由比特幣支持的貸款正在經歷復興，這是對流動性需求不斷增長的驅動

比特幣支持的貸款是市場上增長最快的數字融資機會之一。

Bitcoin-backed lending is one of the fastest-growing digital finance opportunities, driven by the increasing demand for liquidity without sacrificing long-term exposure to bitcoin, and the potential tax advantages that loans offer for those who have seen their assets appreciate. Both individual and institutional borrowers are using these instruments more and more as a tool in their treasury management arsenal as bitcoin becomes a staple in portfolios, and investors look for more ways to benefit from their holdings.

由比特幣支持的貸款是增長最快的數字融資機會之一，這是由於對流動性的不斷增長而不必犧牲長期暴露於比特幣的需求，以及貸款為那些看到其資產所欣賞的人提供的潛在稅收優勢。個人和機構借款人都越來越多地將這些工具用作國庫管理中的工具，因為比特幣成為投資組合中的主食，投資者正在尋找更多的方法來從其持股中受益。

The popularity of these instruments grew as the bitcoin price rose in 2024 and is accelerating into 2025. In the first half of 2024, crypto lender Ledn saw $191 million worth of bitcoin-backed loans. In just the first month of 2025, Ledn has seen over $100 million in bitcoin-backed loans.

這些樂器的普及隨著比特幣價格在2024年上漲，並加速到2025年。在2024年上半年，Crypto Lender Ledn看到了價值1.91億美元的比特幣支持的貸款。在2025年的第一個月，萊德（Ledn）獲得了超過1億美元的比特幣支持貸款。

But what makes individuals and institutions move to bitcoin for loans, and how do they pick a provider? In this article, we’ll take a look at the mechanics, benefits and inherent risks of this growing market and contrast centralized and decentralized approaches to bitcoin lending to find what strategy works best for you.

但是，是什麼使個人和機構轉向比特幣進行貸款，以及他們如何選擇提供商呢？在本文中，我們將研究這個不斷增長的市場的機制，收益和固有風險，以及對比比特幣貸款的集中和分散的方法，以找到最適合您的策略。

Why bitcoin-backed lending?

為什麼要比特幣支持的貸款？

為什麼要比特幣支持的貸款？

Bitcoin-backed lending is one of the fastest-growing digital finance opportunities on the market. For borrowers, it’s a way to unlock capital without having to part ways with their coins.

由比特幣支持的貸款是市場上增長最快的數字融資機會之一。對於借款人來說，這是一種不必與硬幣分開的方式解鎖資本的方法。

For individuals, bitcoin-backed loans offer the opportunity to use loans to buy real estate, start businesses, pay debt and more. For institutions, it offers a unique way to hedge additional investments or business ventures with the market depth and liquidity only offered by bitcoin.

對於個人而言，由比特幣支持的貸款提供了使用貸款購買房地產，創業，償還債務等的機會。對於機構來說，它提供了一種獨特的方式，可用於額外的投資或企業，其市場深度和僅比特幣提供的流動性。

Whether you’re an institution or an individual, bitcoin-backed loans offer the strong foundation of bitcoin as a collateral, with benefits that go far beyond the usual buying and selling, like tax planning.

無論您是機構還是個人的，由比特幣支持的貸款都為比特幣作為抵押品的強大基礎，其福利遠遠超出了通常的買賣，例如稅收計劃。

Bitcoin remains the most liquid cryptocurrency, with a deep market that ensures deep liquidity even during periods of volatility. Bitcoin’s proven resilience since its inception makes it the most trusted cryptocurrency. Its robust security and widespread adoption further solidify its position as the premier collateral asset.

比特幣仍然是最流動的加密貨幣，即使在波動期間，也可以確保深厚的流動性。自成立以來，比特幣的彈性使其成為最值得信賴的加密貨幣。其強大的安全性和廣泛採用的採用進一步鞏固了其作為主要抵押品資產的地位。

While bitcoin is a robust collateral asset, its price swings can impact loan-to-value management. Borrowers must carefully monitor their positions to avoid margin calls and forced liquidations.

儘管比特幣是強大的抵押品資產，但其價格波動可能會影響貸款到價值管理。借款人必須仔細監視其職位，以避免保證金通話和強制清算。

One of the most compelling reasons for bitcoin-backed lending is the ability to access liquidity without selling bitcoin. This is particularly valuable for long-term holders who believe in bitcoin’s future potential but need cash for personal expenses, investments or business operations.

