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</div></div><p>OpenAI's GPT-5 launch has been met with widespread criticism, prompting CEO Sam Altman to acknowledge significant errors in its rollout and the negative user response. The incident, which saw a large number of users threatening cancellations, has directly impacted the development direction of GPT-6. While ChatGPT boasts over 700 million weekly active users—a fourfold increase year-on-year—Altman warns of a potential AI industry bubble fueled by over-investment.</p><p>&nbsp;</p><p>In a private meeting with journalists in San Francisco, Altman admitted the replacement of the popular GPT-4o model with GPT-5 caused considerable user dissatisfaction. He stated, "I think we completely messed up some things in the launch." GPT-4o was praised for its warm and natural conversational style, while GPT-5 was criticized for being cold, robotic, and lacking support. To appease users, OpenAI has reinstated access to GPT-4o for paying subscribers. Altman considers this a critical lesson, emphasizing the challenges of upgrading a product for hundreds of millions of users in a single day.</p><p>&nbsp;</p><p>The GPT-5 debacle highlighted the emotional connection users are forming with AI. While some users on Reddit forums like r/MyBoyfriendisAI, r/AISoulmates, and r/AIRelationships express dependence on, and even emotional relationships with, AI companions, Altman estimates this represents less than 1% of ChatGPT users. OpenAI is closely monitoring this phenomenon and will prioritize personalization in GPT-6 while mitigating the exploitation of vulnerable users.</p><p>&nbsp;</p><p>Despite the ongoing GPT-5 rollout, OpenAI is already developing GPT-6, anticipating a shorter development cycle compared to the transition from GPT-4 to GPT-5. However, GPU shortages pose a significant bottleneck, leading Altman to project the need for "hundreds of billions of dollars" in data center investment.</p><p>&nbsp;</p><p>Beyond GPT-6, OpenAI's future plans include investing in a brain-computer interface startup to rival Elon Musk's Neuralink, potentially bidding for Google Chrome, and collaborating with former Apple design chief Jony Ive on an undisclosed AI device.</p><p>&nbsp;</p><p>Altman concludes that despite ChatGPT's user base exceeding 700 million, the AI industry is currently experiencing an overheated investment climate, characterized by bubble-like risk. He affirms, "Are we in a phase where investors are generally over-excited about AI? Yes. Is AI the most important thing in many years? Yes."</p><p>&nbsp;</p>

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</div></div><p>OpenAI自推出GPT-5后，外界劣评如潮，更称GPT-5失败。公司行政总裁Sam Altman承认公司在GPT-5的推出上犯下错误，引发用户强烈反弹，并表示这一经验将直接影响GPT-6的开发方向。 目前ChatGPT的周活跃用户已突破7亿，较去年同期增长四倍，但Altman同时警告AI产业可能正处于过热的泡沫阶段。</p><p>&nbsp;</p><p>Altman在旧金山与记者私下会晤时坦承，GPT-5取代广受好评的GPT-4o模型后，引发大量用户不满，部分用户甚至威胁取消订阅。 他表示：「我认为我们在推出方面完全搞砸了一些事情。」 GPT-4o以其温暖且自然的对话风格而闻名，而GPT-5则被许多用户批评为冷淡、机械化且缺乏支援。 为平息众怒，OpenAI已为付费用户恢复了GPT-4o的使用权限。 Altman将此事件视为警讯，强调「我们已经从中吸取了教训，了解到如何在一天之内为数亿用户升级产品的意义」。</p><p>&nbsp;</p><h3><strong>GPT-5失败内幕 OpenAI正密切关注此现象</strong></h3><p>&nbsp;</p><p>Altman指出，GPT-5的推出凸显了用户与AI之间的情感连结。 尽管在r/MyBoyfriendisAI、r/AISoulmates和r/AIRelationships等Reddit论坛上，部分用户表达了对AI伴侣的依赖，甚至建立了情感关系，但Altman估计，只有少于1%的ChatGPT用户与AI存在「不健康的关系」。 他强调，OpenAI正密切关注此现象。 他表示，GPT-6的开发重点将放在如何让系统更具个人化，同时避免利用弱势用户。</p><p>&nbsp;</p><p>尽管GPT-5仍在持续推出中，Altman透露OpenAI已着手开发GPT-6，预计两者之间的开发周期将比GPT-4与GPT-5更短。然而，他坦承GPU短缺是限制进展的主要瓶颈，并表示OpenAI未来需要投入「数万亿美元」于数据中心建设以解决此问题。</p><p>&nbsp;</p><p>除了GPT-6的开发，Altman还透露OpenAI的未来规划，包括投资一家与Elon Musk的Neuralink竞争的大脑计算机介面新创公司，以及考虑参与竞购Google Chrome的战局。 此外，OpenAI也正与苹果前设计总监Jony Ive合作开发一款尚未公开的AI设备。</p><p>&nbsp;</p><p>Altman总结道，尽管ChatGPT用户已突破7亿，但他认为AI产业目前投资过热，存在泡沫风险。 「我们是否正处于投资者整体对AI过度兴奋的阶段？我的答案是肯定的。AI是否是很多年来最重要的事情？我的答案也是肯定的。」</p>

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</div></div><p>OpenAI自推出<a href="https://cftime.io/gpt-5-roadmap/">GPT-5</a>後，外界劣評如潮，更稱GPT-5失敗。公司行政總裁<a href="https://cftime.io/gen-z-needs-to-adapt-to-ai-quickly/">Sam Altman</a>承認公司在GPT-5的推出上犯下錯誤，引發用戶強烈反彈，並表示這一經驗將直接影響GPT-6的開發方向。 目前ChatGPT的周活躍用戶已突破7億，較去年同期增長四倍，但Altman同時警告AI產業可能正處於過熱的泡沫階段。</p><p>&nbsp;</p><p><strong>即加入</strong><a href="https://t.me/+l--9PJpFdIgxOTk9"><strong>CFTime TG 討論區</strong></a><strong>！想掌握最新加密市場動態與 AI 新聞與資訊，更能隨時獲得免費 web 3入場券！</strong></p><p>&nbsp;</p><p><a href="https://www.theverge.com/command-line-newsletter/759897/sam-altman-chatgpt-openai-social-media-google-chrome-interview">Altman在舊金山與記者私下會晤時</a>坦承，GPT-5取代廣受好評的GPT-4o模型後，引發大量用戶不滿，部分用戶甚至威脅取消訂閱。 他表示：「我認為我們在推出方面完全搞砸了一些事情。」 GPT-4o以其溫暖且自然的對話風格而聞名，而GPT-5則被許多用戶批評為冷淡、機械化且缺乏支援。 為平息眾怒，OpenAI已為付費用戶恢復了GPT-4o的使用權限。 Altman將此事件視為警訊，強調「我們已經從中吸取了教訓，了解到如何在一天之內為數億用戶升級產品的意義」。</p><p>&nbsp;</p><h3><strong>GPT-5失敗內幕 OpenAI正密切關注此現象</strong></h3><p>&nbsp;</p><p>Altman指出，GPT-5的推出凸顯了用戶與AI之間的情感連結。 儘管在r/MyBoyfriendisAI、r/AISoulmates和r/AIRelationships等Reddit論壇上，部分用戶表達了對AI伴侶的依賴，甚至建立了情感關係，但Altman估計，只有少於1%的ChatGPT用戶與AI存在「不健康的關係」。 他強調，OpenAI正密切關注此現象。 他表示，GPT-6的開發重點將放在如何讓系統更具個人化，同時避免利用弱勢用戶。</p><p>&nbsp;</p><p>儘管GPT-5仍在持續推出中，Altman透露OpenAI已著手開發GPT-6，預計兩者之間的開發週期將比GPT-4與GPT-5更短。然而，他坦承GPU短缺是限制進展的主要瓶頸，並表示OpenAI未來需要投入「數萬億美元」於數據中心建設以解決此問題。</p><p>&nbsp;</p><p>除了GPT-6的開發，Altman還透露OpenAI的未來規劃，包括投資一家與Elon Musk的Neuralink競爭的大腦計算機介面新創公司，以及考慮參與競購Google Chrome的戰局。 此外，OpenAI也正與蘋果前設計總監Jony Ive合作開發一款尚未公開的AI設備。</p><p>&nbsp;</p><p>Altman總結道，儘管ChatGPT用戶已突破7億，但他認為AI產業目前投資過熱，存在泡沫風險。「我們是否正處於投資者整體對AI過度興奮的階段？我的答案是肯定的。AI是否是很多年來最重要的事情？我的答案也是肯定的。」</p>

Sam Altman reveals the inside story of GPT-5's failure

Sam Altman亲揭GPT-5失败内幕 用户怒轰「冷冰冰」急复旧版救火

Sam Altman親揭GPT-5失敗內幕 用戶怒轟「冷冰冰」急復舊版救火

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</div></div><p>The Financial Services Agency (FSA) of Japan has announced that it will approve the issuance of yen-denominated stablecoins for the first time this autumn, marking a significant transformation for Japan's fintech industry.&nbsp;</p><p>&nbsp;</p><p>Tokyo-based fintech company JPYC will become the first yen stablecoin and is expected to complete the registration process for funds transfer operators by the end of the month.</p><p>&nbsp;</p><p>JPYC stablecoins will be pegged to the yen at a 1:1 ratio, with their value supported by bank deposits and Japanese government bonds. However, it is important to note that the interest generated from these bonds will belong to JPYC, and users will not receive any interest income. This approach differs from mainstream dollar-denominated stablecoins, such as USDC and Tether, which typically return some profits to users.</p><p>&nbsp;</p><p>This approval signifies Japan's formal entry into the global stablecoin market, which currently exceeds $250 billion (approximately 37 trillion yen). The Japanese government's aim is not only to participate in international competition but also to enhance the efficiency of international remittances and cross-border transactions, hoping to achieve faster, cheaper, and more convenient payment methods through the yen-denominated stablecoin.</p><p>&nbsp;</p><p>JPYC will issue its stablecoin using existing public blockchain technology instead of developing a new blockchain, which helps maintain the openness of the ecosystem and avoids creating a closed system. Ryosuke Okabe, a representative for JPYC, noted on X platform that the demand for government bonds from stablecoin issuers will act like a giant "absorption machine," potentially influencing the interest rates of Japanese government bonds and impacting the overall financial market, including lending rates and mortgage costs.</p><p>&nbsp;</p><p>However, this innovation also comes with certain risks. JPYC acknowledges the risk of decoupling in the secondary market, particularly if the liquidity of the supporting Japanese government bonds decreases or their value declines, which could cause the stablecoin price to fall below 1 yen. While users can still redeem JPYC priced below 1 yen at full value, Okabe admitted that if Japanese government bonds default or crash, market panic selling could exacerbate the decoupling risk, leading the stablecoin price to remain below par for an extended period.</p><p>&nbsp;</p><p>To mitigate liquidity shortage risks, JPYC must deposit 101% of the maximum issuance value within one week after issuing stablecoins and complete the process within three business days. This regulation reflects the Japanese regulatory authority's emphasis on risk management for stablecoins.</p><p>&nbsp;</p><p>Overall, Japan's approval of yen-denominated stablecoin issuance is a significant milestone in the development of the global stablecoin market. It also highlights the delicate balance between stablecoin issuance and regulation. The JPYC model, along with its associated risks and opportunities, will provide insights for regulatory policies in other countries and regions and will influence the future direction of the stablecoin market.</p><p>&nbsp;</p>

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</div></div><p>日本金融服务厅（FSA）宣布，将于今年秋季首次批准日圆计价稳定币发行，此举将为日本金融科技产业带来重大变革。东京金融科技公司JPYC将成首个日圆稳定币，并预计在月底前完成资金转移营运商的注册程序。</p><p>&nbsp;</p><p>JPYC稳定币将以1:1的比例与日圆挂钩，其价值将由银行存款和日本政府债券提供支持。然而，值得注意的是，这些债券产生的利息将归JPYC所有，用户将无法获得任何利息收入。此举与目前市场上主流的美元计价稳定币（如USDC和Tether）有所不同，后者通常会将部分利润回馈给用户。</p><p>&nbsp;</p><h3><strong>JPYC将成首个日圆稳定币 该市场目前规模已超过2500亿美元</strong></h3><p>&nbsp;</p><p>此项批准标志着日本正式加入全球稳定币市场，该市场目前规模已超过2500亿美元（约37兆日圆）。日本政府此举的目标并非仅仅为了参与国际竞争，而是著眼于提升国际汇款和跨境交易的效率，期望透过日元计价稳定币实现更快、更便宜、更便捷的支付方式。</p><p>&nbsp;</p><p>JPYC将采用现有的公共区块链进行稳定币发行，而非自行开发新的区块链，此举有助于维持生态系统的开放性，避免形成新的封闭系统。 JPYC代表冈部典孝(Ryosuke Okabe)在X平台上指出，稳定币发行商对于政府债券的需求，将如同巨大的「吸收机器」，可能影响日本政府债券的利率，进而影响到整体的金融市场，例如贷款利率和房贷成本。</p><p>&nbsp;</p><p>然而，此项创新也伴随着一定的风险。 JPYC承认，在次级市场存在脱钩风险，尤其当支持稳定币的日本政府债券流动性下降或价值缩水时，稳定币价格可能低于1日元。虽然用户仍可将低于1日元的JPYC以全额赎回，但冈部良介也坦承，如果日本政府债券违约或价格崩溃，市场恐慌性抛售将使脱钩风险加剧，稳定币价格可能长时间维持在低于面值状态。</p><p>&nbsp;</p><p>为降低流动性短缺风险，JPYC必须在发行稳定币后一周内，存入最高发行价值的101%的存款，且需在三个营业日内完成。此项规定反映了日本监管机构对于稳定币风险管理的重视。</p><p>&nbsp;</p><p>总体而言，日本批准日圆计价稳定币发行，是全球稳定币市场发展的重要里程碑，但也突显出稳定币发行与监管之间的微妙平衡。 JPYC的模式，以及其所面临的风险与机遇，将为其他国家和地区的监管政策提供参考，也将影响未来稳定币市场的发展走向。</p>

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</div></div><p>日本金融服務廳（FSA）宣佈，將於今年秋季首次批准日圓計價<a href="https://cftime.io/chain-reaction-after-the-genius-act/">穩定幣</a>發行，此舉將為日本金融科技產業帶來重大變革。東京金融科技公司JPYC將成首個日圓穩定幣，並預計在月底前完成資金轉移營運商的註冊程序。</p><p>&nbsp;</p><p>JPYC穩定幣將以1:1的比例與日圓掛鉤，其價值將由銀行存款和日本政府債券提供支持。然而，值得注意的是，這些債券產生的利息將歸JPYC所有，用戶將無法獲得任何利息收入。此舉與目前市場上主流的美元計價穩定幣（如USDC和Tether）有所不同，後者通常會將部分利潤回饋給用戶。</p><p>&nbsp;</p><h3><strong>JPYC將成首個日圓穩定幣 該市場目前規模已超過2500億美元</strong></h3><p>&nbsp;</p><p>此項批准標誌著日本正式加入全球穩定幣市場，該市場目前規模已超過2500億美元（約37兆日圓）。日本政府此舉的目標並非僅僅為了參與國際競爭，而是著眼於提升國際匯款和跨境交易的效率，期望透過日元計價穩定幣實現更快、更便宜、更便捷的支付方式。</p><p>&nbsp;</p><p>JPYC將採用現有的公共區塊鏈進行穩定幣發行，而非自行開發新的區塊鏈，此舉有助於維持生態系統的開放性，避免形成新的封閉系統。JPYC代表岡部典孝(Ryosuke Okabe)<a href="https://x.com/noritaka_okabe/status/1955920555003273338">在X平台上指出</a>，穩定幣發行商對於政府債券的需求，將如同巨大的「吸收機器」，可能影響日本政府債券的利率，進而影響到整體的金融市場，例如貸款利率和房貸成本。</p><p>&nbsp;</p><p>然而，此項創新也伴隨著一定的風險。JPYC承認，在次級市場存在脫鉤風險，尤其當支持穩定幣的日本政府債券流動性下降或價值縮水時，穩定幣價格可能低於1日元。雖然用戶仍可將低於1日元的JPYC以全額贖回，但岡部良介也坦承，如果日本政府債券違約或價格崩潰，市場恐慌性拋售將使脫鉤風險加劇，穩定幣價格可能長時間維持在低於面值狀態。</p><p>&nbsp;</p><p>為降低流動性短缺風險，JPYC必須在發行穩定幣後一週內，存入最高發行價值的101%的存款，且需在三個營業日內完成。此項規定反映了日本監管機構對於穩定幣風險管理的重視。</p><p>&nbsp;</p><p>總體而言，日本批准日圓計價穩定幣發行，是全球穩定幣市場發展的重要里程碑，但也突顯出穩定幣發行與監管之間的微妙平衡。JPYC的模式，以及其所面臨的風險與機遇，將為其他國家和地區的監管政策提供參考，也將影響未來穩定幣市場的發展走向。</p>

Japan's Financial Services Agency approves JPYC as the first Japanese Yen stablecoin in autumn

日本金融厅秋季放行！ JPYC将成首个日圆稳定币

日本金融廳秋季放行！ JPYC將成首個日圓穩定幣

From simple data feeds to powering the future of tokenized assets, here’s how Chainlink is connecting Web3 to the real world.

