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[虚拟币交流]
比特币VS山寨币：企业资产负债表上的千亿美金博弈（转）
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智通财经APP获悉，比特币纯粹主义者与山寨币拥护者的传统矛盾，正随企业数字资产配置热潮升维至高风险战场——企业资产负债表。当各公司将空前规模的数字资产纳入资产负债表，代币分类之争已从理念之争演变为真金白银的资本博弈。这场冲突的核心是价值存储与增长路径的两种对立逻辑：比特币极端主义者坚守2100万枚硬性供应上限与意识形态纯粹性，视其为唯一合法资产;而山寨币阵营则以以太坊、Solana等收益型代币构建动态回报组合，主打实用性、多元化与创新性。. c+ B2 V( N" P- D
随着机构资金涌入，山寨币价格上涨挑战了“比特币独霸资产负债表”的共识——Pantera 近日完成 5 亿美元募资，投向 Solana 系数字资产国库公司 Helius，正是这一趋势的注脚。" L7 ?6 D& Y& L1 O- e: N
“比特币提供稳定性，山寨币带来增长潜力”，市值5.44亿美元的以太坊资产管理公司Bit Digital首席执行官Sam Tabar直言，明智策略需融合二者韧性。
( ]. @+ \7 ?% k! J) K但争议焦点集中在供应限制与波动性：比特币的固定上限被视为“数字黄金”的基石，而以太坊、Solana等无此限制，成为比特币阵营的攻击靶标。即便比特币自身波动剧烈，山寨币的波动性更甚——Strive Inc.首席执行官Matt Cole在香港比特币亚洲大会上直言“以太坊是糟糕的资产”。
O; Y1 |- m% O6 s; u( `然而，投资巨头用真金白银投票：数字资产财务公司(DAT)持有的以太坊市值已超 160 亿美元，彼得·泰尔持有其中两家公司大量股份;Solana买家亦囤积数十亿美元。: \6 m/ A6 V' k F8 C( K. w
尽管与比特币国库的1160亿美元规模相比仍显不足，但这种转变已引发市场关注——越来越多投资者开始探索超越Michael Saylor开创的“比特币中心化”模式。1 I) |6 L8 @/ Z, l, Z2 E8 e3 K
收益能力成为关键分野。理论上，山寨币通过质押、再质押、借贷等加密原生策略更易产生收益，而比特币在此类场景中适用性较低。1 y0 a; G" u9 Z! R
Pantera普通合伙人Cosmo Jiang强调“DAT的成功取决于收益能力，Solana债券更具长期溢价吸引力”。XBTO首席商务官Karl Naïm则指出，比特币持有者需创新回报方式，如发行债券或优先股，“单纯持有策略已难支撑高估值”。' }: i. I3 C+ R0 R5 \8 _ s9 y
但市场波动下，两类资产均承压：2025年初暴涨后，由酒店业转型为“比特币概念 proxy”的 METAPLANET INC()股价自 6 月中旬高点回撤约 70%;山寨币领域，持有特朗普关联项目 WLFI 代币的上市公司 ALT5 Sigma()股价周内腰斩，彼得·泰尔支持的Ethzilla()自推出以来跌幅近68%。9 m# s0 e* A# L' ?7 ^
CoinFund总裁Christopher Perkins将本轮行情称为“DAT夏季”，强调每个DAT和代币都有独特收益与风险组合。 d; o! P. s& O b0 r2 ]) {
争议焦点在于，下一轮熊市中，山寨币能否经受“质量考验”。比特币坚定支持者、Blockstream联合创始人Adam Back警告：“大多数山寨币终将归零，若财务公司重仓此类资产，将面临彻底失败风险。”这场关乎企业财务未来的博弈，正随着资本涌入与市场波动，进入更激烈的实质性阶段。
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