欧洲对比特币的机构采用速度很慢，监管复杂性和保守投资政策是重大障碍

尽管美国取得了长足的进步，包括特朗普总统的行政命令建立联邦比特币储备金，但欧洲公司在这件事上基本上保持了安静。

The pace of institutional Bitcoin adoption in Europe has been slower compared to the U.S., attributable to several factors.

与美国相比，欧洲的制度比特币采用速度的速度较慢，这归因于几个因素。

According to Elisenda Fabrega, general counsel at Brickken, a European RWA tokenization platform, Europe's hesitation to adopt Bitcoin stems from unclear regulations, institutional signaling, and market maturity.

欧洲RWA令牌平台Brickken的总法律顾问Elisenda Fabrega表示，欧洲犹豫不决地采用比特币，源于不清楚的法规，机构信号和市场成熟。

"We’re still in the early stages of crypto adoption, and European companies haven't yet taken a clear stance on Bitcoin as a reserve asset, which is something that would really accelerate the pace of adoption," Fabrega explained.

Fabrega解释说：“我们仍处于加密采用的早期阶段，欧洲公司尚未对比特币作为储备资产采取明确立场，这确实可以加快采用速度。”

While the U.S. has seen more rapid integration, with President Trump's executive order establishing a federal Bitcoin reserve and companies like BlackRock making headlines with their Bitcoin investments, European companies have largely stayed quiet on the matter.

尽管美国已经看到了更迅速的整合，但特朗普总统的行政命令建立了联邦比特币储备金，而贝莱德（Blackrock）等公司则通过其比特币投资成为头条新闻，但欧洲公司在此问题上基本上保持了安静。

Some notable exceptions include BNP Paribas, which reported a $10 billion Bitcoin investment, 21Shares AG and VanEck Europe launching Bitcoin ETFs, and Bitpanda's survey findings that 40% of European investors are interested in crypto despite financial institutions' estimations of only 10%, showcasing a potential demand gap of 30%.

一些值得注意的例外包括法国巴黎银行（BNP Paribas），报告报告了100亿美元的比特币投资，21shares AG和Vaneck Europe推出了比特币ETF，而Bitpanda的调查结果是，尽管金融机构的估计仅10％，但有40％的欧洲投资者对加密货币感兴趣，但显示了30％的潜在需求差距。

Moreover, Europe's fragmented regulatory framework poses another key issue. As analysts at Bitfinex highlighted, the European institutional landscape is divided, with several countries like France, Germany, and Italy having varying regulations and a preference for conservative investment mandates. This contrasts with the U.S., where the rollout of Bitcoin ETFs was supported by strong retail demand and a clear regulatory environment.

此外，欧洲分散的监管框架提出了另一个关键问题。正如Bitfinex的分析师所强调的那样，欧洲机构格局被划分了，法国，德国和意大利等几个国家都有不同的法规，并且偏爱保守投资授权。这与美国形成鲜明对比，在美国，比特币ETF的推出得到了强劲的零售需求和明确的监管环境的支持。

"We’ve seen a strong interest from U.S. retail investors in particular, which is interesting because usually in Europe, we’re more used to seeing strong interest in new financial instruments," added Iliya Kalchev, an analyst at Nexo, in an interview with BitRiver.

Nexo的分析师Iliya Kalchev在接受Bitriver的采访中补充说：“我们已经看到了美国散户投资者的浓厚兴趣，这很有趣，因为通常在欧洲，我们更习惯于看到对新金融工具的浓厚兴趣。”

However, BlackRock's recent launch of a Bitcoin exchange-traded product (ETP) in Europe on March 25 could signal a change, potentially increasing institutional confidence in the asset.

但是，贝莱德（Blackrock）最近在3月25日在欧洲推出了比特币交易所交易产品（ETP）的推出，这可能表明发生了变化，可能会增加对资产的机构信心。

Despite the growing interest in Bitcoin globally, regulatory uncertainty in Europe remains a major obstacle. A recent survey by Bitpanda suggested that European financial institutions might be underestimating the demand for crypto by as much as 30%.

尽管全球对比特币的兴趣日益增加，但欧洲的监管不确定性仍然是一个主要障碍。 Bitpanda最近的一项调查表明，欧洲金融机构可能低估了对加密货币的需求多达30％。

As of writing, Bitcoin is priced at $82,079.66. While the U.S. has seen faster integration, with President Trump's executive order establishing a federal Bitcoin reserve and companies like Block (formerly Square) making headlines with their BTC investments, European companies have largely stayed mum on the matter.

截至写作时，比特币的价格为82,079.66美元。尽管美国的整合速度更快，但特朗普总统的行政命令建立了联邦比特币储备金，而诸如Block（以前是Square）的公司则以BTC投资成为头条新闻，欧洲公司在此问题上基本上保持了妈妈。

According to Fabrega, this silence from European companies is a key factor in the slow pace of institutional adoption.

法布雷加认为，欧洲公司的沉默是机构采用速度缓慢的关键因素。

"We’re still in the early stages of crypto adoption, and European companies haven't yet taken a clear stance on Bitcoin as a reserve asset, which is something that would really accelerate the pace of adoption," she added.

她补充说：“我们仍处于加密采用的早期阶段，欧洲公司尚未对比特币作为储备资产采取明确的立场，这确实可以加速采用的步伐。”

According to Bitfinex analysts, European institutions are largely keeping their distance from Bitcoin, driven by several factors. They explained that several countries in the eurozone, including France, Germany, and Italy, have varying regulations and a preference for conservative investment mandates.

根据Bitfinex分析师的说法，欧洲机构在很大程度上保持了与比特币的距离，这是有几个因素驱动的。他们解释说，包括法国，德国和意大利在内的欧元区的几个国家都有不同的法规，并且偏爱保守的投资授权。

"The promise of high returns and the potential for capital preservation have failed to sway the majority of pension funds and asset managers to adjust their portfolios to include Bitcoin in any meaningful way," the analysts stated.

分析师说：“高回报的承诺和资本保存的潜力未能席卷大多数养老基金和资产经理，无法以任何有意义的方式调整其投资组合，以包括比特币。”

Furthermore, they noted that the bulk of U.S. institutional investors, like hedge funds and asset managers, are engaging in the bitcoin futures market on a net basis, while European institutions are largely absent from this arena as well.

此外，他们指出，像对冲基金和资产经理这样的大多数美国机构投资者正在净参与比特币期货市场，而欧洲机构也很大程度上不在该领域。

In contrast, the rollout of Bitcoin ETFs in the U.S. was supported by strong retail demand and a clear regulatory environment, which ultimately led to the approval of the ProShares Bitcoin Strategy ETF in October 2021.

相比之下，美国比特币ETF的推出得到了强劲的零售需求和明确的监管环境的支持，这最终导致了2021年10月的Proshares比特币战略ETF的批准。

"We’ve seen a strong interest from U.S. retail investors in particular, which is interesting because usually in Europe, we’re more used to seeing strong interest in new financial instruments," Kalchev concluded.

卡尔切夫总结说：“我们已经看到了美国散户投资者的浓厚兴趣，这很有趣，因为通常在欧洲，我们更习惯于看到对新金融工具的强烈兴趣。”