Group 1 - The core argument of the article is that Bitcoin faces a significantly underestimated threat of a "51% attack," which could be executed with approximately $6 billion [2][3][6]. - Campbell Harvey, a finance professor at Duke University, warns that the risks associated with Bitcoin are much greater than those associated with gold, despite both being viewed as hedges against currency devaluation [3][10]. - The cost breakdown for a potential attack includes $4.6 billion for hardware, $1.34 billion for data center construction, and about $130 million weekly for electricity, allowing attackers to gain control of the Bitcoin network within a week [4][6]. Group 2 - The article explains that attackers could profit significantly by shorting Bitcoin during a price drop, which would cover the costs of the attack [6][11]. - Harvey emphasizes that the attack cost represents only 0.26% of Bitcoin's total network value, which is much lower than many investors expect, raising serious concerns about Bitcoin's future viability and security [12]. - The article notes that the current thriving derivatives market for Bitcoin provides economic incentives for potential 51% attacks, as traders can establish short positions with less than 10% of the daily trading volume [11]. Group 3 - There is a divergence of opinions in the industry regarding the risk of such attacks. Matt Prusak, president of a U.S. Bitcoin company, argues that the concerns are exaggerated, citing the time required to accumulate and deploy mining equipment [7][15]. - Prusak also points out that shorting Bitcoin requires substantial collateral, and exchanges may suspend suspicious trading, making it difficult for attackers to realize profits [16]. - The article mentions that other smaller blockchains, such as Bitcoin Gold and Ethereum Classic, have experienced 51% attacks but managed to survive [17][18]. Group 4 - The article discusses the growing acceptance of Bitcoin as a potential hedge against macroeconomic risks, with companies increasingly adding Bitcoin to their balance sheets [20][21]. - A report from Deutsche Bank suggests that Bitcoin and gold may become significant components of central bank reserves by 2030, reflecting a shift in reserve strategies amid rising geopolitical risks and inflation concerns [23]. - The report indicates that the share of the dollar in global reserves has decreased from 60% in 2000 to an estimated 41% by 2025, benefiting both gold and Bitcoin [23].

（责任编辑：贺翀 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 当前全球央行美元储备份额已由2000年的60%，降至今年约41%，而黄金储备则突破3.6万吨。今年 6月净流入黄金及比特币交易所买卖基金(ETF)达50亿美元及47亿页。随着贸易不确定性和市场波动性加 剧，"黄金又回来了"这一趋势亦与"去美元化"浪潮紧密相关，美元地位相对下降，为黄金等替代性储备 资产创造空间。然而，比特币和黄金都不会完全取代美元，数字资产应作为储备货币的"补充工具"存 在。 摩根大通则指出，稳定币可能释出对美元新的需求，预期至2027年，稳定币市场可能为美元带来约 1.4万亿美元的额外需求。 德银发表报告表示，机构投资者兴趣日增以及美元弱势持续，预期至2030年，黄金及比特币有望成 为央行主要储备资产。 德银高级经济师Marion Laboure及分析员Camilla Siazon发表报告指出，对于各国央行而言，比特币 ...

当前全球央行美元储备份额已由2000年的60%，降至今年约41%，而黄金储备则突破3.6万吨。今年6月 净流入黄金及比特币交易所买卖基金(ETF)达50亿美元及47亿页。随着贸易不确定性和市场波动性加 剧，"黄金又回来了"这一趋势亦与"去美元化"浪潮紧密相关，美元地位相对下降，为黄金等替代性储备 资产创造空间。然而，比特币和黄金都不会完全取代美元，数字资产应作为储备货币的"补充工具"存 在。 格隆汇10月10日｜德银发表报告表示，机构投资者兴趣日增以及美元弱势持续，预期至2030年，黄金及 比特币有望成为央行主要储备资产。 德银高级经济师Marion Laboure及分析员Camilla Siazon发表报告指出，对于各国央行而言，比特币的配 置将代表一种现代化的"金融安全基石"，类似黄金在二十世纪所扮演的角色。近期美国关税政策带来的 不确定性，以及地缘政治风险等，投资者纷寻求对冲通胀资产，亦为传统法定货币角色减弱的未来做好 准备。 摩根大通则指出，稳定币可能释出对美元新的需求，预期至2027年，稳定币市场可能为美元带来约1.4 万亿美元的额外需求。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站 ...

