華爾街對比特幣（BTC）日益增長的影響引發了對其去中心化基礎的質疑

隨著華爾街對比特幣（BTC）的影響力不斷增強，人們開始質疑它對加密貨幣去中心化基礎的影響。

As Bitcoin (BTC) continues to gain traction on Wall Street, the implications for the cryptocurrency's decentralized foundation are coming under increasing scrutiny. From BTC exchange-traded funds (ETFs) to BlackRock's (NYSE:BLK) statements on the 21 million supply cap, the tension between traditional finance and Bitcoin's core principles has never been clearer.

隨著比特幣（BTC）在華爾街繼續受到關注，這種加密貨幣去中心化基礎的影響正受到越來越多的關注。從 BTC 交易所交易基金 (ETF) 到貝萊德 (NYSE:BLK) 關於 2,100 萬供應上限的聲明，傳統金融與比特幣核心原則之間的緊張關係從未如此清晰。

BlackRock's 21 Million Supply Cap Disclaimer Raises Eyebrows

貝萊德 2100 萬供應上限免責聲明引起關注

On Dec. 17, BlackRock released a Bitcoin explainer video that highlighted the cryptocurrency's fixed supply of 21 million as a key factor in its value proposition. The video described the cap as a mechanism to maintain purchasing power and curb inflationary risks. However, a disclaimer in the video stated, “There is no guarantee that BTC's 21 million supply cap will not be changed.”

12 月 17 日，貝萊德發布了一段比特幣講解視頻，強調該加密貨幣 2100 萬的固定供應量是其價值主張的關鍵因素。該影片將上限描述為維持購買力和遏制通膨風險的機制。不過，影片中的免責聲明稱，“不能保證 BTC 2100 萬的供應上限不會改變。”

The disclaimer quickly caught the attention of the crypto community, sparking a fresh round of debate on the immutability of Bitcoin's supply rules. Michael Saylor, chairman of MicroStrategy (NASDAQ:MSTR), reignited the discussion by reposting the video, prompting further commentary.

該免責聲明很快就引起了加密社群的注意，引發了新一輪關於比特幣供應規則不變性的爭論。 MicroStrategy（納斯達克股票代碼：MSTR）董事長邁克爾·塞勒（Michael Saylor）通過轉發該視頻重新引發了討論，引發了進一步的評論。

“This is always part of the plan,” argued Joel Valenzuela, director of marketing at Dashpay, in response to the disclaimer. “They will change the supply. It's always been in the cards. This is a sign of manipulation. Stay strong.”

「這始終是計劃的一部分，」Dashpay 行銷總監 Joel Valenzuela 在回應免責聲明時表示。 「他們將改變供應。它一直都在卡片上。這是操縱的跡象。堅強點。

On the other hand, Ethereum developer Antiprosynthesis suggested that BlackRock might understand Bitcoin better than many of its proponents. “Most people who 'defend Bitcoin' don't actually understand the economics,” the developer wrote in response to the video. “They just like the buzzword 'sound money.' BlackRock seems to understand.”

另一方面，以太坊開發商 Antiprosynthesis 表示，貝萊德可能比許多支持者更了解比特幣。 「大多數『捍衛比特幣』的人實際上並不了解經濟學，」開發者在回應影片時寫道。 「他們只是喜歡『健全貨幣』這個流行詞。貝萊德似乎明白。

Despite theoretical possibilities, this disclaimer has fueled fears that institutional players may attempt to reshape Bitcoin's rules in their favor. A change to Bitcoin's supply rules would require a majority consensus among miners, node operators, and other key stakeholders in the BTC ecosystem.

儘管理論上存在可能性，但這項免責聲明引發了人們的擔憂，即機構參與者可能會試圖重塑比特幣的規則，使其對自己有利。比特幣供應規則的改變需要礦工、節點營運商和比特幣生態系統中其他主要利害關係人達成多數共識。

Are Bitcoin ETFs a Boon or a Threat?

比特幣 ETF 是福音還是威脅？

The introduction of Bitcoin ETFs has significantly simplified access to the cryptocurrency for mainstream investors, and financial services giant BlackRock has been a key player in this shift. The company's involvement in Bitcoin ETFs is expected to further legitimize the cryptocurrency and attract even greater institutional capital.

