比特幣面臨來自政府債券的激烈競爭，因爲兩者都爭奪避險資產的地位。隨着監管障礙的減少，投資者偏好發生變化，這可能對比特幣的市場地位和未來策略產生影響。

GOLD

債券

**比特幣在避險資產領域的主導權之戰愈發激烈，政府債券成爲其最強勁的對手，在監管障礙減輕和財富格局變化的背景下，重新塑造了投資者策略。**


## 政府債券成爲比特幣在尋找避險資產中的主要競爭對手


比特幣在全球金融中的角色越來越受到爭論，因爲它與傳統和新興的價值存儲方式展開競爭。Bitwise Asset Management的首席執行官Hunter Horsley本週在社交媒體平台X上分享了他對比特幣競爭的看法。Horsley在6月19日表示：



> 我認爲比特幣的競爭對手不會是黃金……相反，我認爲比特幣的競爭對手最終將是美國國債和其他國家的債券……這是真正的政治價值儲存。
> 
> 


這位高管解釋說，雖然黃金提供較低的波動性，而比特幣具有更高的波動性，但兩者都吸引尋求傳統貨幣資產替代方案的投資者。


在6月20日，Horsley區分了機構投資者和個人投資者。他指出，對於大多數個人而言，房地產是主要的價值儲存方式。他質疑住宅房地產是否由於供需失衡而增值，能夠成爲比特幣的真正可總尋址市場，從而將比較從金融工具轉移到有形的財富保值資產。


      
Bitwise的首席執行官還討論了比特幣投資的轉變障礙。他表示：



> 過去‘監管不確定性’是比特幣投資者面臨的最大障礙。但在2025年，這不再是問題，這是一大解鎖。它的影響仍未完全顯現。
> 
> 


他詳細指出，出現的主要障礙是時間限制和對比特幣價值的看法。許多投資者和配置者被衆多機會所淹沒，其中一些具有顯著回報的潛力，這使得他們難以將注意力優先集中在BTC上，這對許多人來說仍然很復雜。此外，比特幣與“數字黃金”的比較也帶來了挑戰，因爲一些投資者，比如家族辦公室，完全避免黃金，將其視爲在美國不受歡迎的資產類別。雖然這些問題不是迫在眉睫的擔憂，但預計在接下來的幾個季度中，這些問題將變得更加突出。

Bitcoin faces intensified competition from government bonds as both vie for safe-haven asset status. As regulatory hurdles ease, investor preferences shift, with potential implications for Bitcoin's market position and future strategies.

**Bitcoin’s battle for dominance in safe-haven assets intensifies as government bonds emerge as its fiercest rival, reshaping investor strategies amid easing regulatory hurdles and shifting wealth paradigms.**


## Government Bonds Emerge as Bitcoin’s Key Competitor in Hunt for Safe-Haven Assets


Bitcoin’s role in global finance is increasingly debated as it competes with both traditional and newer stores of value. Hunter Horsley, chief executive officer of Bitwise Asset Management, shared his views on bitcoin’s competition on social media platform X this week. Horsley stated on June 19:



> I don’t think bitcoin’s competition is going to end up being gold … Rather, I think bitcoin’s competition is going to end up being U.S. Treasuries and other government’s bonds… the ultimate political stores of value.
> 
> 


The executive explained that while gold offers lower volatility and BTC has higher volatility, both attract investors seeking alternatives to traditional monetary assets.


On June 20, Horsley distinguished between institutional and individual investors. For most individuals, he noted, real estate serves as the primary store of value. He questioned whether residential real estate, which appreciates due to supply and demand imbalances, could be the true total addressable market for bitcoin, shifting the comparison from financial instruments to tangible wealth preservation assets.


      
The Bitwise CEO also discussed shifting obstacles for bitcoin investment. He stated:



> It used to be that ‘regulatory uncertainty’ was bitcoin’s biggest obstacle for investors. This is no longer the case in 2025, which is a huge unlock. It’s impact still hasn’t fully manifested.
> 
> 


He detailed that the main obstacles emerging are time constraints and perceptions of bitcoin’s value. Many investors and allocators are overwhelmed with numerous opportunities, some with potential for significant returns, making it difficult to prioritize attention toward BTC, which remains complex for many. Additionally, bitcoin’s comparison to “digital gold” presents a challenge, as some investors, such as family offices, avoid gold entirely, viewing it as an unpopular asset class in the U.S. While not immediate concerns, these issues are expected to become more prominent in the coming quarters.