从简单的数据馈送，到为代币化资产的未来提供动力，本文将解析 Chainlink 如何将 Web3 与现实世界相连。

從簡單的資料饋送，到驅動代幣化資產的未來，本文將深入探討 Chainlink 如何將 Web3 與現實世界相連。

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</div></div><p>&nbsp;</p><h2 class="green-h2" style="margin-left:0px;"><strong>Introduction: The Promise and the Problem</strong></h2><p>Welcome to the world of smart contracts! These self-executing contracts promise a future of automated, trustless, and transparent agreements. But there's a catch, a fundamental limitation. By design, blockchains are secure, isolated digital vaults. A smart contract has no native way to know the price of Bitcoin, the weather in Tokyo, or if your shipment has arrived.</p><p>This is the famous <strong>"Oracle Problem."</strong> If smart contracts can't access real-world data, their usefulness is severely limited.</p><p>This is where <strong>Chainlink</strong> enters the picture. It started as the solution to the Oracle Problem, acting as a secure bridge for data. But its mission has evolved. Today, Chainlink is not just connecting blockchains to data; it's connecting the entire global financial system to the blockchain ecosystem, working with giants like SWIFT and BNY Mellon to build the future of finance.</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><hr><h2 class="green-h2" style="margin-left:0px;"><strong>What is a Blockchain Oracle, Anyway?</strong></h2><p>Before we dive into Chainlink, let's clarify what an "oracle" is. It's a <strong>data courier</strong> that finds and verifies real-world information (off-chain data) and delivers it onto the blockchain (on-chain) so that smart contracts can use it.</p><p>However, a single, centralized courier is a single point of failure. The entire "trustless" nature of your smart contract would be compromised. This is the puzzle Chainlink was built to solve: <strong>How do you get reliable, tamper-proof data onto a blockchain in a decentralized way?</strong></p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>How Chainlink Works: A Look Under the Hood</strong></h2><p>Chainlink isn't a single oracle; it's a <strong>decentralized oracle network (DON)</strong>. Instead of trusting one source, it leverages a large network of independent node operators who are financially incentivized to provide honest and accurate data.</p><p>Let's break down the process into three simple steps.</p><p style="margin-left:0px;"><strong>Step 1: The Request (On-Chain)</strong></p><p>A smart contract creates a data request, like asking for the price of ETH/USD.</p><p style="margin-left:0px;"><strong>Step 2: The Fulfillment (Off-Chain Magic)</strong></p><p style="margin-left:0px;"><strong>Step 3: The Response (Back On-Chain)</strong></p><p>The aggregated answer is delivered back to the smart contract, which can now execute its logic with trustworthy data. This decentralized process ensures the data is both accurate and tamper-proof.</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Chainlink Use Cases: From DeFi to Dynamic NFTs</strong></h2><p>Chainlink's services are the backbone of some of the most innovative applications in Web3.</p><h3 style="margin-left:0px;"><strong>Powering the Next Evolution of Finance: Tokenized Assets &amp; CCIP</strong></h3><p>This is where Chainlink's role expands dramatically. The world's largest financial institutions are not just watching blockchain; they are actively building on it. Their goal? To <strong>tokenize Real-World Assets (RWAs)</strong>—turning things like private equity, real estate, and bonds into digital tokens that can be managed on a blockchain.</p><p>This creates a new challenge: these institutions operate on private, permissioned blockchains for security and compliance, but the real liquidity and innovation are on public blockchains like Ethereum. How do you bridge these two worlds?</p><p>The answer is Chainlink's <strong>Cross-Chain Interoperability Protocol (CCIP).</strong></p><p style="margin-left:0px;"><strong>What is CCIP? The "SWIFT for Blockchains"</strong></p><p>Think of CCIP as a universal messaging and value transfer standard for the blockchain world. It allows different blockchains—both public and private—to securely communicate, send commands, and transfer tokens to each other. This is the missing piece of the puzzle for institutional adoption.</p><p style="margin-left:0px;"><strong>How Institutions are Using Chainlink CCIP</strong></p><p>Chainlink is not just theorizing; it's actively collaborating with the biggest names in finance to make this a reality:</p><p>This collaboration is ushering in a new financial era by creating a single "internet of contracts." For the first time, the siloed world of traditional finance can seamlessly connect to the dynamic world of digital assets, leading to faster settlement, increased liquidity for traditionally illiquid assets, and a truly global, 24/7 market.</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Conclusion: The Foundational Layer for a Connected World</strong></h2><p>Chainlink began as the solution to the Oracle Problem, allowing smart contracts to become data-aware. Today, its vision is far grander.</p><p>By providing decentralized data, computation, and cross-chain interoperability, Chainlink is building the foundational infrastructure for a world where Web2 and Web3 are not separate, but seamlessly connected. It's the bedrock technology allowing DeFi protocols to function, NFTs to evolve, and, most critically, <strong>enabling the world's largest financial institutions to enter the age of blockchain.</strong></p><p>Chainlink is the essential middleware that allows these worlds to communicate, transact, and build a unified future together. It's not just a bridge for data; it's a bridge for global capital itself.</p><p>&nbsp;</p><p style="text-align:center;">UD is a leading blockchain and network security solution provider in Hong Kong<br>We are dedicated to assisting enterprises in advancing their businesses through innovative blockchain technology, ushering from Web 2.0 to Web 3.0</p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/en/blockchain-consulting-services">Consult Experts</a></div><p>&nbsp;</p><p>&nbsp;</p>

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</div></div><p>&nbsp;</p><h2 class="green-h2" style="margin-left:0px;"><strong>前言：潜力与难题</strong></h2><p>欢迎来到智能合约的世界！这些自动执行的合约，将协议条款直接写入代码中，是区块链时代最强大的创新之一。它们承诺了一个自动化、去信任化和透明化的协议未来——从金融衍生品到去中心化保险。</p><p>但这里有一个陷阱，一个根本性的限制。根据其设计，区块链就像是安全、隔离的数字保险库。它们被刻意与外部世界隔绝，以维持其安全性与完整性。例如，一个在以太坊上运行的智能合约，无法通过原生方式得知：</p><p>这就是著名的「预言机问题」(Oracle Problem)，也是一个重大的障碍。如果智能合约无法访问现实世界的数据，其功用将受到严重限制。如果合约无法获取天气数据，您如何建立农作物保险合约？如果不知道资产的实时价值，您如何创建借贷协议？</p><p>这正是 <strong>Chainlink</strong> 发挥作用的地方。它不仅是另一种加密货币；它是解决预言机问题的关键基础设施，充当着隔离的 Web3 世界与广阔的 Web2 数据海洋之间的稳固桥梁。其使命甚至已经演进。今天，Chainlink 不仅连接区块链与数据，更通过与 SWIFT 和纽约梅隆银行 (BNY Mellon) 等巨头合作，将整个全球金融体系与区块链生态系统连接起来，共同构建金融的未来。</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><hr><h2 class="green-h2" style="margin-left:0px;"><strong>到底什么是区块链预言机？</strong></h2><p>在我们深入探讨 Chainlink 之前，让我们先理清「预言机」在此脉络下的定义。</p><p>您可以将区块链预言机视为一名<strong>数据信使</strong>或翻译员。它是一种服务，负责寻找并验证现实世界的信息 (链下数据)，然后将其安全地传递到区块链上 (链上)，供智能合约使用。</p><p>然而，使用单一、中心化的预言机会产生一个新问题。如果您依赖一家公司提供所有数据，您就重新引入了单点故障。如果该来源被黑客攻击、出错或故意提供错误数据怎么办？您智能合约的整个“去信任化”本质就受到了损害。</p><p>这就是 Chainlink 为之解决的难题：<strong>如何以去中心化的方式，将可靠、防篡改的数据引入区块链？</strong></p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Chainlink 的运作原理：深入剖析</strong></h2><p>Chainlink 并非单一的预言机；它是一个<strong>去中心化预言机网络 (DON)</strong>。它不信任单一来源，而是利用一个由独立、抗女巫攻击的节点运营商组成的庞大网络。这创建了一个可靠、安全且信任最小化的系统。</p><p>让我们将其运作流程简化为三个步骤：</p><p><strong>第一步：请求 (链上)</strong><br>您的智能合约创建一个数据请求，例如查询 ETH/USD 的价格。</p><p><strong>第二步：履行 (链下)</strong></p><p><strong>第三步：响应 (回到链上)</strong><br>聚合后且经过验证的答案被传回给您在区块链上的智能合约。合约现在拥有了执行其逻辑所需的可信赖数据。</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Chainlink 的应用场景：从 DeFi 到动态 NFT</strong></h2><p style="margin-left:0px;"><strong>驱动下一代金融：资产代币化与 CCIP</strong></p><p>这正是 Chainlink 角色急剧扩大的地方。全球最大的金融机构不仅仅在观察区块链；它们正积极地在上面进行建设。它们的目标是将<strong>现实世界资产 (RWA)</strong> — 如私募股权、房地产和债券 — <strong>代币化</strong>，将它们转换为可以在区块链上管理的数字代币。</p><p>这带来了新的挑战：这些机构出于安全和合规考量，在私有的许可制区块链上运作，但真正的流动性和创新却在像以太坊这样的公共区块链上。如何桥接这两个世界？答案就是 Chainlink 的<strong>跨链互操作性协议 (CCIP)</strong>。</p><p><strong>什么是 CCIP？“区块链世界的 SWIFT”</strong><br>您可以将 CCIP 视为区块链世界的通用消息和价值转移标准。它允许不同的区块链——无论是公共的还是私有的——安全地通信、发送指令以及相互转移代币。这正是机构采用的关键所在。</p><p><strong>金融机构如何使用 Chainlink CCIP</strong></p><p>这种合作正在开创一个新的金融时代，创建一个单一的“合约互联网”，让传统金融的孤岛能够与数字资产的动态世界无缝连接，从而实现更快的结算、为传统非流动性资产增加流动性，并建立一个真正的全球 24/7 市场。</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>结论：一个互联世界的基础层</strong></h2><p>Chainlink 最初是为了解决预言机问题而生，让智能合约能够感知数据。今天，它的愿景已更为宏大。</p><p>通过提供去中心化的数据、计算和跨链互操作性，Chainlink 正在为一个 Web2 与 Web3 无缝融合的世界构建基础设施。它不仅是 DeFi 协议运作和 NFT 演进的基石，更关键的是，<strong>它让全球最大的金融机构得以进入区块链时代</strong>。</p><p>它不仅是数据的桥梁，更是全球资本自身的桥梁。</p><p style="margin-left:0px;">&nbsp;</p><p style="text-align:center;"><span style="color:#3C3C3C;">UD 是香港领先区块链及网络安全方案供应商</span><br><span style="color:#3C3C3C;">致力助不同的企业通过创新区块链技术进一步发展业务，从 Web 2.0 向 Web 3.0 的新时代迈进</span></p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/sc/blockchain-consulting-services">谘询专家</a></div><p>&nbsp;</p><p>&nbsp;</p>

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</div></div><p>&nbsp;</p><h2 class="green-h2" style="margin-left:0px;"><strong>前言：潛力與難題</strong></h2><p>歡迎來到智能合約的世界！這些自動執行的合約，將協議條款直接寫入程式碼中，是區塊鏈時代最強大的創新之一。它們承諾了一個自動化、去信任化和透明化的協議未來——從金融衍生品到去中心化保險。</p><p>但這裡有一個陷阱，一個根本性的限制。根據其設計，區塊鏈就像是安全、隔離的數位保險庫。它們被刻意與外部世界隔絕，以維持其安全性與完整性。例如，一個在以太坊上運行的智能合約，無法透過原生方式得知：</p><p>這就是著名的「預言機問題」(Oracle Problem)，也是一個重大的障礙。如果智能合約無法存取現實世界的資料，其功用將受到嚴重限制。如果合約無法獲取天氣資料，您如何建立農作物保險合約？如果不知道資產的即時價值，您如何創建借貸協議？</p><p>這正是 <strong>Chainlink</strong> 發揮作用的地方。它不僅是另一種加密貨幣；它是解決預言機問題的關鍵基礎設施，充當著隔離的 Web3 世界與廣闊的 Web2 資料海洋之間的穩固橋樑。其使命甚至已經演進。今天，Chainlink 不僅連接區塊鏈與資料，更透過與 SWIFT 和紐約梅隆銀行 (BNY Mellon) 等巨頭合作，將整個全球金融體系與區塊鏈生態系統連接起來，共同建構金融的未來。</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><hr><h2 class="green-h2" style="margin-left:0px;"><strong>到底什麼是區塊鏈預言機？</strong></h2><p>在我們深入探討 Chainlink 之前，讓我們先釐清「預言機」在此脈絡下的定義。</p><p>您可以將區塊鏈預言機視為一名<strong>資料信使</strong>或翻譯員。它是一種服務，負責尋找並驗證現實世界的資訊 (鏈下資料)，然後將其安全地傳遞到區塊鏈上 (鏈上)，供智能合約使用。</p><p>然而，使用單一、中心化的預言機會產生一個新問題。如果您依賴一家公司提供所有資料，您就重新引入了單點故障。如果該來源被駭客攻擊、出錯或故意提供錯誤資料怎麼辦？您智能合約的整個「去信任化」本質就受到了損害。</p><p>這就是 Chainlink 為了解決的難題：<strong>如何以去中心化的方式，將可靠、防篡改的資料引入區塊鏈？</strong></p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Chainlink 的運作原理：深入剖析</strong></h2><p>Chainlink 並非單一的預言機；它是一個<strong>去中心化預言機網絡 (DON)</strong>。它不信任單一來源，而是利用一個由獨立、抗女巫攻擊的節點運營商組成的龐大網絡。這創建了一個可靠、安全且信任最小化的系統。</p><p>讓我們將其運作流程簡化為三個步驟：</p><p><strong>第一步：請求 (鏈上)</strong><br>您的智能合約創建一個資料請求，例如查詢 ETH/USD 的價格。</p><p><strong>第二步：履行 (鏈下)</strong></p><p><strong>第三步：回應 (回到鏈上)</strong><br>聚合後且經過驗證的答案被傳回給您在區塊鏈上的智能合約。合約現在擁有了執行其邏輯所需的可信賴資料。</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Chainlink 的應用場景：從 DeFi 到動態 NFT</strong></h2><p style="margin-left:0px;"><strong>驅動下一代金融：資產代幣化與 CCIP</strong></p><p>這正是 Chainlink 角色急劇擴大的地方。全球最大的金融機構不僅僅在觀察區塊鏈；它們正積極地在上面進行建設。它們的目標是將<strong>現實世界資產 (RWA)</strong> — 如私募股權、房地產和債券 — <strong>代幣化</strong>，將它們轉換為可以在區塊鏈上管理的數位代幣。</p><p>這帶來了新的挑戰：這些機構出於安全和合規考量，在私有的許可制區塊鏈上運作，但真正的流動性和創新卻在像以太坊這樣的公共區塊鏈上。如何橋接這兩個世界？答案就是 Chainlink 的<strong>跨鏈互操作協議 (CCIP)</strong>。</p><p><strong>什麼是 CCIP？「區塊鏈世界的 SWIFT」</strong><br>您可以將 CCIP 視為區塊鏈世界的通用訊息和價值轉移標準。它允許不同的區塊鏈——無論是公共的還是私有的——安全地通訊、發送指令以及相互轉移代幣。這正是機構採用的關鍵所在。</p><p><strong>金融機構如何使用 Chainlink CCIP</strong></p><p>這種合作正在開創一個新的金融時代，創建一個單一的「合約互聯網」，讓傳統金融的孤島能夠與數位資產的動態世界無縫連接，從而實現更快的結算、為傳統非流動性資產增加流動性，並建立一個真正的全球 24/7 市場。</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>結論：一個互聯世界的基礎層</strong></h2><p>Chainlink 最初是為了解決預言機問題而生，讓智能合約能夠感知資料。今天，它的願景已更為宏大。</p><p>透過提供去中心化的資料、運算和跨鏈互操作性，Chainlink 正在為一個 Web2 與 Web3 無縫融合的世界建構基礎設施。它不僅是 DeFi 協議運作和 NFT 演進的基石，更關鍵的是，<strong>它讓全球最大的金融機構得以進入區塊鏈時代</strong>。</p><p>它不僅是資料的橋樑，更是全球資本本身的橋樑。</p><p>&nbsp;</p><p style="text-align:center;"><span style="color:#3C3C3C;">UD 是香港領先區塊鏈及網絡安全方案供應商</span><br><span style="color:#3C3C3C;">致力助不同的企業通過創新區塊鏈技術進一步發展業務，從 Web 2.0 向 Web 3.0 的新時代邁進</span></p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/tc/blockchain-consulting-services">諮詢專家</a></div><p>&nbsp;</p><p>&nbsp;</p>

