加密貨幣繼續實現主流採用和加入

隨著總統競選進入最後階段，整個加密產業經歷了價格水準、投資者興趣和 TradFi 採用率的上升。

As the Presidential race enters the final stretch, crypto is continuing to achieve mainstream adoption. This uptick is spreading to other areas of the crypto economy, with even the maligned NFT space recovering.

隨著總統競選進入最後階段，加密貨幣正在繼續獲得主流採用。這種成長正在蔓延到加密經濟的其他領域，甚至連飽受批評的 NFT 領域也在復甦。

Ubisoft is launching a blockchain based game after several years of development. Champions Tactics features NFTs valued between $7 and $63,000 per token. While web3 integration isn't required to participate in the gaming experience, analysts anticipate most players engaging with these features for the full experience. Gaming might not strike some veteran investors as a substantive industry nor clear market indicator; however, the U.S. gaming market size for 2024 is estimated to be nearly $60 billion.

經過幾年的開發，育碧正在推出一款基於區塊鏈的遊戲。 Champions Tactics 的 NFT 價值在每個代幣 7 到 63,000 美元之間。雖然參與遊戲體驗不需要 web3 集成，但分析師預計大多數玩家都會使用這些功能來獲得完整的體驗。一些資深投資者可能不會認為遊戲是實質產業，也不是明確的市場指標；然而，2024 年美國遊戲市場規模預計將接近 600 億美元。

On top of these indicators, TradFi institutions are continuing to integrate and adopt various aspects of blockchain and tokenization. Bridge's billion purchase by Stripe, alongside announcements from PayPal enabling merchant accounts to buy, sell, and hold crypto in wallets, are recent examples.

除了這些指標之外，TradFi 機構還在繼續整合和採用區塊鏈和代幣化的各個方面。 Bridge 被 Stripe 收購數十億美元，以及 PayPal 宣布允許商家帳戶購買、出售和在錢包中持有加密貨幣，都是最近的例子。

Another recent illustration is the partnership announced by Visa and Coinbase, where customers will be able to move funds between Visa debit cards and Coinbase wallets. In addition, eligible users can cash out funds from Coinbase to bank account, the latest sign of TradFi/banking integration within the crypto sector.

最近的另一個例子是 Visa 和 Coinbase 宣布的合作夥伴關係，客戶將能夠在 Visa 金融卡和 Coinbase 錢包之間轉移資金。此外，符合資格的用戶可以將 Coinbase 中的資金提現到銀行帳戶，這是加密產業內 TradFi/銀行一體化的最新跡象。

On the other hand, the uncertainty regarding U.S. crypto policy continues to exist, even as the likelihood of a new SEC chairperson and a pro-crypto Congress seem solidified. As the sector looks set to continue growing and integrating within established financial institutions and markets, there are several things industry advocates will need to balance as these conversations move forward.

另一方面，儘管新任 SEC 主席和支持加密貨幣的國會出現的可能性似乎已經確定，但美國加密貨幣政策的不確定性仍然存在。由於該行業似乎將繼續發展並融入成熟的金融機構和市場，隨著這些對話的進展，行業倡導者需要平衡一些事情。

As crypto continues to integrate within the TradFi banking and financial system, this has been seen as good news by the majority of investors, analysts, and crypto policy advocates. Such an approach is easy to understand; with spot bitcoin ETFs approaching nearly $30 billion in assets and inflows continuing, the price of bitcoin and other crypto has been on an upward trend.

隨著加密貨幣繼續融入 TradFi 銀行和金融系統，這被大多數投資者、分析師和加密貨幣政策倡導者視為好消息。這種方法很容易理解；隨著現貨比特幣 ETF 的資產接近 300 億美元，資金持​​續流入，比特幣和其他加密貨幣的價格一直呈上升趨勢。

Additionally, by looping in players such as PayPal, Stripe, and Visa, the crypto industry receives a large dose of legitimacy especially among non-expert users, not to mention the increasing ease with which investors can access the marketplace.

此外，透過 PayPal、Stripe 和 Visa 等參與者的加入，加密產業獲得了巨大的合法性，尤其是在非專家用戶中，更不用說投資者進入市場變得越來越容易。

One point that is worth highlighting is that this very centralization and integration can ultimately lead to stagnation if not carefully balanced with the innovative ethos that has powered crypto forward to date. Specifically, every large financial institution, payment processor or asset manager has large (and other often global) businesses outside of crypto; these businesses will by necessity take priority over crypto if need be. Following this fact pattern, it is reasonable to conclude that the very pathways that have powered crypto might also limit this upside moving forward.

