灰度比特币信托 ETF 能让你成为百万富翁吗？这是您需要了解的

比特币多年来一直造就了百万富翁，但加密货币的细微差别可能会让人头疼。进入灰度比特币信托 ETF (GBTC)

Exchange-traded funds (ETFs) are a great way to diversify your investments and make you rich. You don't need to find the next Amazon or hit on a lottery ticket-type stock to make big money in investing. Sure, you might get lucky, but there are safer roads one can travel to financial Valhalla. Believe it or not, ETFs can be a great way to get there.

交易所交易基金 (ETF) 是实现投资多元化、致富的好方法。你不需要找到下一个亚马逊或中了彩票类型的股票就能在投资中赚大钱。当然，你可能会很幸运，但人们可以通过更安全的道路前往金融瓦尔哈拉。不管你相信与否，ETF 可能是实现这一目标的好方法。

ETFs are baskets of assets (most commonly stocks) that trade under a single ticker symbol. For example, the SPDR S&P 500 ETF (SPY) tracks the performance of the S&P 500 index. When you buy a share of SPY, you're essentially buying a small piece of each of the companies in the S&P 500.

ETF 是一篮子资产（最常见的是股票），以单一股票代码进行交易。例如，SPDR S&P 500 ETF (SPY) 跟踪 S&P 500 指数的表现。当您购买 SPY 股票时，您实质上是购买了标准普尔 500 指数中每家公司的一小部分。

ETFs offer several advantages over traditional investments, such as stocks or bonds. First, they're incredibly diversified, which reduces your overall investment risk. Second, they're very liquid, meaning you can buy or sell them quickly and easily. Third, ETFs are typically much cheaper to own than other investments, with expense ratios that are often less than 0.1%.

与股票或债券等传统投资相比，ETF 具有多种优势。首先，它们极其多元化，这降低了您的整体投资风险。其次，它们的流动性很强，这意味着您可以快速轻松地购买或出售它们。第三，ETF 通常比其他投资便宜得多，费用比率通常低于 0.1%。

One of the most popular ETFs is the Grayscale Bitcoin Trust ETF (GBTC). The trust was created in 2013 and initially offered solely to institutional and accredited investors before it began trading over the counter in 2015. In January 2024, it was listed on the NYSE Arca exchange and formally became a spot Bitcoin ETF.

最受欢迎的 ETF 之一是灰度比特币信托 ETF (GBTC)。该信托成立于 2013 年，最初仅向机构和认可投资者提供，然后于 2015 年开始进行场外交易。2024 年 1 月，它在纽约证券交易所 Arca 交易所上市，并正式成为现货比特币 ETF。

You could say it combines the best of both worlds: It is a simple investment option with the potential upside of Bitcoin.

你可以说它结合了两全其美：这是一种简单的投资选择，同时具有比特币的潜在优势。

Owning Grayscale Bitcoin Trust versus BitcoinAn ETF is a basket of assets (most commonly stocks) that trade under a single ticker symbol. Instead of buying stocks, the Grayscale Bitcoin Trust ETF purchases Bitcoin and holds it securely in cold storage. The ETF's shares represent the value of the underlying Bitcoin. In other words, it's a way to invest in Bitcoin without owning it yourself.

拥有灰度比特币信托与比特币 ETF 是一篮子资产（最常见的是股票），以单一股票代码进行交易。灰度比特币信托 ETF 没有购买股票，而是购买比特币并将其安全地保存在冷库中。 ETF 的份额代表了基础比特币的价值。换句话说，这是一种投资比特币而无需自己拥有比特币的方式。

Why would someone do this instead of buying Bitcoin outright?

为什么有人会这样做而不是直接购买比特币？

The most common reasons are safety and convenience. Owning Bitcoin or other cryptocurrencies requires setting up an account with a crypto exchange or a wallet. Wallets have unique passwords, and you can lock yourself out if you forget them. You may have seen some exchanges run into problems, such as the recent FTX downfall.

