日本是下一波機構比特幣採用的支點

在與新聞記者勞拉·辛（Laura Shin）的對話中，《無鏈接的，alpha策略的位負責人傑夫·帕克》（Jeff Park）繪製了未來

In a wide-ranging interview with journalist Laura Shin on the latest episode of Unchained, Bitwise Head of Alpha Strategies Jeff Park sketched a future in which Japan’s financial system—and the political imperatives that underpin it—place the country at the fulcrum of the next major wave of institutional Bitcoin adoption.

在對新聞記者勞拉·辛（Laura Shin）的廣泛採訪中，在最新一集的《無鏈接的，阿爾法策略》的位負責人傑夫·帕克（Jeff Park）勾勒出了一個未來的未來，即日本的金融體係以及支撐它的政治要求 - 將其置於下一個制度比特幣採用的下一個主要浪潮中的國家。

Park, a former macro portfolio manager who now advises the $3.5 billion crypto asset manager, argued that Tokyo’s structural role in global credit markets, its historically deflationary domestic economy and a fast-emerging retail fascination with “digital gold” together give Japan unique leverage in shaping the monetary order that is forming around BTC.

帕克（Park）是前宏觀投資組合經理帕克（Park），他現在建議這位35億美元的加密資產經理帕克（Park）辯稱，東京在全球信貸市場中的結構性作用，其歷史上放置的國內經濟以及對“數字黃金”的快速零售迷戀共同使日本在塑造BTC周圍形成的貨幣秩序方面具有獨特的槓桿作用。

As the yen-funded carry trade continues to underpin low borrowing costs in the US and Europe, and Japanese authorities remain open to diversifying a portion of the country’s foreign-exchange reserves, the calculus could shift rapidly.

隨著日元資助的攜帶貿易繼續支撐美國和歐洲的低借貸成本，日本當局仍然開放，以使該國一部分外國交換儲量多樣化，積極可能會迅速轉移。

Park called Japan “the centre of the entire financial system today,” noting the longstanding yen-funded carry trade that exports Japan’s ultra-low borrowing costs into dollar markets. When Japanese rates rise, “you see a violent unwind of the carry trade that directly impacts US rates,” illustrating how tightly interwoven the two economies remain despite different growth trajectories.

帕克稱日本為“當今整個金融體系的中心”，指出了長期以來的日元資助的攜帶貿易將日本超低借貸成本出口到美元市場中。當日本利率上升時，“您會看到直接影響美國利率的攜帶貿易的暴力揭露，這說明了儘管增長軌跡不同，但兩家經濟體仍然如何緊密地交織在一起。

Against that backdrop, Park contends that a credible move by the United States toward adding BTC to its own reserves cannot happen in isolation: “When the US does go on the journey of acquiring Bitcoin for their sovereign wealth or treasury assets, then Japan must be a little bit privy to that because they would probably want to act in concert.”

在這種背景下，帕克認為，美國向將BTC添加到自己的儲備中的可靠舉動不能孤立地發生：“當美國確實繼續為其主權財富或財政部資產而獲得比特幣的旅程時，日本一定要有一點特權，因為他們可能想參加音樂會。”

In Park’s telling, Tokyo’s response is not merely a diplomatic nicety. If Washington were to accumulate Bitcoin without warning, “Japan would be pretty upset,” he said. “They would say, ‘Hey, we have to do it together because I’m on the other side of the trade. If you’re going to front-run me, then I’m going to front-run you.’”

在帕克的講述中，東京的回應不僅是外交上的善意。他說，如果華盛頓在不警告的情況下積累比特幣，“日本會很沮喪”。 “他們會說，'嘿，我們必須一起做，因為我在交易的另一面。

That tension, he suggested, is one reason US policy makers have so far hesitated to follow El Salvador, by placing Bitcoin directly on the national balance-sheet. “Once the US starts doing it,” Park warned, “there are other tangential players who would be conflicted… and I think Japan is at the centre of it.”

他建議，這種緊張是美國政策制定者猶豫不決地通過將比特幣直接放在國家資產負債表上來跟隨薩爾瓦多的原因之一。帕克警告說：“一旦美國開始這樣做，還有其他切線球員會矛盾……我認為日本是其中的中心。”

Japan Might Flip The Switch On Global Bitcoin Adoption

日本可能會翻轉全球比特幣採用的轉換

Park sees a convergence of incentives pushing Japanese actors—retail, corporate and state—toward Bitcoin. Years of negative deposit rates and chronic demographic headwinds have left savers “starved for yield,” while institutions searching for growth “invest in US stocks directly” as an extension of the carry trade.

