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這標誌著主流投資者第一次能夠以受監管的、直接的方式獲得比特幣,而無需傳統上與購買、儲存或保護數位貨幣相關的複雜性。
The U.S. Securities and Exchange Commission (SEC) has authorized the introduction of Bitcoin exchange-traded funds (ETFs), marking the first time that mainstream investors will have a regulated and accessible way to gain exposure to Bitcoin, without the complexities traditionally associated with buying, storing, or securing digital currencies.
美國證券交易委員會(SEC)已授權推出比特幣交易所交易基金(ETF),這標誌著主流投資者首次能夠以受監管且可訪問的方式獲得比特幣投資,而無需傳統上與購買相關的複雜性、儲存或保護數位貨幣。
This approval is a significant development in the cryptocurrency industry, with many proponents viewing it as a step towards greater legitimacy for digital assets. The SEC has approved 11 applications for Bitcoin ETFs, with financial giants like BlackRock and Fidelity being authorized to offer these products. These ETFs will allow investors to purchase shares in funds that track the price of Bitcoin, providing a simplified method of investment for both retail and institutional investors. This new development aligns with a growing trend of integrating cryptocurrencies with traditional financial systems.
這項批准是加密貨幣產業的重大發展,許多支持者認為這是邁向數位資產更大合法性的一步。美國證券交易委員會 (SEC) 已批准 11 項比特幣 ETF 申請,貝萊德 (BlackRock) 和富達 (Fidelity) 等金融巨頭已獲授權提供這些產品。這些 ETF 將允許投資者購買追蹤比特幣價格的基金份額,為散戶和機構投資者提供簡化的投資方法。這項新發展符合加密貨幣與傳統金融系統整合的日益增長的趨勢。
Importance of Bitcoin ETFs
比特幣 ETF 的重要性
Bitcoin ETFs offer a more accessible investment option for those who have been hesitant to enter the cryptocurrency market. Until now, potential investors had to navigate the often complicated process of setting up digital wallets and managing private keys—tasks that can be daunting for those unfamiliar with blockchain technology. Moreover, traditional avenues for purchasing cryptocurrencies, like exchanges, have been criticized for lacking the regulatory safeguards that mainstream investors expect.
比特幣 ETF 為那些一直猶豫是否要進入加密貨幣市場的人提供了更容易的投資選擇。到目前為止,潛在投資者必須經歷通常很複雜的設定數位錢包和管理私鑰的過程——對於那些不熟悉區塊鏈技術的人來說,這些任務可能是艱鉅的。此外,購買加密貨幣的傳統途徑(如交易所)因缺乏主流投資者期望的監管保障而受到批評。
With the introduction of Bitcoin ETFs, investors can now participate in the digital asset market without owning or managing the cryptocurrency directly. This means no need for a digital wallet or dealing with the potential security risks of hacking or losing access to funds.
隨著比特幣ETF的推出,投資者現在可以參與數位資產市場,而無需直接擁有或管理加密貨幣。這意味著無需數位錢包或處理駭客攻擊或無法獲取資金的潛在安全風險。
The ETF model has long been popular for other asset classes, such as gold, and it offers an easier route for exposure to Bitcoin, particularly for wealth managers and large-scale institutional investors who are wary of the risks posed by unregulated crypto exchanges.
ETF 模式長期以來一直受到黃金等其他資產類別的歡迎,它為投資比特幣提供了更簡單的途徑,特別是對於對不受監管的加密貨幣交易所帶來的風險保持警惕的財富管理機構和大型機構投資人而言。
An analyst at Bloomberg Intelligence, James Seyffart, highlighted the importance of this move, noting that Bitcoin ETFs will serve as a bridge between the digital and traditional financial worlds. “Long term, I think money’s going to come in,” he said, indicating the possibility of broader adoption in the future.
彭博資訊分析師 James Seyffart 強調了這項舉措的重要性,並指出比特幣 ETF 將成為數位和傳統金融世界之間的橋樑。 「從長遠來看,我認為資金將會進來,」他說,這表明未來有可能得到更廣泛的採用。
The Path to Approval
獲得批准的途徑
The approval of Bitcoin ETFs by the SEC marks the culmination of a lengthy and challenging journey. The cryptocurrency sector has been pushing for a Bitcoin ETF for several years, hoping that such a product would pave the way for broader adoption of digital currencies.
美國證券交易委員會 (SEC) 批准比特幣 ETF 標誌著漫長而充滿挑戰的旅程的高潮。加密貨幣產業多年來一直在推動比特幣 ETF,希望這樣的產品能為數位貨幣的更廣泛採用鋪平道路。
In 2021, the SEC approved a set of funds that tracked Bitcoin’s price movements but did not hold the cryptocurrency itself. However, the agency remained cautious about approving ETFs that directly contain Bitcoin due to concerns about market manipulation and volatility.