Chainlink: The Essential Bridge Connecting Blockchains, Data, and Global Finance

Chainlink：连接区块链、数据与全球金融的关键桥梁

Chainlink：連接區塊鏈、資料與全球金融的關鍵橋樑

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</div></div><p>Apple Inc. announced on Wednesday that it will invest an additional $100 billion in U.S. manufacturing, bringing its total investment in the country to $600 billion over the next four years. This significant investment comes in the context of President Trump threatening to impose tariffs on imported chips and is seen as a strategic adjustment by Apple to avoid potential penalties and align with the White House's manufacturing goals.</p><p>&nbsp;</p><p>This investment continues Apple's commitment made in February to invest $500 billion in U.S. infrastructure. The new American Manufacturing Program will focus on enhancing domestic production capabilities for key components of Apple devices, including chips, component manufacturing, and rare earth mineral extraction. Apple CEO Tim Cook stated at a press conference with Trump at the White House that the new factory in Houston has already produced its first advanced AI server testing units last month.</p><p>&nbsp;</p><p>However, this move by Apple coincides with challenges facing its AI strategy. Since the release of "Apple Intelligence" in October 2024, progress has been slow, and in June, it was reported that the head of the foundational models division, Rouming Pang, had moved to Meta. Despite these challenges, Tim Cook emphasized that Apple will continue to expand its AI investments, including the construction of data centers in North Carolina, Nevada, Iowa, Arizona, and Oregon.</p><p>&nbsp;</p><p>Apple's massive investment is expected to create 450,000 jobs across all 50 states. Trump praised this initiative, stressing that the U.S. government will ensure Apple is treated fairly while reiterating that high tariffs will be imposed on chips and semiconductors not produced in the U.S. However, companies that produce or invest in the U.S. will be exempt from these tariffs.</p><p>&nbsp;</p><p>Apple's substantial investment aligns with actions taken by other tech giants. In January, OpenAI launched the $500 billion Stargate Project in collaboration with Oracle and SoftBank, while Nvidia committed to investing $500 billion in building AI supercomputers in the U.S. in April.</p><p>&nbsp;</p><p>The announcement has elicited mixed reactions in the market. Some praise Apple's move as beneficial for U.S. jobs and manufacturing, while others criticize it as catering to Trump's policies. Social media has seen both supportive and opposing voices, reflecting the complex perceptions of Apple's investment decision.</p>

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</div></div><p>苹果公司（Apple Inc.）周三宣布将额外投资1000亿美元于美国制造业，使其未来四年在美国的总投资额达到6000亿美元。苹果千亿投资美国制造，是在美国总统特朗普威胁对进口晶片加征关税的背景下发生的，被解读为苹果为规避潜在惩罚并配合白宫制造业目标的策略性调整。</p><p>&nbsp;</p><p>此次投资延续了苹果二月提出的5000亿美元投资美国基础设施的承诺。新的「美国制造计划」(American Manufacturing Program) 将重点放在提升苹果设备关键零组件的美国本土生产能力，涵盖晶片、组件生产以及稀土矿物开采等领域。苹果行政总裁 Tim Cook 在白宫与特朗普共同出席的记者会上表示，休士顿新建的工厂已于上月生产出首批先进AI伺服器测试机组。</p><h3>&nbsp;</h3><h3><strong>苹果千亿投资美国制造 正值其AI战略面临挑战之际</strong></h3><p>&nbsp;</p><p>然而，苹果此举也正值其AI战略面临挑战之际。自2024年10月发布的「Apple Intelligence」至今进展缓慢，6月更传出基础模型部门主管Rouming Pang跳槽至Meta的消息。尽管如此，Tim Cook仍强调苹果将持续扩大AI投资，包括增建位于北卡罗来纳州、内华达州、爱荷华州、亚利桑那州和俄勒冈州的数据中心。</p><p>&nbsp;</p><p>苹果此番大规模投资，预计将在全美50个州创造45万个就业机会。特朗普对此表示赞赏，并强调美国政府将确保苹果获得公平待遇，同时也重申将对未在美国生产的晶片和半导体征收高额关税，但已承诺在美生产或投资的企业将免除关税。</p><p>&nbsp;</p><p>苹果的巨额投资与其他科技巨头的行动相呼应。 OpenAI于1月与Oracle和SoftBank合作启动了价值5000亿美元的「星门计划」(Stargate Project)，Nvidia也在4月承诺投资5000亿美元用于建设美国AI超级电脑。</p><p>&nbsp;</p><p>此消息引发市场反应两极分化。部分人士赞扬苹果此举有助于提振美国就业和制造业，但也有人批评苹果此举是为了迎合特朗普政府的政策。社群媒体上出现了支持和反对的声音，反映出社会对苹果此项投资决策的复杂观感。</p>

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</div></div><p>蘋果公司（Apple Inc.）週三宣佈將額外投資1000億美元於美國製造業，使其未來四年在美國的總投資額達到6000億美元。蘋果千億投資美國製造，是在美國總統特朗普威脅對進口晶片加徵關稅的背景下發生的，被解讀為蘋果為規避潛在懲罰並配合白宮製造業目標的策略性調整。</p><p>&nbsp;</p><p><strong>即加入</strong><a href="https://t.me/+l--9PJpFdIgxOTk9"><strong>CFTime TG 討論區</strong></a><strong>！想掌握最新加密市場動態與 AI 新聞與資訊，更能隨時獲得免費 web 3入場券！</strong></p><p>&nbsp;</p><p>此次投資延續了蘋果二月提出的5000億美元投資美國基礎設施的承諾。新的「美國製造計劃」(American Manufacturing Program) 將重點放在提升蘋果設備關鍵零組件的美國本土生產能力，涵蓋晶片、組件生產以及稀土礦物開採等領域。蘋果行政總裁 Tim Cook 在白宮與特朗普共同出席的記者會上表示，休士頓新建的工廠已於上月生產出首批先進AI伺服器測試機組。</p><h3>&nbsp;</h3><h3><strong>蘋果千億投資美國製造 正值其AI戰略面臨挑戰之際</strong></h3><p>&nbsp;</p><p>然而，蘋果此舉也正值其AI戰略面臨挑戰之際。自2024年10月發布的「<a href="https://cftime.io/apple-intelligence/">Apple Intelligence</a>」至今進展緩慢，6月更傳出基礎模型部門主管Rouming Pang跳槽至Meta的消息。儘管如此，Tim Cook仍強調蘋果將持續擴大AI投資，包括增建位於北卡羅來納州、內華達州、愛荷華州、亞利桑那州和俄勒岡州的數據中心。</p><p>&nbsp;</p><p>蘋果此番大規模投資，預計將在全美50個州創造45萬個就業機會。特朗普對此表示讚賞，並強調美國政府將確保蘋果獲得公平待遇，同時也重申將對未在美國生產的晶片和半導體徵收高額關稅，但已承諾在美生產或投資的企業將免除關稅。</p><p>&nbsp;</p><p>蘋果的巨額投資與其他科技巨頭的行動相呼應。OpenAI於1月與Oracle和SoftBank合作啟動了價值5000億美元的<a href="https://cftime.io/stargate/">「星門計劃」(Stargate Project)</a>，Nvidia也在4月承諾投資5000億美元用於建設美國AI超級電腦。</p><p>&nbsp;</p><p>此消息引發市場反應<a href="https://bsky.app/profile/jennofmanythings.bsky.social/post/3lvrjoqq76223">兩極分化</a>。部分人士讚揚蘋果此舉有助於提振美國就業和製造業，但也有人批評蘋果此舉是為了迎合特朗普政府的政策。社群媒體上出現了支持和反對的聲音，反映出社會對蘋果此項投資決策的複雜觀感。</p><p>&nbsp;</p>

Apple's 100 billion investment in US

AI战略受挫后的大转向！苹果千亿投资美国制造 是自救还是政治妥协？

AI戰略受挫後的大轉向！蘋果千億投資美國製造 是自救還是政治妥協？

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</div></div><p>&nbsp;</p><p>Welcome to the world of Web3, a landscape brimming with innovation, disruption, and a fair share of complexity. If you’ve spent any time in this space, you've undoubtedly heard the name "XRP." It’s a digital asset that evokes strong opinions—celebrated by its supporters for its speed and efficiency, and scrutinized by critics over its ties to the company Ripple and its long-standing legal battles.</p><p>But XRP is more than just another cryptocurrency. Its journey is a fascinating case study that sits at the very heart of one of the most pressing issues in the entire digital asset industry: <strong>regulatory clarity</strong>.</p><p>Whether you're a developer, an investor, or a business leader looking to understand the future of digital finance, grasping what XRP is and why its legal saga matters is crucial. This article will serve as your comprehensive guide. We’ll break down the fundamentals in a tutorial-style format and then explore the intricate relationship between XRP and the evolving world of Web3 legislation.</p><p>&nbsp;</p><h2 class="green-h2" style="margin-left:0px;">Part 1: The Fundamentals - What Exactly Is XRP?</h2><p>To understand the regulatory story, we first need to get the technology straight. Many newcomers confuse XRP with Ripple, or think it's just another version of Bitcoin. Let's clear that up.</p><h3 style="margin-left:0px;">Demystifying the Core Triad: Ripple, the XRP Ledger (XRPL), and XRP</h3><p>Understanding XRP requires you to see it as one part of a three-piece puzzle. These three components are distinct but interconnected:</p><p>The key takeaway is this: <strong>Ripple is a company that uses the XRP Ledger and the digital asset XRP in some of its products, but it does not control the decentralized XRPL itself.</strong> This distinction is at the core of the legal and philosophical debates surrounding it.</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><h3 style="margin-left:0px;">How Does the XRP Ledger Work? A Quick Look Under the Hood</h3><p>The XRP Ledger operates differently from Bitcoin or Ethereum. It doesn’t use Proof-of-Work (mining) or Proof-of-Stake (staking). Instead, it uses a unique consensus protocol called the <strong>XRP Ledger Consensus Protocol</strong>.</p><p>Here’s a simplified breakdown:</p><p>These features weren't chosen by accident. They were specifically designed to support the primary use case of XRP: payments.</p><h3 style="margin-left:0px;">Key Use Cases: What is XRP Designed For?</h3><p>While the XRP Ledger can support various functions like tokenization and even DeFi, its "killer app" has always been focused on revolutionizing <strong>cross-border payments</strong>.</p><p><strong>1. The Problem: Traditional International Payments are Broken</strong></p><p>Imagine a small business in the U.S. needs to pay a supplier in the Philippines. Using the traditional banking system (like SWIFT), this process is:</p><p><strong>2. The Solution: On-Demand Liquidity (ODL)</strong></p><p>This is where Ripple's flagship product, <strong>On-Demand Liquidity (ODL)</strong>, comes in, using XRP as a bridge currency.</p><p>Here’s how it works:</p><p>The entire process can happen in under a minute. The key benefit? Neither institution had to pre-fund accounts with foreign currency. XRP acts as a neutral, "on-demand" bridge between any two currencies, freeing up capital and dramatically lowering costs.</p><p>This specific, business-focused use case is what makes XRP stand out, but it’s also what drew the intense gaze of financial regulators.</p><hr><h2 class="green-h2" style="margin-left:0px;">Part 2: The Legal Labyrinth - XRP and the Fight for Regulatory Clarity</h2><p>Now that we have a solid technical foundation, let's move to the main event: the clash between innovation and regulation, with XRP at its epicenter.</p><h3 style="margin-left:0px;">The Elephant in the Room: The SEC vs. Ripple Lawsuit</h3><p>In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs and two of its executives. This wasn't just another enforcement action; it was a bombshell that sent shockwaves through the entire crypto industry.</p><p><strong>The Core of the Conflict: Is XRP an "Investment Contract" (a Security)?</strong></p><p>The SEC's central claim was that XRP is, and has always been, an <strong>unregistered security</strong>. In the U.S., assets classified as "securities" are subject to strict disclosure and registration rules designed to protect investors. To determine if something is a security, the courts use a framework from a 1946 Supreme Court case known as the <strong>Howey Test</strong>.</p><p>The Howey Test defines an "investment contract" as a transaction where:</p><h3 style="margin-left:0px;">The Landmark Ruling (and Its Crucial Nuances)</h3><p>After years of legal sparring, on July 13, 2023, Judge Analisa Torres delivered a landmark summary judgment that provided a nuanced—and widely celebrated—outcome for the crypto industry.</p><p>The ruling was not a simple "win" or "loss." Instead, the Judge split her decision based on <i>how</i> XRP was sold:</p><h3 style="margin-left:0px;">Why This Case is a Bellwether for All of Web3</h3><p>The Ripple ruling was more than just a verdict on XRP. It was the first time a U.S. court provided a legal framework for analyzing how a digital asset might be a security in one context and not in another.</p><p>The XRP case serves as a live, high-stakes test for how the world's largest economy will ultimately treat digital assets.</p><hr><h2 class="green-h2" style="margin-left:0px;">Part 3: The Bigger Picture - Global Web3 Legislation and XRP's Place</h2><p>The regulatory story doesn't end in the United States. In fact, Ripple has long maintained a "global-first" strategy, precisely because of the regulatory uncertainty at home. Understanding this global landscape is key to seeing the future of Web3.</p><h3 style="margin-left:0px;">The U.S. Legislative Landscape: Playing Catch-Up</h3><p>While the courts provide some clarity, the ultimate solution in the U.S. must come from Congress. Several bipartisan bills are in various stages of discussion, aiming to create a comprehensive regulatory framework. Key proposals include:</p><p>XRP, with its partial legal victory and its clear use case in payments, is well-positioned to fit into a future framework where digital assets used for utility (like payments) are treated differently from those sold purely for speculation.</p><h3 style="margin-left:0px;">Europe's MiCA Framework: A Proactive Approach</h3><p>In stark contrast to the U.S., the European Union has taken a proactive and comprehensive approach with its <strong>Markets in Crypto-Assets (MiCA)</strong> regulation.</p><p>MiCA creates a single, harmonized regulatory framework across all 27 EU member states. It provides clear rules for crypto-asset issuers, exchanges, and wallet providers. Instead of "regulation by enforcement," MiCA offers a clear path to licensing and compliance.</p><p>For a project like XRP, MiCA is a breath of fresh air. It provides the kind of regulatory certainty that businesses crave. Because XRP is not considered a security in many jurisdictions and has a proven use case, it can operate with much greater confidence within the EU's clear guidelines. Ripple has already secured licenses in places like Ireland, preparing for this new reality.</p><h3 style="margin-left:0px;">Asia and the Middle East: Embracing Innovation</h3><p>Jurisdictions like <strong>Singapore, Japan, and the United Arab Emirates (specifically Dubai)</strong> have also moved much faster than the U.S. They see Web3 and digital assets as a source of economic innovation and are competing to become global crypto hubs.</p><p>Ripple has established major offices and partnerships in these regions, particularly in Dubai and Singapore, leveraging their regulatory clarity to expand its ODL network where it's needed most—in the cross-border payment corridors of Asia and the Middle East.</p><h2 class="green-h2" style="margin-left:0px;">&nbsp;</h2><h2 class="green-h2" style="margin-left:0px;">The Road Ahead: A Future Forged by Technology and Law</h2><p>So, what have we learned?</p><p>XRP is not just a token; it's a specialized tool powered by a fast and efficient blockchain, the XRP Ledger, and championed by a company, Ripple, focused on solving a real-world problem in global finance.</p><p>More importantly, XRP's journey through the U.S. legal system and its strategic positioning across the globe make it a microcosm of the entire Web3 industry's evolution. Its story highlights the critical tension between permissionless innovation and the need for regulatory frameworks that protect consumers and foster stable markets.</p><p>The landmark SEC ruling provided a glimmer of hope for a more nuanced approach in the U.S., while frameworks like MiCA in Europe show that clarity is not only possible but beneficial. As these legal and regulatory structures solidify, digital assets with clear utility—like XRP's role in payments—are arguably the best-positioned to thrive.</p><p>The future of Web3 will not be written by code alone. It will be forged in the crucible where technology, law, and global economics meet. By understanding the story of XRP, you gain a powerful lens through which to view that future.</p><hr><p><strong>Looking to integrate robust, future-proof blockchain solutions into your business? The regulatory landscape can be complex, but the opportunities are immense. Contact Us Today to explore how our expertise can help you navigate the world of Web3 and unlock its transformative potential.</strong></p><p>&nbsp;</p><p style="text-align:center;">UD is a leading blockchain and network security solution provider in Hong Kong<br>We are dedicated to assisting enterprises in advancing their businesses through innovative blockchain technology, ushering from Web 2.0 to Web 3.0</p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/en/blockchain-consulting-services">Consult Experts</a></div><p><br>&nbsp;&nbsp;</p>

