getty Images)

華盛頓特區 - 07年3月：美國總統唐納德·特朗普（C）與財政部長斯科特（Scott）一起講話。峰會是在特朗普建立美國比特幣儲備金的第二天舉行的，它將匯集行業專家和立法者，討論採用市場結構，法規和採用加密貨幣的對話。 （Anna Moneymaker/Getty Images的照片）

On his first day in office, Trump made a bold promise: Bitcoin will have regulatory clarity by midyear.

在任職的第一天，特朗普做出了大膽的諾言：比特幣將在中期有監管的清晰度。

Soon after, a Jan. 23 executive order followed, directing the nation’s top policymakers—from the Treasury Secretary and SEC chair to the CFTC chair and Attorney General—to find a way to integrate digital assets into the traditional financial system.

不久之後，1月23日的行政命令遵循，從財政部長兼SEC主席到CFTC主席兼總檢察長，指導美國頂級決策者，以找到將數字資產整合到傳統金融體系中的方法。

Even ruling out edge cases like a full-fledged “national Bitcoin reserve,” Trump’s wishlist, detailed in the order, marks the most aggressive pro-crypto push in Bitcoin’s history. And there’s already progress.

即使排除了諸如成熟的“國家比特幣儲備”之類的邊緣案件，特朗普的願望清單（按順序詳細介紹）也標誌著比特幣歷史上最具侵略性的親克萊特托（Pro-Crypto）推動。而且已經進步了。

Right after taking office, Trump’s appointed acting SEC chair, Mark Uyeda, revoked SAB 121—an accounting rule that forced banks to put crypto on their balance sheets, making custody impractical.

上任後，特朗普任命的代理SEC主席馬克·烏耶達（Mark Uyeda）撤銷了SAB 121，這是一項會計規則，迫使銀行將加密貨幣放在其資產負債表上，使監護權不切實際。

What actually comes out of Trump’s pro-crypto push is still unclear, but Wall Street looks eager to call it a done deal.

特朗普的親克賴特（Crypto）推動實際上尚不清楚，但華爾街似乎渴望將其稱為完成交易。

From financial advisor surveys and money flows to Wall Street’s recent investments, a mounting pile of data points to a major ideological shift about Bitcoin at an institutional level—one that goes beyond empty talk.

從財務顧問的調查和金錢流到華爾街最近的投資，一堆數據指向了在機構一級圍繞比特幣的重大意識形態轉變，這是一個不僅僅是空虛的談話。

ETFs have proved there’s a lot of pent-up demand for Bitcoin

ETF已證明對比特幣有很多壓抑的需求

On Jan. 14, 2024, the SEC approved spot Bitcoin ETFs, giving institutional investors a backdoor into Bitcoin. These funds solved three key problems that had kept big money on the sidelines: compliance, tax inefficiencies, and custody.

2024年1月14日，SEC批准了現場比特幣ETF，使機構投資者成為比特幣的後門。這些資金解決了三個關鍵問題，這些問題在場外賺了很多錢：合規性，稅收效率低下和監護權。

‘Panic-Selling’ Could Be About To Crash The Bitcoin Price

“恐慌銷售”可能會使比特幣價格崩潰

‘The White Lotus’ Season 3, Episode 4 Recap And Review: You Killed My Father, Prepare To Die

“白蓮花”第3季，第4​​集回顧和評論：你殺死了我父親，準備死

Russia Is Bombing Bridges To Cut Off 10,000 Ukrainian Troops In Kursk

俄羅斯正在轟炸橋，以切斷庫爾斯克的10,000名烏克蘭部隊

For the first time, institutions could buy Bitcoin as easily as the S&P 500. The result is nearly $113 billion in inflows in under a year—representing about 10% of Bitcoin’s total market cap.

機構首次可以像標準普爾500指數一樣容易地購買比特幣。結果在不到一年的時間內流入了近1,130億美元，佔比特幣總市值的10％。

Demand was so off the charts that Bitcoin ETFs broke records as the fastest-growing ETFs ever, outpacing every other asset class—including its ideological rival, gold.

