比特幣突破 10 萬美元，為華爾街守舊派與數位顛覆者之間的衝突奠定了基礎

全球最大的加密貨幣正因加密貨幣友好的川普 2.0 時代的夢想而昂揚向上。他的重新掌權帶來了數位復興的希望

Bitcoin, once dismissed as a passing fad by Wall Street bigwigs, has now become a behemoth, valued at over $2 trillion and reaching a new milestone of $103,000 for the first time after 15 years of ups and downs.

曾經被華爾街大佬視為曇花一現的比特幣，如今已成為價值超過2萬億美元的龐然大物，在經歷了15年的起伏之後，首次達到103,000美元的新里程碑。

It’s a love-hate story with Wall Street’s heavy hitters—some seeing it as a bubble, while others view it as digital gold. And somehow, despite the skepticism, it’s here, setting the stage for a clash between finance’s old guard and the digital disruptors.

這是一個與華爾街重量級人物又愛又恨的故事——有些人將其視為泡沫，而有些人則將其視為數位黃金。儘管存在懷疑，但不知何故，它就在這裡，為金融保守派和數位顛覆者之間的衝突奠定了基礎。

The world’s largest crypto is riding high on hopes of a crypto-friendly Trump 2.0 era. His return to power has brought dreams of a digital renaissance, pushing the entire crypto market toward a $4 trillion valuation.

全球最大的加密貨幣對加密貨幣友善的川普 2.0 時代寄予厚望。他的重新掌權帶來了數位復興的夢想，將整個加密貨幣市場的估值推向了 4 兆美元。

Now, as crypto companies sit flush with cash, some of Wall Street’s most notorious players are reluctantly entering the game. Others? Still throwing stones from the sidelines.

現在，隨著加密貨幣公司擁有充足的現金，一些華爾街最臭名昭著的參與者正在不情願地加入這個遊戲。其他的？還在旁邊丟石頭。

Jamie Dimon Doesn't mince words when it comes to Bitcoin. Back in 2017, he called it a “fraud” and even threatened to fire employees for trading it.

傑米戴蒙 (Jamie Dimon) 在談到比特幣時並不拐彎抹角。早在2017年，他就稱其為“欺詐”，甚至威脅要解僱進行交易的員工。

In congressional hearings, he doubled down, labeling crypto tokens as “decentralized Ponzi schemes” and calling for a government crackdown.

在國會聽證會上，他加倍努力，將加密貨幣標記為“去中心化的龐氏騙局”，並呼籲政府予以打擊。

But here’s the thing—while Jamie spits on Bitcoin, JPMorgan quietly trades Bitcoin ETFs and explores blockchain like a kid sneaking into the candy jar.

但事情是這樣的——當 Jamie 對比特幣吐槽時，摩根大通悄悄地交易比特幣 ETF，並像一個偷偷溜進糖果罐的孩子一樣探索區塊鏈。

Blockchain is fine, but Bitcoin? “A useless pet rock,” Jamie said recently. That’s his story, and he’s sticking to it. Hypocrisy? Maybe. But he’s not alone in the double game.

區塊鏈很好，但是比特幣呢？ 「一塊無用的寵物石頭，」傑米最近說。這就是他的故事，而且他一直堅持下去。虛偽？或許。但他並不是唯一一個參與雙打的人。

Larry Fink, the BlackRock kingpin, took a hardline stance against Bitcoin in its early days. In 2017, he called it “an index of money laundering” and claimed his clients had no interest in it.

貝萊德 (BlackRock) 的核心人物拉里·芬克 (Larry Fink) 在早期對比特幣採取了強硬立場。 2017年，他稱其為“洗錢指數”，並聲稱他的客戶對此不感興趣。

Fast forward, and now BlackRock runs the world’s largest Bitcoin fund. Funny how things change when there’s money to be made.

時間快進，現在貝萊德經營著世界上最大的比特幣基金。有趣的是，當有錢可賺時，事情就會改變。

Larry admits Bitcoin’s value as a hedge against political chaos and currency devaluation. He’s flipped the script, now touting Bitcoin as uncorrelated to traditional assets and worth a serious look for investors.

拉里承認比特幣作為對沖政治混亂和貨幣貶值的價值。他翻轉了劇本，現在宣稱比特幣與傳統資產不相關，值得投資者認真關注。

BlackRock’s pivot is one of the most historic decisions ever made in the finance industry. Its Bitcoin spot exchange-traded fund (ETF) has been its most profitable investment product ever.