值得強調的一點是，如果不與迄今為止推動加密貨幣向前發展的創新精神進行仔細平衡，這種中心化和整合最終可能會導致停滯。具體來說，每個大型金融機構、支付處理商或資產管理公司都擁有加密貨幣以外的大型（通常是全球性的）業務；如果需要的話，這些企業必然會優先於加密貨幣。遵循這一事實模式，可以合理地得出這樣的結論：為加密貨幣提供動力的途徑也可能限制這種上升趨勢。

The point that any crypto veteran is well versed in is the fact that U.S. regulators have not – to date – taken a pro-innovation approach with regards to cryptoassets. Tax treatment discourages usage as a medium of exchange, the SEC has waged a near constant campaign against the industry, and the lack of Treasury guidance continues to stifle further integration within TradFi institutions.

任何加密貨幣領域的資深人士都清楚，美國監管機構迄今尚未對加密資產採取支持創新的做法。稅收待遇阻礙了作為交易媒介的使用，美國證券交易委員會幾乎持續不斷地針對該行業發起運動，而財政部指導的缺乏繼續阻礙 TradFi 機構內部的進一步整合。

That said, advocates and policymakers should be cautious about the enthusiasm with which a (most likely) pro-crypto Congress will embrace the mandate for writing and passing legislation. Imperfect legislation is virtually guaranteed, but the true risk for the industry lies down another path that remains undiscussed.

也就是說，倡導者和政策制定者應該對（最有可能的）支持加密貨幣的國會接受起草和通過立法的授權的熱情保持謹慎。不完善的立法幾乎是必然的，但該行業的真正風險在於另一條尚未討論的道路。

Regulations, and the entirely regulatory process, almost always tend to favor the incumbent institutions that possess the personnel, payroll, and lobbying mechanisms to help develop and curate policy discussions. Even with the crypto industry spending nearly $200 million on the current election cycle, punctuated by the pledge for $25 million from Coinbase, the sector remains a new player in these areas. Crypto native firms, and advocates looking to create a fertile landscape for future innovation, will need to balance the need of policymakers to “do something” with the need for forward looking policies.

法規以及整個監管過程幾乎總是傾向於有利於擁有人員、工資和遊說機制來幫助制定和策劃政策討論的現有機構。儘管加密產業在當前的選舉週期中花費了近 2 億美元，並且 Coinbase 承諾提供 2500 萬美元，但該行業仍然是這些領域的新參與者。加密貨幣本土公司和尋求為未來創新創造肥沃環境的倡導者將需要平衡政策制定者「做某事」的需求與前瞻性政策的需求。

Last but not least, the reality is that governmental policy and legislation works on a timeline and cycle that is measured in years, something that the technology industry continues to find out via the multiple hearings and lawsuits that have besieged the sector since 2015. Crypto is an industry and economic area well known for moving fast, experimentation, innovation, and the dramatic rise in market capitalization and user base reflects the success of this approach. As the industry matures and continues to partner with TradFi institutions, and by necessity the regulatory apparatus, the acknowledgment that progress might take years will need to be accepted by leaders in the space. That said, this very ambiguity and inconsistent approach has not stopped the industry from growing rapidly and making inroads across the economy so perhaps this adjustment will continue to create an environment that crypto firms can operate within successfully.

最後但並非最不重要的一點是，現實情況是，政府政策和立法的實施是以年為單位的時間表和週期，科技業透過自2015 年以來困擾該行業的多次聽證會和訴訟不斷發現這一點。隨著行業的成熟並繼續與 TradFi 機構以及必要的監管機構合作，該領域的領導者需要承認進步可能需要數年時間。也就是說，這種非常模糊且不一致的方法並沒有阻止該行業的快速成長並在整個經濟領域取得進展，因此也許這種調整將繼續創造一個加密貨幣公司可以成功運作的環境。

Crypto continues to evolve and attract mainstream adoption, but investors and advocates alike need to actively monitor trends moving forward.

加密貨幣不斷發展並吸引主流採用，但投資者和倡導者都需要積極監控未來的趨勢。