億萬富翁擁抱比特幣，引發典範轉變，影響深遠

隨著加密貨幣市場的發展，越來越多的億萬富翁，包括邁克爾·塞勒和拉里·芬克，正在積極投資比特幣。這種需求的湧入造成了“比特幣供應緊張”，有限的供應滿足了不斷增長的需求。隨著億萬富翁將其投資組合的很大一部分分配給比特幣，預計該資產的價值將大幅上漲，這可能是由大量新投資推動的。然而，對沖基金經理人使用比特幣進行宏觀押注的潛力引發了人們對其作為對沖通膨和經濟不確定性的作用的擔憂，凸顯了在當前市場動態中需要保持謹慎的必要性。

Billionaires' Embrace of Bitcoin: A Paradigm Shift and Its Implications

億萬富翁擁抱比特幣：典範轉移及其影響

In the annals of the financial landscape, the past two years have witnessed a seismic shift in the attitude of billionaires towards Bitcoin (BTC). Once relegated to the fringes of mainstream investment, Bitcoin has now garnered significant attention from the world's ultra-wealthy, fueled by a confluence of factors including a sustained bull market and the emergence of spot Bitcoin exchange-traded funds (ETFs).

在金融史上，過去兩年見證了億萬富翁對比特幣（BTC）態度的巨大轉變。比特幣曾經被置於主流投資的邊緣，但在持續的牛市和現貨比特幣交易所交易基金（ETF）的出現等因素的推動下，比特幣現在已經吸引了世界超級富豪的極大關注。

Michael Saylor: A Bitcoin Evangelist Among Billionaires

Michael Saylor：億萬富翁中的比特幣佈道者

At the forefront of this surge of interest is Michael Saylor, the visionary executive chairman and co-founder of MicroStrategy. Saylor's unwavering belief in Bitcoin's potential led him to initiate aggressive purchases in mid-2020, a strategy he has since maintained with unwavering conviction. MicroStrategy's recent convertible note offering of $600 million, earmarked exclusively for Bitcoin acquisition, further underscores Saylor's commitment to the cryptocurrency. This latest move follows an earlier $800 million offering with a similar purpose, resulting in MicroStrategy's current holdings of 214,246 Bitcoins, representing over 1% of the total supply in circulation.

MicroStrategy 富有遠見的執行主席兼聯合創始人 Michael Saylor 站在了這股興趣浪潮的最前線。 Saylor 對比特幣潛力的堅定信念促使他在 2020 年中期開始積極購買比特幣，此後他一直堅定不移地維持這一策略。 MicroStrategy 最近發行了 6 億美元的可轉換票據，專門用於收購比特幣，進一步凸顯了 Saylor 對加密貨幣的承諾。在此之前，MicroStrategy 曾經出於類似目的發行了 8 億美元的比特幣，目前持有 214,246 枚比特幣，佔流通總量的 1% 以上。

BlackRock: A Titan Enters the Bitcoin Arena

貝萊德：泰坦進入比特幣競技場

Another influential figure in the current Bitcoin rally is Larry Fink, the chief executive officer of BlackRock, the world's largest asset manager. Fink's increasingly bullish stance on Bitcoin has been evident in several recent initiatives. In August 2022, BlackRock partnered with Coinbase Global to establish a dedicated crypto trading platform. Notably, BlackRock became the first major investment firm to file an application for a spot Bitcoin ETF, which was subsequently approved. Within three months of its launch, BlackRock's ETF has amassed an impressive 200,000 Bitcoins.

當前比特幣上漲的另一位有影響力的人物是全球最大資產管理公司貝萊德執行長拉里‧芬克(Larry Fink)。芬克對比特幣日益看漲的立場在最近的幾項舉措中顯而易見。 2022 年 8 月，貝萊德與 Coinbase Global 合作建立了專門的加密貨幣交易平台。值得注意的是，貝萊德成為第一家提交現貨比特幣 ETF 申請的主要投資公司，該申請隨後獲得批准。在推出後的三個月內，貝萊德的 ETF 已累積了令人印象深刻的 20 萬個比特幣。

A Bitcoin Supply Squeeze: Limited Availability, Soaring Demand

比特幣供應緊張：供應有限，需求飆升

The influx of Bitcoin purchases by the aforementioned spot ETFs has created a phenomenon known as a "Bitcoin supply squeeze." Essentially, the available supply of Bitcoin is insufficient to meet the surging demand. According to Saylor's assessment, demand now exceeds supply by a factor of ten. This imbalance is expected to continue driving the price of Bitcoin upwards, as long as the supply remains constrained.

上述現貨 ETF 大量購買比特幣，造成了一種被稱為「比特幣供應緊縮」的現象。從本質上講，比特幣的可用供應不足以滿足不斷增長的需求。根據塞勒的評估，目前需求超過供應十倍。只要供應仍然受到限制，這種不平衡預計將繼續推動比特幣價格上漲。

Billionaires' Bitcoin Allocations: A Growing Trend

億萬富翁的比特幣配置：不斷成長的趨勢

Beyond the high-profile individuals mentioned above, numerous other billionaires have expressed interest in Bitcoin and are actively seeking ways to increase their exposure. In recent months alone, Mexican billionaire Ricardo Salinas, the Emir of Qatar (possibly acting on behalf of his country's sovereign wealth fund), and tech magnate Jeff Bezos have been linked to Bitcoin purchases.

