比特币 ETF 的批准在持续的内在价值争论中激发了需求

美国比特币ETF的批准引发了对加密资产的需求激增，但潜在的担忧仍然是比特币缺乏内在价值。欧洲央行重申比特币的公允价值为零，强调其价格是由投机而非基本面驱动的。正如欧洲央行专家指出的，缺乏现金流或回报意味着比特币的估值波动很大，从长远来看可能无法维持目前的水平。

The Crypto Conundrum: Bitcoin ETF Approval Ignites Demand, but Intrinsic Value Remains Elusive

加密难题：比特币 ETF 的批准点燃了需求，但内在价值仍然难以捉摸

The recent approval of a bitcoin exchange-traded fund (ETF) in the United States has sent ripples of excitement through the cryptocurrency market. Yet, amidst this surge in investor enthusiasm, a fundamental question lingers: does bitcoin possess intrinsic value?

最近美国批准了比特币交易所交易基金（ETF），这在加密货币市场引发了兴奋的涟漪。然而，在投资者热情高涨的同时，一个基本问题仍然存在：比特币是否具有内在价值？

According to CoinShares data, global crypto ETPs have witnessed a staggering $5.8 billion influx this year, propelled by the positive sentiment generated by the Securities and Exchange Commission's (SEC) greenlighting of physical bitcoin ETFs. This regulatory nod has fueled predictions of widespread institutional adoption, with some experts likening it to the "trade of the century."

根据 CoinShares 的数据，在美国证券交易委员会 (SEC) 对实物比特币 ETF 开绿灯所产生的积极情绪的推动下，今年全球加密货币 ETP 流入量达到惊人的 58 亿美元。这种监管认可引发了机构广泛采用的预测，一些专家将其比作“世纪贸易”。

However, the European Central Bank (ECB) remains skeptical, steadfastly maintaining that bitcoin's "fair value is still zero." In a blog post entitled "ETF approval for bitcoin – the naked emperor's new clothes," ECB officials Ulrich Bindseil and Jürgen Schaaf reiterated the bank's long-held view that bitcoin lacks economic fundamentals and cannot serve as a global decentralized digital currency.

然而，欧洲央行（ECB）仍然持怀疑态度，坚定地认为比特币的“公允价值仍然为零”。欧洲央行官员 Ulrich Bindseil 和 Jürgen Schaaf 在题为“比特币 ETF 批准——赤裸裸的皇帝的新衣”的博文中重申了该行长期以来的观点，即比特币缺乏经济基本面，无法作为全球去中心化数字货币。

"Bitcoin's price level is not an indicator of its sustainability," the ECB warns. "There are no economic fundamental data, there is no fair value from which serious forecasts can be derived. There is no 'proof of price' in a speculative bubble."

欧洲央行警告称：“比特币的价格水平并不是其可持续性的指标。” “没有经济基本面数据，没有可以得出严肃预测的公允价值。投机泡沫中没有‘价格证据’。”

The ECB's stance is rooted in the belief that the absence of cash flow or dividends renders an asset's fair value zero. Bitcoin's rapid price ascent since 2016, exceeding 15,000%, certainly qualifies it as a speculative bubble.

欧洲央行的立场植根于这样的信念：缺乏现金流或股息会导致资产的公允价值为零。自 2016 年以来，比特币价格迅速上涨，涨幅超过 15,000%，无疑将其视为投机泡沫。

Moreover, the ECB expresses concern for less financially savvy retail investors who are lured by the fear of missing out (FOMO) and risk losing their money. While ETFs offer a regulated avenue for investors to access crypto without the risks associated with direct bitcoin ownership, they do not address the underlying issue of intrinsic value.

此外，欧洲央行对财务头脑较差的散户投资者表示担忧，他们被害怕错过机会（FOMO）和损失资金的风险所吸引。虽然 ETF 为投资者提供了获取加密货币的受监管途径，而无需承担与直接拥有比特币相关的风险，但它们并没有解决内在价值的根本问题。

"Bitcoin is still not suitable as an investment," the ECB warns. "Less financially knowledgeable retail investors are attracted by the fear of missing out, leading them to potentially lose their money."

欧洲央行警告称：“比特币仍然不适合作为投资。” “金融知识较少的散户投资者被害怕错过的恐惧所吸引，导致他们可能会损失金钱。”

This fundamental challenge poses a dilemma for fund selectors seeking to allocate to the emerging asset class of cryptocurrencies. The lack of intrinsic value creates uncertainty and raises questions about the sustainability of price valuations.

这一根本性挑战给寻求配置加密货币新兴资产类别的基金选择者带来了两难境地。内在价值的缺乏造成了不确定性，并引发了对价格估值可持续性的质疑。

In conclusion, the approval of a bitcoin ETF in the US has undoubtedly fueled demand for crypto assets, but it has not altered the fact that bitcoin remains an asset devoid of intrinsic value. The ECB's skepticism serves as a reminder that despite the allure of explosive price gains, investors should proceed with caution and carefully consider the underlying fundamentals before committing to crypto investments.

综上所述，比特币ETF在美国的批准无疑刺激了对加密资产的需求，但这并没有改变比特币仍然是一种缺乏内在价值的资产的事实。欧洲央行的怀疑态度提醒人们，尽管价格爆炸性上涨具有吸引力，但投资者在进行加密货币投资之前应谨慎行事并仔细考虑基本面。