投资比特币ETF有三个优点和两个缺点。
The investment in Bitcoin ETF has three advantages and two disadvantages.
美国证券交易委员会（SEC）周三（1月10日）宣布批准首批现货比特币ETF，这些ETF最早将于周四开始交易。
The United States Securities and Exchange Commission (SEC) announced on Wednesday, 10 January, the approval of the first batch of bitcoin ETFs, which will start trading as early as Thursday.
贝莱德(BlackRock)、富达(Fidelity)和景顺(Invesco)等主要ETF发行商和Bitwise Asset Management、Ark Invest和21Shares等小公司发行的11只ETF获批。
Eleven ETFs issued by major ETF distributors such as Black Rock, Fidelity and Invesco and smaller companies such as Bitwise Asset Management, Ark Invest and 21Shares were approved.
SEC宣布批准比特币ETF的决定后， 比特币价格变化不大，根据CoinDesk的数据，过去24小时里比特币上涨0.8%，周三价格在4.5984万美元左右。3iQ研究主管马克·康纳斯(Mark Connors)指出，这主要是因为比特币ETF获批的预期已经反映在了价格中，投资者将密切关注周四开始交易后的24至48小时内的初始资金流入情况。
After SEEC announced its decision to approve the Bitcoin ETF, the price of Bitcoin did not change much. According to CoinDesk, the price of Ribitcoin increased by 0.8 per cent over the last 24 hours, with a price of approximately $459.84 million on Wednesday. According to Mark Connors, the head of 3iQ research, this is mainly because the expected approval of Bitcoin ETF is reflected in the price, and investors will pay close attention to the initial capital inflows within 24 to 48 hours of the start of the transaction on Thursday.
去年上涨一倍多后，今年目前为止比特币上涨近10%
After more than doubling last year, so far this year Bitcoin has risen by almost 10 per cent
SEC主席：批准比特币ETF不等于认可或支持比特币
President of
多年来SEC一直拒绝批准推出比特币ETF，理由是对交易比特币的市场上的欺诈和操纵行为监管不足，然而去年一家联邦上诉法院认为，SEC在拒绝让Grayscale Bitcoin Trust转换为ETF的问题上态度武断且反复无常，因此裁定SEC的决定是错误的。
For many years, the SEC has refused to approve the introduction of the Bitcoin ETF on the grounds that there is insufficient regulation of fraud and manipulation in the market for the Bitcoin transaction, but last year a Federal Court of Appeal held that the SEC decision was arbitrary and inconsistent in its refusal to convert Grayscale Bitcoin Trust to ETF, and therefore ruled that the SEC decision was wrong.
SEC主席加里·詹斯勒(Gary Gensler)在一份声明中说，在败诉的情况下，批准现货比特币ETF是“最可持续的前进道路”。
In a statement, the Chairman of SEC, Gary Gensler, stated that, in the event of failure, the approval of the spot bitcoin ETF was the “most sustainable way forward”.
詹斯勒同时对投资比特币提出了警告，他在声明中说：“虽然今天批准了一批现货比特币ETF上市和交易，但我们并不认可或支持比特币，投资者应对比特币和加密货币相关产品的大量风险保持谨慎。”
Gensler also warned about the investment of bitcoin, in which he stated: “Although a batch of spot bitcoin ETFs were approved for listing and trading today, we do not recognize or support bitcoins, and investors should be cautious about the large risks associated with bitcoin and encrypted currency-related products.”
詹斯勒还指出，比特币“是一种投机性高、不稳定的资产，被用于包括勒索软件、洗钱、逃避制裁和恐怖主义融资在内的非法活动。”
Jansler also stated that Bitcoin was “a speculative and unstable asset used for illegal activities, including extortion software, money-laundering, sanctions evasion and terrorist financing”.
新一批投资者即将入场，比特币将获得新的上涨动力
A new group of investors from
比特币的支持者认为，机构投资者和财务顾问第一次可以以一种简单、低成本的方式投资比特币，新推出的ETF可能会吸引来数百亿美元的资金。
For the first time, institutional investors and financial advisers could invest in Bitcoin in a simple, low-cost way, according to supporters of Bitcoin, and the newly introduced ETF could attract tens of billions of dollars.
渣打银行(Standard Chartered)分析师本周初曾预计，今年这些ETF可能吸引来500亿至1000亿美元的资金。如此大规模的资金流入将给比特币市场带来巨大影响。
Standard Chartered analysts predicted early this week that these ETFs could attract between $50 billion and $100 billion this year. Such large-scale capital inflows will have a huge impact on the Bitcoin market.