除了上述知名人士之外，許多其他億萬富翁也表達了對比特幣的興趣，並正在積極尋求增加其曝光的方法。光是最近幾個月，墨西哥億萬富翁里卡多·薩利納斯、卡達埃米爾（可能代表該國主權財富基金行事）和科技巨頭傑夫·貝佐斯就與購買比特幣有關。

Bezos' potential involvement is particularly intriguing. In February 2023, he sold Amazon shares worth $8.5 billion, prompting speculation within the crypto community that he may be preparing for a substantial Bitcoin investment, especially given his reported meeting with Michael Saylor.

貝佐斯的潛在參與尤其令人感興趣。 2023 年 2 月，他出售了價值 85 億美元的亞馬遜股票，這引發了加密貨幣社群的猜測，認為他可能正在準備進行大量比特幣投資，特別是考慮到他與 Michael Saylor 的會面。

Ark Invest's Optimal Allocation: A Target of 20%

方舟投資最適配置：目標20%

The growing acceptance of Bitcoin among billionaires is further corroborated by research from Ark Invest. The firm's analysis suggests that the optimal allocation for Bitcoin has surged to nearly 20% in 2023. If the world's billionaires were to collectively allocate 20% of their investable assets to Bitcoin, it would unleash a flood of new capital into the cryptocurrency, potentially driving its price to unprecedented heights.

Ark Invest 的研究進一步證實了億萬富翁對比特幣的接受度不斷提高。該公司的分析表明，到2023 年，比特幣的最佳配置已飆升至近20%。如果全球億萬富翁將其可投資資產的20% 集體分配給比特幣，將會釋放大量新資本湧入加密貨幣，從而可能推動其價格達到前所未有的高度。

Hedge Fund Managers: Bitcoin as a Macroeconomic Hedge

對沖基金經理人：比特幣作為宏觀經濟對沖工具

Hedge fund managers are also exploring ways to gain exposure to Bitcoin, but their motivations differ from those of retail investors. For them, Bitcoin is primarily viewed as a hedge against inflation and economic uncertainty. Billionaire Paul Tudor Jones, for example, has publicly stated that Bitcoin could mitigate geopolitical risks.

對沖基金經理人也在探索獲得比特幣投資的方法，但他們的動機與散戶投資者不同。對他們來說，比特幣主要被視為對沖通貨膨脹和經濟不確定性的工具。例如，億萬富翁保羅都鐸瓊斯曾公開表示，比特幣可以減輕地緣政治風險。

Bitcoin's Potential Role in Global Economic Turmoil

比特幣在全球經濟動盪中的潛在作用

However, there is also a potential downside to the increasing involvement of hedge fund managers in Bitcoin. If they collectively decide to use Bitcoin as a vehicle for macro bets on the global economy, the consequences could be significant. For instance, a loss of faith in the U.S. economy due to unsustainable debt levels and rampant inflation could lead to a sell-off of dollar-denominated assets and a simultaneous surge in Bitcoin purchases.

然而，對沖基金經理人越來越多地參與比特幣也存在潛在的負面影響。如果他們集體決定使用比特幣作為對全球經濟進行宏觀押注的工具，後果可能會很嚴重。例如，由於不可持續的債務水平和猖獗的通貨膨脹而對美國經濟失去信心，可能會導緻美元計價資產的拋售和比特幣購買量的同時激增。

In a scenario proposed by billionaire hedge fund manager Bill Ackman, the price of Bitcoin could "go to infinity" as the U.S. economy collapses. This would lead to a vicious cycle of rising Bitcoin prices, increased energy consumption for mining, higher energy prices, further inflation, and a growing number of investors betting against the U.S. dollar.

根據億萬富翁對沖基金經理比爾·阿克曼（Bill Ackman）提出的設想，隨著美國經濟崩潰，比特幣的價格可能「走向無限」。這將導致比特幣價格上漲、採礦能源消耗增加、能源價格上漲、通貨膨脹進一步加劇以及越來越多的投資者做空美元的惡性循環。

A Double-Edged Sword: Bitcoin's Potential Upside and Downside

雙刃劍：比特幣的潛在上行與下行

While the prospect of Bitcoin soaring in value is alluring, it is important to recognize the potential risks associated with such a scenario. While Bitcoin may become more valuable, other assets could depreciate significantly or even become worthless.

雖然比特幣價值飆升的前景很誘人，但重要的是要認識到與這種情況相關的潛在風險。雖然比特幣可能會變得更有價值，但其他資產可能會大幅貶值，甚至變得一文不值。

Alternatively, hedge fund managers could choose to bet against Bitcoin, potentially creating a massive speculative bubble that could burst, leading to a sharp decline in Bitcoin's price.

或者，對沖基金經理人可以選擇做空比特幣，這可能會造成巨大的投機泡沫，並可能破裂，導致比特幣價格急劇下跌。

A Bullish Outlook: Bitcoin's Long-Term Potential

看漲前景：比特幣的長期潛力

Despite the potential risks, I remain bullish on Bitcoin's long-term prospects. The increasing adoption by billionaires, coupled with the limited supply, suggests that the cryptocurrency is poised for significant price appreciation. While the journey may not be without its challenges, the presence of such influential investors is a strong indicator of Bitcoin's growing legitimacy and its potential to revolutionize the financial landscape.

儘管有潛在風險，我仍然看好比特幣的長期前景。億萬富翁越來越多地採用加密貨幣，加上供應有限，顯示加密貨幣的價格有望大幅升值。儘管這個過程可能並非沒有挑戰，但如此有影響力的投資者的存在有力地表明了比特幣日益增長的合法性及其徹底改變金融格局的潛力。