2021 年,SEC 批准了一組追蹤比特幣價格走勢的基金,但不持有加密貨幣本身。然而,由於擔心市場操縱和波動,該機構對批准直接包含比特幣的 ETF 仍持謹慎態度。
In August 2023, the SEC lost a legal battle with Grayscale Investments, a firm that sought to convert its Bitcoin trust into an ETF. The court ruling opened the door for the eventual approval of Bitcoin ETFs.
2023 年 8 月,SEC 輸掉了與 Grayscale Investments 的一場法律訴訟,該公司試圖將其比特幣信託轉換為 ETF。法院的裁決為比特幣 ETF 的最終批准打開了大門。
Following the ruling, Bitcoin's price surged, as investors anticipated that the market would see a flood of interest from institutional players. This speculation was confirmed in early October when the SEC finally announced the approval of 11 spot Bitcoin ETFs.
裁決之後,比特幣價格飆升,因為投資者預計市場將看到機構參與者的大量興趣。這項猜測在 10 月初得到了證實,當時 SEC 最終宣布批准 11 隻現貨比特幣 ETF。
A Note of Caution for Investors
投資者註意事項
Despite the optimism surrounding this development, regulators and market observers have urged caution. SEC Chair Gary Gensler, while acknowledging the court ruling that led to the approval, has been vocal about his concerns regarding the inherent risks of Bitcoin.
儘管人們對這一發展持樂觀態度,但監管機構和市場觀察人士仍敦促謹慎行事。美國證券交易委員會主席加里·根斯勒(Gary Gensler)在承認法院裁決導致批准的同時,也直言不諱地表達了他對比特幣固有風險的擔憂。
He pointed out that Bitcoin remains a speculative and volatile asset and warned investors about its association with illicit activities such as money laundering and terrorist financing. Gensler emphasized that the approval should not be interpreted as an endorsement of the cryptocurrency itself.
他指出,比特幣仍然是一種投機性和波動性資產,並警告投資者註意其與洗錢和恐怖主義融資等非法活動的關聯。 Gensler 強調,批准不應被解釋為對加密貨幣本身的認可。
Many critics have echoed Gensler’s sentiments, arguing that the introduction of Bitcoin ETFs does not solve the fundamental issues plaguing the cryptocurrency market. Fraud, market manipulation, and extreme price volatility remain significant concerns.
許多批評者都同意 Gensler 的觀點,認為比特幣 ETF 的推出並不能解決困擾加密貨幣市場的根本問題。詐欺、市場操縱和極端價格波動仍然是重大問題。
A 2022 market crash wiped out billions of dollars, causing widespread financial losses for retail investors. Skeptics argue that Bitcoin ETFs, while offering a more regulated way to invest, do not necessarily shield investors from the risks associated with the cryptocurrency market.
2022 年的市場崩盤損失了數十億美元,給散戶投資者造成了廣泛的財務損失。懷疑論者認為,比特幣 ETF 雖然提供了更受監管的投資方式,但不一定能保護投資者免受與加密貨幣市場相關的風險。
The Future of Bitcoin ETFs
比特幣 ETF 的未來
While the SEC’s approval marks a significant milestone, the future impact of Bitcoin ETFs remains to be seen. Some proponents believe that this move will drive further institutional investment, which could help stabilize Bitcoin's notoriously volatile price.
雖然 SEC 的批准標誌著一個重要的里程碑,但比特幣 ETF 的未來影響仍有待觀察。一些支持者認為,此舉將推動進一步的機構投資,這可能有助於穩定比特幣眾所周知的波動性價格。
Bitcoin has already seen a resurgence, with its value climbing over 60% in recent months. However, others are more cautious, warning that the introduction of Bitcoin ETFs does not guarantee the long-term viability of the cryptocurrency market.
比特幣已經復甦,近幾個月其價值上漲了 60% 以上。然而,其他人則更為謹慎,警告比特幣 ETF 的推出並不能保證加密貨幣市場的長期生存能力。
Critics, including advocacy groups like Better Markets, have raised concerns that Bitcoin ETFs could lead to significant investor harm. The group argued that the SEC’s approval was a “historic mistake” that could result in widespread financial losses. They suggested that Bitcoin's speculative nature makes it an unsuitable asset for inclusion in the portfolios of everyday investors.
包括 Better Markets 等倡導團體在內的批評者擔心比特幣 ETF 可能會對投資者造成重大傷害。該組織認為,美國證券交易委員會的批准是一個“歷史性錯誤”,可能會導致廣泛的財務損失。他們認為,比特幣的投機性質使其不適合納入日常投資者的投資組合。
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