尽管第一季度 ETH 价格下跌 45%，但 3 月份以太坊交易量仍位居 DEX 首位

迈克尔·塞勒 (Michael Saylor) 的软件公司 Strategy 在比特币上投入了大量资金，但该公司可能很快就不得不出售部分比特币资产，以履行财务义务。 在 4 月 7 日提交的监管文件中，该公司披露，如果无法及时获得融资（无论是通过股权还是债务），它可能被迫出售比特币 (BTC) 以履行其财务义务。由于 Strategy 的大部分资产都是比特币，因此比特币的价格对公司偿还债务的能力有很大影响。 Strategy 预计，尽管获得了 16.9 亿美元的税收优惠，但 2025 年第一季度的未实现亏损仍将接近 60 亿美元。该公司负债约 80 亿美元，每年需支付 3500 万美元利息和 1.5 亿美元的股息，面临巨大的财务压力。其软件业务的收入不足以支撑这些债务。 根据 Saylor 3 月 31 日在 X 上的帖子，该公司持有 528,185 个 BTC，平均每枚 67,458 美元，收购价格超过 350 亿美元。如果 Strategy 无法获得额外资金，可能会导致以低于其初始投资的价格出售。 你可能还喜欢：币安首席执行官表示，“宏观不确定性”可能会刺激加密货币需求 虽然这种情况引起了担忧，但吴区块链指出，过去的文件中也出现过类似的警告，这意味着这种情况并不完全不寻常。 有传言称，Strategy 于 4 月 7 日向美国证券交易委员会 (SEC) 提交了一份 8-K 表格，声明如果比特币价格继续下跌，该公司可能被迫出售其持有的比特币以偿还债务。经调查，该声明属于标准的风险披露惯例，并且……— Wu Blockchain (@WuBlockchain) 2025 年 4 月 9 日 为了应对流动性危机，Strategy 于 3 月 10 日宣布计划通过出售永久优先股筹集 21 亿美元。除购买更多比特币外，此次发行的资金还将用于支持公司运营。 这支优先股提供 8% 的股息，将帮助 Strategy 无需依赖传统的债务结构即可筹集资金。然而，即使该公司能够获得这笔新投资，其未来仍然很大程度上取决于比特币的表现。 截至发稿时，比特币交易价格约为 76,000 美元，过去一周下跌了 10%。尽管特朗普的关税带来了看跌前景，但一些分析师仍然对比特币的近期前景持乐观态度。BitMEX 联合创始人 Arthur Hayes 在 4 月 8 日接受 Unfolded 采访时表示，比特币在未来几个月可能会达到 110,000 美元或更高。 海耶斯认为，各国央行很快将需要降低利率，这可能导致全球流动性增加。这种流动性的注入将有助于比特币作为一种通缩资产，从而推高其价格。 阅读更多：Arthur Hayes：随着中国投资者对冲人民币贬值，比特币可能飙升

Bitcoin was conceived as the first sustainable electronic commerce network independent of financial institutions. Fifteen years later, there is much talk about how Bitcoin will strengthen the American dollar, while financial institutions are investing in cryptocurrency. At the same time, it is still possible to come across remarks like “fiat money’s days are counted” when the Bitcoin price goes up. Is Bitcoin a threat to the traditional financial system? Table of ContentsWhat do we learn from the Bitcoin whitepaper?Bitcoin as a banking system competitorHow do institutional investors and governments instrumentalize Bitcoin?Conclusion What do we learn from the Bitcoin whitepaper? Before launching the Bitcoin network on Jan. 3, 2009, Satoshi Nakamoto released the Bitcoin whitepaper, a nine-page document explaining the purpose and functioning of Bitcoin. It is titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” The Bitcoin whitepaper has a clear message regarding banks and the need for Bitcoin as a healthier alternative. Nakamoto states that the traditional commerce system “works well enough for most transactions,” however, he outlines several problems that he intends to solve using Bitcoin.  He emphasizes that the involvement of banks between the two counterparts creates additional costs for the mediation of the transaction. More than that, the system faces the task of struggling with fraudsters. It increases the costs and undermines privacy, as banks have to collect user information in order to ensure the authenticity of transactions. Despite this, fraud transactions are inevitable. Additionally, the mediation of banks means that transactions are reversible by design.  So, Bitcoin is intended to serve as a means of remote payments free of the mentioned issues, and Satoshi Nakamoto found the technical workaround for the problems inherent to transactions operated by banks. Nakamoto stresses that, unlike banks, Bitcoin is a trustless system, meaning that a third party cannot intervene in the transaction between two parties. Once your money's in the bank it's no longer your money ✌️Gold, Bitcoin, or beg. pic.twitter.com/NJQPrBpahm— Peter St Onge, Ph.D. (@profstonge) May 11, 2025 Nakamoto has criticized banks, both in the whitepaper and in a sophisticated way in the Genesis block, to which he attached a newspaper headline pointing at the situation in which the government is bailing out banks amidst the economic crisis of 2008.  