{"id":243505,"date":"2025-09-17T09:54:19","date_gmt":"2025-09-17T01:54:19","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/research\/thought-leadership\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/"},"modified":"2025-09-17T10:46:03","modified_gmt":"2025-09-17T02:46:03","slug":"market-risks-lurking-in-the-fusion-of-government-and-financial-sectors","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/","title":{"rendered":"\u653f\u91d1\u5408\u4f53\u6f5c\u85cf\u7684\u5e02\u573a\u98ce\u9669"},"content":{"rendered":"<p>\u7279\u6717\u666e\u5bb6\u65cf\u900f\u8fc7\u65d7\u4e0b\u201c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u201d\uff08World Liberty Financial\uff09\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u534f\u5b9a\u548c\u7ba1\u6cbb\u5e73\u53f0, \u53d1\u884c\u540d\u4e3a\u201cWLFI\u201d\u7684\u6570\u5b57\u4ee3\u5e01\uff0c\u521a\u75319\u67081\u65e5\u8d77\u5728\u5404\u5927\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\u4e70\u5356\uff08\u3010\u56fe\u3011\uff09\u3002<\/p>\n<p>\u516c\u5f00\u4ea4\u6613\u540e\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u7684\u8d22\u5bcc\u5e10\u9762\u4e0a\u4e00\u5ea6\u8dc3\u534750\u4ebf\u7f8e\u5143\u3002\u81ea\u4ece\u7279\u6717\u666e\u672c\u5e74\u91cd\u8fd4\u767d\u5bab\u4ee5\u6765\uff0c\u4ed6\u4e0d\u4f46\u901a\u8fc7WLFI\u9879\u76ee\u5728\u91d1\u878d\u9886\u57df\u53d6\u5f97\u4e30\u5bcc\u6536\u83b7\uff0c\u751a\u81f3\u5f97\u4ee5\u6210\u4e3a\u5386\u4efb\u7f8e\u56fd\u603b\u7edf\u4e2d\u7684\u9996\u5bcc\u3002<\/p>\n<h5><strong>\u4ece\u6000\u7591\u5230\u62e5\u62b1\u7684\u6025\u8f6c\u5f2f<\/strong><\/h5>\n<p>\u7136\u800c\u56de\u6eaf2021\u5e746\u6708\u7684\u4e00\u6b21\u8bbf\u95ee\u4e2d\uff0c\u7279\u6717\u666e\u5374\u516c\u5f00\u6279\u8bc4\u52a0\u5bc6\u8d27\u5e01\u662f\u5f71\u54cd\u7f8e\u5143\u4ef7\u503c\u7684\u9a97\u5c40\uff0c\u4e3b\u5f20\u4e25\u52a0\u76d1\u7ba1\u30023\u5e74\u4e4b\u540e\uff0c\u4e3a\u4e86\u5728\u5927\u9009\u4e2d\u80dc\u51fa\uff0c\u7adf\u53c8\u4e00\u6539\u7acb\u573a\uff0c\u627f\u8bfa\u5c06\u7f8e\u56fd\u6253\u9020\u6210\u201c\u4e16\u754c\u52a0\u5bc6\u4e4b\u90fd\u201d\u3002\u7279\u6717\u666e\u4e0a\u53f0\u540e\uff0c\u968f\u5373\u7b7e\u7f72\u4e00\u9879\u884c\u653f\u547d\u4ee4\uff0c\u65e8\u5728\u5f3a\u5316\u7f8e\u56fd\u5728\u6570\u5b57\u91d1\u878d\u6280\u672f\u9886\u57df\u7684\u9886\u5bfc\u5730\u4f4d\uff0c\u5e76\u6210\u7acb\u603b\u7edf\u6570\u5b57\u8d44\u4ea7\u5e02\u573a\u5de5\u4f5c\u5c0f\u7ec4\uff0c\u63a8\u52a8\u7f8e\u56fd\u6210\u4e3a\u533a\u5757\u94fe\u521b\u65b0\u7684\u9886\u5bfc\u8005\u3002\u800c\u7279\u6717\u666e\u4e24\u540d\u513f\u5b50\u6295\u8d44\u7684\u6bd4\u7279\u5e01\u77ff\u4e1a\u516c\u53f8 