明尼阿波利斯联储加入欧洲央行#Bitcoin 攻击，新论文声称，如果消费者不注意到并采用 BTC 等新货币，政府可能会出现永久性赤字

幻想“法律禁止”和对比特币额外征税，以确保政府债务仍然是“唯一无风险的安全”

The recent broadside against Bitcoin by the Minneapolis Federal Reserve and the European Central Bank (ECB) is likely a coordinated attack, given the near-simultaneous timing of their respective critiques. Notably, however, some of the fundamental characteristics of Bitcoin that these monetarists criticize are highly valued by Bitcoin maximalists, highlighting a deep-seated divide that resists attempts at reconciliation.

明尼阿波利斯联储和欧洲央行（ECB）最近对比特币的猛烈攻击可能是一次协调一致的攻击，因为他们各自的批评几乎同时发生。然而值得注意的是，这些货币主义者批评的比特币的一些基本特征却受到了比特币最大化主义者的高度重视，凸显了根深蒂固的分歧，阻碍了和解的尝试。

Government-backed papers on Bitcoin have been making the rounds lately, and two recent examples are particularly noteworthy. First, on October 12th, the ECB published a paper that claims early adopters of Bitcoin "steal" economic value from latecomers. The paper argues that:

政府支持的有关比特币的论文最近一直在流传，最近的两个例子尤其值得注意。首先，10 月 12 日，欧洲央行发表了一篇论文，声称比特币的早期采用者从后来者那里“窃取”了经济价值。该论文认为：

"The new Lamborghini, Rolex, villa, and equity portfolios by early Bitcoin investors do not stem from an increase in the economy's production potential; rather, they are financed by diminishing consumption and wealth of those who initially do not hold Bitcoin."

“早期比特币投资者新推出的兰博基尼、劳力士、别墅和股票投资组合并不是源于经济生产潜力的增加；相反，它们的融资来源是那些最初不持有比特币的人的消费和财富的减少。”

The ECB paper goes on to advocate for government intervention to prevent Bitcoin's price from rising rapidly, in an effort to avoid "division of society."

欧洲央行的文件继续主张政府干预，阻止比特币价格快速上涨，以避免“社会分裂”。

🚨Minneapolis Fed Joins ECB With #Bitcoin Attack 🚨

🚨明尼阿波利斯联储加入欧洲央行#Bitcoin Attack 🚨

New Paper Claims Governments Can Run Permanent Deficits if Consumers Don't Notice & Adopt New Money Like BTC.

新论文声称，如果消费者没有注意到并采用比特币等新货币，政府可能会出现永久性赤字。

Fantasizes About "Legal Prohibition" & Extra Taxes on BTC to Ensure Govt Debt Remains "Only Risk Free Security" https://t.co/IMOqZbYce0 pic.twitter.com/quRthS6Znl

幻想“法律禁止”和对比特币额外征税，以确保政府债务仍然是“唯一无风险的安全” https://t.co/IMOqZbYce0 pic.twitter.com/quRthS6Znl

— matthew sigel, recovering CFA (@matthew_sigel) October 20, 2024

— matthew sigel，正在恢复 CFA (@matthew_sigel) 2024 年 10 月 20 日

Next, the Minneapolis Federal Reserve published a paper that explores the government's ability to run "permanent primary deficits." In this paper, Bitcoin is identified as a major obstacle to this goal. The paper states:

接下来，明尼阿波利斯联储发表了一篇论文，探讨政府运行“永久性基本赤字”的能力。在本文中，比特币被认为是实现这一目标的主要障碍。论文指出：

"But this result fails if there are also useless pieces of paper (bitcoin for short) that can be traded."

“但如果还有可以交易的无用纸片（简称比特币），这个结果就会失败。”

The paper also suggests either a blanket ban on Bitcoin or a tax on the cryptocurrency to allow governments to run perpetual deficits:

该文件还建议要么全面禁止比特币，要么对加密货币征税，以允许政府维持永久性赤字：

"A legal prohibition against bitcoin can restore unique implementation of permanent primary deficits, and so can a tax on bitcoin at the rate -(r - g) > 0."