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</div></div><p>&nbsp;</p><p>欢迎来到 Web3 的世界——这是一个充满创新、颠覆性，同时也相当复杂的领域。如果您曾在这个领域稍作停留，那么您无疑听过“XRP”这个名字。它是一种能引发强烈反响的数字资产——其支持者称赞它的速度和效率，而批评者则对其与 Ripple 公司的关系及其长期的法律战提出质疑。</p><p>但 XRP 不仅仅是另一种加密货币。它的发展历程是一个引人入胜的案例研究，恰恰触及了整个数字资产行业中最迫切的问题之一：<strong>监管的清晰度</strong>。</p><p>无论您是开发者、投资者，还是希望了解数字金融未来的商业领袖，掌握 XRP 是什么，以及为何其法律纠纷如此重要，都是至关重要的。本文将成为您的全面指南。我们将以教程的风格剖析其基础知识，然后探讨 XRP 与不断演变的 Web3 法规之间错综复杂的关系。</p><p>&nbsp;</p><h2 class="green-h2" style="margin-left:0px;">第一部分：基础知识 - XRP 究竟是什么？</h2><p>要理解其监管故事，我们首先需要理清技术层面的概念。许多新手会将 XRP 与 Ripple 混淆，或认为它只是另一种版本的比特币。让我们来澄清这些误解。</p><h3 style="margin-left:0px;">解开核心三要素之谜：Ripple、XRP 账本 (XRPL) 与 XRP</h3><p>要理解 XRP，您需要将其视为一个三位一体谜题中的一部分。这三个组成部分各自独立但又相互关联：</p><p>关键在于：<strong>Ripple 是一家在其部分产品中使用了 XRP 账本和数字资产 XRP 的公司，但它并不控制去中心化的 XRPL 本身。</strong> 这一区别是围绕它的法律和哲学辩论的核心。</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><h3 style="margin-left:0px;">XRP 账本如何运作？一探其内部机制</h3><p>XRP 账本的运作方式与比特币或以太坊不同。它不使用工作量证明（挖矿）或权益证明（质押）。相反，它使用一种独特的共识协议，称为 <strong>XRP 账本共识协议 (XRP Ledger Consensus Protocol)</strong>。</p><p>以下是简化后的运作方式：</p><p>这些特性并非偶然。它们是专门为支持 XRP 的主要应用场景——支付——而设计的。</p><h3 style="margin-left:0px;">主要应用场景：XRP 的设计初衷是什么？</h3><p>虽然 XRP 账本可以支持代币化甚至 DeFi 等多种功能，但其“杀手级应用”始终专注于彻底改变<strong>跨境支付</strong>。</p><p><strong>1. 问题所在：传统的国际支付系统已经过时</strong></p><p>想象一下，一家美国的小企业需要向菲律宾的供应商付款。使用传统的银行系统（如 SWIFT），这个过程会是：</p><p><strong>2. 解决方案：按需流动性 (On-Demand Liquidity, ODL)</strong></p><p>这就是 Ripple 的旗舰产品 <strong>On-Demand Liquidity (ODL)</strong> 发挥作用的地方，它使用 XRP 作为桥梁货币。</p><p>其运作方式如下：</p><p>整个过程可以在一分钟内完成。关键好处是什么？两家机构都无需在账户中预先存入外币。XRP 作为一种中立的、“按需”的桥梁，连接任意两种货币，从而释放资本并显著降低成本。</p><p>这个具体的、以商业为重点的应用场景使 XRP 脱颖而出，但这也正是它吸引金融监管机构密切关注的原因。</p><hr><h2 class="green-h2" style="margin-left:0px;">第二部分：法律迷宫 - XRP 与争取监管清晰度的斗争</h2><p>现在我们有了坚实的技术基础，让我们进入正题：创新与监管的冲突，而 XRP 正处于这场冲突的风眼。</p><h3 style="margin-left:0px;">核心问题：美国证监会 (SEC) vs. Ripple 诉讼案</h3><p>2020 年 12 月，美国证券交易委员会（SEC）对 Ripple Labs 及其两名高管提起诉讼。这不仅仅是另一次执法行动；它是一枚重磅炸弹，在整个加密行业引发了巨大震荡。</p><p><strong>冲突的核心：XRP 是否为“投资合约”（即证券）？</strong></p><p>SEC 的核心主张是，XRP 过去和现在一直都是一种<strong>未注册的证券</strong>。在美国，被归类为“证券”的资产必须遵守严格的信息披露和注册规则，以保护投资者。为了判断某物是否为证券，法院使用了一个源自 1946 年最高法院案例的框架，称为<strong>豪威测试 (Howey Test)</strong>。</p><p>豪威测试将“投资合约”定义为满足以下条件的交易：</p><h3 style="margin-left:0px;">里程碑式的裁决（及其关键的细微之处）</h3><p>经过多年的法律交锋，法官 Analisa Torres 于 2023 年 7 月 13 日作出了一项里程碑式的简易判决，为加密行业带来了一个微妙但广受欢迎的结果。</p><p>这个裁决并非简单的“赢”或“输”。相反，法官根据 XRP 的<i>销售方式</i>作出了区分：</p><h3 style="margin-left:0px;">为何此案对整个 Web3 而言是个风向标？</h3><p>Ripple 的裁决不仅仅是对 XRP 的判决。这是美国法院首次为分析数字资产在何种情况下可能被视为证券，而在另一种情况下则不是，提供了一个法律框架。</p><p>XRP 案就像一场正在进行的高风险测试，考验着世界最大经济体最终将如何对待数字资产。</p><hr><h2 class="green-h2" style="margin-left:0px;">第三部分：宏观格局 - 全球 Web3 法规与 XRP 的定位</h2><p>监管的故事并不止步于美国。事实上，正是由于美国国内的监管不确定性，Ripple 长期以来一直奉行“全球优先”的策略。理解这一全球格局是洞见 Web3 未来的关键。</p><h3 style="margin-left:0px;">美国的立法前景：正在追赶</h3><p>虽然法院提供了一些清晰度，但美国的最终解决方案必须来自国会。几项跨党派法案正处于不同讨论阶段，旨在创建一个全面的监管框架。关键提案包括：</p><p>凭借其部分的法律胜利和在支付领域的明确应用，XRP 处于有利位置，能够融入未来将实用型数字资产（如用于支付的资产）与纯粹用于投机的资产区别对待的框架中。</p><h3 style="margin-left:0px;">欧洲的 MiCA 框架：积极主动的策略</h3><p>与美国形成鲜明对比的是，欧盟采取了积极而全面的方法，推出了其**《加密资产市场法规》(Markets in Crypto-Assets, MiCA)**。</p><p>MiCA 为所有 27 个欧盟成员国创建了一个统一、协调的监管框架。它为加密资产发行商、交易所和钱包提供商提供了明确的规则。MiCA 提供的不是“执法式监管”，而是一条通往许可和合规的清晰路径。</p><p>对于像 XRP 这样的项目来说，MiCA 就像一股清新的空气。它提供了企业所渴求的那种监管确定性。由于 XRP 在许多司法管辖区不被视为证券，并且拥有经过验证的应用场景，因此它可以在欧盟的明确指导方针下更有信心地运营。Ripple 已经在爱尔兰等地获得了许可，为这一新现实做好了准备。</p><h3 style="margin-left:0px;">亚洲与中东：拥抱创新</h3><p>像**新加坡、日本和阿联酋（特别是迪拜）**等司法管辖区的行动也比美国快得多。他们将 Web3 和数字资产视为经济创新的源泉，并竞相成为全球加密中心。</p><p>Ripple 已经与这些地区，特别是在迪拜和新加坡，设立了重要的办事处和合作伙伴关系，利用其监管的清晰度来扩展其 ODL 网络，尤其是在亚洲和中东最需要跨境支付的走廊。</p><h2 style="margin-left:0px;">&nbsp;</h2><h2 class="green-h2" style="margin-left:0px;">未来之路：由科技与法律共同塑造的未来</h2><p>那么，我们学到了什么？</p><p>XRP 不仅仅是一种代币；它是由一个快速高效的区块链——XRP 账本——驱动的专业工具，并由一家专注于解决全球金融实际问题的公司——Ripple——所推动。</p><p>更重要的是，XRP 在美国法律体系中的历程及其在全球的战略布局，使其成为整个 Web3 行业演变的缩影。它的故事凸显了无需许可的创新与保护消费者、培育稳定市场的监管框架需求之间的关键张力。</p><p>具里程碑意义的 SEC 裁决为美国采取更细致的监管方法带来了一线希望，而欧洲的 MiCA 等框架则表明，清晰度不仅是可能的，而且是有益的。随着这些法律和监管结构的巩固，具有明确实用性的数字资产——例如 XRP 在支付中的作用——可以说最有可能蓬勃发展。</p><p>Web3 的未来不会仅由代码书写。它将在科技、法律和全球经济交汇的熔炉中被锻造出来。通过理解 XRP 的故事，您将获得一个强大的视角，用以洞察那个未来。</p><hr><p><strong>正在寻求将稳健、面向未来的区块链解决方案整合到您的业务中吗？监管环境可能很复杂，但机遇是巨大的。[立即联系我们]，探讨我们的专业知识如何帮助您驾驭 Web3 的世界，并释放其变革潜力。</strong></p><p>&nbsp;</p><p style="text-align:center;"><span style="color:#3C3C3C;">UD 是香港领先区块链及网络安全方案供应商</span><br><span style="color:#3C3C3C;">致力助不同的企业通过创新区块链技术进一步发展业务，从 Web 2.0 向 Web 3.0 的新时代迈进</span></p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/sc/blockchain-consulting-services">谘询专家</a></div><p><br>&nbsp;</p>