作者：龙玥，华尔街见闻 推动这一趋势的核心动力之一是"去美元化"。报告数据显示，美元在全球储备中的份额已从2000年的 60%下滑至2025年的41%。这一变化不仅提振了黄金，也为比特币带来了利好，推动黄金和比特币ETF 在6月份分别录得创纪录的50亿美元和47亿美元的净流入。 黄金的回归与去美元化浪潮 黄金作为传统避险资产的地位正在被重新巩固。德意志银行的研究人员指出，自2008年金融危机后，市 场对黄金的需求开始在央行的资产负债表上占据更重要的位置。机构投资者的"避险"行为推动各国央行 在2010年成为黄金的净买家。 如今，随着贸易不确定性和市场波动性加剧，"黄金又回来了"，德银资深经济学家Marion Laboure在报 告中写道。一个显著的迹象是，全球央行储备中持有的黄金总量已超过36000吨。这一趋势与"去美元 化"浪潮紧密相关，美元地位的相对下降为黄金等替代性储备资产创造了空间。 比特币：21世纪的"数字黄金"？ 随着去美元化趋势加速和避险需求激增，传统央行储备配置或将迎来重大转变。 10月10日，根据德意志银行的一份最新报告，随着机构投资者兴趣日增以及美元主导地位的削弱，比特 币和黄金有望在20 ...

智通财经APP获悉，德意志银行最新研究指出，得益于机构认可度上升与美元走弱，预计到2030年各大央行可能大幅增持比特币与黄金资产。该机构驻伦敦 高级经济学家玛丽安·劳布雷及分析师卡米拉·西亚松在近期报告中强调，对央行而言比特币配置或将成为新型"金融安全基石"，其战略地位堪比20世纪黄金 所扮演的角色。 这一论断正值全球对比特币与黄金需求正双双创历史新高之际——美国关税政策引发的经济不确定性及地缘政治风险促使投资者加速对冲通胀风险，并为传 统法定货币体系演变未雨绸缪。 作为传统避险资产的黄金当前已突破每盎司4000美元关口，而比特币交易价虽略低于本周历史峰值，但其作为机构"避险工具"的属性正日益凸显。研究显 示，自2008年金融危机后，黄金在央行资产负债表中所占比重开始显著上升。 正是机构投资者的这股避险潮，迫使央行自2010年起转为黄金净买家，如今贸易不确定性与市场波动加剧更促使黄金重获青睐——全球央行黄金储备已超 36000吨，印证了"黄金回归"趋势。 德意志银行分析指出，黄金价格上扬与去美元化进程密切相关。数据显示，美元在全球储备中的占比已从2000年的60%降至2025年的41%，这一趋势同时利 好黄金 ...

Group 1: Core Insights - The trend of de-dollarization and increased demand for safe-haven assets is leading to a significant shift in traditional central bank reserve allocations, with Bitcoin and gold expected to become important components by 2030 [1] - The report from Deutsche Bank highlights that the share of the US dollar in global reserves has decreased from 60% in 2000 to an estimated 41% by 2025, creating space for alternative reserve assets like gold and Bitcoin [1][2] - Gold's status as a traditional safe-haven asset is being reinforced, with central banks becoming net buyers since 2010, and the total amount of gold held in global central bank reserves exceeding 36,000 tons [2] Group 2: Bitcoin as a Reserve Asset - Bitcoin is gaining attention as a potential reserve asset, drawing parallels to the historical discussions surrounding gold, with analysts suggesting it could become a new "financial safety cornerstone" [3] - Despite the growing interest, the debate around Bitcoin's role in central bank reserve strategies remains contentious, with its performance as an asset prompting broader discussions [3] Group 3: Market Perspectives - Not all market observers agree with the optimistic outlook for Bitcoin and gold as reserve assets; analysts from JPMorgan suggest that stablecoins could unlock new demand for the US dollar, potentially adding $1.4 trillion in demand by 2027 [4] - Deutsche Bank's report maintains a cautious stance, emphasizing that neither Bitcoin nor gold will completely replace the US dollar, but rather serve as complementary tools in central bank reserve strategies [4]