由比特币支持的贷款正在经历复兴，这是对流动性需求不断增长的驱动

比特币支持的贷款是市场上增长最快的数字融资机会之一。

Bitcoin-backed lending is one of the fastest-growing digital finance opportunities, driven by the increasing demand for liquidity without sacrificing long-term exposure to bitcoin, and the potential tax advantages that loans offer for those who have seen their assets appreciate. Both individual and institutional borrowers are using these instruments more and more as a tool in their treasury management arsenal as bitcoin becomes a staple in portfolios, and investors look for more ways to benefit from their holdings.

由比特币支持的贷款是增长最快的数字融资机会之一，这是由于对流动性的不断增长而不必牺牲长期暴露于比特币的需求，以及贷款为那些看到其资产所欣赏的人提供的潜在税收优势。个人和机构借款人都越来越多地将这些工具用作国库管理中的工具，因为比特币成为投资组合中的主食，投资者正在寻找更多的方法来从其持股中受益。

The popularity of these instruments grew as the bitcoin price rose in 2024 and is accelerating into 2025. In the first half of 2024, crypto lender Ledn saw $191 million worth of bitcoin-backed loans. In just the first month of 2025, Ledn has seen over $100 million in bitcoin-backed loans.

这些乐器的普及随着比特币价格在2024年上涨，并加速到2025年。在2024年上半年，Crypto Lender Ledn看到了价值1.91亿美元的比特币支持的贷款。在2025年的第一个月，莱德（Ledn）获得了超过1亿美元的比特币支持贷款。

But what makes individuals and institutions move to bitcoin for loans, and how do they pick a provider? In this article, we’ll take a look at the mechanics, benefits and inherent risks of this growing market and contrast centralized and decentralized approaches to bitcoin lending to find what strategy works best for you.

但是，是什么使个人和机构转向比特币进行贷款，以及他们如何选择提供商呢？在本文中，我们将研究这个不断增长的市场的机制，收益和固有风险，以及对比比特币贷款的集中和分散的方法，以找到最适合您的策略。

Why bitcoin-backed lending?

为什么要比特币支持的贷款？

为什么要比特币支持的贷款？

Bitcoin-backed lending is one of the fastest-growing digital finance opportunities on the market. For borrowers, it’s a way to unlock capital without having to part ways with their coins.

由比特币支持的贷款是市场上增长最快的数字融资机会之一。对于借款人来说，这是一种不必与硬币分开的方式解锁资本的方法。

For individuals, bitcoin-backed loans offer the opportunity to use loans to buy real estate, start businesses, pay debt and more. For institutions, it offers a unique way to hedge additional investments or business ventures with the market depth and liquidity only offered by bitcoin.

对于个人而言，由比特币支持的贷款提供了使用贷款购买房地产，创业，偿还债务等的机会。对于机构来说，它提供了一种独特的方式，可用于额外的投资或企业，其市场深度和仅比特币提供的流动性。

Whether you’re an institution or an individual, bitcoin-backed loans offer the strong foundation of bitcoin as a collateral, with benefits that go far beyond the usual buying and selling, like tax planning.

无论您是机构还是个人的，由比特币支持的贷款都为比特币作为抵押品的强大基础，其福利远远超出了通常的买卖，例如税收计划。

Bitcoin remains the most liquid cryptocurrency, with a deep market that ensures deep liquidity even during periods of volatility. Bitcoin’s proven resilience since its inception makes it the most trusted cryptocurrency. Its robust security and widespread adoption further solidify its position as the premier collateral asset.

比特币仍然是最流动的加密货币，即使在波动期间，也可以确保深厚的流动性。自成立以来，比特币的弹性使其成为最值得信赖的加密货币。其强大的安全性和广泛采用的采用进一步巩固了其作为主要抵押品资产的地位。

While bitcoin is a robust collateral asset, its price swings can impact loan-to-value management. Borrowers must carefully monitor their positions to avoid margin calls and forced liquidations.

尽管比特币是强大的抵押品资产，但其价格波动可能会影响贷款到价值管理。借款人必须仔细监视其职位，以避免保证金通话和强制清算。

One of the most compelling reasons for bitcoin-backed lending is the ability to access liquidity without selling bitcoin. This is particularly valuable for long-term holders who believe in bitcoin’s future potential but need cash for personal expenses, investments or business operations.