American Bitcoin\uff0c\u4ea6\u4e8e\u4e0a\u5468\u6b63\u5f0f\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\uff0c\u6210\u4e3a\u5e02\u573a\u68c0\u89c6\u7279\u6717\u666e\u5bb6\u65cf\u5bf9\u6295\u8d44\u52a0\u5bc6\u8d27\u5e01\u70ed\u5ea6\u7684\u53e6\u4e00\u4f8b\u5b50\u3002<\/p>\n<p>\u4e8b\u5b9e\u4e0a\uff0c\u76f4\u81f32022\u5e74\u5e95\uff0c\u7279\u6717\u666e\u624d\u5f00\u59cb\u552e\u5356\u6570\u5b57\u85cf\u54c1 (digital collectibles)\uff0c\u4e3b\u8981\u5305\u62ec\u7279\u6717\u666e\u8eab\u7a7f\u8d85\u7ea7\u82f1\u96c4\u670d\u88c5\u6216\u6446\u51fa\u6253\u9ad8\u5c14\u592b\u7403\u59ff\u52bf\u7684\u56fe\u50cf\u3002\u516c\u5f00\u6570\u636e\u663e\u793a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u5df2\u6d89\u8db3\u975e\u540c\u8d28\u5316\u4ee3\u5e01\uff08NFT\uff09\u3001\u6bd4\u7279\u5e01\u3001\u53d1\u5e03\u4e2a\u4eba\u52a0\u5bc6\u8d27\u5e01\u7b49\u4e1a\u52a1\uff0c\u7531\u6b64\u83b7\u5f97\u8fd110\u4ebf\u7f8e\u5143\u8d26\u9762\u6536\u76ca\u3002<\/p>\n<h5><strong>WLFI<\/strong><strong>\u66b4\u5347\u66b4\u8dcc\u6709\u8ff9\u53ef\u5bfb<\/strong><\/h5>\n<p>\u4e16\u754c\u81ea\u7531\u91d1\u878d\u516c\u53f8\u81ea2024\u5e749\u6708\u6210\u7acb\u4ee5\u6765\uff0c\u4e00\u76f4\u5728\u8d2d\u4e70\u4ee5\u592a\u5e01\u3001\u6ce2\u573a\u5e01\u7b49\u52a0\u5bc6\u8d27\u5e01\uff0c\u4f46\u5c1a\u672a\u63a8\u51fa\u5176\u58f0\u79f0\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u670d\u52a1\u3002\u672c\u5e743\u6708\u5b8c\u6210\u53d1\u884c\u7b2c\u4e8c\u6279\u52a0\u5bc6\u5e01\u540e\uff0c\u8be5\u516c\u53f8\u4ece\u4e2d\u96c6\u8d44\u603b\u989d\u8fbe5.5\u4ebf\u7f8e\u5143\uff0c\u5e76\u5ba3\u5e03\u63a8\u51fa\u4e0e\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01USD1\uff0c\u6700\u521d\u5c06\u5728\u4ee5\u592a\u574a\u548c\u5e01\u5b89\u533a\u5757\u94fe\u4e0a\u94f8\u9020\u3002<\/p>\n<p>\u81f3\u4e8e\u4e0a\u5468\u53d1\u884c\u7684WLFI\u4ee3\u5e01\uff0c\u5728\u7279\u6717\u666e\u5bb6\u65cf\u6210\u5458\u7684\u652f\u6301\u4e0b\uff0c\u5f3a\u8c03\u5c06\u201c\u7f8e\u56fd\u4f18\u5148\u201d\uff08America