“对比特币的法律禁令可以恢复永久性基本赤字的独特实施，因此对比特币按 -(r - g) > 0 的税率征税也可以。”

This development is particularly interesting in light of Minneapolis Federal Reserve President Neel Kashkari's recent public remarks, in which he raised three main objections to the world's leading cryptocurrency. First, he claimed to have never encountered anyone who used Bitcoin to purchase everyday necessities, questioning the cryptocurrency's role as a medium of exchange. He then cited the cryptocurrency's decline during the post-pandemic inflationary wave, which saw Bitcoin fall along with other risky assets, to argue that the cryptocurrency is a "terrible inflation hedge." Finally, Kashkari asserted that the cryptocurrency serves no purpose beyond being an object of speculation.

鉴于明尼阿波利斯联储主席尼尔·卡什卡里最近的公开言论，这一发展尤其有趣，他在讲话中对世界领先的加密货币提出了三个主要反对意见。首先，他声称从未遇到过任何人使用比特币购买日常必需品，质疑加密货币作为交换媒介的作用。然后，他引用了加密货币在大流行后通胀浪潮期间的下跌，比特币与其他风险资产一起下跌，认为加密货币是“可怕的通胀对冲工具”。最后，卡什卡里断言，加密货币除了作为投机对象之外没有任何用途。

The cryptocurrency's improving fundamentals

加密货币的基本面不断改善

BITCOIN ETFS INFLOWS HIT $20B, OUTPACE GOLD ETFS 10X: WHAT’S NEXT?

比特币 ETF 流入额达到 20B 美元，超过黄金 ETF 十倍：接下来会发生什么？

While ETFs are seeing heavy inflows, Bitcoin's exchange inflows have dropped significantly by over 95.93% in the last 48 hours.

尽管 ETF 出现大量资金流入，但比特币的交易所流入量在过去 48 小时内大幅下降了 95.93% 以上。

This suggests a shift in investor behavior as fewer participants are moving their…

这表明投资者行为发生了转变，因为越来越少的参与者正在转移他们的……

— *Walter Bloomberg (@DeItaone) October 21, 2024

- *沃尔特·布隆伯格 (@DeItaone) 2024 年 10 月 21 日

These papers are emerging at a time when the world's premier cryptocurrency is nearing its all-time highs. Moreover, spot Bitcoin ETFs have now attracted a staggering $20 billion in inflows, all within a year of their launch.

这些论文是在全球主要加密货币接近历史最高点之际出现的。此外，现货比特币 ETF 目前已吸引了惊人的 200 亿美元资金流入，而这一切都是在推出后一年内完成的。

It took Gold ETFs 5 years to break $20b inflows.

黄金 ETF 花了 5 年时间才突破 200 亿美元的流入。

#Bitcoin did it in 10 months.

#Bitcoin 在 10 个月内做到了。

The most successful ETF launch in history! pic.twitter.com/XngeuiWTQy

史上最成功的ETF推出！ pic.twitter.com/XngeuiWTQy

— Bitcoin Archive (@BTC_Archive) October 20, 2024

- 比特币档案 (@BTC_Archive) 2024 年 10 月 20 日

To put this in perspective, it took 5 years for gold ETFs to accumulate this level of inflows.

从这个角度来看，黄金ETF花了5年时间才积累了这一水平的资金流入。

#BTC

#BTC

The retest is now in progress$BTC #Crypto #Bitcoin https://t.co/Ytarr8A746 pic.twitter.com/pUVQ5JxtIw

重新测试正在进行中$BTC #Crypto #Bitcoin https://t.co/Ytarr8A746 pic.twitter.com/pUVQ5JxtIw

— Rekt Capital (@rektcapital) October 21, 2024

— Rekt Capital (@rektcapital) 2024 年 10 月 21 日

Finally, Bitcoin appears to have broken out of its channel just ahead of the US presidential election.

最后，比特币似乎在美国总统大选之前突破了其通道。