比特币支持的贷款：金融新领域

随着 2024 年的深入，利用比特币 (BTC) 作为贷款抵押品的想法变得越来越普遍。

As we move deeper into 2024, the idea of utilizing Bitcoin (BTC) as collateral for lending is becoming increasingly common. Individuals and businesses around the globe are putting up their Bitcoin in exchange for significant liquid capital.

随着 2024 年的深入，利用比特币 (BTC) 作为贷款抵押品的想法变得越来越普遍。全球各地的个人和企业都在用比特币换取大量的流动资金。

Think about how real estate investors use mortgages. They’ve long known that borrowing against an asset they believe will appreciate is a smart move. Why sell something you think is going up in value when you can borrow against it instead? When comparing Bitcoin loans to mortgage financing in real estate, both types of loans operate under the assumption that these assets will appreciate over the long run—why sell something you think is going up in value when you can borrow against it instead?

想想房地产投资者如何使用抵押贷款。他们早就知道，以他们认为会升值的资产为抵押进行借贷是明智之举。当你可以借到一些你认为会升值的东西时，为什么要卖掉它呢？当将比特币贷款与房地产抵押贷款融资进行比较时，两种类型的贷款都是在这些资产长期升值的假设下运作的——当你可以借用它时，为什么要出售你认为会升值的东西呢？

Bitcoin vs. real estate financing

比特币与房地产融资

Physical property almost always holds or grows its value because it is a limited resource. The same can be said about Bitcoin, as it has a capped supply. This scarcity is exactly what makes mortgages an important tool in real estate investing, and Bitcoin-backed loans provide a similar proposition.

实物财产几乎总是保值或增值，因为它是一种有限的资源。比特币也是如此，因为它的供应量是有限的。这种稀缺性正是抵押贷款成为房地产投资的重要工具的原因，而比特币支持的贷款也提供了类似的主张。

However, Bitcoin offers unique advantages that set it apart from traditional collateral.

然而，比特币具有与传统抵押品不同的独特优势。

With a daily trading volume of $40 billion and a 24/7 global market, Bitcoin is incredibly liquid. This substantial and relatively untapped liquidity allows for large positions to be liquidated in minutes at any time, ensuring lenders utilizing it as collateral can recoup their funds with minimal delay or loss—significantly reducing the risk of a loan. Moreover, Bitcoin’s low correlation with traditional asset classes makes it an attractive diversification tool for institutional investors. Compare this to mortgage financing, where selling a property can take weeks or months, involving a complex process with multiple steps. The laborious liquidation process in real estate means that lenders face greater risk in recovering value in the event of a default, as they may encounter delays, market fluctuations, and potential losses.

比特币的日交易量为 400 亿美元，全球市场 24/7，流动性极强。这种大量且相对未开发的流动性允许随时在几分钟内清算大量头寸，确保利用其作为抵押品的贷方可以在最小的延迟或损失的情况下收回资金，从而显着降低贷款风险。此外，比特币与传统资产类别的低相关性使其成为对机构投资者有吸引力的多元化工具。与抵押贷款融资相比，出售房产可能需要数周或数月的时间，涉及多个步骤的复杂过程。房地产行业的清算过程十分艰难，这意味着贷款人在发生违约时面临着更大的收回价值的风险，因为他们可能会遇到延误、市场波动和潜在损失。

Structural parallels: Bitcoin loans and equity financing

结构相似之处：比特币贷款和股权融资

While being built around the same logic as real estate financing, Bitcoin-backed loans are actually more structurally similar to equity financing. When investors engage in equity financing, they are subject to margin calls. For example, if the stock price drops, the bank may ask the investor to deposit cash or sell some of their stock to cover the loan. Bitcoin-backed loans work in the same way but offer several benefits.

虽然比特币支持的贷款与房地产融资的逻辑相同，但实际上在结构上与股权融资更为相似。当投资者进行股权融资时，他们会受到追加保证金的追缴。例如，如果股价下跌，银行可能会要求投资者存入现金或出售部分股票以偿还贷款。比特币支持的贷款以同样的方式运作，但提供了一些好处。

One key advantage is that Bitcoin is borderless. Unlike traditional assets, which can vary significantly in quality due to regulatory and exchange differences by jurisdiction, Bitcoin is the same to everyone and everywhere. It remains uniform regardless of geography. This means that lending against Bitcoin is not affected by the complexities of varying jurisdictions or property rights that often complicate traditional lending. Whether the borrower is in Canada or Argentina, the Bitcoin used as collateral is identical, greatly simplifying the lending process and eliminating many of the geographic risks associated with traditional cross-border financing.

