明尼阿波利斯聯邦儲備銀行加入歐洲央行#Bitcoin 攻擊，新論文聲稱，如果消費者不注意到並採用 BTC 等新貨幣，政府可能會出現永久性赤字

幻想“法律禁止”和對比特幣額外徵稅，以確保政府債務仍然是“唯一無風險的安全”

The recent broadside against Bitcoin by the Minneapolis Federal Reserve and the European Central Bank (ECB) is likely a coordinated attack, given the near-simultaneous timing of their respective critiques. Notably, however, some of the fundamental characteristics of Bitcoin that these monetarists criticize are highly valued by Bitcoin maximalists, highlighting a deep-seated divide that resists attempts at reconciliation.

明尼阿波利斯聯邦儲備銀行和歐洲央行（ECB）最近對比特幣的猛烈攻擊可能是一次協調一致的攻擊，因為他們各自的批評幾乎同時發生。然而值得注意的是，這些貨幣主義者所批評的比特幣的一些基本特徵卻受到了比特幣最大化主義者的高度重視，凸顯了根深蒂固的分歧，阻礙了和解的嘗試。

Government-backed papers on Bitcoin have been making the rounds lately, and two recent examples are particularly noteworthy. First, on October 12th, the ECB published a paper that claims early adopters of Bitcoin "steal" economic value from latecomers. The paper argues that:

政府支持的有關比特幣的論文最近一直在流傳，最近的兩個例子尤其值得注意。首先，10 月 12 日，歐洲央行發表了一篇論文，聲稱比特幣的早期採用者從後來者「竊取」了經濟價值。該論文認為：

"The new Lamborghini, Rolex, villa, and equity portfolios by early Bitcoin investors do not stem from an increase in the economy's production potential; rather, they are financed by diminishing consumption and wealth of those who initially do not hold Bitcoin."

「早期比特幣投資者新推出的蘭博基尼、勞力士、別墅和股票投資組合並不是源於經濟生產潛力的增加；相反，它們的融資來源是那些最初不持有比特幣的人的消費和財富的減少。

The ECB paper goes on to advocate for government intervention to prevent Bitcoin's price from rising rapidly, in an effort to avoid "division of society."

歐洲央行的文件繼續主張政府乾預，阻止比特幣價格快速上漲，以避免「社會分裂」。

🚨Minneapolis Fed Joins ECB With #Bitcoin Attack 🚨

🚨明尼阿波利斯聯邦儲備銀行加入歐洲央行#Bitcoin Attack 🚨

New Paper Claims Governments Can Run Permanent Deficits if Consumers Don't Notice & Adopt New Money Like BTC.

新論文聲稱，如果消費者沒有註意到並採用比特幣等新貨幣，政府可能會出現永久性赤字。

Fantasizes About "Legal Prohibition" & Extra Taxes on BTC to Ensure Govt Debt Remains "Only Risk Free Security" https://t.co/IMOqZbYce0 pic.twitter.com/quRthS6Znl

幻想「法律禁止」和對比特幣額外徵稅，以確保政府債務仍然是「唯一無風險的安全」 https://t.co/IMOqZbYce0 pic.twitter.com/quRthS6Znl

— matthew sigel, recovering CFA (@matthew_sigel) October 20, 2024

— matthew sigel，正在恢復 CFA (@matthew_sigel) 2024 年 10 月 20 日

Next, the Minneapolis Federal Reserve published a paper that explores the government's ability to run "permanent primary deficits." In this paper, Bitcoin is identified as a major obstacle to this goal. The paper states:

接下來，明尼阿波利斯聯邦儲備銀行發表了一篇論文，探討政府運作「永久性基本赤字」的能力。在本文中，比特幣被認為是實現這一目標的主要障礙。論文指出：

"But this result fails if there are also useless pieces of paper (bitcoin for short) that can be traded."

“但如果還有可以交易的無用紙片（簡稱比特幣），這個結果就會失敗。”

The paper also suggests either a blanket ban on Bitcoin or a tax on the cryptocurrency to allow governments to run perpetual deficits:

該文件還建議要么全面禁止比特幣，要么對加密貨幣徵稅，以允許政府維持永久性赤字：

"A legal prohibition against bitcoin can restore unique implementation of permanent primary deficits, and so can a tax on bitcoin at the rate -(r - g) > 0."