由比特币支持的贷款的最引人注目的原因之一是能够在不出售比特币的情况下获得流动性。这对于相信比特币未来潜力但需要现金进行个人支出，投资或业务运营的长期持有人特别有价值。

By using bitcoin as collateral, borrowers can retain their exposure to potential price appreciation while meeting their immediate financial needs. Additionally, selling bitcoin can trigger significant capital gains taxes, depending on the jurisdiction. Bitcoin-backed lending allows borrowers to avoid these immediate tax consequences.

通过使用比特币作为抵押品，借款人可以在满足其直接的财务需求的同时，将其接触潜在的价格赞赏。此外，销售比特币可以根据管辖权而引发大量资本利得税。比特币支持的贷款允许借款人避免这些立即税收后果。

However, it’s crucial to understand the implications of loan-to-value ratios, margin calls and bitcoin’s inherent volatility. A well-managed loan can provide financial flexibility, but poor risk management can lead to forced liquidations and unexpected tax liabilities.

但是，了解贷款与价值比率，保证金呼叫和比特币固有波动的含义至关重要。良好的贷款可以提供财务灵活性，但风险管理差可以导致强迫清算和意外的税收负债。

Understanding the process, risk considerations and finding your lender

了解过程，风险考虑并找到您的贷方

了解过程，风险考虑并找到您的贷方

The process works by using bitcoin as collateral to secure loans in fiat currency or stablecoins, typically operating with a 50% loan-to-value (LTV) ratio. This means if you deposit $100,000 in bitcoin, you can borrow up to $50,000, providing a substantial buffer against bitcoin's notorious price volatility. The actual rate will vary by provider, and the terms can differ depending on whether you are using a centralized (CeFi) or decentralized (DeFi) platform.

该过程通过使用比特币作为抵押品来以法定货币或Stablecoins的价格获得贷款，通常以50％的贷款价值（LTV）比率运行。这意味着，如果您存入100,000美元的比特币，则最多可以借入50,000美元，这为比特币臭名昭著的价格波动提供了实质性的缓冲。实际汇率将因提供商而异，并且条款可能会有所不同，具体取决于您使用的是集中式（CEFI）还是分散的（DEFI）平台。

DeFi lending, driven by smart contracts, eliminates the need for intermediaries. However, this also introduces code and operational risks.

在智能合约驱动的情况下，Defi贷款消除了对中介的需求。但是，这也引入了代码和操作风险。

With CeFi, borrowers and lenders rely on contractual agreements and established compliance measures, providing a clear legal framework that provides legal protection and security that cannot be offered in DeFi.

借助CEFI，借款人和贷方依靠合同协议和确定的合规措施，提供了一个明确的法律框架，提供了法律保护和安全性，这些框架无法提供Defi中无法提供的法律保护和安全。

Smart contracts are only as secure as the code they're built on. Any vulnerabilities can lead to significant losses, as seen in high-profile hacks and the closure of DeFi lending services. For example, THORChain's lending service became insolvent due to how it designed its risk management system and the internal token economics used to incentivize cooperation in its system. This ultimately impacted over $200 million in user funds.

智能合约仅与构建的代码一样安全。如在备受瞩目的骇客和Fefi Lengend Services的关闭中所见，任何漏洞都可能导致巨大的损失。例如，由于胸胸的贷款服务如何设计其风险管理系统以及用于激励其系统中合作的内部代币经济学，因此变得无能为力。这最终影响了超过2亿美元的用户资金。

Finally, there's the consideration of wrapping your bitcoin to access DeFi protocols: the process of bringing your bitcoin onto platforms that allow for decentralized finance smart contracts. While the key advantage of lending is to avoid potential taxable events and maintain your bitcoin holdings, users need to give up control of their bitcoin in order to have it "wrapped," and they receive a bitcoin "IOU" on a different chain. As a result, this process can introduce tax complications and additional risks.

最后，考虑到将您的比特币包裹起来访问Defi协议：将您的比特币带到允许分散式金融智能合约的平台上的过程。贷款的主要优点是避免潜在的应税事件并保持您的比特币持有量，但用户需要放弃对比特币的控制才能“包装”，并且他们在另一个链条上获得了比特币“ iou”。结果，此过程可以引入税收并发症和其他风险。

Centralized platforms like Ledn offer a simpler, regulated approach to bitcoin-backed lending when compared to DeFi. CeFi platforms are often easier to navigate, with

与DEFI相比，莱德（Ledn）等集中式平台为比特币支持的贷款提供了一种更简单，受规定的方法。 CEFI平台通常更容易浏览