最常见的原因是安全和方便。拥有比特币或其他加密货币需要在加密货币交易所或钱包中建立一个帐户。钱包有唯一的密码，如果您忘记密码，您可以将自己锁定。您可能已经看到一些交易所遇到了问题，例如最近的 FTX 垮台。

On the other hand, the Grayscale Bitcoin Trust is an ETF. You can buy or sell it right from your stock brokerage account. It also takes responsibility for holding and securing the Bitcoin off your hands.

另一方面，灰度比特币信托基金是一只 ETF。您可以直接从您的股票经纪账户购买或出售它。它还负责保管和保护您手中的比特币。

The bull case for Bitcoin and the Grayscale Bitcoin Trust ETF

比特币和灰度比特币信托 ETF 的牛市案例

Bitcoin's remarkable returns over the past decade tend to draw people to it, even if they're not sure why it's going up in the first place.

比特币在过去十年中的显着回报往往会吸引人们对其进行投资，即使他们一开始并不确定它为什么会上涨。

The primary investment thesis for Bitcoin is that it's an anti-inflationary digital asset. You might think of it like a digital version of gold. You can't use gold for payment in many stores, but it carries value because people desire it and consider it a store of value.

比特币的主要投资论点是它是一种抗通胀的数字资产。您可能会将其视为数字版的黄金。在许多商店中，你不能使用黄金进行支付，但它具有价值，因为人们渴望它并认为它是一种价值储存手段。

Now, here's where Bitcoin gets interesting. There is a fixed Bitcoin supply. Bitcoin mining constantly increases the supply, but there is an eventual cap of 21 million, and the supply grows more slowly each time Bitcoin halves.

现在，这就是比特币变得有趣的地方。比特币的供应量是固定的。比特币挖矿不断增加供应，但最终上限为 2100 万，而且每次比特币减半，供应增长都会更慢。

Meanwhile, the price of Bitcoin is in U.S. dollars, and the number of dollars in the economy is rapidly increasing. It's a big reason why the country has seen so much inflation in recent years.

与此同时，比特币的价格以美元计价，经济中的美元数量正在迅速增加。这是该国近年来通货膨胀如此严重的一个重要原因。

The United States government has continually run at a deficit, meaning it's spending more than it generates in tax revenue. The country borrows money to fill that gap, which pushes the money supply higher and is a sneaky component of inflation.

美国政府一直处于赤字状态，这意味着它的支出超过了税收收入。该国借钱来填补这一缺口，这推高了货币供应量，并且是通货膨胀的一个隐秘组成部分。

These economic dynamics and growing demand for Bitcoin as society adopts it more could continue driving Bitcoin's price higher.

随着社会更多地采用比特币，这些经济动态和对比特币不断增长的需求可能会继续推高比特币的价格。

Is the ETF a millionaire-maker?Of course, nothing is free. The Grayscale Bitcoin Trust ETF doesn't manage its Bitcoin assets for nothing. It charges a 1.5% expense ratio for its services. Additionally, the ETF buys Bitcoin continually, so it's essentially averaging up over time as Bitcoin's price rises. As a result, the ETF doesn't perform as well as Bitcoin itself.

ETF是百万富翁制造者吗？当然，没有什么是免费的。灰度比特币信托 ETF 不会无缘无故地管理其比特币资产。它对其服务收取 1.5% 的费用率。此外，ETF 不断购买比特币，因此随着比特币价格的上涨，它基本上会随着时间的推移而平均上涨。因此，ETF 的表现不如比特币本身。

However, notice how it's still trounced the S&P 500 since its shares started trading over the counter. Yes, an 11,000% return can turn modest sums into lots of money.

然而，请注意，自从其股票开始在柜台交易以来，它的表现仍然落后于标准普尔 500 指数。是的，11,000% 的回报率可以将微不足道的资金变成大量资金。

Will it continue? Nobody can say for sure. The monetary policies that have helped Bitcoin thrive are still in place. The U.S. money supply has grown for decades since debasing from the gold standard in 1971. I don't see why Bitcoin can't continue appreciating, though it's a guess as to the price or when

会继续吗？没有人能肯定地说。帮助比特币蓬勃发展的货币政策仍然有效。自 1971 年金本位贬值以来，美国的货币供应量已经增长了数十年。我不明白为什么比特币不能继续升值，尽管这是对价格或何时升值的猜测