特朗普承诺，比特币将在中期有监管的清晰度

在任职的第一天，特朗普做出了大胆的诺言：比特币将在中期有监管的清晰度。

WASHINGTON, DC - MARCH 07: U.S. President Donald Trump (C) speaks alongside Treasury Secretary Scott ... [+] Bessent (L) and White House Crypto Czar David Sacks at the The White House Digital Assets Summit at the White House on March 07, 2025 in Washington, DC. The Summit, which comes a day after Trump established a U.S. bitcoin reserve, will bring together industry experts and lawmakers for dialogs on market structure, regulations and cryptocurrency adoption. (Photo by Anna Moneymaker/Getty Images)

华盛顿特区 - 07年3月：美国总统唐纳德·特朗普（C）与财政部长斯科特（Scott）一起讲话。峰会是在特朗普建立美国比特币储备金的第二天举行的，它将汇集行业专家和立法者，讨论采用市场结构，法规和采用加密货币的对话。 （Anna Moneymaker/Getty Images的照片）

On his first day in office, Trump made a bold promise: Bitcoin will have regulatory clarity by midyear.

在任职的第一天，特朗普做出了大胆的诺言：比特币将在中期有监管的清晰度。

Soon after, a Jan. 23 executive order followed, directing the nation’s top policymakers—from the Treasury Secretary and SEC chair to the CFTC chair and Attorney General—to find a way to integrate digital assets into the traditional financial system.

不久之后，1月23日的行政命令遵循，从财政部长兼SEC主席到CFTC主席兼总检察长，指导美国顶级决策者，以找到将数字资产整合到传统金融体系中的方法。

Even ruling out edge cases like a full-fledged “national Bitcoin reserve,” Trump’s wishlist, detailed in the order, marks the most aggressive pro-crypto push in Bitcoin’s history. And there’s already progress.

即使排除了诸如成熟的“国家比特币储备”之类的边缘案件，特朗普的愿望清单（按顺序详细介绍）也标志着比特币历史上最具侵略性的亲克莱特托（Pro-Crypto）推动。而且已经进步了。

Right after taking office, Trump’s appointed acting SEC chair, Mark Uyeda, revoked SAB 121—an accounting rule that forced banks to put crypto on their balance sheets, making custody impractical.

上任后，特朗普任命的代理SEC主席马克·乌耶达（Mark Uyeda）撤销了SAB 121，这是一项会计规则，迫使银行将加密货币放在其资产负债表上，使监护权不切实际。

What actually comes out of Trump’s pro-crypto push is still unclear, but Wall Street looks eager to call it a done deal.

特朗普的亲克赖特（Crypto）推动实际上尚不清楚，但华尔街似乎渴望将其称为完成交易。

From financial advisor surveys and money flows to Wall Street’s recent investments, a mounting pile of data points to a major ideological shift about Bitcoin at an institutional level—one that goes beyond empty talk.

从财务顾问的调查和金钱流到华尔街最近的投资，一堆数据指向了在机构一级围绕比特币的重大意识形态转变，这超出了空虚的谈话。

ETFs have proved there’s a lot of pent-up demand for Bitcoin

ETF已证明对比特币有很多压抑的需求

On Jan. 14, 2024, the SEC approved spot Bitcoin ETFs, giving institutional investors a backdoor into Bitcoin. These funds solved three key problems that had kept big money on the sidelines: compliance, tax inefficiencies, and custody.

2024年1月14日，SEC批准了现场比特币ETF，使机构投资者成为比特币的后门。这些资金解决了三个关键问题，这些问题在场外赚了很多钱：合规性，税收效率低下和监护权。

‘Panic-Selling’ Could Be About To Crash The Bitcoin Price

“恐慌销售”可能会使比特币价格崩溃

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“白莲花”第3季，第4​​集回顾和评论：你杀死了我父亲，准备死

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俄罗斯正在轰炸桥，以切断库尔斯克的10,000名乌克兰部队

For the first time, institutions could buy Bitcoin as easily as the S&P 500. The result is nearly $113 billion in inflows in under a year—representing about 10% of Bitcoin’s total market cap.

