华尔街对比特币（BTC）日益增长的影响引发了对其去中心化基础的质疑

随着华尔街对比特币（BTC）的影响力不断增强，人们开始质疑它对加密货币去中心化基础的影响。

As Bitcoin (BTC) continues to gain traction on Wall Street, the implications for the cryptocurrency's decentralized foundation are coming under increasing scrutiny. From BTC exchange-traded funds (ETFs) to BlackRock's (NYSE:BLK) statements on the 21 million supply cap, the tension between traditional finance and Bitcoin's core principles has never been clearer.

随着比特币（BTC）在华尔街继续受到关注，这种加密货币去中心化基础的影响正受到越来越多的关注。从 BTC 交易所交易基金 (ETF) 到贝莱德 (NYSE:BLK) 关于 2100 万供应上限的声明，传统金融与比特币核心原则之间的紧张关系从未如此清晰。

BlackRock's 21 Million Supply Cap Disclaimer Raises Eyebrows

贝莱德 2100 万供应上限免责声明引起关注

On Dec. 17, BlackRock released a Bitcoin explainer video that highlighted the cryptocurrency's fixed supply of 21 million as a key factor in its value proposition. The video described the cap as a mechanism to maintain purchasing power and curb inflationary risks. However, a disclaimer in the video stated, “There is no guarantee that BTC's 21 million supply cap will not be changed.”

12 月 17 日，贝莱德发布了一段比特币讲解视频，强调该加密货币 2100 万的固定供应量是其价值主张的关键因素。该视频将上限描述为维持购买力和遏制通胀风险的机制。不过，视频中的免责声明称，“不能保证 BTC 2100 万的供应上限不会改变。”

The disclaimer quickly caught the attention of the crypto community, sparking a fresh round of debate on the immutability of Bitcoin's supply rules. Michael Saylor, chairman of MicroStrategy (NASDAQ:MSTR), reignited the discussion by reposting the video, prompting further commentary.

该免责声明很快引起了加密社区的注意，引发了新一轮关于比特币供应规则不变性的争论。 MicroStrategy（纳斯达克股票代码：MSTR）董事长迈克尔·塞勒（Michael Saylor）通过转发该视频重新引发了讨论，引发了进一步的评论。

“This is always part of the plan,” argued Joel Valenzuela, director of marketing at Dashpay, in response to the disclaimer. “They will change the supply. It's always been in the cards. This is a sign of manipulation. Stay strong.”

“这始终是计划的一部分，”Dashpay 营销总监 Joel Valenzuela 在回应免责声明时表示。 “他们将改变供应。它一直都在卡片上。这是操纵的迹象。坚强点。”

On the other hand, Ethereum developer Antiprosynthesis suggested that BlackRock might understand Bitcoin better than many of its proponents. “Most people who 'defend Bitcoin' don't actually understand the economics,” the developer wrote in response to the video. “They just like the buzzword 'sound money.' BlackRock seems to understand.”

另一方面，以太坊开发商 Antiprosynthesis 表示，贝莱德可能比许多支持者更了解比特币。 “大多数‘捍卫比特币’的人实际上并不了解经济学，”开发者在回应视频时写道。 “他们只是喜欢‘健全货币’这个流行词。贝莱德似乎明白。”

Despite theoretical possibilities, this disclaimer has fueled fears that institutional players may attempt to reshape Bitcoin's rules in their favor. A change to Bitcoin's supply rules would require a majority consensus among miners, node operators, and other key stakeholders in the BTC ecosystem.

尽管理论上存在可能性，但这一免责声明引发了人们的担忧，即机构参与者可能会试图重塑比特币的规则，使其对自己有利。比特币供应规则的改变需要矿工、节点运营商和比特币生态系统中其他主要利益相关者达成多数共识。

Are Bitcoin ETFs a Boon or a Threat?

比特币 ETF 是福音还是威胁？

The introduction of Bitcoin ETFs has significantly simplified access to the cryptocurrency for mainstream investors, and financial services giant BlackRock has been a key player in this shift. The company's involvement in Bitcoin ETFs is expected to further legitimize the cryptocurrency and attract even greater institutional capital.