First\uff09\u7b56\u7565\u548c\u533a\u5757\u94fe\u5b9e\u7528\u529f\u80fd\u7ed3\u5408\u3002\u4e0a\u5e02 48 \u5c0f\u65f6\u5185\u4ea4\u6613\u4ef7\u683c\u98d9\u5347\u903e 60%\uff0c\u4f46\u5728\u5ba3\u5e03\u9500\u6bc1 4,700 \u4e07\u679a\u4ee3\u5e01\u540e\u5927\u8dcc, \u4e00\u4e9b\u6295\u8d44\u754c\u540d\u4eba\u7684\u5de8\u989d\u94b1\u5305\u4ea6\u88ab\u51bb\u7ed3\u3002WLFI\u4ee3\u5e01\u521a\u4e0a\u5e02\u5373\u5d29\u76d8\uff0c\u77ed\u65f6\u95f4\u5185\u8dcc\u5e45\u8fbe40%\uff0c\u5f15\u8d77\u5e02\u573a\u5e7f\u6cdb\u5173\u6ce8\u3002<\/p>\n<p>\u6839\u636e\u5e02\u573a\u6d88\u606f\uff0cWLFI\u65e9\u671f\u6295\u8d44\u8005\u6210\u672c\u6781\u4f4e\uff0c\u539f\u672c\u89c4\u5b9a\u53ea\u80fd\u51fa\u552e20%\u7684\u6301\u80a1\u3002\u7136\u800c\uff0c\u516c\u53f8\u88ab\u4f20\u95fb\u4e3a\u534f\u52a9\u5927\u6237\u51fa\u8d27\uff0c\u7a81\u7136\u4fee\u6539\u89c4\u5219\u5141\u8bb8\u5927\u91cf\u629b\u552e\uff0c\u5bfc\u81f4\u5e02\u573a\u77ac\u95f4\u88ab\u5356\u65b9\u6df9\u6ca1\u3002\u5982\u6b64\u671d\u4ee4\u5915\u6539\uff0c\u4e25\u91cd\u5931\u4fe1\u4e8e\u6295\u8d44\u8005\uff0c\u66b4\u9732\u4e86\u9879\u76ee\u7ba1\u7406\u7684\u6838\u5fc3\u7f3a\u9677\u3002WLFI\u6700\u521d\u5ba3\u4f20\u5efa\u7acb\u5e7f\u6cdb\u7684\u653f\u6cbb\u91d1\u878d\u751f\u6001\u7cfb\u7edf\uff0c\u4e0d\u8fc7\u662f\u53ea\u95fb\u697c\u68af\u54cd\u800c\u5df2\u3002\u5176\u53d1\u884c\u603b\u91cf\u9ad8\u8fbe1000\u4ebf\u679a\uff0c\u5e02\u503c\u4e00\u5ea6\u88ab\u7092\u81f3400\u4ebf\u7f8e\u5143\uff0c\u4f46\u5927\u90e8\u5206\u4ee3\u5e01\u7684\u89e3\u9501\u548c\u65f6\u95f4\u8868\u5b8c\u5168\u4e0d\u900f\u660e\u3002\u56e2\u961f\u548c\u65e9\u671f\u6295\u8d44\u8005\u6216\u968f\u65f6\u5927\u89c4\u6a21\u629b\u552e\uff0c\u4e00\u822c\u6295\u8d44\u8005\u5219\u5904\u4e8e\u8d44\u8baf\u52a3\u52bf\u5730\u4f4d\uff0c\u6210\u4e3a\u88ab\u6536\u5272\u7684\u5bf9\u8c61\u3002<\/p>\n<p>\u66f4\u4ee4\u4eba\u62c5\u5fe7\u7684\u662f\uff0cWLFI\u6240\u6709\u6536\u5165\u5b8c\u5168\u5f52\u516c\u53f8\u6240\u6709\uff0c\u6301\u5e01\u8005\u65e0\u6cd5\u83b7\u5f97\u4efb\u4f55\u5206\u7ea2\u6216\u6536\u76ca\uff0c\u6709\u8fdd\u53bb\u4e2d\u5fc3\u5316\u7684\u539f\u5219\uff0c\u7eaf\u5c5e\u5e02\u573a\u7092\u4f5c\u800c\u975e\u771f\u5b9e\u4ef7\u503c\u521b\u9020\u3002WLFI\u5f62\u50cf\u4e0d\u4f73\uff0c\u5728\u793e\u4ea4\u5e73\u53f0\u548c\u52a0\u5bc6\u8d27\u5e01\u8ba8\u8bba\u533a\u4e0a\uff0c\u6709\u6295\u8d44\u8005\u5f00\u59cb\u5c06\u4e4b\u4e0e