However, instead of opposing banks or subjecting the banking system to scrutiny, Nakamoto offered an alternative system that may complement the banking system and deliver additional options to those who need them. Despite Bitcoin’s own drawbacks, the network is alive to this day and is gradually being absorbed by governments and financial institutions. Banks are creating Bitcoin treasuries these days. 🇨🇭 SWISS CENTRAL BANK JUST URGED TO CREATE A STRATEGIC #BITCOIN RESERVE AT ANNUAL MEETINGIT’S HAPPENING!!! 🚀 pic.twitter.com/8N93xwCvLC— Vivek⚡️ (@Vivek4real_) April 25, 2025 Bitcoin as a banking system competitor While some see Bitcoin as a replacement for the traditional financial system or central banks, it doesn’t seem to be the case. Bitcoin is good for sending transactions across the globe. As history has proven, Bitcoin has a great potential for long-term value appreciation, so it can be used as a store of value. The latter characteristic became the reason why, in 2025, various governments and companies started to grow their Bitcoin treasuries.  Stablecoins are a type of cryptocurrency that has huge potential and significance. Those who can’t stand Bitcoin’s volatility prefer stablecoins both as a store of value and as a means of remittance. More than that, stablecoins may have significance for central banks, but we’ll address this in the last section of the article. Bitcoin itself is not fit to replace the banks. It doesn’t regulate interest rates nor manipulate the money printing. You cannot get a loan using Bitcoin (however, it is possible to do it via specific DeFi platforms that we don’t discuss in this article). However, Bitcoin and other cryptocurrencies are in use as a store of value and remittance tool in multiple African countries where millions of people don’t have bank accounts, but the smartphone penetration rate is high, which opens an opportunity to use blockchain-based solutions as a replacement for the banking services. However, the main type of crypto in Africa is stablecoins.  Read more:African crypto revolution continues as Ethiopia ranks among global BTC mining leaders Finally, there is a way to rationally interpret messages about the potential defeat of the fiat money system to Bitcoin. It shouldn’t be understood literally as Bitcoin replacing fiat money, but as the preference for Bitcoin over fiat money when it comes to savings. Some people prefer to save money with Bitcoin, as its price is more sustainable than that of national currencies in their countries.  So, when someone reacts to another Bitcoin price spike by saying “fiat money’s days are counted,” it means that it becomes less and less rational to save money in national currency. However, as of 2025, it is still easier to spend money using traditional avenues.  How do institutional investors and governments instrumentalize Bitcoin? Institutional investors are getting increasingly interested in Bitcoin. It’s early to declare that Bitcoin is something normal for all of them, but these days, Bitcoin is way less marginal than it was in 2017 or even 2021. They start to perceive Bitcoin as a strategic investment. JUST IN: $11 TRILLION BLACKROCK CIO SAYS INSTITUTIONAL INVESTORS ARE "FOCUSED ON #BITCOIN RIGHT NOW"ALL OTHER CRYPTOS ARE A "DISTANT SECOND" 🔥 pic.twitter.com/OKVpaFIvO3— The Bitcoin Historian (@pete_rizzo_) April 28, 2025 The latest Gallup poll shows only 4% of Americans see crypto as a worthy investment, preferring to invest in real estate, gold, and stocks. However, in 2024, Bitcoin investments brought bigger returns than the NASDAQ stocks. It couldn’t go unnoticed by professional traders and investors. BlackRock has a Bitcoin-based ETF called IBIT. The capital management giant recommends allocating up to 2% of the portfolio to