然而，新玩家会对比特币的技术方面产生困惑：如钱包、比特币地址和私钥等。且仅凭丢失私钥的风险以及自学加密货币所需时间这两点，就吓跑了一些投资者。
However, new players will be confused about the technical aspects of the currency: wallets, Bitcoin addresses, private keys, etc., and by the mere risk of losing a private key and the time it takes to learn to encrypt the currency, some investors are scared off.
那么，有没有一种更简单的方式投资比特币，让比特币和股票再无差别?有!它被称为比特币ETF，或是“交易所可交易基金”。
So, is there a simpler way to invest in bitcoin, so there's no difference between bitcoin and stock? Yes, it's called bitcoinETF, or "exchange tradable fund."
ETF是一种投资工具。
ETF is an investment instrument.
ETF代表基础资产的价值，如比特币、黄金或石油。
ETF represents the value of the underlying assets, such as bitcoin, gold or oil.
ETF在传统的证券交易所交易，当资产价格上涨时，它们的价值会上升;当资产价格下跌时，它们的价值就会下降。
ETFs deal on traditional stock exchanges, where the value increases when assets rise; when asset prices fall, their value falls.
第一支ETF于1993年推出。ETF作为散户投资者一篮子资产投资的方式，很快流行起来。如果你想同时投资美国500强公司，可以购买标准普尔500指数ETF的股票。比特币ETF的运作方式与传统ETF的运作方式大致相同。
The first ETF was launched in 1993. The ETF is very popular as a basket of assets invested by bulk investors. If you want to invest in 500 strong companies in the United States at the same time, you can buy S&P 500 index ETF shares. Bitcoin ETFs operate in roughly the same way as traditional ETFs.
如果你想投资比特币，你可以购买比特币ETF的股票。这也就意味着你可以在传统的证券交易所交易，买卖比特币ETF就像买卖特斯拉或苹果公司股票一样。比特币ETF会追踪当前比特币的价格，这意味着你不需要自己买比特币并存入加密货币钱包中。
If you want to invest in bitcoin, you can buy bitcoin ETF shares. This means that you can trade bitcoin ETFs on a traditional stock exchange, just like selling Tesla or Apple shares. BitcoinsETF will track the current price of bitcoins, which means you don't need to buy bitcoins yourself and put them in encrypted money wallets.
那么，人们为什么不自己购买比特币呢?对于大多数主流投资者和交易员来说，总体上比特币和加密货币的风险仍然很大。除了法规不明确之外，拥有比特币还需要拥有钱包并作加密资产交易。对于不懂行的人来说，这两个领域仍然是未知并令人畏惧的。在一支ETF中，私钥、存储和整体安全性都可以由受信任方管理，并不需要投资者自己管理。
For the majority of mainstream investors and traders, the risk of bitcoins and encrypted currencies remains high. In addition to unclear regulations, the possession of bitcoins requires wallets and encrypted asset transactions.
比特币ETF只是一种以比特币为基础资产进行跟踪的普通ETF。严格来说，没有人发明过这个概念。但在2013年的时候，Winklevoss比特币信托公司向SEC提交了首份比特币ETF申请，美国专利商标局则授予Winklevoss“交易所买卖产品”专利。
BitcoinETF is just a common ETF for tracking assets based on bitcoin. Strictly speaking, no one invented the concept. In 2013, however, Winklevosbitco had submitted its first Bitcoin ETF application to SEC, and the United States Patent and Trademark Office granted Winklevos a patent for “exchange sales”.
比特币ETF是如何运作的?比特币ETF将由一家购买并持有比特币的公司管理，价格将由基金中持有的比特币来支撑。该公司的这支ETF将在传统证券交易所上市，例如纽约证券交易所。你可以像交易其他股票一样交易这支ETF。
How does BitcoinETF work? BitcoinETF will be managed by a company that buys and holds bitcoin, and the price will be supported by bitcoin held in the fund. The company’s ETF will be marketed on traditional stock exchanges, such as the New York Stock Exchange. You can trade the ETF like any other stock.
不过，你需要注意几件事：首先，有些ETF代表股票(比如标普500指数)，意味着你可以从股息中分一杯羹：比如，特斯拉以及其他499家公司的股息。而比特币是去中心化的，所以不存在股息这件事情。
But you need to pay attention to a few things: first of all, some ETFs represent stocks (e.g., the standard 500 index), which means that you can get a share of the dividends: for example, Tesla and 499 other companies. Bitcoins are decentralised, so there is no dividends.
第二，像其他ETF一样，你必须向经手比特币ETF的公司支付费用。部分费用给运营商，部分费用以支付购买存储ETF所需的比特币保管费和管理费。
Second, like other ETFs, you must pay the costs to the company that handles the ETF in Bitcoin.