需求遠遠超出了圖表，以至於比特幣ETF破壞了有史以來增長最快的ETF的記錄，超過了其他所有資產類別，包括其意識形態競爭對手，黃金。

In the first three trading days, Bitcoin ETFs pulled in $10 billion. For perspective, gold took nearly three years to hit that mark in the early 2000s. Bloomberg ETF analyst Eric Balchunas called it “insane.”

在前三個交易日中，比特幣ETF賺了100億美元。從角度來看，黃金在2000年代初花了將近三年的時間才達到這一目標。彭博ETF分析師Eric Balchunas稱其為“瘋狂”。

Since its launch, BlackRock’s iShares Bitcoin Trust—the first spot Bitcoin ETF—has collected $53 billion in assets, making it the fastest ETF to hit the $50 billion mark.

自推出以來，BlackRock的Ishares Bitcoin Trust（第一個比特幣ETF）收取了530億美元的資產，使其成為達到500億美元大關的最快ETF。

“I wasn’t sure we’d ever see it, but I’ve never seen anything like it in my career—something going from 0 to $50 billion in basically six months,” BlackRock CFO Martin Small said earlier this month at the Goldman Sachs U.S. Financial Services Conference.

BlackRock CFO Martin Small在本月早些時候在Goldman Sachs US Financial Services會議上說：“我不確定我們是否會看到它，但我從未見過類似的東西，在六個月內從0到500億美元。”

Within their first year, Bitcoin ETFs have racked up more than $100 billion in assets. Considering that gold ETFs ended last month with $306 billion in assets, Bitcoin is already a third of the way toward matching gold in terms of ETF safe-haven demand.

在他們的第一年，比特幣ETF已獲得超過1000億美元的資產。考慮到黃金ETF上個月以30060億美元的資產結束，比特幣已經是ETF避風港需求方面匹配黃金的三分之一。

And this isn’t just a retail-driven frenzy. According to SEC fillings, institutional ownership of Bitcoin ETFs tripled over the last quarter—from $12.4 billion to $38.7 billion. That’s in stark contrast to a 69% rise from retail investors, according to Fintel.

這不僅僅是零售驅動的瘋狂。根據SEC填充，比特幣ETF的機構所有權在上個季度增加了兩倍，從124億美元到387億美元。根據Fintel的說法，這與散戶投資者的69％增長形成鮮明對比。

Ironically, “institutions are perhaps the only investors that remain excited about cryptocurrency right now,” Nick Murcin, founder of Crypto Bureau, told me. And there may be a good reason why.

具有諷刺意味的是，“機構也許是目前對加密貨幣感到興奮的唯一投資者，”加密局的創始人Nick Murcin告訴我。可能有充分的理由。

Bitcoin’s narrative is shifting from speculative bet to portfolio diversifier

比特幣的敘述正在從投機賭注轉變為投資組合多樣性

Not long ago, Wall Street slammed Bitcoin as the biggest fad in history. Warren Buffett famously called it “rat poison squared,” and JPMorgan’s Jamie Dimon dismissed it as “worse than tulip bulbs.”

不久前，華爾街猛烈抨擊比特幣是歷史上最大的時尚。沃倫·巴菲特（Warren Buffett）著名地稱其為“老鼠毒藥平方”，摩根大通的傑米·戴蒙（Jamie Dimon）將其視為“比鬱金香鱗莖差”。

But many fund managers who once wrote off Bitcoin have changed their tune. BlackRock and Fidelity have both issued Bitcoin ETFs. Goldman Sachs quietly bought up $1.6 billion worth of Bitcoin ETFs in 2014.

但是，許多曾經寫下比特幣的基金經理改變了他們的調子。貝萊德和富達都發行了比特幣ETF。高盛在2014年悄悄地購買了價值16億美元的比特幣ETF。

In April 2022, Fidelity became the first firm to let employees add Bitcoin to their 401(k) accounts. Last year, Morgan

2022年4月，富達成為第一家讓員工在其401（k）帳戶中添加比特幣的公司。去年，摩根