特朗普领导下的并购复兴：加密货币的催化剂？

人们普遍预计特朗普政府将为并购活动创造有利的环境。较低的利率、放松管制和亲商政策等因素可能会加速企业整合。

Hunter Horsley, CEO of Bitwise Asset Management, has shared his thoughts on how the return of Donald Trump as US President might indirectly fuel the growth of cryptocurrencies.

Bitwise 资产管理公司首席执行官 Hunter Horsley 分享了他对唐纳德·特朗普重返美国总统可能如何间接推动加密货币增长的看法。

In a 6 January 2025 post on Twitter, Horsley shared his perspective on the matter.

霍斯利在 2025 年 1 月 6 日在 Twitter 上发布的帖子中分享了他对此事的看法。

Trump administration may unfreeze M&A.

特朗普政府可能会解冻并购。

Large corporates — mag 7, etc — may finally be able to wield their market cap. Amazon could buy Instacart. Google could buy Uber. etc etc

大型企业（mag 7 等）可能最终能够运用其市值。亚马逊可以收购 Instacart。谷歌可以收购 Uber。等等等等

The big may get bigger, and the middle may shrink.

大的可能会变大，中间的可能会缩小。

If that happens, I think it will accelerate…

如果发生这种情况，我认为它会加速……

— Hunter Horsley (@HHorsley) January 5, 2025

— 亨特霍斯利 (@HHorsley) 2025 年 1 月 5 日

The Trump administration is widely expected to create a favorable environment for M&A activity. Several factors could contribute to this, including lower interest rates, deregulation, and pro-business policies.

人们普遍预计特朗普政府将为并购活动创造有利的环境。有几个因素可能导致这种情况，包括较低的利率、放松管制和有利于商业的政策。

According to data from Dealogic, M&A activity in 2024 reached $1.4 trillion, showing improvement from 2023 but still lagging behind pre-pandemic levels.

Dealogic的数据显示，2024年并购活动达到1.4万亿美元，较2023年有所改善，但仍落后于疫情前的水平。

With Trump back in office, 2025 could become a pivotal year for M&A growth.

随着特朗普重新上任，2025 年可能成为并购增长的关键一年。

It feels like the the world is on the precipice of change in 2025.

2025 年，世界似乎正处于变革的边缘。

The enemy is stagnation, not change. Progress requires change.

敌人是停滞，而不是变化。进步需要改变。

I'm super fired up for it.

我对此非常兴奋。

— Hunter Horsley (@HHorsley) January 5, 2025

— 亨特霍斯利 (@HHorsley) 2025 年 1 月 5 日

Horsley envisions a scenario where major corporations—such as Amazon or Google—leverage their significant market capitalizations to acquire smaller competitors.

霍斯利设想了这样一种情况：亚马逊或谷歌等大公司利用其巨大的市值来收购规模较小的竞争对手。

For example, Amazon could potentially buy Instacart, or Google might acquire Uber. While this consolidation may benefit large corporations, it could also squeeze out mid-sized companies and further concentrate power within a few dominant players.

例如，亚马逊可能会收购 Instacart，或者谷歌可能会收购 Uber。虽然这种整合可能有利于大型企业，但也可能挤出中型企业，并进一步将权力集中在少数主导企业手中。

This trend aligns with a core principle of cryptocurrency: distrust in centralized institutions.

这种趋势符合加密货币的核心原则：对中心化机构的不信任。

As Horsley explains, “The big getting bigger accentuates this.” In essence, the more centralized traditional markets become, the more appealing decentralized alternatives like Bitcoin and Ethereum may appear to consumers.

正如霍斯利所解释的那样，“大企业变得更大，这一点更加突出。”从本质上讲，传统市场变得越集中，比特币和以太坊等去中心化替代品可能对消费者来说就越有吸引力。

A Major Theme In 2025 Is Going To Be The Arrival Of Corporates

2025 年的一大主题将是企业的到来

Horsley also shared a list of top corporate companies and their Bitcoin holdings.

霍斯利还分享了一份顶级企业名单及其持有的比特币。

He said, “A major theme in 2025 is going to be the arrival of corporates — Bitcoin Standard Corporations .”

他说，“2025 年的一个主题将是企业的到来——比特币标准公司。”

“There are many private companies like Bitwise Investthat also hold Bitcoin on the balance sheet. Exciting to see,” he added.

“像 Bitwise Invest 这样的许多私营公司也在资产负债表上持有比特币。很高兴看到，”他补充道。

The HODL Top 70 List ? 12/30/2024 pic.twitter.com/B2G0gCPdiC

HODL 前 70 名名单? 12/30/2024 pic.twitter.com/B2G0gCPdiC

— HODL15Capital ?? (@HODL15Capital) December 30, 2024

— HODL15Capital ?? (@HODL15Capital) 2024 年 12 月 30 日

In a separate post, Horsley also shared that there are estimated 58 million millionaires globally and there’s only enough Bitcoin for 1 in 3 of them to have one.

Horsley 在另一篇文章中还表示，全球估计有 5800 万百万富翁，而比特币只够其中三分之一的人拥有。

“The scarcity of Bitcoin is going to start to feel dramatic as it enters the mainstream,” he pointed out.

他指出：“当比特币进入主流时，它的稀缺性将开始让人感到戏剧性。”

There are estimated 58 million millionaires globally.

全球估计有 5800 万百万富翁。

There’s only enough Bitcoin for ~ 1 in 3 of them to have one.

比特币的数量只够三分之一的人拥有。

The scarcity of Bitcoin is going to start to feel dramatic as it enters the mainstream.

当比特币进入主流时，它的稀缺性将开始变得戏剧性。

— Hunter Horsley (@HHorsley) January 6, 2025

— 亨特霍斯利 (@HHorsley) 2025 年 1 月 6 日