Bitcoin’s Main Rival Is US Treasuries, Not Gold, Says Bitwise CEO

比特幣的主要競爭對手是美國國債，而不是黃金，Bitwise CEO表示

Hyperscale Data的子公司Ault Capital Group計劃在2025年第三季度爲美國上市公司推出XRP借貸平台。該平台將提供資產支持的加密貸款，具有鏈上細節和通過XRP期貨進行的風險管理。

PUBLIC

上市

加密

鏈上

**XRP正準備通過鏈上、期貨對沖、資產支持的加密貸款，超級提升機構貸款，因爲一個頂級企業平台瞄準NYSE和納斯達克上市的巨頭。**


##  XRP將爲NYSE和納斯達克上市的大型公共企業提供機構貸款


Hyperscale Data Inc. (NYSE American: GPUS) 於5月29日披露，其子公司 Ault Capital Group Inc. (ACG) 將在2025年第三季度推出一個企業 XRP 借貸平台。這個新舉措標志着 ACG 進入去中心化金融 (DeFi) 的第一步，專門面向美國上市公司。該測試平台將爲在紐約證券交易所、NYSE American 和納斯達克股票市場所有層級上市的公司提供服務。


ACG計劃通過與申請者一對一的談判來結構化貸款。該公司詳細說明：



> 符合條件的申請人將能夠申請借用最多固定金額的 XRP … 根據申請人與 ACG 之間協商的條款和條件。
> 
> 


一旦最終確定，每筆貸款的詳細信息將會鏈上發布，並預計將由資產擔保或可轉換爲註冊股份。該公司表示，計劃通過利用芝加哥商品交易所的XRP期貨來管理價格波動風險。爲了支持流動性，ACG已宣布計劃購買價值高達1000萬美元的XRP。公司表示：“該平台將利用XRP Ledger來促進快速、低成本和安全的貸款，支持ACG最近宣布的計劃，以收購高達1000萬美元的XRP。”


      
Hyperscale Data的執行主席Milton “Todd” Ault, III將該項目描述爲將區塊鏈與傳統金融融合的更廣泛戰略的一部分。他強調：



> 隨着XRP和XRP Ledger提供的一系列企業功能，機構借款人和貸款人現在可以在其運營中訪問集成的對沖和風險管理工具。
> 
> 


ACG的長期願景包括將現實世界資產進行代幣化，促進替代企業融資，並實現基於區塊鏈的跨境支付。Hyperscale Data仍然預計在2025年底之前剝離ACG，將其自身的重點轉向數據中心和比特幣挖礦服務。

Hyperscale Data's subsidiary, Ault Capital Group, plans to launch an XRP lending platform for U.S. public companies by Q3 2025. This platform will offer asset-backed crypto loans with on-chain details and risk management through XRP futures.

**XRP is primed to supercharge institutional lending as a top-tier enterprise platform targets NYSE and Nasdaq-listed giants with on-chain, futures-hedged, asset-backed crypto loans.**


##  XRP to Fuel Institutional Loans for Public Giants on NYSE and Nasdaq Boards


Hyperscale Data Inc. (NYSE American: GPUS) disclosed on May 29 that its subsidiary, Ault Capital Group Inc. (ACG), will roll out an enterprise XRP lending platform in the third quarter of 2025. This new initiative marks ACG’s first step into decentralized finance (DeFi) and is aimed specifically at U.S. public companies. The beta platform will cater to firms listed on the New York Stock Exchange, NYSE American, and all tiers of the Nasdaq Stock Market.


ACG intends to structure the loans through one-on-one negotiations with applicants. The company detailed:



> Eligible applicants will be able to apply to borrow up to a fixed amount of XRP … on terms and conditions negotiated between the applicant and ACG.
> 
> 


Once finalized, the details of each loan will be posted on-chain and are expected to be secured by assets or convertible into registered shares. The firm said it plans to manage price volatility risks by utilizing XRP futures on the Chicago Mercantile Exchange. To support liquidity, ACG has announced plans to purchase up to $10 million worth of XRP. “The Platform will leverage the XRP Ledger to facilitate fast, low cost, and secure lending, backed by ACG’s recently announced initiative to acquire up to $10 million of XRP,” the company stated.


      
Milton “Todd” Ault, III, executive chairman of Hyperscale Data, described the project as part of a broader strategy to merge blockchain with traditional finance. He emphasized:



> With the host of enterprise features offered by XRP and the XRP Ledger, institutional borrowers and lenders now have access to integrated hedging and risk management tools as part of their operations.
> 
> 


ACG’s longer-term vision includes tokenizing real-world assets, facilitating alternative corporate financing, and enabling blockchain-based cross-border payments. Hyperscale Data still expects to divest ACG by the end of 2025, shifting its own focus to data center and bitcoin mining services.