FTX \u4ee5\u81f3 Bitconnect \u7b49\u91cf\u9f50\u89c2\u3002\u5c3d\u7ba1\u5176\u6d41\u52a8\u6027\u4f9d\u7136\u5145\u88d5, \u4f46\u5e02\u573a\u60c5\u7eea\u5df2\u9aa4\u53d8, \u53cd\u6620\u6295\u8d44\u8005\u6781\u5927\u7684\u4e0d\u4fe1\u4efb\u3002<\/p>\n<h5><strong>\u5bb6\u5929\u4e0b\u7684\u9690\u5fe7<\/strong><\/h5>\n<p>WLFI \u66b4\u8dcc\u7684\u4e3b\u56e0\u6db5\u76d6\u56db\u65b9\u9762\uff1a\u4e00\u3001\u89e3\u9501\u673a\u5236\u4e0d\u5065\u5168\uff0c\u867d\u7136\u6839\u636e WLFI \u7684\u65b9\u6848\uff0c9 \u6708 1 \u65e5\u4ec5\u7ea6 20% \u7684\u65e9\u671f\u79cd\u5b50\u4ee3\u5e01\u548c\u79c1\u52df\u4ee3\u5e01\u900f\u8fc7 Lockbox \u7cfb\u7edf\u89e3\u9501\uff0c\u5176\u9980\u4ee3\u5e01\u9700\u7ecf\u53d7\u6258\u4eba\u6295\u7968\u624d\u80fd\u89e3\u9501\uff0c\u4f46\u4f5c\u4e3a\u4e13\u6848\u65b9\u7684\u7279\u6717\u666e\u5bb6\u65cf\u5374\u4e0d\u53d7\u6b64\u9650\u5236\uff0c\u8d44\u91d1\u8fd0\u7528\u5b8c\u5168\u81ea\u7531\u3002\u4e8c\u3001WLFI \u7684\u4f30\u503c\u6ce1\u6cab\u4e25\u91cd\uff0c\u5176\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\u9ad8\u8fbe 550 \u4ebf\u7f8e\u5143\uff0c\u76f8\u5f53\u4e8e LINK\u3001UNI \u7b49\u56db\u5927\u9879\u76ee\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\u7684\u603b\u548c\uff0c\u4f46\u5b9e\u9645\u4ea4\u6613\u652f\u6491\u51e0\u4e4e\u4e3a\u96f6\uff0c\u4f30\u503c\u4e3b\u8981\u4f9d\u8d56\u7279\u6717\u666e\u5bb6\u65cf\u7684\u652f\u6301\uff0c\u7f3a\u4e4f\u57fa\u672c\u9762\u6307\u6807\u3002\u4e09\u3001\u4ee3\u5e01\u5206\u5e03\u9ad8\u5ea6\u96c6\u4e2d\uff0c35% \u7684\u4ee3\u5e01\u7531\u56e2\u961f\u548c\u7b56\u7565\u6295\u8d44\u8005\u6301\u6709\uff0c\u5386\u53f2\u7ecf\u9a8c\u663e\u793a\u4e0e\u7279\u6717\u666e\u76f8\u5173\u7684\u9879\u76ee\u5e38\u5728\u5927\u6da8\u540e\u906d\u5185\u90e8\u4eba\u58eb\u629b\u552e\uff0c\u4ee5\u81f4\u4ef7\u683c\u4e0b\u8dcc\u3002\u56db\u3001\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u52a0\u5f3a\u5bf9\u653f\u6cbb\u4ee3\u5e01\u7684\u76d1\u7ba1\uff0c\u82e5 WLFI \u88ab\u8ba4\u5b9a\u4e3a\u672a\u6ce8\u518c\u8bc1\u5238\uff0c\u53ef\u80fd\u9762\u4e34\u5f3a\u5236\u9000\u5e02\u3002<\/p>\n<p>\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u7684\u8054\u5408\u521b\u8fa7\u4eba\u4e4b\u4e00\uff0c\u662f\u7279\u6717\u666e\u653f\u5e9c\u4e2d\u4e1c\u7279\u4f7fSteve