根据Bitwise Cio Matt Hougan的说法，现在是投资比特币（BTC）的最佳时机

据以加密性资产管理公司的位置首席投资官（CIO）Matt Hougan表示，从来没有更好的时间投资比特币（BTC）

Matt Hougan, chief investment officer (CIO) at crypto-focussed asset management firm Bitwise, recently argued that there’s never been a better time to invest in Bitcoin (BTC) on a risk-adjust basis.

以Crypto Coscused Asset Management公司Bitwise的首席投资官（CIO）Matt Hougan最近辩称，从来没有有更好的时间来对比特币（BTC）进行风险调整。

While you may be thinking that buying Bitcoin in 2010 seems like it would’ve been a better time, Hougan explained in his article, published March 25, that he believes now is a better time to buy — and it all comes down to risk.

Hougan在3月25日发表的文章中解释说，虽然您可能会认为2010年购买比特币似乎是一个更好的时光，但他认为现在是一个更好的购买时机 - 这一切都降低了风险。

Early Bitcoin adopters saw bigger gains than those investing today are likely to see, but they were also exposed to much larger risks, according to the Bitwise CIO. However, with the rise of reliable exchanges and advances like the launch of Bitcoin ETFs and Trump’s executive order to establish a strategic Bitcoin reserve, all the major risks associated with investing in Bitcoin have now been addressed.

根据Bitwise CIO的说法，早期的比特币采用者的收益比今天投资的人更大，但他们的风险也更大。但是，随着可靠的交流和进步的兴起，例如Bitcoin ETF的推出以及特朗普的行政命令建立战略性比特币储备金，现在已经解决了与投资比特币相关的所有主要风险。

Early Adopters of Bitcoin Took Big Risks

比特币的早期采用者承担了很大的风险

Hougan shared the story of when he personally missed his chance to buy Bitcoin back in 2011: after being told about Bitcoin’s potential by a colleague he decided to go grab a coffee instead of immediately buying $1000 worth of Bitcoin. Had he invested then, his $1000 would now be worth around $88 million.

霍根（Hougan）分享了一个故事，即当他亲自错过了2011年购买比特币的机会时：一位同事被告知比特币的潜力后，他决定去喝杯咖啡，而不是立即购买价值1000美元的比特币。如果他当时投资，他的1000美元现在价值约8800万美元。

However, Hougan points out, Bitcoin was still very much in its infancy in those days and investors had to deal with all kinds of questionable websites and shady characters to get their hands on some Bitcoin. He referred to the fact that a leading crypto exchange at the time — New Liberty Financial — handled exchanges through Paypal via a gmail address and described its service as a “personal hobby”.

但是，霍根指出，当时比特币仍处于起步阶段，投资者不得不处理各种可疑的网站和阴暗角色，以获取一些比特币。他提到的事实是，当时领先的加密货币交易所（新的Liberty Financial）通过PayPal通过Gmail地址处理交流，并将其服务描述为“个人爱好”。

As Bitcoin Has Matured, Risks Have Decreased Significantly

随着比特币的成熟，风险已大大降低

As Bitcoin matured as a technology the risks associated with investing in it have dropped substantially, massively improving the risk versus reward calculation, according to Hougan.

据Hougan称，随着比特币的成熟，与投资相关的风险已经大大下降，大大改善了风险与奖励计算。

Over the years most serious risks associated with Bitcoin have been addressed, including the emergence of safe exchanges for trading crypto and secure custody solutions for holding it, while concerns about criminal activity, regulation, and mining concentration have also been largely alleviated, according to the Bitwise CIO, who claims that bitcoin has overcome every one of these “existential risks”.

多年来，已经解决了与比特币相关的最严重风险，包括出现安全交易加密和安全保管解决方案的安全交流，而对犯罪活动，监管和采矿集中的担忧也很大程度上减轻了，他们声称比特币已经克服了这些“存在的”风险。

When Bitcoin ETFs emerged in early 2024, according to Hougan, that addressed another major risk by providing regulatory clarity to institutional investors. However, one major risk remained: the risk that the US government would ban Bitcoin.

据Hougan称，当比特币ETF在2024年初出现时，这通过为机构投资者提供监管清晰度来解决另一种主要风险。但是，仍然存在一个主要风险：美国政府禁止比特币的风险。

That risk essentially evaporated earlier this month, according to the Bitwise CIO, when Trump signed the executive order establishing a strategic Bitcoin reserve in the US.

根据Bitwise CIO的说法，本月初，当特朗普签署了在美国建立战略性比特币储备的行政命令时，这种风险实际上蒸发了。

According to Hougan, Trump has signalled the US government now sees Bitcoin not so much as a rival to the US dollar’s status as the global reserve currency, but instead as the “best backup plan on the market” should anything go seriously wrong with the fiat system:

据豪扬称，特朗普表示，美国政府现在认为比特币不像美元的地位那样的竞争对手，而是全球储备货币，而是作为“市场上最佳备份计划”，如果菲亚特体系严重错误，则是竞争对手：

Since the signing of the executive order, Hougan said Bitwise has already seen investors recognising this ‘derisking’ of Bitcoin and increasing the size of their holdings accordingly, with many increasing their Bitcoin allocations from the 1% range to 3%.

自从执行命令签署以来，Hougan表示，Bitwise已经看到投资者认识到比特币的这种“贬低”，并相应地增加了其持股规模，许多人将比特币分配从1％增加到3％。

He believes this trend is set to continue, anticipating allocations of 5% or higher as more investors understand where Bitcoin is heading in the future.

他认为，随着更多的投资者了解将来比特币的发展方向，这种趋势将继续下去，预计将分配5％或更高。

“As more of the world wakes up to the massive derisking we’ve seen in bitcoin, I think you’ll see this number rise to 5% and beyond,” he said.

他说：“随着世界越来越多地唤醒我们在比特币中看到的巨大贬值，我认为您会看到这个数字上升到5％及以后。”