2013年7月——Winklevoss比特币信托基金提交了首份比特币ETF提案。
July 2013 - Winklevosbitcoin Trust Fund submitted the first Bitcoin ETF proposal.
2018年6月——Winklevoss第二个比特币ETF提案被SEC否决。
June 2018 - Winklevoss' second Bitcoin ETF proposal was rejected by SEC.
2020年2月——威尔希尔凤凰城的项目是最新被SEC否决的比特币ETF提案。
February 2020 - The Wilshire Phoenix project was the latest Bitcoin ETF proposal rejected by SEC.
2020年9月——全球首个比特币ETF在百慕大证券交易所上市。
September 2020 - The world's first Bitcoin ETF was listed on the Bermuda Stock Exchange.
ETF更倾向于直接购买比特币，原因如下：你在持有比特币的同时需要承担安全风险。这意味着你要负责保管私钥，其中包括购买硬件钱包并以安全的方式存储私钥。
The ETF is more inclined to buy bitcoins directly for the following reasons: you have to take security risks while holding bitcoins. This means that you are responsible for keeping your private keys, including purchasing hardware wallets and storing them in a secure manner.
你自己购买比特币也会面临交易所的风险，许多交易所至少被黑客入侵过一次。此外，你还必须弄清楚如何为买卖比特币纳税。而ETF的做法是将安全和存储的责任交给其他人。
You buy bitcoin yourself at the risk of an exchange, many of which are hacked at least once. In addition, you have to figure out how to pay taxes for buying and selling bitcoin.
比特币ETF还将提供新类型的交易机会。其中有一种叫做“卖空”，实际上是对比特币押注。它的工作原理是通过借入ETF并以当前市场价格出售，再以较低的价格重新买入ETF，从而结束头寸。
BitcoinETF will also provide new types of trading opportunities. One of these is called “sale empty”, which is actually a bitcoin bet. It works by borrowing the ETF and selling it at current market prices and buying it again at lower prices, thus ending its position.
由于传统投资者普遍理解ETF，而并不理解加密货币。许多加密倡导者认为，比特币ETF可以为加密市场带来更多资金。在比特币价格下注上，它可以为主流投资者和机构投资者搭建了安全的桥梁。
As traditional investors generally understand ETFs, they do not understand encrypted currencies. Many encryption advocates believe that Bitcoin ETFs can bring more money into the encryption market.
有观点认为，如果投资比特币ETF更加容易，那么投资的人可能会更多。比特币是十年来表现最好的资产之一，对高风险投资者来说，其波动性和潜在风险具有着吸引力。
The point was made that if investments were easier than ETFs, more people could invest. Bitcoin was one of the best-performing assets in a decade, and its volatility and potential risks were attractive to high-risk investors.
比特币ETF在主流可信度和接受度上有望达到新的水平。尽管比特币ETF的提案在过去几年不断被否决，但仍有人不断提案。其根本原因是一旦提案获得批准，就可能为投资加密领域打开新的大门。
BitcoinETF is expected to reach new levels in terms of mainstream credibility and acceptance. Although the BitcoinETF proposal has been consistently rejected over the past few years, it is still being proposed.
本质上，SEC的批准意味着机构投资者将能够以比特币的价格进行交易和投资。这也意味着比特币加入了证券市场的其他领域，可以很容易地与特斯拉的股票、美国债券、黄金、石油或任何其他传统资产进行交易。
Essentially, SEC approval means that institutional investors will be able to trade and invest at bitcoin prices. It also means that bitcoin joins other areas of the securities market and can easily deal with Tesla’s stocks, US bonds, gold, oil, or any other traditional asset.
比特币ETF流行起来的原因和大麻ETF大同小异。和加密行业一样，尽管大麻行业被传统投资者视为极具风险和不确定性，但是投资者们仍然希望有机会从中获利。
The reason for the Bitcoin ETF’s prevalence is similar to that of the cannabis ETF. As in the encryption industry, while the cannabis industry is considered by traditional investors to be extremely risky and uncertain, investors still want to have an opportunity to benefit from it.
虽然比特币ETF听起来很有吸引力，但在全球几乎没有比特币ETF(甚至美国也没有)。自2017年以来，SEC多次拒绝比特币ETF的提案。证交会主席杰伊?克莱顿表示，提案被拒的主要问题是比特币的价格容易被操纵。即使比特币ETF从最严谨的交易所中提取价格，但其价格仍可能被信誉较差、限制更松的交易所操纵。
Although bitcoinETF sounds attractive, there are few bitcoinETFs (and not even in the United States) around the world. Since 2017, SEC has repeatedly rejected BitcoinETF’s proposal.