Witkoff\u7684\u513f\u5b50\uff0c\u56e0\u6709\u6f5c\u5728\u5229\u76ca\u51b2\u7a81\u4e4b\u5acc\u800c\u53d7\u5230\u8d28\u7591\u3002\u5728\u7279\u6717\u666e\u5c31\u4efb\u7f8e\u56fd\u603b\u7edf\u524d\u51e0\u5929\uff0c\u5176\u59bb\u6885\u62c9\u5c3c\u5a05\u53c8\u63a8\u51fa\u4e2a\u4eba\u8ff7\u56e0\u5e01 (meme coin)\uff0c\u5728\u672c\u5e741\u6708\u4e3a\u4e0e\u7279\u6717\u666e\u6709\u5173\u7684\u5b9e\u4f53\u5e26\u6765\u4e86\u8d85\u8fc71140\u4e07\u7f8e\u5143\u7684\u6536\u76ca\uff0c\u4f46\u5176\u4ef7\u683c\u968f\u5373\u66b4\u8dcc\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u4e13\u5bb6\u548c\u4e1a\u5185\u4eba\u58eb\u8fd1\u671f\u7eb7\u7eb7\u8b66\u544a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u6d89\u8db3\u52a0\u5bc6\u8d27\u5e01\uff0c\u4e0d\u4f46\u8db3\u4ee5\u5f15\u81f4\u5229\u76ca\u51b2\u7a81\u751a\u81f3\u56fd\u5bb6\u5b89\u5168\u98ce\u9669\uff0c\u4ea6\u6709\u884d\u751f\u91d1\u6743\u653f\u6cbb\u4e4b\u865e\u3002\u5965\u5df4\u9a6c\u5f53\u653f\u65f6\u7684\u767d\u5bab\u9053\u5fb7\u987e\u95ee\u827e\u68ee\uff08Norman Eisen\uff09\u5c31\u6307\u51fa\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u6b64\u4e3e\u4e0e\u5176\u672c\u4eba\u7684\u603b\u7edf\u804c\u8d23\u4e4b\u95f4\uff0c\u5b58\u5728\u6781\u5176\u4e25\u91cd\u7684\u5229\u76ca\u51b2\u7a81\u3002<\/p>\n<p>\u89c2\u4e4e\u7279\u6717\u666e\u5bb6\u65cf\u5148\u524d\u63a8\u51fa\u7684Trump\u5e01\u548cNFT\u8ba1\u5212\uff0c\u6700\u7ec8\u90fd\u4ee5\u5931\u8d25\u544a\u7ec8\uff0c\u8fd9\u6b21WLFI\u5e01\u7684\u524d\u666f\u81ea\u7136\u4e5f\u4e0d\u88ab\u770b\u597d\u3002WLFI\u3001RTX \u548c SOMI \u540c\u6b65\u5d1b\u8d77\uff0c\u63ed\u793a\u4e86\u5f53\u4eca\u52a0\u5bc6\u8d27\u5e01\u6295\u8d44\u8005\u7684\u788e\u7247\u5316\u601d\u7ef4\u3002 WLFI \u501f\u52a9\u638c\u6743\u5bb6\u65cf\u7684\u653f\u6cbb\u5730\u4f4d\u58ee\u5927\u58f0\u52bf, \u800cRTX \u4ee5\u4f01\u4e1a\u7ea7\u903b\u8f91\u63d0\u4f9b\u5207\u5b9e\u53ef\u884c\u7684\u89e3\u51b3\u65b9\u6848\uff0cSOMI \u5219\u4ee5\u4ea4\u6613\u901f\u5ea6\u548c\u5177\u6709\u8fdc\u89c1\u8457\u79f0, \u5c3d\u7ba1\u5176\u5b9e\u7528\u6027\u4ecd\u6709\u5f85\u89c2\u5bdf\u3002\u4e09\u79cd\u4ee3\u5e01\u4f53\u73b0\u4e86\u5728\u5f53\u524d\u7684\u5e02\u573a\u4e2d\uff0c\u6295\u673a\u6027\u3001\u4e89\u8bae\u6027\u548c\u5ba1\u614e\u89c2\u70b9\u5e76\u5b58\u3002<\/p>\n<h5><strong>\u614e\u9632