XRP Lending Goes Institutional—New Platform Targets US Public Companies

XRP借貸走向機構化——新平台瞄準美國上市公司

財政部長斯科特·貝森呼籲美國擁抱數字資產，特別是穩定幣，以加強美元的全球主導地位。他強調通過GENIUS法案需要監管明確性，並批評了之前政府的做法。

穩定幣

**美國財政部發出強烈信號，積極推動數字資產的發展，使美元在全球範圍內蓬勃發展，廣泛的改革點燃了前所未有的創新和金融擴張。**


## 數字資產是全球現象，政府長期忽視，財政部長貝森特表示


美國財政部長斯科特·貝森特在6月18日的社交媒體平台X上強調，美國美元將在數字資產，特別是穩定幣的增長中受益。貝森特拒絕了加密貨幣對美國美元全球主導地位構成挑戰的觀點，堅稱它可以加強美元的地位。財政部長表示：



> 加密貨幣並不是對美元的威脅。實際上，穩定幣可以增強美元的主導地位。
> 
> 


他批評各國政府的不作爲：“數字資產是目前世界上最重要的現象之一，但它們被國家政府忽視了太久。” 他宣稱特朗普政府的目標：“本屆政府致力於將美國建立爲數字資產創新的中心，而GENIUS法案使我們朝着這一目標更進一步。”


《指導與建立美國穩定幣的國家創新 (GENIUS)法案》於6月17日在美國參議院以68-30的投票通過。它仍需獲得衆議院的批準和總統的籤字才能成爲法律。唐納德·特朗普總統已表示支持該法案。


      
貝森特強調，GENIUS法案對提供穩定幣增長所需的監管透明度至關重要。他認爲，這種擴張可能會增加對美國國債的需求，而美國國債是穩定幣的支持，可能降低借款成本並幫助減少國家債務。他補充道：“這也可能讓全球數百萬新用戶進入以美元爲基礎的數字資產經濟。對所有參與者來說，這都是一個三贏的局面。”


他將政府的積極立場與他所描述的前一屆政府的有害監管方式進行了對比。貝森特在五月表示：“特朗普政府在數字資產方面大展拳腳。爲什麼？因爲前任政府幾乎以其反創新議程和執法監管的方法摧毀了這個行業。再也不行了。數字資產公司應當得到監管的清晰性——這正是我們正在努力實現的目標。”他強調，通過GENIUS法案只是確保美國在數字經濟中領導地位的更廣泛改革的開始。

Treasury Secretary Scott Bessent advocates for the U.S. to embrace digital assets, particularly stablecoins, as a means to strengthen the dollar's global dominance. He emphasizes the need for regulatory clarity through the GENIUS Act and criticizes previous administrations’ approaches.

**The U.S. Treasury signals an aggressive push into digital assets, positioning the dollar to thrive globally as sweeping reforms ignite unprecedented innovation and financial expansion.**


## Digital Assets Are Global Phenomenon Ignored Too Long by Governments, Says Treasury Secretary Bessent


Treasury Secretary Scott Bessent emphasized on social media platform X on June 18 that the U.S. dollar stands to benefit from the growth of digital assets, particularly stablecoins. Bessent rejected the notion that crypto poses a challenge to the U.S. dollar’s global dominance, asserting instead that it can serve to reinforce its position. The Treasury Secretary stated:



> Crypto is not a threat to the dollar. In fact, stablecoins can reinforce dollar supremacy.
> 
> 


He criticized governments for their inaction: “Digital assets are one of the most important phenomena in the world right now, yet they have been ignored by national governments for far too long.” He declared the Trump administration’s objective: “This administration is committed to establishing the United States as a hub for digital asset innovation, and the GENIUS Act moves us one step closer to that goal.”


The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act passed the U.S. Senate on June 17 with a 68-30 vote. It still requires approval from the House of Representatives and the President’s signature to become law. President Donald Trump has expressed support for the bill.


      
Bessent has highlighted that the GENIUS Act is central to providing the regulatory clarity necessary for stablecoin growth. He argued that such expansion could increase demand for U.S. Treasuries, which back stablecoins, potentially lowering borrowing costs and aiding national debt reduction. “It could also onramp millions of new users—across the globe—to the dollar-based digital asset economy,” he added. “It’s a win-win-win for everyone involved.”


He contrasted the administration’s proactive stance with what he described as the previous administration’s damaging regulatory approach. In May, Bessent stated: “The Trump Administration is going big on digital assets. Why? Because the previous administration nearly destroyed the industry with its anti-innovation agenda and regulation-by-enforcement approach. No more. Digital asset companies deserve regulatory clarity—and that’s exactly what we are working toward.” He stressed that passing the GENIUS Act is only the beginning of broader reforms to ensure U.S. leadership in the digital economy.

Coinpedia

比特幣的主要競爭對手是美國國債，而不是黃金，Bitwise CEO表示

XRP借貸走向機構化——新平台瞄準美國上市公司

財政部長表示，加密貨幣對美元沒有威脅，因爲美國追求數字資產主導地位