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</div></div><p>&nbsp;</p><p>歡迎來到 Web3 的世界——這是一個充滿創新、顛覆性，同時也相當複雜的領域。如果您曾在這個領域稍作停留，那麼您無疑聽過「XRP」這個名字。它是一種能引發強烈迴響的數位資產——其支持者稱讚它的速度和效率，而批評者則對其與 Ripple 公司的關係及其長期的法律戰提出質疑。</p><p>但 XRP 不僅僅是另一種加密貨幣。它的發展歷程是一個引人入勝的案例研究，正正觸及了整個數位資產行業中最迫切的問題之一：<strong>監管的清晰度</strong>。</p><p>無論您是開發者、投資者，還是希望了解數位金融未來的商業領袖，掌握 XRP 是什麼，以及為何其法律傳奇如此重要，都是至關重要的。本文將成為您的全面指南。我們將以教學的風格剖析其基礎知識，然後探討 XRP 與不斷演變的 Web3 法規之間錯綜複雜的關係。</p><p>&nbsp;</p><h2 class="green-h2" style="margin-left:0px;">第一部分：基礎知識 - XRP 究竟是什麼？</h2><p>要理解其監管故事，我們首先需要理清技術層面的概念。許多新手會將 XRP 與 Ripple 混淆，或認為它只是另一種版本的比特幣。讓我們來釐清這些誤解。</p><h3 style="margin-left:0px;">解開核心三要素之謎：Ripple、XRP 帳本 (XRPL) 與 XRP</h3><p>要理解 XRP，您需要將其視為一個三位一體謎題中的一部分。這三個組成部分各自獨立但又相互關聯：</p><p>關鍵在於：<strong>Ripple 是一家在其部分產品中使用了 XRP 帳本和數位資產 XRP 的公司，但它並不控制去中心化的 XRPL 本身。</strong> 這一區別是圍繞它的法律和哲學辯論的核心。</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><h3 style="margin-left:0px;">XRP 帳本如何運作？一探其內部機制</h3><p>XRP 帳本的運作方式與比特幣或以太坊不同。它不使用工作量證明（挖礦）或權益證明（質押）。相反，它使用一種獨特的共識協議，稱為 <strong>XRP 帳本共識協議 (XRP Ledger Consensus Protocol)</strong>。</p><p>以下是簡化後的運作方式：</p><p>這些特性並非偶然。它們是專門為支援 XRP 的主要應用場景——支付——而設計的。</p><h3 style="margin-left:0px;">主要應用場景：XRP 的設計初衷是什麼？</h3><p>雖然 XRP 帳本可以支援代幣化甚至 DeFi 等多種功能，但其「殺手級應用」始終專注於徹底改變<strong>跨境支付</strong>。</p><p><strong>1. 問題所在：傳統的國際支付系統已經過時</strong></p><p>想像一下，一家美國的小企業需要向菲律賓的供應商付款。使用傳統的銀行系統（如 SWIFT），這個過程會是：</p><p><strong>2. 解決方案：按需流動性 (On-Demand Liquidity, ODL)</strong></p><p>這就是 Ripple 的旗艦產品 <strong>On-Demand Liquidity (ODL)</strong> 發揮作用的地方，它使用 XRP 作為橋樑貨幣。</p><p>其運作方式如下：</p><p>整個過程可以在一分鐘內完成。關鍵好處是什麼？兩家機構都無需在帳戶中預先存入外幣。XRP 作為一種中立的、「按需」的橋樑，連接任意兩種貨幣，從而釋放資本並顯著降低成本。</p><p>這個具體的、以商業為重點的應用場景使 XRP 脫穎而出，但這也正是它吸引金融監管機構密切關注的原因。</p><hr><h2 class="green-h2" style="margin-left:0px;">第二部分：法律迷宮 - XRP 與爭取監管清晰度的鬥爭</h2><p>現在我們有了堅實的技術基礎，讓我們進入正題：創新與監管的衝突，而 XRP 正處於這場衝突的風眼。</p><h3 style="margin-left:0px;">房間裡的大象：美國證監會 (SEC) vs. Ripple 訴訟案</h3><p>2020 年 12 月，美國證券交易委員會（SEC）對 Ripple Labs 及其兩名高管提起訴訟。這不僅僅是另一次執法行動；它是一枚重磅炸彈，在整個加密行業引發了巨大震盪。</p><p><strong>衝突的核心：XRP 是否為「投資合約」（即證券）？</strong></p><p>SEC 的核心主張是，XRP 過去和現在一直都是一種<strong>未註冊的證券</strong>。在美國，被歸類為「證券」的資產必須遵守嚴格的資訊披露和註冊規則，以保護投資者。為了判斷某物是否為證券，法院使用了一個源自 1946 年最高法院案例的框架，稱為<strong>豪威測試 (Howey Test)</strong>。</p><p>豪威測試將「投資合約」定義為滿足以下條件的交易：</p><h3 style="margin-left:0px;">里程碑式的裁決（及其關鍵的細微之處）</h3><p>經過多年的法律交鋒，法官 Analisa Torres 於 2023 年 7 月 13 日作出了一項里程碑式的簡易判決，為加密行業帶來了一個微妙但廣受歡迎的結果。</p><p>這個裁決並非簡單的「贏」或「輸」。相反，法官根據 XRP 的<i>銷售方式</i>作出了區分：</p><h3 style="margin-left:0px;">為何此案對整個 Web3 而言是個風向標？</h3><p>Ripple 的裁決不僅僅是對 XRP 的判決。這是美國法院首次為分析數位資產在何種情況下可能被視為證券，而在另一種情況下則不是，提供了一個法律框架。</p><p>XRP 案就像一場正在進行的高風險測試，考驗著世界最大經濟體最終將如何對待數位資產。</p><hr><h2 class="green-h2" style="margin-left:0px;">第三部分：宏觀格局 - 全球 Web3 法規與 XRP 的定位</h2><p>監管的故事並不止步於美國。事實上，正是由於美國國內的監管不確定性，Ripple 長期以來一直奉行「全球優先」的策略。理解這一全球格局是洞見 Web3 未來的關鍵。</p><h3 style="margin-left:0px;">美國的立法前景：正在追趕</h3><p>雖然法院提供了一些清晰度，但美國的最終解決方案必須來自國會。幾項跨黨派法案正處於不同討論階段，旨在創建一個全面的監管框架。關鍵提案包括：</p><p>憑藉其部分的法律勝利和在支付領域的明確應用，XRP 處於有利位置，能夠融入未來將實用型數位資產（如用於支付的資產）與純粹用於投機的資產區別對待的框架中。</p><h3 style="margin-left:0px;">歐洲的 MiCA 框架：積極主動的策略</h3><p>與美國形成鮮明對比的是，歐盟採取了積極而全面的方法，推出了其<strong>《加密資產市場法規》(Markets in Crypto-Assets, MiCA)</strong>。</p><p>MiCA 為所有 27 個歐盟成員國創建了一個統一、協調的監管框架。它為加密資產發行商、交易所和錢包提供商提供了明確的規則。MiCA 提供的不是「執法式監管」，而是一條通往許可和合規的清晰路徑。</p><p>對於像 XRP 這樣的項目來說，MiCA 就像一股清新的空氣。它提供了企業所渴求的那種監管確定性。由於 XRP 在許多司法管轄區不被視為證券，並且擁有經過驗證的應用場景，因此它可以在歐盟的明確指導方針下更有信心地運營。Ripple 已經在愛爾蘭等地獲得了許可，為這一新現實做好了準備。</p><h3 style="margin-left:0px;">亞洲與中東：擁抱創新</h3><p>像**新加坡、日本和阿聯酋（特別是杜拜）**等司法管轄區的行動也比美國快得多。他們將 Web3 和數位資產視為經濟創新的源泉，並競相成為全球加密中心。</p><p>Ripple 已經在這些地區，特別是在杜拜和新加坡，設立了重要的辦事處和合作夥伴關係，利用其監管的清晰度來擴展其 ODL 網絡，尤其是在亞洲和中東最需要跨境支付的走廊。</p><h2 style="margin-left:0px;">&nbsp;</h2><h2 class="green-h2" style="margin-left:0px;">未來之路：由科技與法律共同塑造的未來</h2><p>那麼，我們學到了什麼？</p><p>XRP 不僅僅是一種代幣；它是由一個快速高效的區塊鏈——XRP 帳本——驅動的專業工具，並由一家專注於解決全球金融實際問題的公司——Ripple——所推動。</p><p>更重要的是，XRP 在美國法律體系中的歷程及其在全球的戰略佈局，使其成為整個 Web3 行業演變的縮影。它的故事突顯了無需許可的創新與保護消費者、 fostering 穩定市場的監管框架需求之間的關鍵張力。</p><p>具里程碑意義的 SEC 裁決為美國採取更細緻的監管方法帶來了一線希望，而歐洲的 MiCA 等框架則表明，清晰度不僅是可能的，而且是有益的。隨著這些法律和監管結構的鞏固，具有明確實用性的數位資產——例如 XRP 在支付中的作用——可以說最有可能蓬勃發展。</p><p>Web3 的未來不會僅由代碼書寫。它將在科技、法律和全球經濟交匯的熔爐中被鍛造出來。通過理解 XRP 的故事，您將獲得一個強大的視角，用以洞察那個未來。</p><hr><p><strong>正在尋求將穩健、面向未來的區塊鏈解決方案整合到您的業務中嗎？監管環境可能很複雜，但機遇是巨大的。[立即聯絡我們]，探討我們的專業知識如何幫助您駕馭 Web3 的世界，並釋放其變革潛力。</strong></p><p>&nbsp;</p><p style="text-align:center;"><span style="color:#3C3C3C;">UD 是香港領先區塊鏈及網絡安全方案供應商</span><br><span style="color:#3C3C3C;">致力助不同的企業通過創新區塊鏈技術進一步發展業務，從 Web 2.0 向 Web 3.0 的新時代邁進</span></p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/tc/blockchain-consulting-services">諮詢專家</a></div><p>&nbsp;</p><p>&nbsp;</p>

The Ultimate Guide to XRP: Navigating the Coin, the Company, and the Coming Wave of Web3 Regulation

XRP 全面指南：深入解析其代币、公司以及即将到来的 Web3 监管浪潮

XRP 全面指南：深入解析其代幣、公司以及即將到來的 Web3 監管浪潮

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</div></div><p>Bitwise investment director Matt Hougan recently made a startling prediction: the Bitcoin bull run might be delayed until 2026, implying the death of the four-year Bitcoin cycle. This prediction immediately sparked heated debate in the market, as other analysts hold differing views on Bitcoin's price trajectory. Some believe Bitcoin will deviate from historical patterns, while others predict it will follow the halving cycle, peaking in the coming months.</p><p>&nbsp;</p><p>Currently, Bitcoin is priced at $118,169, with an increase of over 10% in the past 30 days. In a Friday X video, Hougan stated, "I think 2026 is going to be a year where Bitcoin's price goes up, and we might be in for a good few years." He argues that the traditional four-year halving cycle is invalidated, citing reasons such as the diminishing halving effect (halving impact decreases by half every four years) and favorable interest rate cycles. Since April, US President Trump has continuously pressured Federal Reserve Chairman Powell to cut interest rates, a potential positive for Bitcoin as lower rates reduce the attractiveness of traditional assets like bonds and fixed deposits to investors.</p><p>&nbsp;</p><p>Hougan further points out that the risk of a significant Bitcoin price correction has lessened due to a clearer regulatory environment and continued institutional investment. "The bust risk has diminished because of regulatory improvement and the institutionalization of the industry," he emphasized. He suggests that the early stages of institutional investment and ongoing regulatory processes hint at a higher-than-historical-trend upside potential for Bitcoin within this cycle. He concludes, "The long-term forces favoring Bitcoin will overwhelm the traditional 'four-year cycle' forces, and 2026 will be a good year."</p><p>&nbsp;</p><h3><strong>Bitcoin Bull Run Delayed to 2026, but "Significant Cyclical Risks Remain"</strong></h3><p>&nbsp;</p><p>However, Hougan acknowledges significant cyclical risks remain, primarily stemming from the rise of Bitcoin-holding companies. "This is something to watch, and it's a big deal," he said. Asset management firm VanEck echoed similar concerns, warning that companies accumulating Bitcoin through issuing new shares or taking on debt face extremely high risks, even potential liquidity crunches, during a significant Bitcoin price drop.</p><p>&nbsp;</p><p>Hougan predicts that Bitcoin's price gains will be steady rather than explosive in the short term. "I think this is more of a 'sustained steady boom' than a supercycle," he added. "I could be wrong, and I'm sure there will be significant volatility."</p><p>&nbsp;</p><h3><strong>Analysis: The Bitcoin Four-Year Cycle Theory No Longer Applies</strong></h3><p>&nbsp;</p><p>Hougan's perspective resonates with other recent market players. CryptoQuant CEO Ki Young Ju also believes the Bitcoin four-year cycle theory is "dead." He stated, "My prediction was based on this theory—buy when whales accumulate, sell when retail joins. But this pattern no longer applies. In the last cycle, whales sold to retail; this time, old whales sold to new long-term whales. Institutional investment is bigger than we thought."</p><p>&nbsp;</p><p>However, not all analysts agree. Crypto analyst Rekt Capital cautions that if Bitcoin follows the 2020 historical pattern, its price expansion might only have a few months left, potentially peaking in October (550 days after the April 2024 halving).</p>

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</div></div><p>Bitwise投资总监Matt Hougan近日抛出震撼预测：<a href="https://cftime.io/satoshi-nakamoto-ranks-11th-worlds-richest/">比特币</a>暴涨时机可能延后至2026年，这意味着比特币四年周期已死。此预测一出，立即引发市场热议，因其他分析师对于比特币价格走势看法分歧，有人认为比特币将偏离历史模式，也有人预测其将遵循减半周期，在未来几个月达到价格峰值。</p><p>&nbsp;</p><p>目前比特币价格为118,169美元，过去30天升幅逾一成。 Hougan在上周五的<a href="https://x.com/Matt_Hougan/status/1948709817125593227">X影片中明确表示</a>：「我认为2026年将是比特币价格上涨的一年，而且我们可能将迎来持续几年的好光景。」他认为，传统的四年减半周期已失效，原因包括：减半效应每四年递减一半，以及有利的利率周期。自四月以来，美国总统特朗普持续施压联准会主席鲍尔减息，此举被视为比特币的潜在利多，因为低利率将降低债券和定期存款等传统资产对投资人的吸引力。</p><p>&nbsp;</p><p>Hougan进一步指出，随着监管环境日趋明朗，以及机构投资者持续进场，比特币价格大幅回调的风险已降低。 「爆雷风险已减弱，原因在于监管改善和行业的制度化。」他强调，机构投资的早期阶段和持续的监管过程，都暗示比特币在本周期内的上涨潜力可能高于历史趋势。他总结道：「长期有利于比特币的力量将压倒传统『四年周期』力量，2026年将是好年景。」</p><p>&nbsp;</p><h3><strong>比特币暴涨时机延后至2026 惟「仍存在显著的周期性风险」</strong></h3><p>&nbsp;</p><p>然而，Hougan也坦言，比特币仍存在显著的周期性风险，其中最主要来自于比特币库存公司的兴起。 「这值得关注，而且影响重大。」他表示。资产管理公司VanEck也表达了类似的担忧，警告那些透过发行新股或举债累积比特币的公司，在比特币价格大幅下跌时，将面临极高的风险，甚至资金过度紧张。</p><p>&nbsp;</p><p>Hougan预测，比特币价格的涨势短期内将趋于稳定，而非剧烈上涨。 「我认为这更像是『持续稳定的繁荣』，而非超级周期。」他补充道：「我可能错了，而且我确信会有很大的波动性。」</p><h3>&nbsp;</h3><h3><strong>分析：比特币四年周期理论不再适用</strong></h3><p>&nbsp;</p><p>Hougan的观点与近期其他市场人士的看法产生共鸣。 CryptoQuant 行政总监纪永柱也认为比特币四年周期理论「已死」。他表示：「我的预测是基于此理论——鲸鱼累积时买入，散户加入时卖出。但这种模式不再适用。上一轮周期，鲸鱼卖给散户；这次，老鲸鱼卖给新的长期鲸鱼。机构投资的规模比我们想像的还要大。」</p><p>&nbsp;</p><p>然而，并非所有分析师都同意此观点。加密分析师Rekt Capital则警告，如果比特币遵循2020年的历史模式，其价格扩张可能只剩下几个月，并可能在10月份（2024年4月减半后的550天）达到峰值。</p>

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</div></div><p>Bitwise投資總監Matt Hougan近日拋出震撼預測：<a href="https://cftime.io/satoshi-nakamoto-ranks-11th-worlds-richest/">比特幣</a>暴漲時機可能延後至2026年，這意味著比特幣四年週期已死。此預測一出，立即引發市場熱議，因其他分析師對於比特幣價格走勢看法分歧，有人認為比特幣將偏離歷史模式，也有人預測其將遵循減半週期，在未來幾個月達到價格峰值。</p><p>&nbsp;</p><p>目前比特幣價格為118,169美元，過去30天升幅逾一成。Hougan在上週五的<a href="https://x.com/Matt_Hougan/status/1948709817125593227">X影片中明確表示</a>：「我認為2026年將是比特幣價格上漲的一年，而且我們可能將迎來持續幾年的好光景。」他認為，傳統的四年減半週期已失效，原因包括：減半效應每四年遞減一半，以及有利的利率週期。自四月以來，美國總統特朗普持續施壓聯準會主席鮑爾減息，此舉被視為比特幣的潛在利多，因為低利率將降低債券和定期存款等傳統資產對投資人的吸引力。</p><p>&nbsp;</p><p>Hougan進一步指出，隨著監管環境日趨明朗，以及機構投資者持續進場，比特幣價格大幅回調的風險已降低。「爆雷風險已減弱，原因在於監管改善和行業的制度化。」他強調，機構投資的早期階段和持續的監管過程，都暗示比特幣在本週期內的上漲潛力可能高於歷史趨勢。他總結道：「長期有利於比特幣的力量將壓倒傳統『四年週期』力量，2026年將是好年景。」</p><p>&nbsp;</p><h3><strong>比特幣暴漲時機延後至2026 惟「仍存在顯著的週期性風險」</strong></h3><p>&nbsp;</p><p>然而，Hougan也坦言，比特幣仍存在顯著的週期性風險，其中最主要來自於比特幣庫存公司的興起。「這值得關注，而且影響重大。」他表示。資產管理公司VanEck也表達了類似的擔憂，警告那些透過發行新股或舉債累積比特幣的公司，在比特幣價格大幅下跌時，將面臨極高的風險，甚至資金過度緊張。</p><p>&nbsp;</p><p>Hougan預測，比特幣價格的漲勢短期內將趨於穩定，而非劇烈上漲。「我認為這更像是『持續穩定的繁榮』，而非超級週期。」他補充道：「我可能錯了，而且我確信會有很大的波動性。」</p><h3>&nbsp;</h3><h3><strong>分析：比特幣四年週期理論不再適用</strong></h3><p>&nbsp;</p><p>Hougan的觀點與近期其他市場人士的看法產生共鳴。CryptoQuant 行政總監紀永柱也認為比特幣四年週期理論「已死」。他表示：「我的預測是基於此理論——鯨魚累積時買入，散戶加入時賣出。但這種模式不再適用。上一輪週期，鯨魚賣給散戶；這次，老鯨魚賣給新的長期鯨魚。機構投資的規模比我們想像的還要大。」</p><p>&nbsp;</p><p>然而，並非所有分析師都同意此觀點。加密分析師Rekt Capital則警告，如果比特幣遵循2020年的歷史模式，其價格擴張可能只剩下幾個月，並可能在10月份（2024年4月減半後的550天）達到峰值。</p>

Bitcoin's four-year cycle theory is dead?