\u653f\u6cbb\u5316\u98ce\u9669<\/strong><\/h5>\n<p>\u7279\u6717\u666e\u5bb6\u65cf\u5c06\u201c\u7f8e\u56fd\u4f18\u5148\u201d\u7684\u653f\u6cbb\u53e3\u53f7\u4e0e\u533a\u5757\u94fe\u6280\u672f\u7ed3\u5408\uff0c\u8bd5\u56fe\u5728\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u4e2d\u5efa\u7acb\u4e00\u79cd\u5177\u6709\u8c61\u5f81\u610f\u4e49\u7684\u91d1\u878d\u4ea7\u54c1\u3002\u8fd9\u79cd\u7b56\u7565\u53cd\u6620\u51fa\u52a0\u5bc6\u8d44\u4ea7\u4e0d\u518d\u53ea\u662f\u6280\u672f\u521b\u65b0\u7684\u4ea7\u7269\uff0c\u800c\u662f\u53d8\u4e3a\u653f\u6cbb\u4eba\u7269\u4e0e\u540d\u4eba\u8fdb\u884c\u54c1\u724c\u5ef6\u4f38\u4e0e\u8d44\u672c\u8fd0\u4f5c\u7684\u5de5\u5177\u3002\u5bf9\u4e8e\u9999\u6e2f\u53ca\u4e9a\u6d32\u5e02\u573a\u800c\u8a00\uff0c\u8fd9\u79cd\u201c\u653f\u6cbb\u5316\u91d1\u878d\u201d\u7684\u8d8b\u52bf\u4e0d\u5bb9\u5ffd\u89c6\uff0c\u5c24\u5176\u5728\u533a\u5757\u94fe\u6280\u672f\u4e0d\u65ad\u6e17\u900f\u4e3b\u6d41\u91d1\u878d\u4f53\u7cfb\u7684\u80cc\u666f\u4e0b\uff0c\u5982\u4f55\u5e73\u8861\u6280\u672f\u521b\u65b0\u4e0e\u9053\u5fb7\u76d1\u7ba1\uff0c\u5c06\u6210\u4e3a\u653f\u7b56\u5236\u5b9a\u8005\u4e0e\u6295\u8d44\u8005\u7684\u5173\u6ce8\u7126\u70b9\u3002<\/p>\n<p>\u4e16\u754c\u5404\u5730\u91d1\u878d\u5e02\u573a\u7d27\u5bc6\u4e92\u901a\uff0cWLFI \u7684\u5267\u70c8\u6ce2\u52a8\u4e0e\u7ba1\u6cbb\u4e89\u8bae\uff0c\u4e3a\u9999\u6e2f\u53ca\u5404\u5730\u6295\u8d44\u8005\u6572\u54cd\u8b66\u949f\uff1b\u5e02\u573a\u60c5\u7eea\u7a81\u53d8\u4ece\u3010\u56fe\u3011\u53ef\u89c1\u4e00\u6591\u3002\u5728\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u4e2d\uff0c\u9879\u76ee\u7684\u7ba1\u6cbb\u7ed3\u6784\u3001\u4ee3\u5e01\u89e3\u9501\u673a\u5236\u4e0e\u8d44\u8baf\u900f\u660e\u5ea6\uff0c\u5f80\u5f80\u6bd4\u77ed\u671f\u4ef7\u683c\u66f4\u5177\u51b3\u5b9a\u6027\u3002\u9999\u6e2f\u4f5c\u4e3a\u56fd\u9645\u91d1\u878d\u4e2d\u5fc3\uff0c\u5176\u4e2d\u6108\u6765\u6108\u591a\u6563\u6237\u4e0e\u673a\u6784\u53c2\u4e0e\u52a0\u5bc6\u8d44\u4ea7\u6295\u8d44\uff0c\u5f53\u5c40\u5e94\u52a0\u5f3a\u793e\u4f1a\u5bf9\u9879\u76ee\u767d\u76ae\u4e66\u3001\u4ee3\u5e01\u5206\u914d\u4e0e\u7ba1\u6cbb\u673a\u5236\u7684\u5206\u6790\u80fd\u529b\u3002\u5728\u9ad8\u6ce2\u52a8\u6027\u4e0e\u8d44\u8baf\u4e0d\u5bf9\u79f0\u7684\u5e02\u573a\u4e2d\uff0c\u7f3a\u4e4f\u5bf9\u9879\u76ee\u5185\u90e8\u8fd0\u4f5c\u7406\u89e3\u7684\u6295\u8d44\u8005\uff0c\u5c06\u96be\u514d\u627f\u53d7\u5de8\u5927\u98ce\u9669\u3002<\/p>\n<p