由比特幣支持的貸款的最引人注目的原因之一是能夠在不出售比特幣的情況下獲得流動性。這對於相信比特幣未來潛力但需要現金進行個人支出，投資或業務運營的長期持有人特別有價值。

By using bitcoin as collateral, borrowers can retain their exposure to potential price appreciation while meeting their immediate financial needs. Additionally, selling bitcoin can trigger significant capital gains taxes, depending on the jurisdiction. Bitcoin-backed lending allows borrowers to avoid these immediate tax consequences.

通過使用比特幣作為抵押品，借款人可以在滿足其直接的財務需求的同時，將其接觸潛在的價格讚賞。此外，銷售比特幣可以根據管轄權而引發大量資本利得稅。比特幣支持的貸款允許借款人避免這些立即稅收後果。

However, it’s crucial to understand the implications of loan-to-value ratios, margin calls and bitcoin’s inherent volatility. A well-managed loan can provide financial flexibility, but poor risk management can lead to forced liquidations and unexpected tax liabilities.

但是，了解貸款與價值比率，保證金呼叫和比特幣固有波動的含義至關重要。良好的貸款可以提供財務靈活性，但風險管理差可以導致強迫清算和意外的稅收負債。

Understanding the process, risk considerations and finding your lender

了解過程，風險考慮並找到您的貸方

了解過程，風險考慮並找到您的貸方

The process works by using bitcoin as collateral to secure loans in fiat currency or stablecoins, typically operating with a 50% loan-to-value (LTV) ratio. This means if you deposit $100,000 in bitcoin, you can borrow up to $50,000, providing a substantial buffer against bitcoin's notorious price volatility. The actual rate will vary by provider, and the terms can differ depending on whether you are using a centralized (CeFi) or decentralized (DeFi) platform.

該過程通過使用比特幣作為抵押品來以法定貨幣或Stablecoins的價格獲得貸款，通常以50％的貸款價值（LTV）比率運行。這意味著，如果您存入100,000美元的比特幣，則最多可以藉入50,000美元，這為比特幣臭名昭著的價格波動提供了實質性的緩衝。實際匯率將因提供商而異，並且條款可能會有所不同，具體取決於您使用的是集中式（CEFI）還是分散的（DEFI）平台。

DeFi lending, driven by smart contracts, eliminates the need for intermediaries. However, this also introduces code and operational risks.

在智能合約驅動的情況下，Defi貸款消除了對中介的需求。但是，這也引入了代碼和操作風險。

With CeFi, borrowers and lenders rely on contractual agreements and established compliance measures, providing a clear legal framework that provides legal protection and security that cannot be offered in DeFi.

借助CEFI，借款人和貸方依靠合同協議和確定的合規措施，提供了一個明確的法律框架，提供了法律保護和安全性，這些框架無法提供Defi中無法提供的法律保護和安全。

Smart contracts are only as secure as the code they're built on. Any vulnerabilities can lead to significant losses, as seen in high-profile hacks and the closure of DeFi lending services. For example, THORChain's lending service became insolvent due to how it designed its risk management system and the internal token economics used to incentivize cooperation in its system. This ultimately impacted over $200 million in user funds.

智能合約僅與構建的代碼一樣安全。如在備受矚目的駭客和Fefi Lengend Services的關閉中所見，任何漏洞都可能導致巨大的損失。例如，由於胸胸的貸款服務如何設計其風險管理系統以及用於激勵其係統中合作的內部代幣經濟學，因此變得無能為力。這最終影響了超過2億美元的用戶資金。

Finally, there's the consideration of wrapping your bitcoin to access DeFi protocols: the process of bringing your bitcoin onto platforms that allow for decentralized finance smart contracts. While the key advantage of lending is to avoid potential taxable events and maintain your bitcoin holdings, users need to give up control of their bitcoin in order to have it "wrapped," and they receive a bitcoin "IOU" on a different chain. As a result, this process can introduce tax complications and additional risks.

最後，考慮到將您的比特幣包裹起來訪問Defi協議：將您的比特幣帶到允許分散式金融智能合約的平台上的過程。貸款的主要優點是避免潛在的應稅事件並保持您的比特幣持有量，但用戶需要放棄對比特幣的控制才能“包裝”，並且他們在另一個鏈條上獲得了比特幣“ iou”。結果，此過程可以引入稅收並發症和其他風險。

Centralized platforms like Ledn offer a simpler, regulated approach to bitcoin-backed lending when compared to DeFi. CeFi platforms are often easier to navigate, with

與DEFI相比，萊德（Ledn）等集中式平台為比特幣支持的貸款提供了一種更簡單，受規定的方法。 CEFI平台通常更容易瀏覽