探索比特币国库，新兴风险以及潜入加密货币的策略的交集。

Bitcoin, Emerging Risk, and Treasury Companies: A New York Perspective

比特币，新兴风险和国库公司：纽约的观点

The world of Bitcoin is constantly evolving, bringing new opportunities and challenges. One notable trend is the adoption of Bitcoin as a treasury asset by various companies. However, this strategy isn't without its risks, and it's crucial to understand the potential pitfalls.

比特币的世界不断发展，带来了新的机遇和挑战。一个值得注意的趋势是，将比特币作为各种公司作为国库资产。但是，这种策略并非没有风险，了解潜在的陷阱至关重要。

The Bitcoin Treasury Model: Opportunity or Overhang?

比特币国库模型：机会还是悬垂？

Recently, Matthew Sigel, Head of Digital Assets Research at VanEck, voiced concerns about the Bitcoin treasury model. He pointed out that companies holding Bitcoin as a primary treasury asset could face shareholder value erosion if their stock price trades near their net asset value (NAV). This is a critical point for investors to consider.

最近，Vaneck数字资产研究负责人Matthew Sigel对比特币国库模式表示担忧。他指出，持有比特币作为主要国库资产的公司，如果其股价交易接近其净资产价值（NAV），则可能面临股东价值侵蚀。这是投资者考虑的关键点。

For example, Semler Scientific (SMLR) is trading at 1 times NAV, according to Strategy Tracker, highlighting the potential for market valuation to reflect the underlying Bitcoin holdings rather than the company's operational value. This introduces a new dynamic where a company's stock price becomes highly correlated with Bitcoin's price movements, adding volatility and risk.

例如，根据战略追踪器的说法，Semler Scientific（SMLR）的交易价格为1倍，强调了市场估值的潜力，以反映基本的比特币持有量，而不是公司的运营价值。这引入了一种新的动态，其中公司的股价与比特币的价格变动高度相关，从而增加了波动和风险。

Broader Market Trends: Banks Embrace Bitcoin

更广泛的市场趋势：银行拥抱比特币

Despite the emerging risks, there's growing institutional acceptance of Bitcoin. BBVA, a major Spanish bank, is now advising its wealthy clients to allocate a portion of their portfolio (3% to 7%) to Bitcoin and Ethereum, based on their risk tolerance. This is a significant move, as it signals a shift from mere tolerance to active encouragement of cryptocurrency investment by a traditional financial institution.

尽管有新兴的风险，但比特币的机构接受越来越多。 BBVA是一家主要的西班牙银行，现在建议其富裕客户根据风险承受能力将其部分投资组合（3％至7％）分配给比特币和以太坊。这是一个重大举措，因为它表明从仅仅宽容到积极鼓励传统金融机构对加密货币投资的转变。

Philippe Meyer, head of digital & blockchain solutions at BBVA Switzerland, mentioned that they started advising private customers on Bitcoin since September of last year. This proactive approach could pave the way for other banks to follow suit, potentially unlocking a significant influx of capital into the crypto market. BBVA manages around $700 billion in assets and serves approximately 80 million customers worldwide, making their endorsement a game-changer.

瑞士BBVA的数字和区块链解决方案负责人Philippe Meyer提到，自去年9月以来，他们开始在比特币上为私人客户提供建议。这种主动的方法可能为其他银行效仿的道路铺平了道路，有可能将大量资本涌入加密市场。 BBVA管理约7亿美元的资产，为全球约8000万客户提供服务，使他们的认可成为改变游戏规则。

Coinbase and the Expanding Crypto Ecosystem

Coinbase和扩展的加密生态系统

Coinbase continues to expand its support for Ethereum-based tokens, recently listing Spark (SPK) and planning to support Spark perpetual futures on Coinbase International Exchange and Coinbase Advanced. This ongoing expansion demonstrates the growing diversity and sophistication of the crypto market, providing more options for investors and traders.

Coinbase继续扩大对以太坊的代币的支持，最近列出Spark（SPK），并计划支持Coinbase International Exchange和Coinbase Advanced的Spark Perpetual Futures。这种持续的扩张表明，加密市场的多样性和复杂性不断增长，为投资者和贸易商提供了更多选择。

Final Thoughts: Navigating the Crypto Landscape

最终想法：导航加密货币景观

The integration of Bitcoin into corporate treasuries is a fascinating development, but it's essential to tread carefully. While the potential for gains is enticing, the risks of shareholder value erosion and market volatility are real. As more traditional institutions like BBVA embrace Bitcoin, the landscape will undoubtedly continue to evolve.

将比特币整合到公司国库中是一个令人着迷的发展，但要谨慎行事至关重要。尽管获得的潜力是诱人的，但股东价值侵蚀和市场波动的风险是真实的。随着BBVA等较传统的机构拥抱比特币，毫无疑问，景观将继续发展。

So, keep your eyes peeled, New York! The world of Bitcoin is full of surprises, and it's always good to be in the know.

因此，纽约，请睁大眼睛，纽约！比特币的世界充满了惊喜，在知道的情况下总是很好。