比特币ETF发行商指出，真正的影响将在更长时间内显现，因为许多机构投资者和财务顾问平台在把比特币ETF纳入自己的投资组合之前必须走审查程序，这需要几周的时间。
The issuer of the Bitcoin ETF noted that the real impact would be felt over a longer period of time, as many institutional investors and financial advisory platforms had to go through a review process before including the Bitcoin ETF in their portfolio, which would take several weeks.
方舟投资(ARK Invest)首席运营官汤姆·施托德(Tom Staudt)说：“数万亿美元财富将被释放出来。”目前方舟正与21Shares一起为后者获批的一只ETF做担保。目前在机构投资者的投资组合中，比特币“一直处于被和其他财富隔离开的状态”。
Tom Staudt, the chief operator of the Ark Investment, said: “Twenty trillion dollars of wealth will be released.” The Ark, together with 21 Shares, is currently guaranteeing the latter’s approved ETF. In the portfolio of institutional investors, Bitcoin is “always in isolation from other wealth”.
投资比特币ETF的三个优点和两个缺点
Three advantages and two disadvantages of investing in the Bitcoin ETF
对于散户投资者来说，通过ETF投资比特币有三个优点。
For bulk investors, there are three advantages to investing in bitcoin through ETFs.
优点一：通过ETF投资比特币更方便。如果对比特币感兴趣，但不想注册加密货币钱包或者通过PayPal或Robinhood购买，投资者可以在现有券商账户中加入富达或Greyscale等投资公司推出的ETF，可以把持有的比特币和其他资产放在同一个账户中，不必担心密码丢失或欺诈等经常导致投资亏损的问题，这可以减弱投资比特币时的“恐惧因素”。
Accomplishment one: It is easier to invest in a bitcoin through an ETF. If Bitcoin is interested, but does not want to register an encrypted currency wallet or purchase it through PayPal or Robinhood, investors can add ETFs introduced by investment companies such as Fuda or Greyscale to the account at /a>, which can place the holding of bitcoins and other assets in the same account without fear of loss of investment, such as loss of passwords or fraud, which can reduce the “fearing factor” in the investment of Bitcoin.
优点二：通过ETF投资比特币成本更低。当投资者通过Coinbase等交易所投资比特时，交易所要收取1%或更高的费用。出于竞争的目的，过去几天比特币ETF发行商掀起了一场“费率战”。截至周三下午，Bitwise称其ETF的费率将设在0.20%，方舟和21Shares称其共同发起的ETF的费率将设在0.21%，贝莱德和富达推出的比特币ETF的费率定在0.25%。Bitwise、方舟和21Shares以及富达等公司表示，它们将在一段时间内或资管规模处于一定水平时暂时完全免除年费。
As of Wednesday afternoon, Bitwise stated that its ETF rate would be set at 0.20 per cent, the Ark and 21 Shares that it co-sponsored the ETF rate would be 0.21 per cent, and Belet and Fuda that its rate would be 0.25 per cent. Companies such as Bitwisse, Ark and 21 Sheres and Fuda indicated that they would temporarily waive their annual fees completely at a certain level of funding over time or at a certain point in time.
低费率可能会让新推出的ETF成为大量投资者购买比特币最便宜的地方，Coinbase等传统加密货币交易平台的吸引力可能会下降。
Low rates may make the newly introduced ETF the cheapest place for large numbers of investors to buy bitcoins, and traditional encrypted money trading platforms such as Coinbase may become less attractive.
优点三：投资者在卖出时才需要缴税。许多ETF在投资者没有卖出的情况下也会从资本收益、股息或利息中产生年度应税收入，而投资者只需在获利买入比特币ETF时才需要缴税。
Third: Investors are taxed only when they sell. Many ETFs generate annual taxable income from capital gains, dividends or interest when they do not sell, while investors are taxed only when they profit from the Bitcoin ETF.
通过ETF投资比特币也有两个缺点。
Investment in bitcoin through ETF also has two disadvantages.
缺点一：投资者实际上不拥有任何比特币。购买比特币ETF并不意味着投资者实际拥有比特币，这意味着不能用它们作为货币去买法拉利或其他加密货币。
The first is that investors do not actually have any bitcoins. The purchase of bitcoins ETFs does not mean that investors actually have bitcoins, which means that they cannot be used as currencies to buy Ferraris or other encrypted currencies.
缺点二：比特币波动性非常大。无论是通过ETF还是直接通过交易所投资，比特币的高波动性都不会消失，投资者在买入之前应仔细评估自己的风险承受能力。
Second: Bitcoin is highly volatile. The high volatility of bitcoin will not disappear, either through ETF or directly through the exchange, and investors should carefully assess their risk tolerance before buying it.
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