机构首次可以像标准普尔500指数一样容易地购买比特币。结果在不到一年的时间内流入了近1,130亿美元，占比特币总市值的10％。

Demand was so off the charts that Bitcoin ETFs broke records as the fastest-growing ETFs ever, outpacing every other asset class—including its ideological rival, gold.

需求远远超出了图表，以至于比特币ETF破坏了有史以来增长最快的ETF的记录，超过了其他所有资产类别，包括其意识形态竞争对手，黄金。

In the first three trading days, Bitcoin ETFs pulled in $10 billion. For perspective, gold took nearly three years to hit that mark in the early 2000s. Bloomberg ETF analyst Eric Balchunas called it “insane.”

在前三个交易日中，比特币ETF赚了100亿美元。从角度来看，黄金在2000年代初花了将近三年的时间才达到这一目标。彭博ETF分析师Eric Balchunas称其为“疯狂”。

Since its launch, BlackRock’s iShares Bitcoin Trust—the first spot Bitcoin ETF—has collected $53 billion in assets, making it the fastest ETF to hit the $50 billion mark.

自推出以来，BlackRock的Ishares Bitcoin Trust（第一个比特币ETF）收取了530亿美元的资产，使其成为达到500亿美元大关的最快ETF。

“I wasn’t sure we’d ever see it, but I’ve never seen anything like it in my career—something going from 0 to $50 billion in basically six months,” BlackRock CFO Martin Small said earlier this month at the Goldman Sachs U.S. Financial Services Conference.

BlackRock CFO Martin Small在本月早些时候在Goldman Sachs US Financial Services会议上说：“我不确定我们是否会看到它，但我从未见过类似的东西，在六个月内从0到500亿美元。”

Within their first year, Bitcoin ETFs have racked up more than $100 billion in assets. Considering that gold ETFs ended last month with $306 billion in assets, Bitcoin is already a third of the way toward matching gold in terms of ETF safe-haven demand.

在他们的第一年，比特币ETF已获得超过1000亿美元的资产。考虑到黄金ETF上个月以30060亿美元的资产结束，比特币已经是ETF避风港需求方面匹配黄金的三分之一。

And this isn’t just a retail-driven frenzy. According to SEC fillings, institutional ownership of Bitcoin ETFs tripled over the last quarter—from $12.4 billion to $38.7 billion. That’s in stark contrast to a 69% rise from retail investors, according to Fintel.

这不仅仅是零售驱动的疯狂。根据SEC填充，比特币ETF的机构所有权在上个季度增加了两倍，从124亿美元到387亿美元。根据Fintel的说法，这与散户投资者的69％增长形成鲜明对比。

Ironically, “institutions are perhaps the only investors that remain excited about cryptocurrency right now,” Nick Murcin, founder of Crypto Bureau, told me. And there may be a good reason why.

具有讽刺意味的是，“机构也许是目前对加密货币感到兴奋的唯一投资者，”加密局的创始人Nick Murcin告诉我。可能有充分的理由。

Bitcoin’s narrative is shifting from speculative bet to portfolio diversifier

比特币的叙述正在从投机赌注转变为投资组合多样性

Not long ago, Wall Street slammed Bitcoin as the biggest fad in history. Warren Buffett famously called it “rat poison squared,” and JPMorgan’s Jamie Dimon dismissed it as “worse than tulip bulbs.”

不久前，华尔街猛烈抨击比特币是历史上最大的时尚。沃伦·巴菲特（Warren Buffett）著名地称其为“老鼠毒药平方”，摩根大通的杰米·戴蒙（Jamie Dimon）将其视为“比郁金香鳞茎差”。

But many fund managers who once wrote off Bitcoin have changed their tune. BlackRock and Fidelity have both issued Bitcoin ETFs. Goldman Sachs quietly bought up $1.6 billion worth of Bitcoin ETFs in 2014.

但是，许多曾经写下比特币的基金经理改变了他们的调子。贝莱德和富达都发行了比特币ETF。高盛在2014年悄悄地购买了价值16亿美元的比特币ETF。

In April 2022, Fidelity became the first firm to let employees add Bitcoin to their 401(k) accounts. Last year, Morgan

2022年4月，富达成为第一家让员工在其401（k）帐户中添加比特币的公司。去年，摩根