在经济压力时期，比特币和其他加密货币正在使用更多

这主要发生在通货膨胀率很高，汇款昂贵的国家，或者政府限制了多少钱可以离开该国。

A new report by the Bank for International Settlements (BIS) has revealed that the use of Bitcoin and other cryptocurrencies tends to increase during periods of economic stress, particularly in countries with high inflation, expensive remittances, or capital controls.

国际定居银行（BIS）的一份新报告显示，在经济压力期间，尤其是在通货膨胀率高，昂贵的汇款或资本控制的国家，比特币和其他加密货币的使用往往会增加。

As reported by Ben Armstrong on X, the report, titled "Bumpy Ride: A Tale of Two Hemispheres in a Small World," delves into the factors influencing the adoption and utilization of cryptocurrencies. It provides insights into the role of crypto in a globalized and interconnected economy, highlighting the role of Bitcoin in times of financial hardship.

正如本·阿姆斯特朗（Ben Armstrong）在X上报道的那样，该报告的标题为“颠簸之旅：一个小世界中两个半球的故事”，探讨了影响加密货币采用和利用的因素。它提供了有关加密在全球化和相互联系的经济中的作用的见解，突出了比特币在经济困难时期的作用。

The study found that when the financial system becomes dysfunctional or too costly to use, people turn to decentralized alternatives like Bitcoin and stablecoins such as USDT and USDC. This is especially true for small international payments, where crypto offers a viable third option when traditional money transfer systems become unreliable or limited.

该研究发现，当金融系统变得功能失调或过于昂贵时，人们会转向分散的替代品，例如比特币和稳定币，例如USDT和USDC。对于小型国际付款尤其如此，当传统汇款系统变得不可靠或有限时，加密货币提供了可行的第三种选择。

Furthermore, the report shows that the use of crypto rises when inflation surges, making local currency hold less value, or when remittances become expensive, hindering the ability of migrants to support their families back home.

此外，该报告表明，当通货膨胀率激增，使当地货币的价值降低或汇款变得昂贵时，加密货币的使用会增加，这阻碍了移民支持其家人回到家的能力。

Additionally, the researchers observed an increase in crypto use when countries implement capital controls, limiting how much money people can move in or out of the country. This leads to a higher demand for cryptocurrencies like Bitcoin, which offer a means to bypass such restrictions.

此外，研究人员观察到，当国家实施资本管制时，加密货币的使用情况有所增加，限制了人们可以进出该国的资金。这导致对比特币等加密货币的需求更高，这提供了绕过此类限制的手段。

The report utilized data from major crypto exchanges and the usage patterns of crypto-related mobile applications to track cross-border transactions of Bitcoin, Ethereum, USDT, and USDC from 2017 to mid-2024.

该报告利用了来自主要加密交易所的数据以及与加密相关的移动应用程序的使用模式来跟踪2017年至2024年中期比特币，以太坊，USDT和USDC的跨境交易。

The cross-border crypto flows, which include both retail and institutional transactions, shot up from less than $7 billion in the first quarter of 2017 to over $800 billion in the fourth quarter of 2021. However, they decreased to around $400 billion in 2022 during a crypto market slump but rebounded to approximately $600 billion by the second quarter of 2024.

包括零售和机构交易在内的跨境加密货币流量从2017年第一季度的不到70亿美元增加到2021年第四季度的8000亿美元以上。然而，在2022年，在一个加密货币市场下降到2024年，这些季度下降到2024年，在2024年下降到2024年的600亿美元。

Initially, Bitcoin constituted about 80 percent of those payments, but that proportion has since fallen to less than 25 percent as more people opt for stablecoins for cross-border transactions. This shift indicates that different user groups prefer different tools for varying needs.

最初，比特币构成了约80％的付款，但是随着更多人选择跨境交易的人，该比例已下降到不到25％。此班次表明不同的用户组更喜欢不同的工具来满足不同的需求。

The report also noted that Bitcoin use doesn't seem to depend much on where people live or what language they speak, unlike regular bank activity. It's used more when and where people need it, and it becomes more visible when global financial stress increases.

该报告还指出，与常规银行活动不同，比特币的使用似乎不大取决于人们的生活或说什么语言。它在人们需要的时间和何处使用了更多，当全球财务压力增加时，它会变得更加明显。

The researchers measured global financial stress using the VIX, a widely recognized market fear index. They found that surges in the VIX tend to coincide with a rise in Bitcoin use, even among investors and businesses, who increase their use of crypto during uncertain economic times.

研究人员使用VIX（这是一个公认的市场恐惧指数）测量了全球财务压力。他们发现，VIX中的激增倾向于与比特币使用的增加，即使在投资者和企业中，他们在不确定的经济时期增加了对加密货币的使用。