“對比特幣的法律禁令可以恢復永久性基本赤字的獨特實施，因此對比特幣按 -(r - g) > 0 的稅率徵稅也可以。”

This development is particularly interesting in light of Minneapolis Federal Reserve President Neel Kashkari's recent public remarks, in which he raised three main objections to the world's leading cryptocurrency. First, he claimed to have never encountered anyone who used Bitcoin to purchase everyday necessities, questioning the cryptocurrency's role as a medium of exchange. He then cited the cryptocurrency's decline during the post-pandemic inflationary wave, which saw Bitcoin fall along with other risky assets, to argue that the cryptocurrency is a "terrible inflation hedge." Finally, Kashkari asserted that the cryptocurrency serves no purpose beyond being an object of speculation.

鑑於明尼阿波利斯聯邦儲備銀行主席尼爾·卡什卡里最近的公開言論，這一發展尤其有趣，他在演講中對世界領先的加密貨幣提出了三個主要反對意見。首先，他聲稱從未遇過任何人使用比特幣購買日常必需品，質疑加密貨幣作為交換媒介的作用。然後，他引用了加密貨幣在大流行後通膨浪潮期間的下跌，比特幣與其他風險資產一起下跌，認為加密貨幣是「可怕的通膨對沖工具」。最後，卡什卡里斷言，加密貨幣除了作為投機物件之外沒有任何用途。

The cryptocurrency's improving fundamentals

加密貨幣的基本面不斷改善

BITCOIN ETFS INFLOWS HIT $20B, OUTPACE GOLD ETFS 10X: WHAT’S NEXT?

比特幣 ETF 流入額達到 20B 美元，超過黃金 ETF 十倍：接下來會發生什麼事？

While ETFs are seeing heavy inflows, Bitcoin's exchange inflows have dropped significantly by over 95.93% in the last 48 hours.

儘管 ETF 出現大量資金流入，但比特幣的交易所流入量在過去 48 小時內大幅下降了 95.93% 以上。

This suggests a shift in investor behavior as fewer participants are moving their…

這表明投資者行為發生了轉變，因為越來越少的參與者正在轉移他們的…

— *Walter Bloomberg (@DeItaone) October 21, 2024

- *沃爾特·布隆伯格 (@DeItaone) 2024 年 10 月 21 日

These papers are emerging at a time when the world's premier cryptocurrency is nearing its all-time highs. Moreover, spot Bitcoin ETFs have now attracted a staggering $20 billion in inflows, all within a year of their launch.

這些論文是在全球主要加密貨幣接近歷史最高點之際出現的。此外，現貨比特幣 ETF 目前已吸引了驚人的 200 億美元資金流入，而這一切都是在推出後一年內完成的。

It took Gold ETFs 5 years to break $20b inflows.

黃金 ETF 花了 5 年才突破 200 億美元的流入。

#Bitcoin did it in 10 months.

#Bitcoin 在 10 個月內做到了。

The most successful ETF launch in history! pic.twitter.com/XngeuiWTQy

史上最成功的ETF推出！ pic.twitter.com/XngeuiWTQy

— Bitcoin Archive (@BTC_Archive) October 20, 2024

- 比特幣檔案 (@BTC_Archive) 2024 年 10 月 20 日

To put this in perspective, it took 5 years for gold ETFs to accumulate this level of inflows.

從這個角度來看，黃金ETF花了5年時間才累積了這一水準的資金流入。

#BTC

#BTC

The retest is now in progress$BTC #Crypto #Bitcoin https://t.co/Ytarr8A746 pic.twitter.com/pUVQ5JxtIw

重新測試正在進行中$BTC #Crypto #Bitcoin https://t.co/Ytarr8A746 pic.twitter.com/pUVQ5JxtIw

— Rekt Capital (@rektcapital) October 21, 2024

— Rekt Capital (@rektcapital) 2024 年 10 月 21 日

Finally, Bitcoin appears to have broken out of its channel just ahead of the US presidential election.

最後，比特幣似乎在美國總統大選之前突破了其通道。