一年后，SEC主席杰伊·克莱顿在Coindesk的会议上重申了这一点：“散户投资者所看到的价格是没有操纵可以依赖的价格，不是没有操纵只有波动的价格。”SEC的批准将是比特币在被视为合法投资方面的一大胜利。
One year later, the Chairman of SEC, Jay Clayton, reiterated this at a meeting in Coindisk: “The price seen by the bulk investors was not to manipulate the price on which they could rely, not only the price on which it fluctuated.” The approval of SEC would be a great victory for bitcoin in terms of what was considered legitimate investment.
截至2020年10月，美国没有比特币ETF可供交易。由于比特币仍然被视为一个极度动荡的市场，极易受到欺诈和价格操纵的影响，如今它尚未获得SEC的批准。
As of October 2020, the United States did not have a Bitcoin ETF to trade. Since Bitcoin is still seen as a highly volatile market, highly vulnerable to fraud and price manipulation, it has not yet obtained SEC approval.
是否有比特币ETF的交易所?有!一些司法管辖区保持对比特币ETF开放。2020年9月，百慕大批准了比特币ETF在百慕大证券交易所上市的申请。ETF将由巴西基金管理公司Hashdex与纳斯达克合作管理。
Is there an exchange of Bitcoin ETF? Yes, some jurisdictions remain open. In September 2020, Bermuda approved Bitcoin ETF’s application to be listed on the Bermuda Stock Exchange.
目前，比特币ETF已经登陆百慕大证券交易所。百慕大证券交易所(BSX)星期五宣布，它已经批准了Hashdex Nasdaq Crypto Index
ETF的交易计划。另外，直布罗陀证券交易所在9月份上市了一种类似比特币的ETF;这个名为比特币基金的ETF也在多伦多证券交易所上市。
The Bermuda Stock Exchange (BSX) announced on Friday that it had approved the Hashdex Nasdaq Crypto Index ETF. In addition, the Gibraltar Stock Exchange listed a bitcoin-like ETF in September; the Bitcoin Fund, ETF, is also listed on the Toronto Stock Exchange.
美国大型加密货币投资公司灰度提供了一种公开交易产品——灰度投资信托。灰度投资信托是由灰度公司客户私下投资的资金池。因为它代表了灰度投资者的股份，所以这不是真正的比特币ETF。信托基金的交易价格通常很高;然而，比特币ETF反映的是比特币的真实价格。但是，两者的效果是一样的：使用灰度，你可以代表投资者购买比特币的股票，并在证券交易所进行交易。
The Greyscale Investment Trust provides a publicly traded product, the Greyscale Investment Trust. The Greyscale Investment Trust is a pool of funds invested privately by Greyscale clients. Because it represents the shares of greyscale investors, it is not a true bitcoin ETF. Trust funds usually have high transaction prices; however, Bitcoin ETF reflects the true price of bitcoins.
尽管比特币仍被许多人视为高风险投资，但它正在发生变化。自十多年前诞生以来，比特币已经得到了越来越多受尊敬的企业家、投资者、政治家和监管者的认可和支持。2019年，在Facebook为即将推出的Libra加密货币项目举行的国会听证会上，许多政界人士普遍对比特币和区块链技术给予高度评价。
Bitcoin has been recognized and supported more and more by respected entrepreneurs, investors, politicians, and regulators since its birth more than a decade ago. In 2019, many politicians were highly valued by Facebook at the upcoming parliamentary hearings for the Libra encrypt currency project.
灰度的首席执行官表示，比特币在美国是禁止使用的。不管今年秋天谁入主白宫,美国监管机构都不太可能追捧比特币。这是风险投资公司数字货币集团及其子公司首席执行官巴里·西尔伯特的结论。
The CEO of Greyscale said that Bitcoin was banned in the United States. No matter who entered the main White House this autumn, US regulators were unlikely to pursue Bitcoin.
加密界普遍认为，比特币ETF从接受转化到完全认可只是时间问题。美国SEC主席杰伊?克莱顿仍对比特币ETF持开放态度，至少当前它对ETF代币版本感兴趣。但在市场还未解决比特币被操纵的问题前，比特币ETF不会在美国出现。
The encryption community is generally of the view that it is only a matter of time before the Bitcoin ETF moves from acceptance to full acceptance. US SEEC President Jay Clayton is still open to the bitcoin ETF, at least for the time being.
在百慕大证券交易所上市的比特币ETF，可能会作为在SEC上市的试运行。不管上市成功与否，这起案例很可能会在未来与SEC的争论中使用到。如果SEC清算掉一支比特币ETF，之后可能还会出现更多的比特币ETF。一旦大门打开，其他司法管辖区就可能会注意到这种现象。
The Bitcoin ETF listed on the Bermuda Stock Exchange may be used as a trial operation for listing on the SEC. Whether the listing is successful or not, this case is likely to be used in future disputes with the SEC. If the SEC clears a bitcoin ETF, more bitcoEF may follow.
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