比特幣 ETF 的推出大大簡化了主流投資者對加密貨幣的獲取，金融服務巨頭貝萊德一直是這一轉變的關鍵參與者。該公司參與比特幣 ETF 預計將進一步使加密貨幣合法化並吸引更多的機構資本。

In 2023, the U.S. Securities and Exchange Commission is widely anticipated to approve the first spot Bitcoin ETFs, which will pave the way for trillions of dollars in potential capital to enter the crypto market. This development is bound to have a profound impact on Bitcoin's liquidity, price discovery, and overall market structure.

人們普遍預期美國證券交易委員會將在 2023 年批准第一批現貨比特幣 ETF，這將為數兆美元的潛在資本進入加密貨幣市場鋪平道路。這項發展必將對比特幣的流動性、價格發現和整體市場結構產生深遠影響。

However, Bitcoin ETFs also raise concerns about centralization. A large portion of Bitcoin will be locked in ETF custody, reducing its availability for decentralized applications. This may limit Bitcoin's utility in scaling solutions like the Lightning Network.

然而，比特幣 ETF 也引發了人們對中心化的擔憂。很大一部分比特幣將鎖定在 ETF 託管中，從而降低了其去中心化應用程式的可用性。這可能會限制比特幣在閃電網路等擴展解決方案中的效用。

Moreover, traditional financial practices such as rehypothecation — the reuse of collateral across multiple transactions — could introduce systemic risks to Bitcoin's ecosystem. If ETFs engage in practices that are not fully transparent or beneficial to the Bitcoin network, it could lead to friction between institutional and decentralized priorities.

此外，再抵押（在多個交易中重複使用抵押品）等傳統金融實踐可能會為比特幣生態系統帶來系統性風險。如果 ETF 的做法不完全透明或對比特幣網路有利，則可能會導致機構優先事項和去中心化優先事項之間產生摩擦。

Miners vs. Wall Street: Who Holds the Power?

礦工與華爾街：誰掌握權力？

Bitcoin's economic model relies heavily on miners earning block rewards and transaction fees. With the block halving roughly every four years, there are concerns about the sustainability of miner revenue, especially as the BTC supply approaches its limit.

比特幣的經濟模型在很大程度上依賴礦工賺取區塊獎勵和交易費用。隨著區塊大約每四年減半，人們對礦工收入的可持續性感到擔憂，特別是當比特幣供應接近極限時。

Some have suggested increasing BTC's supply to address this issue, but history shows that such changes are nearly impossible to enforce. In the past, attempts by miners to alter critical aspects of the Bitcoin protocol have been met with resistance from the broader community.

有些人建議增加比特幣的供應量來解決這個問題，但歷史表明，這種改變幾乎不可能執行。過去，礦工試圖改變比特幣協議關鍵方面的嘗試遭到了更廣泛社區的抵制。

During the Blocksize War of 2016–2017, miners attempted to increase Bitcoin's block size to enhance transaction capacity. However, node operators and developers overwhelmingly rejected the proposal, arguing that it would compromise the network's decentralization. Instead, layer-2 solutions were developed to scale Bitcoin without altering its core protocol.

在2016-2017年的區塊大小戰爭期間，礦工試圖增加比特幣的區塊大小以增強交易能力。然而，節點運營商和開發商絕大多數拒絕了該提議，認為這會損害網路的去中心化。相反，開發第二層解決方案是為了在不改變其核心協議的情況下擴展比特幣。

As Wall Street continues to embrace Bitcoin, the cryptocurrency is gaining stability and being adopted by a wider range of investors. However, this institutional interest also brings risks of centralization and financialization, which could impact Bitcoin's decentralized ethos and the role of miners in the ecosystem.

隨著華爾街繼續擁抱比特幣，這種加密貨幣正在獲得穩定性並被更廣泛的投資者採用。然而，這種機構利益也帶來了中心化和金融化的風險，這可能會影響比特幣的去中心化精神和礦工在生態系統中的作用。

The future of BTC will depend on whether its community can safeguard its decentralized principles while embracing the opportunities presented by increasing institutional involvement in Bitcoin.

比特幣的未來將取決於其社群是否能夠維護其去中心化原則，同時擁抱增加機構參與比特幣所帶來的機會。