在國(guó)際業(yè)務(wù)的積極發(fā)展和傳統(tǒng)金融領(lǐng)域越來(lái)越大的承諾的推動(dòng)下，比特幣又經(jīng)歷了一個(gè)巨大的、破紀(jì)錄的成功時(shí)期。

比特幣在 2024 年第一季度的表現(xiàn)確實(shí)令人震驚。年初，比特幣的估值突破了 4 萬(wàn)美元大關(guān)，3 月 1 日比特幣的估值持續(xù)徘徊在 6 萬(wàn)美元左右。

然而現(xiàn)在，比特幣已經(jīng)漲至 7.2 萬(wàn)美元，這是其歷史上的最高估值。

盡管我們還沒(méi)有達(dá)到“數(shù)字黃金”比黃金本身更有價(jià)值的水平，但我們甚至達(dá)到了一個(gè)新的里程碑：按市值計(jì)算，比特幣目前是比白銀更有價(jià)值的商品。

考慮到數(shù)千年來(lái)白銀在全球貨幣中發(fā)揮的巨大作用，這無(wú)疑是一個(gè)值得記住的里程碑。

這一時(shí)期的成功尤其值得注意，因?yàn)樗恢笔艿绞澜缟弦恍┳畲蟮慕鹑跈C(jī)構(gòu)的持續(xù)信任。

例如，3 月 10 日，有報(bào)道稱，全球最大的資產(chǎn)管理公司、比特幣現(xiàn)貨 ETF 的著名發(fā)行人貝萊德 (BlackRock) 終于收購(gòu)了足夠的比特幣，甚至超過(guò)了 MicroStrategy 的持有量。

考慮到其董事會(huì)主席 Michael Saylor 是一位比特幣布道者，這一發(fā)展似乎尤其巨大。

然而，當(dāng)塞勒宣布他購(gòu)買了足夠的股票以在第二天重新奪回領(lǐng)先地位時(shí)，更令人驚訝的是。

從最初的公告到 MicroStrategy 購(gòu)買 12,000 比特幣之間相隔不到 24 小時(shí)，而這次購(gòu)買是在比特幣價(jià)格已經(jīng)超過(guò) 7 萬(wàn)美元的情況下進(jìn)行的。

此次收購(gòu)使 MicroStrategy 成為幾乎所有其他私人比特幣庫(kù)存的領(lǐng)先者，從所有公開(kāi)交易的礦商到幾家主要交易所和 ETF 發(fā)行人。

It’s a stunning display of confidence in Bitcoin that anyone is prepared to make such major investments at a time when it’s never been more expensive. It seems that the mood in these companies is that the all-time highs of today will seem like a paltry sum in just a few years. Analysts from ETF issuer Bitwise, for example, were confident enough in their prediction that corporate entities representing trillions of dollars would begin ramping up investments that Bitwise’s Chief Investment Officer released an official memo on the subject. Claiming “serious due diligence” conversations with everyone from hedge funds to massive corporations, the memo predicts that Q2 will see even more massive inflows than the first three months of the year. This just leaves us with one question: Where does this kind of confidence come from?

The center of the issue seems to be the runaway success of the Bitcoin ETF and, in particular, BlackRock’s dominating position over the main issuers. Initially, it struggled with Grayscale, which had several natural advantages: it was a Bitcoin-native company with a massive stockpile, it was a real leader in the legal battle to actually get SEC approval, its GBTC was a previously-existing fund that was converted into an ETF, and it had other tricks up its sleeve. Nevertheless, BlackRock is the ETF that reached $10 billion faster than any other in history, shooting ahead of all other Bitcoin competitors and indeed all ETFs in general. Much of this revenue came from users fleeing GBTC’s high fees, and it seems like a confident industry leader today. Its success has even matured to the international stage, as Mudrex, a crypto investment platform based in India, is opening up BlackRock ETF sales to institutional and private investors in a country with more than 1 billion people.

This kind of success from BlackRock in particular has also led some of its competitors to change up their tactical approach. VanEck, for example, made an announcement on March 11 that they were waiving all fees on their Bitcoin ETF for an entire year. This will only continue so long as their VanEck Bitcoin Trust is under $1.5 billion, but the fees after this window will still be some of the lowest available. Grayscale, for its part, is also seeking to address the problem of high fees by spinning off a “mini-version” of its ETF, offering fractions of Bitcoin for a fraction of GBTC’s fees. It seems that BlackRock’s competitors are not yet willing to concede a market with such tremendous growth potential.

然而，盡管 ETF 市場(chǎng)最近特別火爆，但這并不是相信比特幣表現(xiàn)如此出色的唯一原因。

將英國(guó)的一些積極進(jìn)展視為比特幣價(jià)格上漲的主要因素。

英國(guó)此前一直被認(rèn)為對(duì)比特幣（尤其是 ETF）的監(jiān)管環(huán)境特別不利，在官方比特幣批準(zhǔn)方面落后于西歐和大多數(shù)英語(yǔ)圈國(guó)家。

當(dāng)倫敦證券交易所 (LSE) 發(fā)布有關(guān)交易所交易票據(jù) (ETN) 的新情況說(shuō)明書并決定在其平臺(tái)上提供此類金融工具時(shí)，人們感到非常驚訝。

ETN 確實(shí)與 ETF 有很大不同，甚至與比特幣期貨 ETF 之類的 ETF 也有很大不同，后者與比特幣本身沒(méi)有直接聯(lián)系。

ETN 是一種債務(wù)證券，甚至不包括發(fā)行人實(shí)際持有相關(guān)比特幣的條件。

盡管如此，它們?nèi)匀慌c比特幣的價(jià)值直接相關(guān)，并為投資者提供了一種接觸世界領(lǐng)先數(shù)字資產(chǎn)的方式。

考慮到這些 ETN 受到嚴(yán)格的證券監(jiān)管規(guī)則的約束，特別有趣的是倫敦證券交易所突然改變了對(duì)比特幣相關(guān)金融產(chǎn)品的態(tài)度。

換句話說(shuō)，美國(guó)合法比特幣現(xiàn)貨 ETF 的巨大變化似乎無(wú)可否認(rèn)地改變了全球企業(yè)的計(jì)算方式。

隨著數(shù)十億美元流入比特幣 ETF，即使是像英國(guó)這樣不友好的監(jiān)管機(jī)構(gòu)，如果它希望保持作為全球金融領(lǐng)先中心的地位，也必須加入這一財(cái)富。

這些只是比特幣世界中發(fā)生的一些發(fā)展，因?yàn)槿ブ行幕泿藕蛡鹘y(tǒng)金融之間的交叉已經(jīng)變得更加廣泛和深入。

展望未來(lái)，仍有大量即將發(fā)生的事件，例如四月份預(yù)測(cè)的減半，以繼續(xù)推動(dòng)炒作。

也許很難準(zhǔn)確預(yù)測(cè)下一次重大發(fā)展和價(jià)格上漲將來(lái)自哪里，但現(xiàn)在看來(lái)，一些真正的金融巨頭的信心似乎越來(lái)越大。

自從比特幣被徹底拋棄的日子以來(lái)，它已經(jīng)取得了令人難以置信的長(zhǎng)足進(jìn)步，現(xiàn)在市場(chǎng)上的價(jià)值已超過(guò)一萬(wàn)億美元。

隨著這樣的增長(zhǎng)，繼續(xù)押注比特幣很容易獲勝。