????一個悖論或將導致比特幣分崩離析。為了成為一種真正的貨幣，比特幣需要得到各國央行廣泛接受（中國已經拒絕了這種電子貨幣，芬蘭則將它列入了商品范疇），同時接受監管以穩定其價值，但這樣做勢必將摧毀比特幣最具吸引力的特征：私密性，以及用戶在銀行體系之外直接交易的能力。比特幣的地位將遭受重創，最終會淪為另一種數字錢包，而很難成為游戲規則的顛覆者。面對更加傳統的支付系統時，就連備受吹捧的谷歌錢包(Google Wallet )最終也陷入了困境，難以形成氣候。

????那么，鑒于所有這一切，比特幣的價格為什么依然堅挺呢？這固然跟市場對一種顛覆性新技術自然流露的樂觀情緒有些關系，但最主要的原因在于，它是包括安德森?霍洛維茨風投公司(Andreessen Horowitz)在內的投資者大肆炒作的結果。其他打算涉足比特幣交易的投資者應該充分考慮這一點，同時也應該記住，曾幾何時，寵物零售網站Pets.com似乎也代表著未來的潮涌方向。（財富中文網）

????本文作者是政治和商業評論家。他曾在知名投行Lazard Freres和Dresdner Kleinwort Wasserstein就職，著有《殺死華爾街》一書。

????譯者：葉寒

????And there's the paradox that could be bitcoin's downfall. In order for it to become a bona fide currency, it needs widespread acceptance from central banks (including in places like China, which has rejected it, and Finland, which has designated it a commodity) and regulation to stabilize its value, but that would destroy the very aspects that make bitcoin so attractive: privacy and the ability of users to transact directly and outside of the banking system. This would relegate it to the status of just another digital wallet, which is hardly a game-changer. Even the much-touted Google Wallet has ultimately struggled to take off against more traditional payment systems.

????So given all this, why is the price of bitcoin so high? Some of it is a natural optimism about a disruptive new technology, but mostly it is hype created by investors, including venture capital firm, Andreessen Horowitz. Other investors thinking of dipping their toe in these waters should take that into consideration and also remember that at one time Pets.com seemed like the wave of the future.

????Sanjay Sanghoee is a political and business commentator. He has worked at investment banks Lazard Freres and Dresdner, as well as at hedge fund Ramius. He is author of Merger and Killing Wall Street.