現貨比特幣 ETF：它們是否優於直接所有權？

現貨比特幣交易所交易基金（ETF）在推出後三個月內就獲得了大量資產，提供了便捷的比特幣曝險。然而，一些加密貨幣愛好者認為，直接購買比特幣優於 ETF，理由是擁有實際加密貨幣的影響，包括其作為貨幣的使用和對加密金鑰的控制。像羅伯特·清崎這樣有影響力的投資者強調直接資產所有權的重要性，並且更喜歡直接投資比特幣，強調了加密領域的暴露和真正所有權之間的區別。

The Great Bitcoin Conundrum: ETFs vs. Direct Ownership

比特幣大難題：ETF 與直接所有權

Since their much-anticipated debut three months ago, spot Bitcoin exchange-traded funds (ETFs) have amassed a colossal $30 billion in assets, captivating first-time crypto investors with their ease and convenience. Heralded as the most significant Wall Street product launch in three decades, these ETFs have surged in popularity, prompting an important question: Are they a superior alternative to direct Bitcoin ownership?

自三個月前備受期待的首次亮相以來，現貨比特幣交易所交易基金 (ETF) 已積累了 300 億美元的巨額資產，以其輕鬆和便利的方式吸引了首次加密貨幣投資者。這些 ETF 被譽為三十年來最重要的華爾街產品，它們的受歡迎程度飆升，引發了一個重要問題：它們是直接持有比特幣的更好替代方案嗎？

This article delves into the nuances of this debate, examining the pros and cons of both approaches to help investors make informed decisions.

本文深入探討了這場辯論的細微差別，研究了兩種方法的優缺點，以幫助投資者做出明智的決定。

Tracking Bitcoin's Price: A Surprising Revelation

追蹤比特幣價格：令人驚訝的發現

Initially, concerns were rife that spot Bitcoin ETFs would encounter difficulties in accurately mirroring the price of Bitcoin. After all, Bitcoin trades incessantly across the globe, while ETFs operate within the constraints of centralized exchanges, limiting after-hours and pre-market activity. Moreover, Bitcoin's notorious volatility was expected to further complicate the task of tracking its price behavior.

最初，人們普遍擔心現貨比特幣 ETF 在準確反映比特幣價格方面會遇到困難。畢竟，比特幣在全球範圍內不斷交易，而 ETF 則在中心化交易所的限制下運作，限制了盤後和盤前活動。此外，比特幣臭名昭著的波動性預計將使追蹤其價格行為的任務更加複雜。

However, a detailed analysis conducted in mid-April revealed a surprising result. Using January 12th as a baseline, a comparison of Bitcoin's upward trajectory with that of the top two spot Bitcoin ETFs by market capitalization showed remarkable alignment. During the period under review, Bitcoin's value surged from $46,656 to $62,206, representing a gain of over 33%. Notably, both the iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) mirrored this growth with identical 33% gains.

然而，四月中旬進行的詳細分析卻得出了令人驚訝的結果。以 1 月 12 日為基準，將比特幣的上漲軌跡與市值排名前兩位的現貨比特幣 ETF 的上漲軌跡進行比較，結果顯示出顯著的一致性。回顧期內，比特幣的價值從 46,656 美元飆升至 62,206 美元，漲幅超過 33%。值得注意的是，iShares 比特幣信託 (IBIT) 和 Fidelity Wise Origin 比特幣基金 (FBTC) 都反映了這一增長，漲幅相同，均為 33%。

As evidenced by the three-month chart provided by TradingView, the two leading spot Bitcoin ETFs have maintained a near-perfect 1:1 correlation with the price of Bitcoin. This suggests that for those solely seeking exposure to Bitcoin's price movements with a long-term investment horizon, there appears to be no compelling advantage to purchasing Bitcoin directly.

TradingView 提供的三個月圖表證明，兩檔領先的現貨比特幣 ETF 與比特幣價格保持著近乎完美的 1:1 相關性。這表明，對於那些只想長期投資比特幣價格走勢的人來說，直接購買比特幣似乎沒有明顯的優勢。

The Essence of "Buying Bitcoin"

「購買比特幣」的本質

It is crucial to recognize that when investing in a Bitcoin ETF, one does not truly "buy Bitcoin." Instead, they acquire exposure to the price of Bitcoin. This concept is akin to purchasing an ETF tracking the S&P 500. While such an investment provides exposure to the index's price, it does not confer ownership of individual shares of every company included within it.