貝萊德的轉型是金融業有史以來最具歷史意義的決策之一。其比特幣現貨交易所交易基金（ETF）一直是其有史以來最賺錢的投資產品。

Meanwhile, Citadel's Ken Griffin once ridiculed Bitcoin as the financial equivalent of tulip mania. In 2021, he went as far as to say the crypto craze was a “jihadist call” against the dollar.

同時，Citadel 的 Ken Griffin 曾嘲笑比特幣是鬱金香狂熱的金融等價物。 2021 年，他甚至稱加密貨幣熱潮是針對美元的「聖戰呼籲」。

But Griffin’s view has changed. “I wish I bought it when it was cheap,” he said recently, reflecting on Bitcoin’s meteoric rise. He admits his past dismissal was a mistake, though he’s still not all in.

但格里芬的觀點改變了。 「我希望在它便宜的時候買它，」他最近在談到比特幣的迅速崛起時說道。他承認他過去的解僱是一個錯誤，儘管他還沒有全力以赴。

Griffin’s cautious optimism shows how Bitcoin’s success forces even its critics to rethink their positions. He might not love Bitcoin, but he respects its power now. Who wouldn’t? It’s undeniable.

格里芬的謹慎樂觀態度表明，比特幣的成功甚至迫使其批評者重新思考自己的立場。他可能不喜歡比特幣，但他現在尊重它的力量。誰不會呢？這是不可否認的。

The Oracle of Omaha has no love lost for Bitcoin. Warren Buffett famously called it “rat poison squared” in 2018, and he’s stuck to that script. At the time, he said he wouldn’t pay $25 for all the Bitcoin in the world.

這位奧馬哈先知並沒有失去對比特幣的熱愛。華倫·巴菲特在 2018 年曾將其稱為“老鼠藥的平方”，而他一直堅持這個說法。當時，他表示他不會花 25 美元購買世界上所有的比特幣。

While other Wall Street titans soften their stances, Warren keeps his hands firmly in his pockets. Even when Bitcoin hit the $100,000 mark, he wasn’t impressed.

當其他華爾街巨頭的立場有所軟化時，華倫卻將雙手牢牢插在口袋裡。即使當比特幣觸及 10 萬美元大關時，他也沒有留下深刻的印象。

In 2023, he called it a symptom of America’s gambling problem. As far as the legendary investor is concerned, Bitcoin is noise, not a signal. For now, it seems nothing can change that. Not Bitcoin’s massive price tag, and sadly, not our thoughtfully-written open letter to him.

2023年，他稱這是美國賭博問題的症狀。對這位傳奇投資者來說，比特幣是噪音，而不是訊號。目前看來，沒有什麼可以改變這一點。不是比特幣的巨大價格標籤，可悲的是，也不是我們精心寫的給他的公開信。

Ray Dalio: Bitcoin is gold, but with a target on its back

Ray Dalio：比特幣是黃金，但背後有目標

Bridgewater’s Ray Dalio started as a skeptic, but his journey has taken a different turn. He once dismissed Bitcoin as a “speculative bubble,” but by 2021, he was calling it “one hell of an invention.” Dalio now sees Bitcoin as an alternative to gold, with all the potential—and all the risks—that entails.

橋水基金的雷·達利奧（Ray Dalio）一開始是持懷疑態度的，但他的旅程發生了不同的轉變。他曾將比特幣斥為“投機泡沫”，但到 2021 年，他稱其為“地獄般的發明”。達利奧現在將比特幣視為黃金的替代品，具有其所帶來的所有潛力和所有風險。

Dalio owns Bitcoin and Ether, but he’s cautious about government intervention. “If Bitcoin becomes too successful, governments will kill it,” he warned.

達裡奧擁有比特幣和以太幣，但他對政府乾預持謹慎態度。 「如果比特幣變得太成功，政府就會扼殺牠，」他警告。

The Trump factor and institutional FOMO

川普因素與機構 FOMO

Investors are piling into Bitcoin ETFs, and companies like MicroStrategy are doubling down. Their plan to buy $42 billion worth of Bitcoin over the next three years is particularly bold, even by crypto standards.

投資者紛紛湧入比特幣 ETF，MicroStrategy 等公司也加倍投資。他們計劃在未來三年內購買價值 420 億美元的比特幣，即使以加密貨幣標準來看也是特別大膽的。

This institutional FOMO (fear of missing out) is real. Hedge funds like Millennium and Cap

這種制度性的 FOMO（害怕錯過）是真實存在的。 Millennium 和 Cap 等對沖基金