Bitcoin. BlackRock manages over 625,000 bitcoins, which is nearly 3% of Bitcoin’s total supply. Bitcoin ETFs approved in early 2024 allowed huge institutional investors to take advantage of Bitcoin’s ascending value. Strategy (formerly known as MicroStrategy) became a Bitcoin Standard-based public company, meaning that it gradually collects more and more Bitcoin in its treasury. Its stock MSTR became the fastest-growing stock. Governments see the use of Bitcoin in various ways. For instance, Russia and Iran use crypto, including Bitcoin, to bypass Western sanctions in their overseas trade. North Korean hackers steal crypto to fund the country’s nuclear program. The U.S. needs Bitcoin to weaken the American dollar, which will leverage export trades, while popular USD-pegged stablecoins will continue to keep the dollar as a global reserve currency. Conclusion It’s hard to say how radically anti-banking Satoshi Nakamoto himself was. In his whitepaper, he only outlined several issues with the banking system and offered a workaround. While Bitcoin was made to empower individuals’ financial independence, it has now become a staple of Wall Street and the government, which doesn’t mean that others are somehow blocked from Bitcoin’s advantages. Love it or hate it, the anti-banking ethos is not mainstream among Bitcoin investors. You might also like:What is a genesis block? Powering blockchain networks

TRON has reached a major milestone in the stablecoin market but TRX price seems to be struggling to gain momentum. According to DeFiLlama data, as of May 7, there are $71.9 billion in stablecoins on the network, setting a new record for TRON’s (TRX) stablecoin supply. This increase comes after Tether (USDT) minted another $1 billion USDT on May 6, marking the sixth billion-dollar mint on TRON since April.  TRON’s ecosystem as a whole is also thriving. The monthly decentralized exchange volume increased by 40% from $3.4 billion in March to $4.9 billion in April. TRON’s total value locked has slightly recovered, rising from about $4.4 billion in March to just over $5 billion now. The network has surpassed 302 million accounts and 10 billion transactions, processing up to $19 billion in daily USDT transfers. On May 1, World Liberty Financial announced that TRON now offers its USD1 stablecoin, which is backed by U.S. Treasuries and cash equivalents. In addition to increasing institutional participation, this expands the list of stablecoins. You might also like:Tron memecoins skyrocket as Justin Sun pushes zero-fee meme trading Other developments include P2P.org being approved as a TRON Super Representative, allowing the staking provider to help validate blocks. In April, Canary Capital also filed for a spot TRX ETF that includes staking, showing further interest from traditional finance. TRX’s price is still under pressure despite these solid fundamentals. TRX is currently trading around $0.243 and is having difficulty breaking above the $0.25 resistance level after falling 6.2% over the last day. Technical indicators show mixed signals. TRON price analysis. Credit: crypto.news The majority of moving averages and the moving average convergence divergence indicate bearish pressure, but momentum and Bull Bear Power indicate some buying strength. The relative strength index is at 49, indicating indecision. TRX may move toward $0.235 or lower if it breaks below support at $0.240. On the upside, a clean break above $0.25 could could open the door to higher levels. Justin Sun, the founder of TRON, has stated that he believes TRX will hit a new all-time high in Q2, pointing to the market’s rising maturity and citing its growing correlation with Bitcoin (BTC). Read more:XRP whale wallets surge past 300K — is a breakout on the horizon?

