比特币（BTC）金融景观经历了安静的变形，因为Blockstream揭示了一项新计划

比特币（BTC）的金融格局正在经历安静的变形。 BlockStream是区块链基础设施的巨人，刚刚揭开了一项倡议

In the hushed financial landscape, a metamorphosis is unfolding. Blockstream, a behemoth in blockchain infrastructure, has just unveiled an initiative that could rewrite the rules of institutional credit.

在安静的金融景观中，变态正在展开。 Blockstream是区块链基础设施中的庞然大物，刚刚揭示了一项可以重写机构信用规则的倡议。

With three funds totaling several billion dollars, the company is creating an unprecedented gap: transforming bitcoin into liquid leverage without requiring its sale. A move as bold as it is logical, placing BTC holders at the heart of a parallel financial system, where digital gold finally becomes a productive asset.

该公司凭借三笔资金总计数十亿美元，正在造成前所未有的差距：将比特币转变为液体杠杆，而无需销售。这是合乎逻辑的大胆的举动，将BTC持有人置于平行金融系统的核心，在该系统中，数字黄金最终成为有生产力的资产。

Insulating bitcoin from the market

从市场上绝缘比特币

The first fund, focused on loans of $100,000 to $5 million, targets institutional investors looking to avoid the dilution of their bitcoin wallet.

第一个基金以100,000至500万美元的贷款为目标，目标是避免稀释其比特币钱包的机构投资者。

Imagine: borrowing dollars while guaranteeing your bitcoins, without fearing the fiscal pitfalls of a premature sale. A seemingly simple mechanism, yet revolutionary in an ecosystem where liquidity remains a headache.

想象一下：在保证比特币的同时借入美元，而不必担心过早销售的财政陷阱。看似简单的机制，但在流动性仍然令人头疼的生态系统中具有革命性。

This initiative is also an answer to the criticisms leveled at bitcoin: its limited use cases and the risk of overvaluation in the absence of fundamental analysis.

该倡议也是对比特币批评的答案：在没有基本分析的情况下，其有限的用例和高估的风险。

But the company, known for its maximalist vision, prefers to highlight bitcoin's strengths: its scarcity, recognized by regulators, and its potential for over-collateralization in a transparent and decentralized manner.

但是，该公司以其最大的愿景而闻名，他更喜欢强调比特币的优势：其稀缺性，受监管机构认可，及其以透明和分散的方式进行过度交流的潜力。

The second fund, Alpha Fund, is betting on bitcoin infrastructure as a source of yield.

第二个基金Alpha Fund正在将比特币基础设施作为收益率来源。

Lightning Network nodes, often perceived as technical, are becoming machines for generating passive income. Blockstream is betting here on a growing adoption of micropayments, turning each transaction into an opportunity for investors.

闪电网络节点通常被认为是技术，正在成为产生被动收入的机器。 BlockStream在这里押注越来越多的微付款，将每笔交易变成了投资者的机会。

A strategy reminiscent of the early days of the Internet, where underlying infrastructures created the greatest fortunes.

一项策略让人联想到互联网的早期，基础设施的基础设施创造了最大的命运。

Finally, the third fund acts as a bridge between tradition and innovation. By allowing USD loans secured by bitcoin, Blockstream is enticing institutions still hesitant to dive into cryptos.

最后，第三个基金充当传统与创新之间的桥梁。通过允许比特币获得的美元贷款，BlockStream正在诱使机构仍然不愿潜入加密货币。

This announcement comes in a politically charged context. When Donald Trump mentioned a strategic reserve including XRP or Solana, Adam Back, CEO of Blockstream, tackled this ideological dilution.

这一公告是在政治上充满的背景下出现的。当唐纳德·特朗普（Donald Trump）提到包括XRP或Solana在内的战略储备时，Blockstream首席执行官Adam Back解决了这种意识形态稀释。

“Bitcoin remains the only cryptocurrency without risky counterparty,” he asserted. A reminder: for Blockstream, BTC must remain the digital gold standard, far from altcoins perceived as speculative distractions.

他断言：“比特币仍然是唯一没有风险对手的加密货币。”提醒：对于阻滞性，BTC必须仍然是数字黄金标准，远非被认为是投机性分散注意力的山寨币。

This positioning is not trivial. By aligning its products with “pure” bitcoin, Blockstream is attracting purists while reassuring regulators. Grayscale and Galaxy Digital offer diversified exposures. Blockstream, on the other hand, is betting on simplicity. A risky choice, but consistent with its philosophy: the Bitcoin network as an unchangeable foundation of a new financial system.

这种定位并不小。通过将其产品与“纯”比特币保持一致，Blockstream吸引了纯粹主义者，同时放心监管机构。灰度和星系数字提供多样化的暴露。另一方面，BlockStream正在押注简单性。一个冒险的选择，但符合其理念：比特币网络是新金融体系的不变基础。