现货比特币 ETF：它们是否优于直接所有权？

现货比特币交易所交易基金（ETF）在推出后三个月内就获得了大量资产，提供了便捷的比特币敞口。然而，一些加密货币爱好者认为，直接购买比特币优于 ETF，理由是拥有实际加密货币的影响，包括其作为货币的使用和对加密密钥的控制。像罗伯特·清崎这样有影响力的投资者强调直接资产所有权的重要性，并且更喜欢直接投资比特币，强调了加密领域的暴露和真正所有权之间的区别。

The Great Bitcoin Conundrum: ETFs vs. Direct Ownership

比特币大难题：ETF 与直接所有权

Since their much-anticipated debut three months ago, spot Bitcoin exchange-traded funds (ETFs) have amassed a colossal $30 billion in assets, captivating first-time crypto investors with their ease and convenience. Heralded as the most significant Wall Street product launch in three decades, these ETFs have surged in popularity, prompting an important question: Are they a superior alternative to direct Bitcoin ownership?

自三个月前备受期待的首次亮相以来，现货比特币交易所交易基金 (ETF) 已积累了 300 亿美元的巨额资产，以其轻松和便利的方式吸引了首次加密货币投资者。这些 ETF 被誉为三十年来最重要的华尔街产品，它们的受欢迎程度飙升，引发了一个重要问题：它们是直接持有比特币的更好替代方案吗？

This article delves into the nuances of this debate, examining the pros and cons of both approaches to help investors make informed decisions.

本文深入探讨了这场辩论的细微差别，研究了两种方法的优缺点，以帮助投资者做出明智的决定。

Tracking Bitcoin's Price: A Surprising Revelation

追踪比特币价格：令人惊讶的发现

Initially, concerns were rife that spot Bitcoin ETFs would encounter difficulties in accurately mirroring the price of Bitcoin. After all, Bitcoin trades incessantly across the globe, while ETFs operate within the constraints of centralized exchanges, limiting after-hours and pre-market activity. Moreover, Bitcoin's notorious volatility was expected to further complicate the task of tracking its price behavior.

最初，人们普遍担心现货比特币 ETF 在准确反映比特币价格方面会遇到困难。毕竟，比特币在全球范围内不断交易，而 ETF 则在中心化交易所的限制下运作，限制了盘后和盘前活动。此外，比特币臭名昭著的波动性预计将使跟踪其价格行为的任务进一步复杂化。

However, a detailed analysis conducted in mid-April revealed a surprising result. Using January 12th as a baseline, a comparison of Bitcoin's upward trajectory with that of the top two spot Bitcoin ETFs by market capitalization showed remarkable alignment. During the period under review, Bitcoin's value surged from $46,656 to $62,206, representing a gain of over 33%. Notably, both the iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) mirrored this growth with identical 33% gains.

然而，四月中旬进行的详细分析却得出了令人惊讶的结果。以 1 月 12 日为基准，将比特币的上涨轨迹与市值排名前两位的现货比特币 ETF 的上涨轨迹进行比较，结果显示出显着的一致性。回顾期内，比特币的价值从 46,656 美元飙升至 62,206 美元，涨幅超过 33%。值得注意的是，iShares 比特币信托 (IBIT) 和 Fidelity Wise Origin 比特币基金 (FBTC) 都反映了这一增长，涨幅相同，均为 33%。

As evidenced by the three-month chart provided by TradingView, the two leading spot Bitcoin ETFs have maintained a near-perfect 1:1 correlation with the price of Bitcoin. This suggests that for those solely seeking exposure to Bitcoin's price movements with a long-term investment horizon, there appears to be no compelling advantage to purchasing Bitcoin directly.

TradingView 提供的三个月图表证明，两只领先的现货比特币 ETF 与比特币价格保持着近乎完美的 1:1 相关性。这表明，对于那些只想长期投资比特币价格走势的人来说，直接购买比特币似乎没有明显的优势。

The Essence of "Buying Bitcoin"

“购买比特币”的本质

It is crucial to recognize that when investing in a Bitcoin ETF, one does not truly "buy Bitcoin." Instead, they acquire exposure to the price of Bitcoin. This concept is akin to purchasing an ETF tracking the S&P 500. While such an investment provides exposure to the index's price, it does not confer ownership of individual shares of every company included within it.

