歐洲對比特幣的機構採用速度很慢，監管複雜性和保守投資政策是重大障礙

儘管美國取得了長足的進步，包括特朗普總統的行政命令建立聯邦比特幣儲備金，但歐洲公司在這件事上基本上保持了安靜。

The pace of institutional Bitcoin adoption in Europe has been slower compared to the U.S., attributable to several factors.

與美國相比，歐洲的製度比特幣採用速度的速度較慢，這歸因於幾個因素。

According to Elisenda Fabrega, general counsel at Brickken, a European RWA tokenization platform, Europe's hesitation to adopt Bitcoin stems from unclear regulations, institutional signaling, and market maturity.

歐洲RWA令牌平台Brickken的總法律顧問Elisenda Fabrega表示，歐洲猶豫不決地採用比特幣，源於不清楚的法規，機構信號和市場成熟。

"We’re still in the early stages of crypto adoption, and European companies haven't yet taken a clear stance on Bitcoin as a reserve asset, which is something that would really accelerate the pace of adoption," Fabrega explained.

Fabrega解釋說：“我們仍處於加密採用的早期階段，歐洲公司尚未對比特幣作為儲備資產採取明確立場，這確實可以加快採用速度。”

While the U.S. has seen more rapid integration, with President Trump's executive order establishing a federal Bitcoin reserve and companies like BlackRock making headlines with their Bitcoin investments, European companies have largely stayed quiet on the matter.

儘管美國已經看到了更迅速的整合，但特朗普總統的行政命令建立了聯邦比特幣儲備金，而貝萊德（Blackrock）等公司則通過其比特幣投資成為頭條新聞，但歐洲公司在此問題上基本上保持了安靜。

Some notable exceptions include BNP Paribas, which reported a $10 billion Bitcoin investment, 21Shares AG and VanEck Europe launching Bitcoin ETFs, and Bitpanda's survey findings that 40% of European investors are interested in crypto despite financial institutions' estimations of only 10%, showcasing a potential demand gap of 30%.

一些值得注意的例外包括法國巴黎銀行（BNP Paribas），報告報告了100億美元的比特幣投資，21shares AG和Vaneck Europe推出了比特幣ETF，而Bitpanda的調查結果是，儘管金融機構的估計僅10％，但有40％的歐洲投資者對加密貨幣感興趣，但顯示了30％的潛在需求差距。

Moreover, Europe's fragmented regulatory framework poses another key issue. As analysts at Bitfinex highlighted, the European institutional landscape is divided, with several countries like France, Germany, and Italy having varying regulations and a preference for conservative investment mandates. This contrasts with the U.S., where the rollout of Bitcoin ETFs was supported by strong retail demand and a clear regulatory environment.

此外，歐洲分散的監管框架提出了另一個關鍵問題。正如Bitfinex的分析師所強調的那樣，歐洲機構格局被劃分了，法國，德國和意大利等幾個國家都有不同的法規，並且偏愛保守投資授權。這與美國形成鮮明對比，在美國，比特幣ETF的推出得到了強勁的零售需求和明確的監管環境的支持。

"We’ve seen a strong interest from U.S. retail investors in particular, which is interesting because usually in Europe, we’re more used to seeing strong interest in new financial instruments," added Iliya Kalchev, an analyst at Nexo, in an interview with BitRiver.

Nexo的分析師Iliya Kalchev在接受Bitriver的採訪中補充說：“我們已經看到了美國散戶投資者的濃厚興趣，這很有趣，因為通常在歐洲，我們更習慣於看到對新金融工具的濃厚興趣。”

However, BlackRock's recent launch of a Bitcoin exchange-traded product (ETP) in Europe on March 25 could signal a change, potentially increasing institutional confidence in the asset.

但是，貝萊德（Blackrock）最近在3月25日在歐洲推出了比特幣交易所交易產品（ETP）的推出，這可能表明發生了變化，可能會增加對資產的機構信心。

Despite the growing interest in Bitcoin globally, regulatory uncertainty in Europe remains a major obstacle. A recent survey by Bitpanda suggested that European financial institutions might be underestimating the demand for crypto by as much as 30%.

儘管全球對比特幣的興趣日益增加，但歐洲的監管不確定性仍然是一個主要障礙。 Bitpanda最近的一項調查表明，歐洲金融機構可能低估了對加密貨幣的需求多達30％。

As of writing, Bitcoin is priced at $82,079.66. While the U.S. has seen faster integration, with President Trump's executive order establishing a federal Bitcoin reserve and companies like Block (formerly Square) making headlines with their BTC investments, European companies have largely stayed mum on the matter.

截至寫作時，比特幣的價格為82,079.66美元。儘管美國的整合速度更快，但特朗普總統的行政命令建立了聯邦比特幣儲備金，而諸如Block（以前是Square）的公司則以BTC投資成為頭條新聞，歐洲公司在此問題上基本上保持了媽媽。

According to Fabrega, this silence from European companies is a key factor in the slow pace of institutional adoption.

法布雷加認為，歐洲公司的沉默是機構採用速度緩慢的關鍵因素。

"We’re still in the early stages of crypto adoption, and European companies haven't yet taken a clear stance on Bitcoin as a reserve asset, which is something that would really accelerate the pace of adoption," she added.

她補充說：“我們仍處於加密採用的早期階段，歐洲公司尚未對比特幣作為儲備資產採取明確的立場，這確實可以加速採用的步伐。”

According to Bitfinex analysts, European institutions are largely keeping their distance from Bitcoin, driven by several factors. They explained that several countries in the eurozone, including France, Germany, and Italy, have varying regulations and a preference for conservative investment mandates.

根據Bitfinex分析師的說法，歐洲機構在很大程度上保持了與比特幣的距離，這是有幾個因素驅動的。他們解釋說，包括法國，德國和意大利在內的歐元區的幾個國家都有不同的法規，並且偏愛保守的投資授權。

"The promise of high returns and the potential for capital preservation have failed to sway the majority of pension funds and asset managers to adjust their portfolios to include Bitcoin in any meaningful way," the analysts stated.

分析師說：“高回報的承諾和資本保存的潛力未能席捲大多數養老基金和資產經理，無法以任何有意義的方式調整其投資組合，以包括比特幣。”

Furthermore, they noted that the bulk of U.S. institutional investors, like hedge funds and asset managers, are engaging in the bitcoin futures market on a net basis, while European institutions are largely absent from this arena as well.

此外，他們指出，像對沖基金和資產經理這樣的大多數美國機構投資者正在淨參與比特幣期貨市場，而歐洲機構也很大程度上不在該領域。

In contrast, the rollout of Bitcoin ETFs in the U.S. was supported by strong retail demand and a clear regulatory environment, which ultimately led to the approval of the ProShares Bitcoin Strategy ETF in October 2021.

相比之下，美國比特幣ETF的推出得到了強勁的零售需求和明確的監管環境的支持，這最終導致了2021年10月的Proshares比特幣戰略ETF的批准。

"We’ve seen a strong interest from U.S. retail investors in particular, which is interesting because usually in Europe, we’re more used to seeing strong interest in new financial instruments," Kalchev concluded.

卡爾切夫總結說：“我們已經看到了美國散戶投資者的濃厚興趣，這很有趣，因為通常在歐洲，我們更習慣於看到對新金融工具的強烈興趣。”