比特币的一个关键优势是它是无国界的。与传统资产不同，传统资产由于司法管辖区的监管和兑换差异而质量差异很大，比特币对每个人、任何地方都是相同的。无论地理位置如何，它都保持统一。这意味着以比特币为抵押的贷款不会受到不同司法管辖区或产权的复杂性的影响，而这些复杂性通常会使传统贷款变得复杂。无论借款人在加拿大还是阿根廷，用作抵押品的比特币都是相同的，这大大简化了借贷流程，并消除了与传统跨境融资相关的许多地域风险。

Institutional investors: Attractive yields in a declining rate environment

机构投资者：在利率下降的环境下，收益率具有吸引力

The economics of Bitcoin-backed lending are particularly attractive in the current financial landscape. As investors start to have concerns that traditional fixed-income products may struggle to provide meaningful yields in a declining rate environment, Bitcoin-backed loans offer significantly higher interest rates, often in the 12-14% range. This premium exists due to the perceived risk in the digital asset industry, but as more traditional institutions enter the space, we can expect this premium to decrease over time.

在当前的金融格局中，比特币支持的贷款的经济​​性特别有吸引力。由于投资者开始担心传统的固定收益产品可能难以在利率下降的环境下提供有意义的收益率，因此比特币支持的贷款提供了明显更高的利率，通常在 12-14% 的范围内。这种溢价的存在是由于数字资产行业存在风险，但随着更多传统机构进入该领域，我们预计这种溢价会随着时间的推移而下降。

Looking forward, we can anticipate the development of a secondary market for syndicated Bitcoin-backed loans, similar to traditional financing. In addition, a securitization product may develop in a way similar to that of the mortgage-backed securities market. This would further professionalize the industry, increase liquidity, and potentially lead to even more attractive products and rates for lenders and borrowers alike.

展望未来，我们可以预见比特币银团贷款二级市场的发展，类似于传统融资。此外，证券化产品可能会以类似于抵押贷款支持证券市场的方式发展。这将进一步使该行业专业化，增加流动性，并有可能为贷款人和借款人带来更具吸引力的产品和利率。

For institutional investors, Bitcoin-backed lending presents a compelling alternative to traditional fixed-income investments like money market funds and treasuries, especially in a declining interest rate environment. While the price of Bitcoin can be volatile, the over-collateralized structure and ability for near-instant liquidation of collateral provides substantial security for the protection of capital.

对于机构投资者来说，比特币支持的贷款是货币市场基金和国债等传统固定收益投资的一个引人注目的替代方案，尤其是在利率下降的环境下。虽然比特币的价格可能波动，但超额抵押结构和近乎即时清算抵押品的能力为保护资本提供了实质性的安全保障。

It’s important to note that the Bitcoin lending industry is still in its early stages, comparable to the first inning of residential mortgages. Currently, only an estimated 2% of Bitcoin has leverage on it, compared to roughly 60% of American homes. As Bitcoin continues to grow and stabilize, and as people become more comfortable using it as collateral, the market size for Bitcoin-backed loans is poised for immense growth.

值得注意的是，比特币借贷行业仍处于早期阶段，与住宅抵押贷款的第一阶段相当。目前，估计只有 2% 的比特币具有杠杆作用，而美国家庭的这一比例约为 60%。随着比特币的持续增长和稳定，以及人们越来越愿意使用它作为抵押品，比特币支持的贷款的市场规模有望实现巨大增长。

As traditional financial institutions begin to enter this space, it’s clear that Bitcoin-backed lending is moving from the fringes to the mainstream of finance. However, it’s the established digital asset firms that currently hold the expertise and experience in this unique market.

随着传统金融机构开始进入这一领域，很明显，比特币支持的贷款正在从金融的边缘走向主流。然而，目前在这个独特市场上拥有专业知识和经验的是成熟的数字资产公司。

Ultimately, Bitcoin-backed lending represents a significant evolution in the world of finance. It combines the best aspects of traditional lending with the unique properties of Bitcoin, offering unparalleled liquidity, global accessibility, and potentially higher yields. As the market matures and becomes more regulated, we can expect to see increased participation from institutional investors,

最终，比特币支持的贷款代表了金融界的重大演变。它将传统借贷的最佳方面与比特币的独特属性相结合，提供无与伦比的流动性、全球可访问性和潜在的更高收益。随着市场的成熟和监管的加强，我们预计机构投资者的参与将会增加，