帕克（Park）認為，激勵措施推動了日本演員（零售，企業和州）的束縛。多年的負存款利率和長期的人口逆風使儲蓄者“飢餓的產量”，而在“直接投資美國股票”中尋找增長的機構是延長攜帶貿易。

Adding Bitcoin to that toolkit, he argued, offers Japanese investors an instrument “not only just incredibly volatile but high-performing… backed by Bitcoin, the one collateral that you can lean on that isn't you being subservient to the funding model.”

他認為，在該工具包中添加比特幣，為日本投資者提供了一種樂器，“不僅令人難以置信的波動，而且表現出色……由比特幣支持，您可以依靠的一邊，這不是您對資金模型的服從。”

The first tremor of that shift, Park said, has already surfaced on the Tokyo Stock Exchange through the meteoric rally in Metaplanet Inc., the listed hotel operator that adopted a “Bitcoin-first” treasury strategy in April.

帕克說，這一轉變的第一震顫已經通過Metaplanet Inc.的眾多集會在東京證券交易所浮出水面，Metaplanet Inc.是4月採用“比特幣優先”的財政策略的上市酒店經營者。

“The meteoric rise of Metaplanet is truly a cultural one,” he told Shin. “Japanese investors are waking up for the first time to understand what Bitcoin can do for their wealth-accumulation strategies and their portfolio construction.”

他告訴Shin：“ Metaplanet的隕石崛起確實是一種文化上的興起。” “日本投資者首次醒來，了解比特幣可以為其財富蓄能策略和投資組合建設所做的事情。”

Although Park did not disclose whether Bitwise holds Metaplanet shares, he framed the company’s ascent as evidence that domestic demand exists for securities that express a long Bitcoin thesis inside Japan’s familiar corporate wrapper.

儘管Park沒有透露Bitwise是否持有Metaplanet股票，但他將該公司的上升作為證據，表明在日本熟悉的企業包裝紙內表達了長期的比特幣論文的證券需求。

Park’s analysis moves beyond price action and into geopolitics. He portrayed Bitcoin as a neutral reserve asset that could soften the asymmetric burdens created by dollar hegemony.

帕克的分析超越了價格行動和地緣政治。他將比特幣描述為中立的儲備資產，可以減輕美元霸權造成的不對稱負擔。

“If Japan understands where the world is going in the store of value,” he said, “they should have an eye on a way to preserve wealth that touches Bitcoin.”

他說：“如果日本了解世界在價值存儲中的去向，他們應該著眼於維護觸及比特幣的財富的方法。”

He went further: “At the core, Japan is going to be a big player in ushering the era of Bitcoin adoption.”

他走得更遠：“從核心來看，日本將成為迎來比特幣時代的重要球員。”

For Park, that eventuality follows from simple arithmetic. Should Japanese authorities choose to diversify even a modest slice of the country’s $1.1 trillion in foreign-exchange reserves—or the $8.7 trillion held in life-insurance and pension pools—into Bitcoin, the liquidity shock would be profound.

對於帕克來說，最終性來自簡單的算術。如果日本當局選擇甚至使該國1.1萬億美元的外國交換儲量（或在生命保險和養老金池中舉行的8.7萬億美元）中多樣化，那麼流動性衝擊將是深刻的。

The interview also highlighted how a coordinated US–Japan approach could reshape the strategic Bitcoin reserves landscape.

採訪還強調了美國 - 日本方法如何重塑戰略比特幣的儲量景觀。

Park, while cautious about a unilateral American move, implied that a tandem accumulation programme might dampen market disruption and embed Bitcoin within existing alliance structures.

帕克雖然對單方面的舉動謹慎，但表明，串聯積累計劃可能會抑制市場中斷，並將比特幣嵌入現有聯盟結構中。

“I think the US really does not understand the role of Japan even today,” Park continued. “Japan is hinged to the butt of the American experience and the US must succeed together as an alliance.”

帕克繼續說：“我認為美國確實也不了解日本的作用。” “日本融入了美國的經驗，美國必須作為一個聯盟共同成功。”

For now, Park sees the private sector leading. He pointed to Bitwise’s own analysis showing Japanese corporate treasuries experimenting with modest Bitcoin allocations, while regulators in Tokyo continue to refine guidance on custody, accounting and trust-bank administration of

目前，帕克看到私營部門領導。他指出，比特方面的分析表明，日本公司國庫正在嘗試適度的比特幣分配，而東京的監管機構繼續完善有關監護權，會計和信託銀行管理的指導