川普領導下的併購復興：加密貨幣的催化劑？

人們普遍預期川普政府將為併購活動創造有利的環境。較低的利率、放鬆管制和親商政策等因素可能會加速企業整合。

Hunter Horsley, CEO of Bitwise Asset Management, has shared his thoughts on how the return of Donald Trump as US President might indirectly fuel the growth of cryptocurrencies.

Bitwise 資產管理公司執行長 Hunter Horsley 分享了他對唐納德川普重返美國總統可能如何間接推動加密貨幣成長的看法。

In a 6 January 2025 post on Twitter, Horsley shared his perspective on the matter.

霍斯利在 2025 年 1 月 6 日在 Twitter 上發布的帖子中分享了他對此事的看法。

Trump administration may unfreeze M&A.

川普政府可能會解凍併購。

Large corporates — mag 7, etc — may finally be able to wield their market cap. Amazon could buy Instacart. Google could buy Uber. etc etc

大型企業（mag 7 等）可能最終能夠運用其市值。亞馬遜可以收購 Instacart。谷歌可以收購 Uber。等等等等

The big may get bigger, and the middle may shrink.

大的可能會變大，中間的可能會縮小。

If that happens, I think it will accelerate…

如果發生這種情況，我認為它會加速…

— Hunter Horsley (@HHorsley) January 5, 2025

— 亨特‧霍斯利 (@HHorsley) 2025 年 1 月 5 日

The Trump administration is widely expected to create a favorable environment for M&A activity. Several factors could contribute to this, including lower interest rates, deregulation, and pro-business policies.

人們普遍預期川普政府將為併購活動創造有利的環境。有幾個因素可能導致這種情況，包括較低的利率、放鬆管制和有利於商業的政策。

According to data from Dealogic, M&A activity in 2024 reached $1.4 trillion, showing improvement from 2023 but still lagging behind pre-pandemic levels.

Dealogic的數據顯示，2024年併購活動達1.4兆美元，較2023年有所改善，但仍落後於疫情前的水準。

With Trump back in office, 2025 could become a pivotal year for M&A growth.

隨著川普重新上任，2025 年可能成為併購成長的關鍵一年。

It feels like the the world is on the precipice of change in 2025.

2025 年，世界似乎正處於變革的邊緣。

The enemy is stagnation, not change. Progress requires change.

敵人是停滯，而不是變化。進步需要改變。

I'm super fired up for it.

我對此非常興奮。

— Hunter Horsley (@HHorsley) January 5, 2025

— 亨特‧霍斯利 (@HHorsley) 2025 年 1 月 5 日

Horsley envisions a scenario where major corporations—such as Amazon or Google—leverage their significant market capitalizations to acquire smaller competitors.

霍斯利設想了這樣一種情況：亞馬遜或谷歌等大公司利用其龐大的市值來收購規模較小的競爭對手。

For example, Amazon could potentially buy Instacart, or Google might acquire Uber. While this consolidation may benefit large corporations, it could also squeeze out mid-sized companies and further concentrate power within a few dominant players.

例如，亞馬遜可能會收購 Instacart，或者Google可能會收購 Uber。雖然這種整合可能有利於大型企業，但也可能擠出中型企業，並進一步將權力集中在少數主導企業手中。

This trend aligns with a core principle of cryptocurrency: distrust in centralized institutions.

這種趨勢符合加密貨幣的核心原則：對中心化機構的不信任。

As Horsley explains, “The big getting bigger accentuates this.” In essence, the more centralized traditional markets become, the more appealing decentralized alternatives like Bitcoin and Ethereum may appear to consumers.

正如霍斯利所解釋的那樣，“大企業變得更大，這一點更加突出。”從本質上講，傳統市場變得越集中，比特幣和以太坊等去中心化替代品可能對消費者來說就越有吸引力。

A Major Theme In 2025 Is Going To Be The Arrival Of Corporates

2025 年的一大主題將是企業的到來

Horsley also shared a list of top corporate companies and their Bitcoin holdings.

霍斯利還分享了一份頂級企業名單及其持有的比特幣。

He said, “A major theme in 2025 is going to be the arrival of corporates — Bitcoin Standard Corporations .”

他說，“2025 年的一個主題將是企業的到來——比特幣標準公司。”

“There are many private companies like Bitwise Investthat also hold Bitcoin on the balance sheet. Exciting to see,” he added.

「像 Bitwise Invest 這樣的許多私人公司也在資產負債表上持有比特幣。很高興看到，」他補充道。

The HODL Top 70 List ? 12/30/2024 pic.twitter.com/B2G0gCPdiC

HODL 前 70 名名單? 12/30/2024 pic.twitter.com/B2G0gCPdiC

— HODL15Capital ?? (@HODL15Capital) December 30, 2024

— HODL15Capital ?? (@HODL15Capital) 2024 年 12 月 30 日

In a separate post, Horsley also shared that there are estimated 58 million millionaires globally and there’s only enough Bitcoin for 1 in 3 of them to have one.

Horsley 在另一篇文章中也表示，全球估計有 5,800 萬百萬富翁，而比特幣只夠其中三分之一的人擁有。

“The scarcity of Bitcoin is going to start to feel dramatic as it enters the mainstream,” he pointed out.

他指出：“當比特幣進入主流時，它的稀缺性將開始讓人感到戲劇性。”

There are estimated 58 million millionaires globally.

全球估計有 5,800 萬百萬富翁。

There’s only enough Bitcoin for ~ 1 in 3 of them to have one.

比特幣的數量只夠三分之一的人擁有。

The scarcity of Bitcoin is going to start to feel dramatic as it enters the mainstream.

當比特幣進入主流時，它的稀缺性將開始變得戲劇性。

— Hunter Horsley (@HHorsley) January 6, 2025

— 亨特‧霍斯利 (@HHorsley) 2025 年 1 月 6 日