比特幣 ETF 的批准在持續的內在價值論點中激發了需求

美國比特幣ETF的批准引發了對加密資產的需求激增，但潛在的擔憂仍然是比特幣缺乏內在價值。歐洲央行重申比特幣的公允價值為零，強調其價格是由投機而非基本面驅動的。正如歐洲央行專家指出的，缺乏現金流或回報意味著比特幣的估值波動很大，從長遠來看可能無法維持目前的水平。

The Crypto Conundrum: Bitcoin ETF Approval Ignites Demand, but Intrinsic Value Remains Elusive

加密難題：比特幣 ETF 的批准點燃了需求，但內在價值仍然難以捉摸

The recent approval of a bitcoin exchange-traded fund (ETF) in the United States has sent ripples of excitement through the cryptocurrency market. Yet, amidst this surge in investor enthusiasm, a fundamental question lingers: does bitcoin possess intrinsic value?

最近美國批准了比特幣交易所交易基金（ETF），這在加密貨幣市場引發了興奮的漣漪。然而，在投資者熱情高漲的同時，一個基本問題仍然存在：比特幣是否具有內在價值？

According to CoinShares data, global crypto ETPs have witnessed a staggering $5.8 billion influx this year, propelled by the positive sentiment generated by the Securities and Exchange Commission's (SEC) greenlighting of physical bitcoin ETFs. This regulatory nod has fueled predictions of widespread institutional adoption, with some experts likening it to the "trade of the century."

根據 CoinShares 的數據，在美國證券交易委員會 (SEC) 對實體比特幣 ETF 開綠燈所產生的正面情緒的推動下，今年全球加密貨幣 ETP 流入量達到驚人的 58 億美元。這種監管認可引發了機構廣泛採用的預測，一些專家將其比作「世紀貿易」。

However, the European Central Bank (ECB) remains skeptical, steadfastly maintaining that bitcoin's "fair value is still zero." In a blog post entitled "ETF approval for bitcoin – the naked emperor's new clothes," ECB officials Ulrich Bindseil and Jürgen Schaaf reiterated the bank's long-held view that bitcoin lacks economic fundamentals and cannot serve as a global decentralized digital currency.

然而，歐洲央行（ECB）仍然持懷疑態度，堅定地認為比特幣的「公允價值仍然為零」。歐洲央行官員Ulrich Bindseil 和Jürgen Schaaf 在題為“比特幣ETF 批准——赤裸裸的皇帝的新衣”的博文中重申了該行長期以來的觀點，即比特幣缺乏經濟基本面，無法作為全球去中心化數位貨幣。

"Bitcoin's price level is not an indicator of its sustainability," the ECB warns. "There are no economic fundamental data, there is no fair value from which serious forecasts can be derived. There is no 'proof of price' in a speculative bubble."

歐洲央行警告：“比特幣的價格水平並不是其可持續性的指標。” “沒有經濟基本面數據，沒有可以得出嚴肅預測的公允價值。投機泡沫中沒有‘價格證據’。”

The ECB's stance is rooted in the belief that the absence of cash flow or dividends renders an asset's fair value zero. Bitcoin's rapid price ascent since 2016, exceeding 15,000%, certainly qualifies it as a speculative bubble.

歐洲央行的立場根植於這樣的信念：缺乏現金流或股利會導致資產的公允價值為零。自 2016 年以來，比特幣價格迅速上漲，漲幅超過 15,000%，無疑將其視為投機泡沫。

Moreover, the ECB expresses concern for less financially savvy retail investors who are lured by the fear of missing out (FOMO) and risk losing their money. While ETFs offer a regulated avenue for investors to access crypto without the risks associated with direct bitcoin ownership, they do not address the underlying issue of intrinsic value.

此外，歐洲央行對財務頭腦較差的散戶投資者表示擔憂，他們被害怕錯過機會（FOMO）和損失資金的風險所吸引。雖然 ETF 為投資者提供了獲取加密貨幣的受監管途徑，而無需承擔與直接擁有比特幣相關的風險，但它們並沒有解決內在價值的根本問題。

"Bitcoin is still not suitable as an investment," the ECB warns. "Less financially knowledgeable retail investors are attracted by the fear of missing out, leading them to potentially lose their money."

歐洲央行警告：“比特幣仍然不適合作為投資。” “金融知識較少的散戶投資者被害怕錯過的恐懼所吸引，導致他們可能會損失金錢。”

This fundamental challenge poses a dilemma for fund selectors seeking to allocate to the emerging asset class of cryptocurrencies. The lack of intrinsic value creates uncertainty and raises questions about the sustainability of price valuations.

這項根本性挑戰為尋求配置加密貨幣新興資產類別的基金選擇者帶來了兩難。內在價值的缺乏造成了不確定性，並引發了對價格估值可持續性的質疑。

In conclusion, the approval of a bitcoin ETF in the US has undoubtedly fueled demand for crypto assets, but it has not altered the fact that bitcoin remains an asset devoid of intrinsic value. The ECB's skepticism serves as a reminder that despite the allure of explosive price gains, investors should proceed with caution and carefully consider the underlying fundamentals before committing to crypto investments.

綜上所述，比特幣ETF在美國的批准無疑刺激了對加密資產的需求，但這並沒有改變比特幣仍然是缺乏內在價值的資產的事實。歐洲央行的懷疑態度提醒人們，儘管價格爆炸性上漲具有吸引力，但投資者在進行加密貨幣投資之前應謹慎行事並仔細考慮基本面。