比特币四年周期理论「已死」三大关键原因曝光

比特幣四年週期理論「已死」三大關鍵原因曝光

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</div></div><p>&nbsp;</p><h2 class="green-h2" style="margin-left:0px;">Introduction: A New Era for Digital Currency in Hong Kong Has Begun</h2><p>The day has arrived. <strong>August 1, 2025</strong>, marks a watershed moment for the global digital asset industry. The Hong Kong Monetary Authority's (HKMA) landmark regulatory regime for stablecoin issuers is <strong>now officially in effect</strong>.</p><p>The anticipation is over. The discussions, consultations, and sandboxing have culminated in a live, enforceable framework designed to bring trust, stability, and legitimacy to the cornerstone of the Web3 economy: <strong>stablecoins</strong>.</p><p>After the industry-shaking collapses of projects like TerraUSD, the world called for robust guardrails. Hong Kong has answered that call, not with rules that stifle innovation, but with a clear roadmap intended to protect users, stabilize the financial system, and cement its position as the world's pre-eminent Web3 hub.</p><p>This is no longer a theoretical exercise. The rules are active, and the consequences of non-compliance are real. For developers, exchanges, investors, and businesses, understanding how to operate in this new environment is mission-critical.</p><p>In this live guide, we break down what the new reality looks like. We'll cover:</p><p>The future of regulated digital currency is here. Let's navigate it together.</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Part 1: The Ordinance in Action — Understanding the New Rulebook</strong></h2><p>As of today, a <strong>mandatory licensing regime for issuers of fiat-referenced stablecoins (FRS)</strong> is the law in Hong Kong. This framework acts as a seal of approval from one of the world's most respected financial regulators, separating the compliant from the cowboys.</p><p>The ordinance is built on four key pillars:</p><h3 style="margin-left:0px;"><strong>The Scope: What's Regulated and What's Not?</strong></h3><p>The rules are precise, targeting issuers of <strong>Fiat-Referenced Stablecoins (FRS)</strong> who market to the Hong Kong public.</p><p>The message is unequivocal: if your stablecoin looks and acts like digital fiat, it must now adhere to the highest standards of a regulated financial instrument.</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Part 2: The Immediate Impact — Who is Affected Today?</strong></h2><p>The ripple effects of this ordinance are now being felt across the ecosystem.</p><h3 style="margin-left:0px;"><strong>1. Stablecoin Issuers</strong></h3><p>The change is stark. Operating or actively marketing a fiat-referenced stablecoin to the Hong Kong public without an HKMA license is now a <strong>criminal offense</strong>.</p><h3 style="margin-left:0px;"><strong>2. Virtual Asset Service Providers (VASPs) — Exchanges &amp; Platforms</strong></h3><p>For crypto exchanges licensed by the SFC in Hong Kong, the directive is clear: they <strong>must only offer and trade stablecoins issued by an HKMA-licensed issuer.</strong></p><h3 style="margin-left:0px;"><strong>3. Investors and Everyday Users</strong></h3><p>For you, the end-user, this is a massive upgrade in security and confidence.</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Part 3: Operating Under the New Rules: A Practical Guide</strong></h2><p>Theory is over. Here’s how to navigate the landscape as it exists today.</p><h3 style="margin-left:0px;"><strong>For New Issuers: The Path to a License</strong></h3><p>While the ordinance is active, the door is not closed to new entrants. Securing an HKMA license is a demanding but clear process. Any new applicant must prove their worth across several domains:</p><p>The <strong>HKMA's regulatory sandbox</strong> remains a vital tool for dialogue and testing for serious applicants, allowing them to refine their model in communication with the regulator.</p><h3 style="margin-left:0px;"><strong>For Businesses and Developers:</strong></h3><p>Your strategy must now be built around the licensed stablecoin ecosystem.</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Part 4: The Big Picture — Hong Kong's Bold Future in Digital Finance</strong></h2><p>With the ordinance now law, Hong Kong is not just participating in the Web3 revolution—it is actively shaping it.</p><h3 style="margin-left:0px;"><strong>1. The Birth of the Trusted HKD Stablecoin</strong></h3><p>The framework is now in place for the emergence of a truly global, trusted, and liquid Hong Kong Dollar (HKD) stablecoin. This is a game-changer for tokenized real-world assets (RWAs), DeFi, and trade finance in Asia, providing a native currency for the digital age.</p><h3 style="margin-left:0px;"><strong>2. A Beacon for Institutional Capital</strong></h3><p>The regulatory clarity provided by the ordinance is precisely what institutional investors have been waiting for. It removes ambiguity and provides a safe, regulated channel for large-scale capital to enter the digital asset market.</p><h3 style="margin-left:0px;"><strong>3. The Competitive Edge</strong></h3><p>By being a first-mover with a comprehensive and credible framework, Hong Kong has established itself as the premier destination for serious FinTech and Web3 projects. It offers what innovators crave most: a large market with clear rules.</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>Conclusion: A New Chapter is Written</strong></h2><p>The Hong Kong Stablecoin Ordinance is no longer a future promise; it is the present reality. It represents a maturation of the digital asset industry, moving from speculation to utility.</p><p>This new era demands excellence, transparency, and a commitment to user protection. For those ready to build on this foundation of trust, Hong Kong has laid out the welcome mat. The future of finance is being built today, and its blueprint is live in Asia's World City.</p><hr><p><strong>Ready to build on the world's most robust regulatory foundation for digital assets?</strong><br>Our team provides expert guidance on developing compliant, secure, and innovative blockchain solutions.&nbsp;</p><p>&nbsp;</p><p style="text-align:center;">UD is a leading blockchain and network security solution provider in Hong Kong<br>We are dedicated to assisting enterprises in advancing their businesses through innovative blockchain technology, ushering from Web 2.0 to Web 3.0</p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/en/blockchain-consulting-services">Consult Experts</a></div><p><br>&nbsp;</p>

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</div></div><p>&nbsp;</p><h2 class="green-h2" style="margin-left:0px;"><strong>引言：香港数字货币的新纪元已正式开启</strong></h2><p>这一天终于到来。<strong>2025年8月1日</strong>，是全球数字资产行业的一个分水岭。香港金融管理局（金管局）针对稳定币发行人的里程碑式监管制度<strong>现已正式生效</strong>。</p><p>漫长的期待已经结束。经过多轮咨询、讨论和监管沙盒的测试，一个旨在为Web3经济的基石——<strong>稳定币</strong>——带来信任、稳定性和合法性的、具有执行力的框架，现已全面实施。</p><p>在经历了TerraUSD等项目崩溃的行业震荡后，全球市场都在呼唤强有力的监管护栏。香港对此作出了回应，其推出的并非扼杀创新的规则，而是一张清晰的路线图，旨在保护用户、稳定金融体系，并巩固其作为全球领先Web3枢纽的地位。</p><p>这不再是纸上谈兵。规则已经生效，违规的后果是真实的。对于开发者、交易所、投资者和企业而言，理解如何在这个新环境中运营，是关乎成败的关键任务。</p><p>在这份实战指南中，我们将为您剖析新规之下的现实。我们将涵盖：</p><p>受监管的数字货币未来已至。让我们一同探索前路。</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>第一部分：条例实践——理解新的游戏规则</strong></h2><p>从今天起，针对<strong>法币参考稳定币（FRS）发行人的强制性牌照制度</strong>已成为香港的法律。此框架如同全球最受尊敬的金融监管机构之一所颁发的认证，旨在将合规者与“野蛮生长”的经营者区分开来。</p><p>该条例建立在四大支柱之上：</p><h3 style="margin-left:0px;"><strong>监管范围：哪些纳入，哪些豁免？</strong></h3><p>规则的界定非常精确，主要针对向香港公众推广的**法币参考稳定币（FRS）**发行人。</p><p>信息非常明确：如果您的稳定币在功能和性质上类似数字法币，它现在就必须遵守受监管金融工具的最高标准。</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><hr><h2 class="green-h2" style="margin-left:0px;"><strong>第二部分：即时影响——今天谁会受到影响？</strong></h2><p>此条例的涟漪效应现已在整个生态系统中显现。</p><h3 style="margin-left:0px;"><strong>1. 稳定币发行人</strong></h3><p>变化是显著的。在未持有金管局牌照的情况下，向香港公众运营或积极推广法币参考稳定币，现已构成<strong>刑事罪行</strong>。</p><h3 style="margin-left:0px;"><strong>2. 虚拟资产服务提供商 (VASP) — 交易所与平台</strong></h3><p>对于已获香港证监会发牌的加密货币交易所而言，指令非常清晰：它们<strong>只能上架和交易由金管局持牌发行人所发行的稳定币</strong>。</p><h3 style="margin-left:0px;"><strong>3. 投资者与日常用户</strong></h3><p>对您这位终端用户而言，这在安全与信心上是一次重大升级。</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>第三部分：新规下的运营：实用指南</strong></h2><p>理论探讨结束。以下是如何在今日的现实环境中航行。</p><h3 style="margin-left:0px;"><strong>对新发行人而言：牌照申请之路</strong></h3><p>尽管条例已生效，但对新进入者的大门并未关闭。获取金管局牌照是一个严格但清晰的过程。任何新申请者必须在多个领域证明其实力：</p><p><strong>金管局的监管沙盒</strong>对认真的申请者而言，仍然是一个进行对话和测试的重要工具，让他们能在与监管机构的沟通中完善其模式。</p><h3 style="margin-left:0px;"><strong>对企业和开发者而言：</strong></h3><p>您的战略现在必须围绕持牌稳定币生态系统来构建。</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>总结：新篇章已经写下</strong></h2><p>香港的稳定币条例不再是未来的承诺，而是当下的现实。它代表着数字资产行业的成熟，从投机走向实用。</p><p>这个新时代要求卓越、透明和对用户保护的承诺。对于准备在这个信任基础上进行建设的人来说，香港已经铺好了红地毯。金融的未来正在今天被构建，其蓝图已在“亚洲国际都会”实时展现。</p><hr><p><strong>准备好在世界最稳健的数字资产监管基础上进行建设吗？</strong><br>我们的团队为您提供开发合规、安全和创新的区块链解决方案的专家指导。</p><p>&nbsp;</p><p style="text-align:center;"><span style="color:#3C3C3C;">UD 是香港领先区块链及网络安全方案供应商</span><br><span style="color:#3C3C3C;">致力助不同的企业通过创新区块链技术进一步发展业务，从 Web 2.0 向 Web 3.0 的新时代迈进</span></p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/sc/blockchain-consulting-services">谘询专家</a></div><p><br>&nbsp;</p>

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</div></div><p>&nbsp;</p><h2 class="green-h2" style="margin-left:0px;"><strong>引言：香港數位貨幣新紀元正式揭幕</strong></h2><p>這一天終於來臨。<strong>2025年8月1日</strong>，是全球數位資產行業的一個分水嶺。香港金融管理局（金管局）針對穩定幣發行人的里程碑式監管制度<strong>現已正式生效</strong>。</p><p>漫長的等待已經結束。經過多輪諮詢、討論和監管沙盒測試，一個具備執行力、旨在為Web3經濟基石——<strong>穩定幣</strong>——帶來信任、穩定性和合法性的框架，現已全面實施。</p><p>在經歷了TerraUSD等項目崩盤的行業震盪後，全球市場都在呼喚強而有力的監管護欄。香港對此作出了回應，其推出的並非扼殺創新的規則，而是一張清晰的路線圖，旨在保護用戶、穩定金融體系，並鞏固其作為全球領先Web3樞紐的地位。</p><p>這不再是紙上談兵。規則已經生效，違規的後果是真實的。對於開發者、交易所、投資者和企業而言，理解如何在這個新環境中營運，是關乎成敗的關鍵任務。</p><p>在這份實戰指南中，我們將為您剖析新規之下的現實。我們將涵蓋：</p><p>受規管的數位貨幣未來已至。讓我們一同探索前路。</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>第一部分：條例實踐——理解新的遊戲規則</strong></h2><p>由今天起，針對<strong>法幣參考穩定幣（FRS）發行人的強制性發牌制度</strong>已成為香港的法律。此框架猶如全球最受尊敬的金融監管機構之一所頒發的認證，旨在將合規者與「西部牛仔」式的經營者區分開來。</p><p>該條例建立在四大支柱之上：</p><h3 style="margin-left:0px;"><strong>監管範圍：哪些納入，哪些豁免？</strong></h3><p>規則的界定非常精確，主要針對向香港公眾推廣的**法幣參考穩定幣（FRS）**發行人。</p><p>信息非常明確：如果您的穩定幣在功能和性質上類似數位法幣，它現在就必須遵守受規管金融工具的最高標準。</p><div class="raw-html-embed"><ad-banner-1></ad-banner-1></div><hr><h2 class="green-h2" style="margin-left:0px;"><strong>第二部分：即時影響——今天誰會受到影響？</strong></h2><p>此條例的漣漪效應現已在整個生態系統中顯現。</p><h3 style="margin-left:0px;"><strong>1. 穩定幣發行人</strong></h3><p>變化是顯著的。在未持有金管局牌照的情況下，向香港公眾營運或積極推廣法幣參考穩定幣，現已構成<strong>刑事罪行</strong>。</p><h3 style="margin-left:0px;"><strong>2. 虛擬資產服務提供者 (VASP) — 交易所與平台</strong></h3><p>對於已獲香港證監會發牌的加密貨幣交易所而言，指令非常清晰：它們<strong>只能上架和交易由金管局持牌發行人所發行的穩定幣</strong>。</p><h3 style="margin-left:0px;"><strong>3. 投資者與日常用戶</strong></h3><p>對您這位終端用戶而言，這是在安全與信心上的一次重大升級。</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>第三部分：新規下的營運：實用指南</strong></h2><p>理論探討結束。以下是如何在今日的現實環境中航行。</p><h3 style="margin-left:0px;"><strong>對新發行人而言：牌照申請之路</strong></h3><p>儘管條例已生效，但對新進者的大門並未關閉。獲取金管局牌照是一個嚴格但清晰的過程。任何新申請者必須在多個領域證明其實力：</p><p><strong>金管局的監管沙盒</strong>對認真的申請者而言，仍然是一個進行對話和測試的重要工具，讓他們能在與監管機構的溝通中完善其模式。</p><h3 style="margin-left:0px;"><strong>對企業和開發者而言：</strong></h3><p>您的策略現在必須圍繞持牌穩定幣生態系統來構建。</p><hr><h2 class="green-h2" style="margin-left:0px;"><strong>總結：新篇章已經寫下</strong></h2><p>香港的穩定幣條例不再是未來的承諾，而是當下的現實。它代表著數位資產行業的成熟，從投機走向實用。</p><p>這個新時代要求卓越、透明和對用戶保護的承諾。對於準備在這個信任基礎上進行建設的人來說，香港已經鋪好了紅地毯。金融的未來正在今天被構建，其藍圖已在亞洲國際都會實時展現。</p><hr><p><strong>準備好在世界最穩健的數位資產監管基礎上進行建設嗎？</strong><br>我們的團隊為您提供開發合規、安全和創新的區塊鏈解決方案的專家指導。</p><p>&nbsp;</p><p style="text-align:center;"><span style="color:#3C3C3C;">UD 是香港領先區塊鏈及網絡安全方案供應商</span><br><span style="color:#3C3C3C;">致力助不同的企業通過創新區塊鏈技術進一步發展業務，從 Web 2.0 向 Web 3.0 的新時代邁進</span></p><div class="raw-html-embed"><a id="productEnquiryBtn" class="normal" data-cta="Service-Enquiry" href="https://www.ud.hk/tc/blockchain-consulting-services">諮詢專家</a></div><p>&nbsp;</p><p>&nbsp;</p>

The Stablecoin Ordinance is Here: Your Live Guide to Hong Kong's New Digital Asset Reality