越南财政部将于本月提出数字资产和加密货币的法律框架。 据当地媒体报道，越南副部长阮德志在政府新闻发布会上宣布，该框架的一部分包括国家许可的数字货币兑换试点计划。 越南总理范明政敦促监管机构制定明确的数字资产管理指导方针。 财政部和越南国家银行正在制定该框架，旨在平衡创新与投资者保护。 你可能还喜欢：为什么 XRP 将在 2025 年暴涨，但 0.20 美元的 Rexas Finance 仍可能挑战它 Chi 表示，拟议中的交易所将允许个人和企业在国家监督下交易数字资产，确保法律保护并降低风险。此外，政府正在探索允许越南企业发行虚拟资产作为金融动员手段的法规。 越南目前缺乏对数字资产和加密货币的正式法律定义，导致许多区块链企业在国外注册。 缺乏明确的监管导致税收损失和国内市场监督有限。 根据 Chainalysis 的数据，2023 年越南的数字资产流入量达 1200 亿美元，位居全球数字资产持有量前三的国家之列，21% 的人口持有加密货币。拟议的监管框架旨在利用这一不断增长的行业，同时降低风险。 你可能还喜欢：比特币未平仓合约创四个月新低，波动性持续

2025年3月11日，美国华盛顿特区，比特币政策研究所组织了一场比特币顶级爱好者的聚会。 迈克尔·塞勒在美国发表了关于比特币的有力演讲。在 X 上，演讲视频引发了关于是否需要“更好的比特币”的争论。Riot Platforms 的 Pierre Rochard 加入了讨论，并就为什么不可能有更好的比特币发表了自己的看法。 这场辩论始于播客、企业家和天使投资人 Jason Calacanis 对 Michael Saylor 演讲视频的回应。演讲中提到，美国作为超级大国，必须主宰网络空间，以免失去其地位。Saylor 解释了比特币为何重要以及美国为何应该拥有大量比特币。 塞勒对比特币的不懈推崇以及他高风险的积累技术正在损害比特币生态系统和品牌。过于集中、过于夸张、过于冲突。他实际上正在为某人发起“a”创造绝佳机会……https://t.co/D9BkzY5nNt— @jason (@Jason) 2025 年 3 月 11 日 卡拉卡尼斯转发了一段视频，并补充说，塞勒正在通过不断的拉高和高风险的积累技术破坏比特币的品牌和生态系统。卡拉卡尼斯认为，比特币“过于集中化，夸张太多，冲突太多”。他总结说，塞勒为推出“更好的比特币”奠定了完美的基础。 推出更好的比特币就像推出更好的轮子一样不可能。你不可能发明两次数字稀缺性。— Matteo Pellegrini ⚡️ (@matteopelleg) 2025 年 3 月 11 日 当然，比特币大佬们也注意到了这一评论。他们说推出“更好的比特币”是不可能的，这表明 Calacanis 根本就没有正确理解比特币。例如，Consensus Pro 的 Matty Ice 回应说，人们无法“重现网络效应、安全性、去中心化、起源故事等”。他解释说，Saylor 拥有大量比特币并不意味着比特币就中心化了。 皮埃尔·罗查德登场 Riot Platforms, Inc. 研究副总裁 Pierre Rochard 详细解答了 Calacanis 的疑虑。他首先表示，去中心化是比特币设计和工作量证明的固有特征，全球节点的分布比比特币在一个人手中的积累更重要。拥有大量 BTC 并不能提供利用网络的能力。Rochard 提醒我们注意共识规则，他说“即使是高调的倡导者或单个大持有者也要像所有其他用户一样接受相同的验证和共识流程。” Rochard 认为，Saylor 的活动对比特币的价值影响不如可预测的发行计划、全球可访问性、安全性以及去中心化节点运营商社区。无论单个影响者的拉动有多大，所有参与方都将受到平等对待，任何个人或机构都不能享有特权。为了证实他的观点，Rochard 表示，比特币经历了一系列严重的动荡，如交易所大规模崩盘、市场波动、协议分歧等。这些都没有影响其运营。 Rochard 并没有明确表示不可能出现“更好的比特币”。相反，他表示创造这样的比特币是不可能的。创造“更好的比特币”需要挑战比特币独特的历史作用及其在流动性、长期安全性和其他特征方面的主导地位。他指出，现有的山寨币和代币存在长期漏洞，而所有模仿比特币基础设施的尝试都失败了。 最后，罗查德重申，独立验证、去中心化和无需许可的性质在比特币网络中一直比灾难或任何影响者的可信度发挥着更重要的作用。“该协议的核心属性——安全、无需许可、任何人都可验证——确保比特币的基本承诺不受损害。” 一位名为“Chad”的 X 用户试图加强对比特币的批评，称像 Saylor 这样的人正在损害品牌、扭曲市场并威胁比特币的“去中心化精神”，然而，这些担忧被懒惰的、不以为然的回应所驳回。 矿池只是服务提供商。他们不拥有或控制挖矿设备。机构所有权/Saylor：共识规则由世界上每个全节点执行。如果他们改变了节点的规则，他们就无法与比特币网络交互— Darkwing (@DarkwingCrypto) 2025 年 3 月 12 日 Rochard 的详细阐述有效地结束了这场辩论。有趣的是，Calacanis 并没有回应 Rochard。 罗查德在演讲中说了什么？ Pierre Rochard himself participated in the Washington, D.C., event, providing a speech aimed to prove that Bitcoin is a better gold. The things he said in his remarks add some points to the debate over Bitcoin’s characteristics. 黄金是美丽的，比特币是聪明的感谢@btcpolicyorg 邀请我发言！这是一次很棒的活动。pic.twitter.com/T5TptT6wOe— Pierre Rochard (@BitcoinPierre) 2025 年 3 月 12 日 罗查德的演讲围绕着人们对诺克斯堡黄金是否还在那里的怀疑展开。他辩称，50 年前发生的最新一次审计并不是真正的审计，因为那只是一位参议员看了他目测是黄金的东西，然后就认定一切都很好。 阅读更多：Donald Trump to audit Fort Knox: “If gold isn’t there, we’re gonna be very upset” Rochard estimates that Fort Knox must hold $425 billion worth of gold and hopes that DOGE will make a proper audit involving an assay, a sonogram, and other procedures that will confirm the purity of gold in Fort Knox. The procedures are expansive and require much expertise. He continued by saying that even if all the gold in Fort Knox is real, we cannot estimate how much of the world’s total supply is kept there. Once gold may be discovered outside the Earth. That’s not the case when we speak about Bitcoin. The purity of Bitcoin is verifiable by any person with any connected device. The task of calculating the total supply’s share of any amount of BTC is easy. The audit of Bitcoin is easy. The secure storage and transport of Bitcoin is much easier and cheaper than the secure storage and transport of gold.  总体而言，罗查德的言论呼应了塞勒和其他比特币支持者之前的许多言论。他们都在推动更积极的 BTC 购买政策。塞勒在演讲中提到，到 2035 年，BTC 总供应量的 99% 将被开采，届时美国必须巩固其在比特币领域的领导地位。 你可能还喜欢：经济学家预测，比特币最终将归零：时间是这样的