霍根（Hougan）认为，所有四个主要的电线房将在年底之前允许比特币ETF访问，为创纪录的流入奠定了基础

在最近一次的Wirehouse会议上，Bitwise Cio Matt Hougan的主题演讲表明发生了重大转变。

At a recent wirehouse conference, Bitwise CIO Matt Hougan's keynote touched on a significant shift: all four major wirehouses will be opening up access to Bitcoin ETF to their clients by year's end, according to Hougan.

在最近一次的Wirehouse会议上，Bitwise Cio Matt Hougan的主题演讲涉及一个重大转变：根据Hougan的说法，所有四个主要的线索将在年底之前向客户开放访问比特币ETF。

This long-anticipated move could set the stage for record-setting inflows into Bitcoin ETFs, further boosting the cryptocurrency's momentum.

这一长期以来期待的举动可以为创纪录的流入比特币ETF奠定基础，从而进一步增强了加密货币的势头。

After his talk, Hougan was approached by a conference attendee who had waited patiently in line to ask a single question: "What would Bitcoin be worth if everyone stopped believing in it?" It's a fear that hangs over many investors. Bitcoin is digital, intangible, and lacks the physical "backstop" of an asset like gold. If sentiment fails, what would be left to salvage?

讲话结束后，一名会议的参加者与霍根（Hougan）进行了耐心地等待一个问题：“如果每个人都停止相信它，比特币值得什么？”担心许多投资者。比特币是数字，无形的，缺少像黄金这样的资产的物理“后备”。如果情绪失败，那么抢救还会留下什么？

Hougan acknowledged the concern, noting that he's personally wrestled with it at length. But then, he flipped the question: "What would it take for you to believe that Bitcoin is here to stay?" For investors still on the fence, that question can be more clarifying. And the answers have changed drastically in recent years.

霍根（Hougan）承认这一担忧，并指出他亲自与之搏斗。但是，他把这个问题翻了个话：“你相信比特币会留在这里需要什么？”对于仍在围栏上的投资者，这个问题可能会更加澄清。近年来，答案发生了巨大变化。

Here is a conversation by Andrew Hohns and Matt Hougan of Bitwise Invest on Institutional Bitcoin adoption:

这是Andrew Hohns和Bitwise Invest的Andrew Hohns和Matt Hougan的对话：采用机构比特币：

Most institutions will have a basis in Bitcoin above $1 million

大多数机构将在比特币以上的100万美元以上的基础

Andrew Hohns and @Matt_Hougan (of @BitwiseInvest ) unwind the institutional Bitcoin catalysts and trends during their conversation with Jeff Crane of Bitcoin Events. Establishing a narrative in…

安德鲁·霍恩斯（Andrew Hohns）和@matt_hougan（@bitwiseInvest）在与比特币活动的杰夫·克雷恩（Jeff Crane）对话时，放弃了制度性的比特币催化剂和趋势。建立叙事

So, Bitcoin's journey to greater institutional adoption is already well underway.

因此，比特币的更大机构采用的旅程已经在进行中。

Coinbase and Fidelity are trusted by institutions for cryptocurrency custody, while BNY Mellon is quickly catching up to provide similar services. Top-tier trading partners include Jane Street and Cumberland, and nine of the world’s ten largest hedge funds now have an allocation in Bitcoin.

Coinbase和Fidelity受到加密货币监护机构的信任，而BNY Mellon迅速赶上提供类似的服务。顶级贸易伙伴包括简街和坎伯兰郡，现在，世界十大对冲基金中有9个在比特币中分配了。

University endowments, like Emory's, state pension funds, like Texas Teachers, and recognized names, including Ray Dalio, have integrated Bitcoin into their investment strategies.

大学捐赠基金，例如德克萨斯州教师等州养老基金，以及包括雷·达利奥（Ray Dalio）在内的公认名称，将比特币纳入了他们的投资策略。

Public companies, such as Tesla and MicroStrategy, are investing in Bitcoin and holding it on their balance sheets, and institutions now have convenient access to Bitcoin through innovative products like ETFs. Even industry giants like BlackRock are recommending a 2% Bitcoin allocation in investor portfolios.

特斯拉和微观造影等上市公司正在投资比特币，并将其固定在资产负债表上，并且机构现在可以通过ETF等创新产品来方便地访问比特币。甚至像贝莱德（Blackrock）这样的行业巨头也建议投资者投资组合中的比特币分配2％。

On the regulatory front, the U.S. is making progress with legislation pending for market structure and reporting. In a surprising move, the government is reportedly planning to build a strategic Bitcoin reserve.

在监管方面，美国正在以市场结构和报告待定的立法来取得进展。据报道，一个令人惊讶的举动，政府正计划建立战略性的比特币储备。

For Hougan's skeptic, that list was enough. After a beat, he nodded slowly and said, "I'm going to buy Bitcoin."

对于Hougan的怀疑论者来说，该清单就足够了。跳动后，他慢慢地点了点头，说：“我要买比特币。”

Don't Wait For The Crowd, Saylor Says

塞勒说，不要等待人群

While some investors might be tempted to wait until Wall Street has fully opened the door and begun actively marketing Bitcoin to the masses, others, like MicroStrategy Chair Michael Saylor, are urging action now.

尽管一些投资者可能会想等到华尔街完全打开大门，并开始积极向大众营销比特币，而其他人（例如MicroStrategy主席Michael Saylor）现在敦促行动。

Saylor, a vocal cryptocurrency advocate, recently cautioned against waiting for institutions to make the first move. "By the time the pitch is being made to every client, the price will already reflect it," Saylor warned.

声带加密货币倡导者Saylor最近告诫不要等待机构采取第一步。 Saylor警告说：“到每个客户的球场都将其推销时，价格已经反映了它。”

When the banks bless Bitcoin and the experts agree it’s a good idea, everyone will want to buy it, no one will need to sell it, and you won’t be able to afford it.

当银行祝福比特币和专家一致认为这是一个好主意时，每个人都想购买它，没人需要出售它，您将负担不起。

The rise of spot Bitcoin ETFs has already changed the investing landscape. BlackRock's and Fidelity's Bitcoin ETFs, launched earlier this year, have already drawn in billions from investors. But broader institutional marketing efforts could unlock an even greater wave of capital.

现货比特币ETF的兴起已经改变了投资格局。今年早些时候推出的贝莱德（Blackrock）和富达（Fidelity）的比特币ETF已经吸引了数十亿美元的投资者。但是，更广泛的机构营销工作可以解锁更大的资本浪潮。