稳定币新规已至：香港数字资产新时代的实战指南

穩定幣時代已來臨：香港數位資產新規的實戰指南

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</div></div><p>&nbsp;</p><p>ApeX Protocol has released a data analysis ranking the most influential figures in cryptocurrency, with Tesla CEO Elon Musk surpassing Donald Trump to become the most influential person in the field. His $2 billion in cryptocurrency assets and 221.2 million social media followers far exceed those of other competitors.</p><p>The report notes that Trump ranks second with $1.34 million in cryptocurrency assets and 142.7 million followers. Salvadoran President Nayib Bukele comes in third with $8.44 million in cryptocurrency assets and 17.6 million followers. It’s worth mentioning that there is only one woman in the top ten, Senator Cynthia Lummis, as well as one non-U.S. leader, Bukele.</p><p>&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/07/image-12-1024x397.png" alt=""></figure><h3>&nbsp;</h3><p>The influence index from ApeX Protocol shows that fame and follower count are significantly more important than mere wealth. Musk's leading position is based on his substantial cryptocurrency assets and expansive social media influence. Trump follows closely, with his influence primarily stemming from his active promotion of pro-cryptocurrency policies.</p><p>President Bukele maintains a top-three position due to his early adoption of Bitcoin and ongoing social media engagement. Following him are former presidential candidate Robert F. Kennedy Jr. and several U.S. Congress members who actively advocate for pro-cryptocurrency policies.</p><h3>Musk’s Cryptocurrency Strategy: A Blend of Bitcoin, Dogecoin, and Political Strategy</h3><p>Musk actively enhances his influence in the cryptocurrency space. On July 7, 2025, he announced the formation of a new "American Party" and confirmed on the X platform that the party would "embrace Bitcoin," bluntly stating that "fiat currency is hopeless."</p><p>Musk holds a significant amount of Bitcoin through Tesla: in early 2021, Tesla purchased $1.5 billion worth of Bitcoin and currently holds approximately 11,509 BTC (valued at about $1.26 billion). His public support for Dogecoin has also consistently influenced market fluctuations; for example, after announcing the formation of his political party, Dogecoin’s price rose by 5%. He frequently tweets about mysterious meme coins and payment hints, with past posts like "$Doge" causing significant price spikes or drops.</p><p>Even the feud between Musk and Trump relates to cryptocurrency: on July 1, Trump jokingly stated on social media that "DOGE should take a close look at Musk's company," highlighting how cryptocurrency has become a focal point in their social media war.</p><h3>Trump’s Cryptocurrency Plans: Bitcoin Reserves and Active Policy Promotion</h3><p>Ranking second, Trump actively promotes pro-cryptocurrency policies. On his first day back in office, he signed an executive order to establish a U.S. Strategic Bitcoin Reserve and digital asset reserves, aimed at using seized cryptocurrencies as reserve assets and pledging to make the U.S. the "crypto capital of the world." His plan proposed in March 2025 sparked a market rebound, with Bitcoin prices soaring 10% to reach $94,000—leading to increases in Cardano, Solana, and Ripple as well, as he listed them among reserve assets.</p><p>In early March, Trump hosted a White House cryptocurrency summit to reverse the previous administration's crackdown and lobbied Congress to pass pro-cryptocurrency legislation, publicly urging Republicans in mid-July to support a landmark cryptocurrency bill, stating on social media: "The House will soon vote on a bill that makes America the undisputed leader in digital assets—digital assets are the future."</p><p>However, this plan has faced resistance within the Republican Party: a small group of conservative House members briefly stalled the debate on Trump-supported cryptocurrency bills (the GENIUS Act and related measures). Nevertheless, Trump's administration's strong stance in favor of cryptocurrency keeps him at the forefront of the influence ranking. His nomination of Robert F. Kennedy Jr. as Secretary of Health and Human Services, along with Musk being viewed as a potential SEC chair, further solidifies this influence.</p><h3>Influence of Other Political Figures and Independents</h3><p>In addition to Musk and Trump, the report mentions other influential figures, such as Salvadoran President Bukele, whose early Bitcoin adoption and ongoing social media interaction maintain his influence. U.S. Senator Cynthia Lummis, as chair of the Senate Digital Assets Subcommittee, actively promotes pro-cryptocurrency legislation, such as reintroducing the "Bitcoin Bill" in March 2025 and assisting with the GENIUS stablecoin bill, securing her position on the list. Vice President J.D. Vance and Texas Congressman Ted Cruz also rank highly due to their pro-cryptocurrency policies. Additionally, Robert F. Kennedy Jr.’s public support for Bitcoin has elevated his influence.</p><h3>The Evolution of Regulation, Legislation, and Influence</h3><p>The regulatory wave of the first half of 2025, along with debates in Congress over cryptocurrency legislation, affects the influence rankings in the cryptocurrency space. Regulatory dynamics in places like Hong Kong, Singapore, and Brazil are also significant. All these political factors impact the influence of individuals who support or appear to support cryptocurrency. For example, the departure of former SEC nominee Jay Clayton paves the way for a pro-cryptocurrency SEC chair as promised by Trump. Progress on the "Bitcoin Bill" and the "GENIUS Act" will further influence the standing of related political figures.</p><p>In conclusion, the current power brokers in the cryptocurrency space are not limited to founders of coins or executives of exchanges but are a mix of tech billionaires, media figures, and politicians who are collectively shaping the future of this field.</p>

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</div></div><p>ApeX Protocol发布的数据分析公布加密货币最具影响力排行榜，特斯拉行政总裁马斯克赢川普，成为加密货币领域最具影响力人物，其20亿美元的加密货币资产和2.212亿社群媒体粉丝数，远超其他竞争者。</p><p>&nbsp;</p><p>报告指出，川普以134万美元的加密货币资产和1.427亿粉丝数位居第二。萨尔瓦多总统Nayib Bukele则以844万美元的加密货币资产和1,760万粉丝数排名第三。值得关注的是，前十名中仅有一位女性，参议员Cynthia Lummis，以及一位非美国领导人Bukele。</p><p>&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/07/image-12-1024x397.png" alt=""></figure><p><strong>加密货币最具影响力排行榜。</strong></p><p>&nbsp;</p><p>ApeX Protocol的影响指数显示，名气和粉丝数的重要性远超单纯的财富。 马斯克的领先地位，正是基于其庞大的加密货币资产和广大的社群媒体影响力。川普紧随其后，其影响力主要来自其积极推动的亲加密货币政策。</p><p>&nbsp;</p><p>萨尔瓦多总统 Bukele则凭借其早期的比特币采用和持续的社群媒体互动，稳居前三名。 紧随其后的是前总统候选人小罗伯特·F·肯尼迪以及其他几位积极推动亲加密货币政策的美国国会议员。</p><p>&nbsp;</p><p>加密货币最具影响力排行榜！马斯克的加密货币策略：比特币、狗狗币与政治策略的结合</p><p>&nbsp;</p><p>马斯克积极提升在加密货币领域的影响力。 2025年7月7日，他宣布成立一个新的“美国党”，并在X平台上确认该党将“拥抱比特币”，更直言“法币已无望”。</p><p>&nbsp;</p><p>马斯克透过特斯拉持有大量比特币：2021年初，特斯拉斥资15亿美元购买比特币，至今仍持有约11,509个比特币（价值约12.6亿美元）。他公开支持狗狗币的历史，也持续影响市场波动，例如，在其宣布成立政党后，狗狗币价格上涨了5%。他经常发布关于神秘迷因币和支付暗示的推文，他过去的「$Doge」贴文曾引发价格大幅上涨或下跌。</p><p>&nbsp;</p><p>甚至马斯克与川普之间的纷争也与加密货币有关：7月1日，川普在其社群媒体上戏谑地表示，「DOGE应该仔细审视马斯克的公司」，突显加密货币已成为他们社群媒体战争的焦点。</p><p>&nbsp;</p><h3>川普的加密货币计画：比特币储备与积极的政策推动</h3><p>&nbsp;</p><p>排名第二的川普，积极推动亲加密货币政策。去年再次就任美国总统第一天，他就签署行政命令，成立美国战略比特币储备和数位资产储备，旨在将政府查封的加密货币作为储备资产，并誓言让美国成为「世界加密货币之都」。他于2025年3月提出的计划，引发了市场反弹——比特币价格飙升10%，达到94,000美元——卡尔达诺、索拉纳和瑞波币也随之上涨，因为他将它们列入储备名单。</p><p>&nbsp;</p><p>川普还在3月初召开了白宫加密货币峰会，扭转了前政府的打压行动，并大力游说国会通过亲加密货币的法案，例如在7月中旬公开敦促共和党通过具有里程碑意义的加密货币法案，并在社交媒体上表示：“众议院很快将就一项让美国成为数字资产领域无可争议的领导者的法案进行投票——数字资产是未来投票。</p><p>&nbsp;</p><p>然而，这项计画也遭遇了共和党内部的阻力：一小部分保守派众议院议员曾 briefly 阻止了川普支持的加密货币法案（GENIUS法案及相关措施）的辩论。尽管如此，川普政府积极支持加密货币的立场，使其在加密货币影响力榜上保持领先地位。 其提名人小罗伯特·F·肯尼迪担任卫生与公共服务部长，以及马斯克被视为潜在的证券交易委员会主席，都强化了这种影响力。</p><h3>&nbsp;</h3><h3>其他政治人物及独立人物的影响力</h3><p>&nbsp;</p><p>除了马斯克和川普，报告中还提及其他有影响力的人物，例如萨尔瓦多总统Bukele，他早期的比特币采用和持续的社群媒体互动，使其影响力持续存在。 美国参议员Cynthia Lummis作为参议院数字资产小组委员会主席，积极推动亲加密货币法案，例如在2025年3月重新提出“比特币法案”，以及协助推动GENIUS稳定币法案，也使其在榜单上占有一席之地。 美国副总统J.D. Vance和德州众议员Ted Cruz也因其亲加密货币政策而名列前茅。 此外，小罗伯特·F·肯尼迪作为公开的比特币支持者，其政治立场也提升了他的影响力。</p><p>&nbsp;</p><h3>监管、立法与影响力的演变</h3><p>&nbsp;</p><p>2025年上半年的监管浪潮，以及美国国会关于加密货币法案的辩论，都影响着加密货币领域的影响力排名。 香港、新加坡和巴西等地的监管动态也同样重要。 所有这些政治因素，都会影响那些支持或似乎支持加密货币的人物之影响力。 例如，前证券交易委员会提名人Jay Clayton的离职，为川普承诺的亲加密货币证券交易委员会主席铺平了道路。 「比特币法案」和「GENIUS法案」的进展，也会进一步影响相关政治人物的影响力。</p><p>&nbsp;</p><p>总而言之，目前加密货币领域的权力掮客，并非仅限于币圈创始人或交易所行政总裁，而是科技亿万富翁、媒体人物和政治人物的混合体，他们正共同塑造这个领域的未来。</p>

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</div></div><p><a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQk2WeflN9espF70lonMGah905afogRdp7onwfBGA98BSgfgONDcBieQjOOvxIBTmQMA9X3QMY2wiB1/pubhtml#">ApeX Protocol發布的</a>數據分析公佈加密貨幣最具影響力排行榜，特斯拉行政總裁<a href="https://cftime.io/teslas-bitcoin-holdings/">馬斯克</a>贏特朗普，成為加密貨幣領域最具影響力人物，其20億美元的加密貨幣資產和2.212億社群媒體粉絲數，遠超其他競爭者。</p><p>&nbsp;</p><p>報告指出，特朗普以134萬美元的加密貨幣資產和1.427億粉絲數位居第二。薩爾瓦多總統Nayib Bukele則以844萬美元的加密貨幣資產和1760萬粉絲數排名第三。值得關注的是，前十名中僅有一位女性，參議員Cynthia Lummis，以及一位非美國領導人Bukele。</p><p>&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/07/image-12-1024x397.png" alt=""></figure><p><strong>加密貨幣最具影響力排行榜。</strong></p><p>&nbsp;</p><p>ApeX Protocol的影響力指數顯示，名氣和粉絲數的重要性遠超單純的財富。 馬斯克的領先地位，正是基於其龐大的加密貨幣資產和廣大的社群媒體影響力。特朗普緊隨其後，其影響力主要來自其積極推動的親加密貨幣政策。</p><p>&nbsp;</p><p><a href="https://cftime.io/el-salvador-bitcoin-strategy-2/">薩爾瓦多</a>總統 Bukele則憑藉其早期的比特幣採用和持續的社群媒體互動，穩居前三。 緊隨其後的是前總統候選人小羅伯特·F·甘迺迪以及其他幾位積極推動親加密貨幣政策的美國國會議員。</p><p>&nbsp;</p><p>加密貨幣最具影響力排行榜！<strong>馬斯克的加密貨幣策略：比特幣、狗狗幣與政治策略的結合</strong></p><p>&nbsp;</p><p>馬斯克積極提升其在加密貨幣領域的影響力。2025年7月7日，他宣布成立一個新的「美國黨」，並在X平台上確認該黨將「擁抱比特幣」，更直言「法幣已無望」。</p><p>&nbsp;</p><p>馬斯克通過特斯拉持有大量比特幣：2021年初，特斯拉斥資15億美元購買比特幣，<a href="https://cftime.io/tesla-holds-bitcoin-value/">至今仍持有約11,509個比特幣（價值約12.6億美元）</a>。他公開支持狗狗幣的歷史，也持續影響著市場波動，例如，在其宣布成立政黨後，狗狗幣價格上漲了5%。他經常發佈關於神秘迷因幣和支付暗示的推文，他過去的「$Doge」貼文曾引發價格大幅上漲或下跌。</p><p>&nbsp;</p><p>甚至馬斯克與特朗普之間的紛爭也與加密貨幣有關：7月1日，特朗普在其社群媒體上戲謔地表示，「DOGE應該仔細審視一下馬斯克的公司」，突顯加密貨幣已成為他們社群媒體戰爭的焦點。</p><p>&nbsp;</p><h3><strong>特朗普的加密貨幣計劃：比特幣儲備與積極的政策推動</strong></h3><p>&nbsp;</p><p>排名第二的<a href="https://cftime.io/410k-btc/">特朗普</a>，積極推動親加密貨幣政策。去年再次就任美國總統第一天，他就簽署行政命令，成立美國戰略比特幣儲備和數位資產儲備，旨在將政府查封的加密貨幣作為儲備資產，並誓言讓美國成為「世界加密貨幣之都」。他於2025年3月提出的計劃，引發了市場反彈——比特幣價格飆升10%，達到94,000美元——卡爾達諾、索拉納和瑞波幣也隨之上漲，因為他將它們列入儲備名單。</p><p>&nbsp;</p><p>特朗普還於3月初召開了白宮加密貨幣峰會，扭轉了前任政府的打壓行動，並大力遊說國會通過親加密貨幣的法案，例如在7月中旬公開敦促共和黨通過具有里程碑意義的加密貨幣法案，並在社群媒體上表示：「眾議院很快將就一項讓美國成為數位資產領域無可爭議的領導者的法案進行投票——數位資產是未來。」</p><p>&nbsp;</p><p>然而，這一計劃也遭遇了共和黨內部的阻力：一小部分保守派眾議院議員曾 briefly 阻止了特朗普支持的加密貨幣法案（GENIUS法案及相關措施）的辯論。儘管如此，特朗普政府積極支持加密貨幣的立場，使其在加密貨幣影響力榜單上保持領先地位。 其提名人小羅伯特·F·甘迺迪擔任衛生與公共服務部長，以及馬斯克被視為潛在的證券交易委員會主席，都強化了這種影響力。</p><p>&nbsp;</p><h3><strong>其他政治人物及獨立人物的影響力</strong></h3><p>&nbsp;</p><p>除了馬斯克和特朗普，報告還提及其他具有影響力的人物，例如薩爾瓦多總統Bukele，他早期的比特幣採用和持續的社群媒體互動，使其影響力持續存在。 美國參議員Cynthia Lummis作為參議院數位資產小組委員會主席，積極推動親加密貨幣法案，例如在2025年3月重新提出「比特幣法案」，以及協助推動GENIUS穩定幣法案，也使其在榜單上佔有一席之地。 美國副總統J.D. Vance和德州眾議員Ted Cruz也因其親加密貨幣政策而位列前茅。 此外，小羅伯特·F·甘迺迪作為公開的比特幣支持者，其政治立場也提升了他的影響力。</p><p>&nbsp;</p><h3><strong>監管、立法與影響力的演變</strong></h3><p>&nbsp;</p><p>2025年上半年的監管浪潮，以及美國國會關於加密貨幣法案的辯論，都影響著加密貨幣領域的影響力排名。 香港、新加坡和巴西等地的監管動態也同樣重要。 所有這些政治因素，都會影響那些支持或似乎支持加密貨幣的人物之影響力。 例如，前證券交易委員會提名人Jay Clayton的離職，為特朗普承諾的親加密貨幣證券交易委員會主席鋪平了道路。「比特幣法案」和「GENIUS法案」的進展，也會進一步影響相關政治人物的影響力。</p><p>&nbsp;</p><p>總而言之，目前加密貨幣領域的權力掮客，並非僅限於幣圈創始人或交易所行政總裁，而是科技億萬富翁、媒體人物和政治人物的混合體，他們正共同塑造著這個領域的未來。</p>