重要的是要认识到，在投资比特币 ETF 时，人们并不是真正“购买比特币”。相反，他们获得了比特币价格的敞口。这一概念类似于购买追踪标准普尔 500 指数的 ETF。虽然此类投资提供了指数价格的敞口，但它并不授予其所包含的每家公司的个别股票的所有权。

This distinction assumes paramount importance in the realm of cryptocurrencies. Bitcoin serves a dual role as both a currency and a commodity. Circumstances may arise where accessing Bitcoin as a currency becomes necessary. For instance, an individual may wish to utilize Bitcoin to settle an airline ticket purchase for an upcoming vacation. However, holding Bitcoin via an ETF precludes such transactions. To utilize the underlying asset, the ETF must be sold, with the proceeds converted into fiat currency.

这种区别在加密货币领域至关重要。比特币具有货币和商品的双重作用。可能会出现需要将比特币作为货币使用的情况。例如，个人可能希望使用比特币来结算即将到来的假期购买的机票。然而，通过 ETF 持有比特币则排除了此类交易。要利用标的资产，必须出售 ETF，并将收益转换为法定货币。

Within the crypto community, an axiom prevails: "Not your keys, not your crypto." Cryptographic keys represent the sole means of asserting true ownership of Bitcoin (or any cryptocurrency). In the case of Bitcoin ETFs, these keys are held by the ETF issuers, not by the individual investors.

在加密货币社区中，流行着一条公理：“不是你的密钥，就不是你的加密货币。”加密密钥代表了声明比特币（或任何加密货币）真正所有权的唯一手段。就比特币 ETF 而言，这些密钥由 ETF 发行人持有，而不是由个人投资者持有。

Therefore, should any unforeseen events transpire involving Bitcoin, such as regulatory changes, the options available to ETF holders are severely limited. The ETF issuers, not the investors, would wield exclusive control over the fate of their Bitcoin holdings. Given the historical volatility of government stances on Bitcoin, this poses a significant concern for many investors with substantial Bitcoin positions.

因此，如果发生涉及比特币的任何不可预见的事件，例如监管变化，ETF 持有者的选择将受到严重限制。 ETF 发行人，而不是投资者，将对其持有的比特币的命运拥有独家控制权。鉴于政府对比特币立场的历史波动，这引起了许多拥有大量比特币头寸的投资者的严重担忧。

The Influence of "Rich Dads"

“富爸爸”的影响

When weighing the merits of spot Bitcoin ETFs, it is prudent to consider the insights of influential investors. Robert Kiyosaki, the renowned author of the best-selling book "Rich Dad Poor Dad," recently expressed his preference for direct Bitcoin ownership over Bitcoin ETFs. In his view, "rich dads" embrace Bitcoin, while "poor dads" opt for Bitcoin ETFs. Kiyosaki emphasizes that direct asset ownership is pivotal for wealth creation. He personally invests in physical gold and real estate, rather than their respective ETFs.

在权衡现货比特币 ETF 的优点时，谨慎考虑有影响力的投资者的见解。畅销书《富爸爸穷爸爸》的著名作者罗伯特清崎最近表示，与比特币 ETF 相比，他更倾向于直接拥有比特币。在他看来，“富爸爸”拥抱比特币，而“穷爸爸”则选择比特币ETF。清崎强调，直接资产所有权对于创造财富至关重要。他个人投资于实物黄金和房地产，而不是各自的 ETF。

This perspective does not imply that Bitcoin ETFs should be dismissed out of hand. For novice crypto investors, they can serve as suitable entry points, particularly in the wake of the fourth Bitcoin halving event. ETFs simplify the complexities of crypto ownership, rendering Bitcoin readily accessible. Investors are absolved from concerns related to cryptographic keys and the intricate workings of Bitcoin miners.

这种观点并不意味着比特币 ETF 应该立即被驳回。对于加密货币新手来说，它们可以作为合适的切入点，特别是在第四次比特币减半事件之后。 ETF 简化了加密货币所有权的复杂性，使比特币变得易​​于获取。投资者不再担心加密密钥和比特币矿工复杂的工作方式。

Nonetheless, it is imperative to grasp the fundamental distinction between owning Bitcoin and owning an ETF that tracks its price. In certain instances, this difference could have profound implications.

尽管如此，必须掌握拥有比特币和拥有跟踪其价格的 ETF 之间的根本区别。在某些情况下，这种差异可能会产生深远的影响。