比特币 ETF 的推出大大简化了主流投资者对加密货币的获取，金融服务巨头贝莱德一直是这一转变的关键参与者。该公司参与比特币 ETF 预计将进一步使加密货币合法化并吸引更多的机构资本。

In 2023, the U.S. Securities and Exchange Commission is widely anticipated to approve the first spot Bitcoin ETFs, which will pave the way for trillions of dollars in potential capital to enter the crypto market. This development is bound to have a profound impact on Bitcoin's liquidity, price discovery, and overall market structure.

人们普遍预计美国证券交易委员会将在 2023 年批准第一批现货比特币 ETF，这将为数万亿美元的潜在资本进入加密货币市场铺平道路。这一发展必将对比特币的流动性、价格发现和整体市场结构产生深远影响。

However, Bitcoin ETFs also raise concerns about centralization. A large portion of Bitcoin will be locked in ETF custody, reducing its availability for decentralized applications. This may limit Bitcoin's utility in scaling solutions like the Lightning Network.

然而，比特币 ETF 也引发了人们对中心化的担忧。很大一部分比特币将被锁定在 ETF 托管中，从而降低了其去中心化应用程序的可用性。这可能会限制比特币在闪电网络等扩展解决方案中的效用。

Moreover, traditional financial practices such as rehypothecation — the reuse of collateral across multiple transactions — could introduce systemic risks to Bitcoin's ecosystem. If ETFs engage in practices that are not fully transparent or beneficial to the Bitcoin network, it could lead to friction between institutional and decentralized priorities.

此外，再抵押（在多个交易中重复使用抵押品）等传统金融实践可能会给比特币生态系统带来系统性风险。如果 ETF 的做法不完全透明或对比特币网络有利，则可能会导致机构优先事项和去中心化优先事项之间产生摩擦。

Miners vs. Wall Street: Who Holds the Power?

矿工与华尔街：谁掌握权力？

Bitcoin's economic model relies heavily on miners earning block rewards and transaction fees. With the block halving roughly every four years, there are concerns about the sustainability of miner revenue, especially as the BTC supply approaches its limit.

比特币的经济模型在很大程度上依赖于矿工赚取区块奖励和交易费用。随着区块大约每四年减半，人们对矿工收入的可持续性感到担忧，特别是当比特币供应接近极限时。

Some have suggested increasing BTC's supply to address this issue, but history shows that such changes are nearly impossible to enforce. In the past, attempts by miners to alter critical aspects of the Bitcoin protocol have been met with resistance from the broader community.

一些人建议增加比特币的供应量来解决这个问题，但历史表明，这种改变几乎不可能执行。过去，矿工试图改变比特币协议关键方面的尝试遭到了更广泛社区的抵制。

During the Blocksize War of 2016–2017, miners attempted to increase Bitcoin's block size to enhance transaction capacity. However, node operators and developers overwhelmingly rejected the proposal, arguing that it would compromise the network's decentralization. Instead, layer-2 solutions were developed to scale Bitcoin without altering its core protocol.

在2016-2017年的区块大小战争期间，矿工试图增加比特币的区块大小以增强交易能力。然而，节点运营商和开发商绝大多数拒绝了该提议，认为这会损害网络的去中心化。相反，开发第二层解决方案是为了在不改变其核心协议的情况下扩展比特币。

As Wall Street continues to embrace Bitcoin, the cryptocurrency is gaining stability and being adopted by a wider range of investors. However, this institutional interest also brings risks of centralization and financialization, which could impact Bitcoin's decentralized ethos and the role of miners in the ecosystem.

随着华尔街继续拥抱比特币，这种加密货币正在获得稳定性并被更广泛的投资者采用。然而，这种机构利益也带来了中心化和金融化的风险，这可能会影响比特币的去中心化精神以及矿工在生态系统中的作用。

The future of BTC will depend on whether its community can safeguard its decentralized principles while embracing the opportunities presented by increasing institutional involvement in Bitcoin.

比特币的未来将取决于其社区是否能够维护其去中心化原则，同时拥抱增加机构参与比特币所带来的机会。