Musk surpasses Trump to become the most influential person in crypto

马斯克超越川普 成加密货币影响力最大人物

馬斯克超越特朗普，成加密貨幣影響力最大人物

馬斯克超越特朗普 成加密貨幣影響力最大人物

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</div></div><p>According to the Financial Times, U.S. President Donald Trump plans to issue an upcoming executive order that would allow cryptocurrencies, gold, private equity, and other "alternative investments" to be included in the U.S. 401(k) retirement plans. This move is expected to have a significant impact on the U.S. retirement investment market.</p><p>&nbsp;</p><p>The report cites three informed sources indicating that once Trump’s executive order goes into effect, regulatory bodies will need to carefully review existing regulations to address barriers preventing alternative investments from entering professionally managed 401(k) retirement funds.</p><p>&nbsp;</p><p>This initiative comes as other federal agencies in the U.S. have recently relaxed their stance on allowing cryptocurrencies in retirement funds. Earlier reports indicated that the Department of Labor rescinded previous guidance on May 28, which had cautioned fund managers to be "extremely cautious" before incorporating cryptocurrencies into investment strategies. The Department of Labor claimed this move aimed to correct what it described as the Biden administration's "overreach."</p><p>&nbsp;</p><p>Members of Congress have also attempted to expand the acceptable investment options for 401(k) plans to include cryptocurrencies and other alternative assets. In 2022, Michigan Republican Representative Peter Meijer introduced the Retirement Savings Modernization Act, aimed at amending the Employee Retirement Income Security Act of 1974 to include digital assets, private equity, and venture capital; however, the bill ultimately did not receive a vote.</p><p>&nbsp;</p><p>According to the Investment Company Institute, as of March, Americans held approximately $8.7 trillion in 401(k) retirement funds. The 401(k) plan allows employees to transfer a portion of their wages into tax-deferred investment accounts, with employers often providing matching contributions.</p><p>&nbsp;</p><h3><strong>Some State Governments Begin Allowing Retirement Funds to Buy Bitcoin</strong></h3><p>&nbsp;</p><p>Some state governments have started to allow or are considering allowing digital assets to be included in state retirement investment plans. For example, the North Carolina legislature proposed two bills in March allowing up to 5% of specific retirement fund balances to be invested in cryptocurrencies. The Michigan Retirement System disclosed in 2024 that it holds approximately $6.6 million in ARKB Bitcoin ETF and $10 million in Ethereum ETF investments; the Wisconsin Investment Board revealed holdings worth $163 million in spot Bitcoin ETFs.</p><p>&nbsp;</p><p>Trump's potential executive order would have a profound impact on the U.S. retirement investment market and is expected to prompt a reevaluation of regulatory and investment strategies. However, the specific details of this initiative and its ultimate implementation remain to be seen.</p>

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</div></div><p>据《金融时报》报道，美国总统特朗普计划透过一项即将发布的行政命令，允许将加密货币、黄金、私募股权及其他「另类投资」纳入美国的401(k)退休计划。此举将对美国退休投资市场产生重大影响。</p><p>&nbsp;</p><p>报道引述三位知情人士指出，特朗普的行政命令一旦生效，监管机构将需要仔细审查现有法规，以解决阻碍另类投资进入专业管理的401(k)退休基金的障碍。</p><p>&nbsp;</p><p>此举正值美国联邦政府其他机构近期放宽加密货币进入退休基金立场之际。 早前报道指，劳工部于5月28日撤销了先前发布的指引，该指引曾告诫基金经理在将加密货币纳入投资策略前应「极度谨慎」。劳工部声称此举旨在纠正拜登政府的「越权」行为。</p><p>&nbsp;</p><p>国会方面也曾有议员尝试扩大401(k)计划可接受的投资范围，纳入加密货币等另类资产。 2022年，密歇根州共和党众议员 Rep. Peter Meijer 提出的《退休储蓄现代化法案》(Retirement Savings Modernization Act) 旨在修订1974年《雇员退休收入保障法案》(Employee Retirement Income Security Act of 1974)，将数位资产、私募股权、风险投资等纳入其中，但该法案最终未能获得投票表决。</p><p>&nbsp;</p><p>根据投资公司协会（Investment Company Institute）数据，截至3月份，美国人持有约8.7万亿美元的401(k)退休基金。 401(k)计划允许雇员将部分工资转入免税投资账户，通常雇主也会提供相应供款。</p><p>&nbsp;</p><h3><strong>部分州政府已开始允许退休金买比特币</strong></h3><p>&nbsp;</p><p>部分州政府已开始允许或正考虑允许将数位资产纳入州立退休投资计划。例如，北卡罗来纳州议会在3月份提出两项法案，允许将特定退休基金余额的最多5%投资于加密货币。 密歇根州退休系统在2024年披露，持有约660万美元的ARKB比特币ETF和1000万美元的以太坊ETF投资；威斯康星州投资委员会则透露，持有价值1.63亿美元的现货比特币ETF。</p><p>&nbsp;</p><p>特朗普此项潜在的行政命令，将对美国退休投资市场带来深远影响，预计将引发市场对监管及投资策略的重新评估。 然而，此举的具体细节及最终能否实施，仍有待观察。</p>

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</div></div><p><a href="https://www.ft.com/content/07906211-5ab8-4917-bcad-5397c0bc3170">據《金融時報》報道</a>，美國總統特朗普計劃透過一項即將發佈的行政命令，允許將加密貨幣、黃金、私募股權及其他「另類投資」納入美國的401(k)退休計劃。此舉將對美國退休投資市場產生重大影響。</p><p>&nbsp;</p><p>報道引述三位知情人士指出，<a href="https://cftime.io/three-major-u-s-crypto-regulation-bills/">特朗普</a>的行政命令一旦生效，監管機構將需要仔細審查現有法規，以解決阻礙另類投資進入專業管理的401(k)退休基金的障礙。</p><p>&nbsp;</p><p>此舉正值美國聯邦政府其他機構近期放寬加密貨幣進入退休基金立場之際。 早前報道指，勞工部於5月28日撤銷了先前發佈的指引，該指引曾告誡基金經理在將加密貨幣納入投資策略前應「極度謹慎」。勞工部聲稱此舉旨在糾正拜登政府的「越權」行為。</p><p>&nbsp;</p><p>國會方面也曾有議員嘗試擴大401(k)計劃可接受的投資範圍，納入加密貨幣等另類資產。2022年，密歇根州共和黨眾議員 Rep. Peter Meijer 提出的《退休儲蓄現代化法案》(Retirement Savings Modernization Act) 旨在修訂1974年《僱員退休收入保障法案》(Employee Retirement Income Security Act of 1974)，將數位資產、私募股權、風險投資等納入其中，但該法案最終未能獲得投票表決。</p><p>&nbsp;</p><p><a href="https://www.ici.org/statistical-report/ret_25_q1#:~:text=Americans%20held%20%2412.2%20trillion%20in,in%20401(k)%20plans.">根據投資公司協會（Investment Company Institute）數據，截至3月份</a>，美國人持有約8.7萬億美元的401(k)退休基金。401(k)計劃允許僱員將部分工資轉入免稅投資賬戶，通常僱主也會提供相應供款。</p><p>&nbsp;</p><h3>部分州政府已開始允許退休金買比特幣</h3><p>&nbsp;</p><p>部分州政府已開始允許或正考慮允許將數位資產納入州立退休投資計劃。例如，<a href="https://cftime.io/americans-do-not-support-us-cryptocurrency-reserve-plan/">北卡羅來納州</a>議會在3月份提出兩項法案，允許將特定退休基金餘額的最多5%投資於加密貨幣。 密歇根州退休系統在2024年披露，持有約660萬美元的ARKB比特幣ETF和1000萬美元的以太坊ETF投資；威斯康星州投資委員會則透露，持有價值1.63億美元的現貨比特幣ETF。</p><p>&nbsp;</p><p>特朗普此項潛在的行政命令，將對美國退休投資市場帶來深遠影響，預計將引發市場對監管及投資策略的重新評估。 然而，此舉的具體細節及最終能否實施，仍有待觀察。</p>

Trump's executive order unlocks 401(k) investments in crypto

特朗普行政命令解锁401(k)投资加密货币，市场准备迎接史诗级流动性

特朗普行政命令『解鎖』401(k)投資加密貨幣，市場準備迎接史詩級流動性

特朗普行政命令解鎖401(k)投資加密貨幣 市場準備迎接史詩級流動性

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</div></div><p>Bitcoin's price has broken through $120,000. Despite this astronomical rise, several on-chain indicators suggest that the current bull market is not overheating but rather indicates potential for continued growth.</p><p>&nbsp;</p><h3><strong>Bitcoin Soars as On-Chain Data Indicates Bull Market Sustainability</strong></h3><p>&nbsp;</p><p>Compared to the price peaks before March and December 2024, the current Bitcoin price surge exhibits different characteristics. In previous peaks, the Market Value to Realized Value (MVRV) ratio spiked above 2.7, reflecting high market speculation. However, the current MVRV ratio is only 2.2, indicating a relatively stable market environment.</p><p>&nbsp;</p><p>Data from CryptoQuant shows that short-term holders (those holding for less than a month) currently make up only 15% of the market, significantly lower than the 30% seen during prior price peaks. This suggests limited inflow of new funds and a relatively cautious investor sentiment. Additionally, the Short-Term Holder Profit and Loss Ratio (SOPR) indicates that recent buyers are not actively selling, resulting in relatively low selling pressure.</p><p>&nbsp;</p><p>The Miner Position Index (MPI) has also continued to decline, indicating that miners prefer to hold Bitcoin rather than sell, contrasting with the past phenomenon where rising prices prompted significant selling by miners.</p><p>&nbsp;</p><h3><strong>Institutional Investors Driving Growth, Not Speculative Trading</strong></h3><p>&nbsp;</p><p>CryptoQuant analysis indicates that the recent Bitcoin price increase is not driven by speculative trading but may be supported by strategic adoption by nations and corporations, suggesting a structurally different bull market cycle. Analysts emphasize that relying solely on historical patterns for on-chain data analysis is insufficient and requires deeper contextual interpretation. With no signs of overheating after breaking new highs, there is significant potential for further price increases in the medium to long term.</p><p>&nbsp;</p><h3><strong>Exchange Balances Continue to Decline, Reducing Sell-Off Risks</strong></h3><p>&nbsp;</p><p>Data from Santiment shows that despite Bitcoin's price rising nearly 20% since the low on June 22, traders have not been transferring large amounts of Bitcoin back to exchanges. Instead, holders are continuously moving Bitcoin to self-custody wallets. Over the past four months, exchange Bitcoin balances have decreased by 315,830 BTC, a drop of 21%; since July 2020, they have decreased by 1.88 million BTC, a decline of 61%. The ongoing decrease in exchange balances reduces the risk of large-scale sell-offs, indicating that long-term investors are more inclined to hold.</p><p>&nbsp;</p><p>In conclusion, while Bitcoin's price has reached a historic high, multiple on-chain data indicators suggest that this bull market differs from previous ones, exhibiting higher sustainability and potential for long-term development. However, market risks remain, and investors should remain cautious.</p>

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</div></div><p>比特币(BTC)价格突破12万美元，创下历史新高。尽管比特币冲破天际，但多项链上指标显示，当前牛市并未过热，反而暗示着持续增长的潜力。</p><p>&nbsp;</p><h3>比特币冲破天际 链上数据显示牛市可持续性</h3><p>&nbsp;</p><p>与2024年3月和12月之前的价格峰值相比，此次比特币价格上涨呈现出不同的特征。 以往峰值时，市值与实现价格比率 (MVRV) 曾飙升至2.7以上，反映市场投机情绪高涨。然而，目前MVRV比率仅为2.2，显示市场环境相对稳定。</p><p>&nbsp;</p><p>CryptoQuant的数据显示，短期持有者（持有时间少于一个月）目前仅占市场的15%，远低于先前价格高点时的30%。这意味着新增资金流入有限，投资者态度相对谨慎。 同时，短期持有者的短期持有者盈亏比率 (SOPR) 表明近期买家并未积极抛售，卖压相对低迷。</p><p>&nbsp;</p><p>矿工持仓指数 (MPI) 也持续下跌，显示矿工倾向于持有比特币而非抛售，与过去价格上涨引发矿工大量抛售的现象形成鲜明对比。</p><p>&nbsp;</p><h3>机构投资者推动，而非投机炒作</h3><p>&nbsp;</p><p>CryptoQuant分析指出，此次比特币价格上涨并非由投机炒作驱动，而是可能受到国家和企业战略性采用的支持，暗示着一个结构性不同的牛市周期。 分析师强调，单纯依靠历史模式分析链上数据已不足够，需要更深入的情境化解读。 由于突破新高未出现过热迹象，中长期价格进一步上涨的潜力巨大。</p><h3>&nbsp;</h3><h3>交易所余额持续下降，降低抛售风险</h3><p>&nbsp;</p><p>Santiment数据显示，尽管比特币价格自6月22日低点上涨近20%，但交易者并未将比特币大量转回交易所。 相反，持有者持续将比特币转移至自托管钱包。过去四个月，交易所比特币余额减少了315,830个BTC，降幅达21%；自2020年7月以来，减少了188万个BTC，降幅达61%。交易所余额的持续下降，降低了大规模抛售的风险，显示长期投资者更倾向于长期持有。</p><p>&nbsp;</p><p>总而言之，尽管比特币价格创下历史新高，但多项链上数据指标显示，此次牛市与以往不同，其可持续性较高，并可能拥有更长远的发展潜力。 然而，市场风险依然存在，投资者仍需保持谨慎。</p>

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</div></div><p><a href="https://cftime.io/bitcoin-breaks-through-110k/">比特幣</a>(BTC)價格突破12萬美元，創下歷史新高。儘管比特幣衝破天際，但多項鏈上指標顯示，當前牛市並未過熱，反而暗示著持續增長的潛力。</p><p>&nbsp;</p><p><strong>即加入</strong><a href="https://t.me/+l--9PJpFdIgxOTk9"><strong>CFTime TG 討論區</strong></a><strong>！想掌握最新加密市場動態與 AI 新聞與資訊，更能隨時獲得免費 web 3入場券！</strong></p><p>&nbsp;</p><h3>比特幣衝破天際 <strong>鏈上數據顯示牛市可持續性</strong></h3><p>&nbsp;</p><p>與2024年3月和12月之前的價格峰值相比，此次比特幣價格上漲呈現出不同的特徵。 以往峰值時，市值與實現價格比率 (MVRV) 曾飆升至2.7以上，反映市場投機情緒高漲。然而，目前MVRV比率僅為2.2，顯示市場環境相對穩定。</p><p>&nbsp;</p><p><a href="https://cryptoquant.com/insights/quicktake/68703bb04cb15045bedc7859-New-All-Time-High-Without-Overheating-On-Chain-Data-Suggests-Room-for-Further-Gr">CryptoQuant的數據顯示</a>，短期持有者（持有時間少於一個月）目前僅佔市場的15%，遠低於先前價格高點時的30%。這意味著新增資金流入有限，投資者態度相對謹慎。 同時，短期持有者的短期持有者盈虧比率 (SOPR) 表明近期買家並未積極拋售，賣壓相對低迷。</p><p>&nbsp;</p><p>礦工持倉指數 (MPI) 也持續下跌，顯示礦工傾向於持有比特幣而非拋售，與過去價格上漲引發礦工大量拋售的現象形成鮮明對比。</p><p>&nbsp;</p><h3><strong>機構投資者推動，而非投機炒作</strong></h3><p>&nbsp;</p><p>CryptoQuant分析指出，此次比特幣價格上漲並非由投機炒作驅動，而是可能受到國家和企業戰略性採用的支持，暗示著一個結構性不同的牛市週期。 分析師強調，單純依靠歷史模式分析鏈上數據已不足夠，需要更深入的情境化解讀。 由於突破新高未出現過熱跡象，中長期價格進一步上漲的潛力巨大。</p><h3>&nbsp;</h3><h3><strong>交易所餘額持續下降，降低拋售風險</strong></h3><p>&nbsp;</p><p>Santiment數據顯示，儘管比特幣價格自6月22日低點上漲近20%，但交易者並未將比特幣大量轉回交易所。 相反，持有者持續將比特幣轉移至自託管錢包。過去四個月，交易所比特幣餘額減少了315,830個BTC，降幅達21%；自2020年7月以來，減少了188萬個BTC，降幅達61%。交易所餘額的持續下降，降低了大規模拋售的風險，顯示長期投資者更傾向於長期持有。</p><p>&nbsp;</p><p>總而言之，儘管比特幣價格創下歷史新高，但多項鏈上數據指標顯示，此次牛市與以往不同，其可持續性較高，並可能擁有更長遠的發展潛力。 然而，市場風險依然存在，投資者仍需保持謹慎。</p>

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