重要的是要認識到，在投資比特幣 ETF 時，人們並不是真正「購買比特幣」。相反，他們獲得了比特幣價格的敞口。這個概念類似於購買追蹤標準普爾 500 指數的 ETF。

This distinction assumes paramount importance in the realm of cryptocurrencies. Bitcoin serves a dual role as both a currency and a commodity. Circumstances may arise where accessing Bitcoin as a currency becomes necessary. For instance, an individual may wish to utilize Bitcoin to settle an airline ticket purchase for an upcoming vacation. However, holding Bitcoin via an ETF precludes such transactions. To utilize the underlying asset, the ETF must be sold, with the proceeds converted into fiat currency.

這種區別在加密貨幣領域至關重要。比特幣具有貨幣和商品的雙重作用。可能會出現需要將比特幣作為貨幣使用的情況。例如，個人可能希望使用比特幣來結算即將到來的假期購買的機票。然而，透過 ETF 持有比特幣則排除了此類交易。要利用標的資產，必須出售 ETF，並將收益轉換為法定貨幣。

Within the crypto community, an axiom prevails: "Not your keys, not your crypto." Cryptographic keys represent the sole means of asserting true ownership of Bitcoin (or any cryptocurrency). In the case of Bitcoin ETFs, these keys are held by the ETF issuers, not by the individual investors.

在加密貨幣社區中，流行著一條公理：“不是你的密鑰，就不是你的加密貨幣。”加密金鑰代表了聲明比特幣（或任何加密貨幣）真正所有權的唯一手段。就比特幣 ETF 而言，這些金鑰由 ETF 發行人持有，而非由個人投資者持有。

Therefore, should any unforeseen events transpire involving Bitcoin, such as regulatory changes, the options available to ETF holders are severely limited. The ETF issuers, not the investors, would wield exclusive control over the fate of their Bitcoin holdings. Given the historical volatility of government stances on Bitcoin, this poses a significant concern for many investors with substantial Bitcoin positions.

因此，如果發生涉及比特幣的任何不可預見的事件，例如監管變化，ETF 持有者的選擇將受到嚴重限制。 ETF 發行人，而不是投資者，將對其持有的比特幣的命運擁有獨家控制權。鑑於政府對比特幣立場的歷史波動，這引起了許多擁有大量比特幣頭寸的投資者的嚴重擔憂。

The Influence of "Rich Dads"

「富爸爸」的影響

When weighing the merits of spot Bitcoin ETFs, it is prudent to consider the insights of influential investors. Robert Kiyosaki, the renowned author of the best-selling book "Rich Dad Poor Dad," recently expressed his preference for direct Bitcoin ownership over Bitcoin ETFs. In his view, "rich dads" embrace Bitcoin, while "poor dads" opt for Bitcoin ETFs. Kiyosaki emphasizes that direct asset ownership is pivotal for wealth creation. He personally invests in physical gold and real estate, rather than their respective ETFs.

在權衡現貨比特幣 ETF 的優點時，謹慎考慮有影響力的投資者的見解。暢銷書《富爸爸窮爸爸》的著名作者羅伯特清崎最近表示，與比特幣 ETF 相比，他更傾向於直接擁有比特幣。在他看來，「富爸爸」擁抱比特幣，而「窮爸爸」則選擇比特幣ETF。清崎強調，直接資產所有權對於創造財富至關重要。他個人投資於實體黃金和房地產，而不是各自的 ETF。

This perspective does not imply that Bitcoin ETFs should be dismissed out of hand. For novice crypto investors, they can serve as suitable entry points, particularly in the wake of the fourth Bitcoin halving event. ETFs simplify the complexities of crypto ownership, rendering Bitcoin readily accessible. Investors are absolved from concerns related to cryptographic keys and the intricate workings of Bitcoin miners.

這種觀點並不意味著比特幣 ETF 應該立即被駁回。對於加密貨幣新手來說，它們可以作為合適的切入點，特別是在第四次比特幣減半事件之後。 ETF 簡化了加密貨幣所有權的複雜性，使比特幣變得易於獲取。投資者不再擔心加密金鑰和比特幣礦工複雜的工作方式。

Nonetheless, it is imperative to grasp the fundamental distinction between owning Bitcoin and owning an ETF that tracks its price. In certain instances, this difference could have profound implications.

儘管如此，必須掌握擁有比特幣和擁有追蹤其價格的 ETF 之間的根本區別。在某些情況下，這種差異可能會產生深遠的影響。