style=\"text-align: center;\"><strong>\u56fe<\/strong><strong>\u00a0\u00a0 WLFI <\/strong><strong>\u4ee3\u5e01\u4ef7\u683c\u8d70\u52bf<\/strong><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-243494 size-full aligncenter\" src=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2025\/09\/Picture1.jpg\" alt=\"\" width=\"1237\" height=\"685\" srcset=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2025\/09\/Picture1.jpg 1237w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2025\/09\/Picture1-300x166.jpg 300w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2025\/09\/Picture1-1024x567.jpg 1024w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2025\/09\/Picture1-768x425.jpg 768w\" sizes=\"(max-width: 1237px) 100vw, 1237px\" \/><\/p>\n<p style=\"text-align: center;\">\u8d44\u6599\u6765\u6e90\uff1a CoinGecko<\/p>\n<p><strong>\u8c22\u56fd\u751f\u6559\u6388\u00a0\u00a0 <\/strong><\/p>\n<p><strong>\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u6559\u5b66\u526f\u6559\u6388\u3001\u65b0\u754c\u4e61\u8bae\u5c40\u5f53\u7136\u6267\u884c\u59d4\u5458<\/strong><\/p>\n<p><strong>\u4f55\u654f\u6dd9\u00a0 <\/strong><\/p>\n<p><strong>\u9999\u6e2f\u5927\u5b66\u9644\u5c5e\u5b66\u9662\u8bb2\u5e08<\/strong><\/p>\n<p><span>\uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u4e5d\u6708\u5341\u4e03\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u201c\u9f99\u864e\u5c71\u4e0b\u201d\u4e13\u680f\uff09<\/span><\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"tags":[],"class_list":["post-243505","thought-leadership","type-thought-leadership","status-publish","hentry","leadership-topic-categories-hkej-column-sc","leadership-topic-categories-opinions-and-speeches-sc","in-the-media-topic-categories-faculty-sc","opinion-speeches-categories-faculty-sc"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"\u7279\u6717\u666e\u5bb6\u65cf\u900f\u8fc7\u65d7\u4e0b\u201c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u201d\uff08World Liberty Financial\uff09\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u534f\u5b9a\u548c\u7ba1\u6cbb\u5e73\u53f0, \u53d1\u884c\u540d\u4e3a\u201cWLFI\u201d\u7684\u6570\u5b57\u4ee3\u5e01\uff0c\u521a\u75319\u67081\u65e5\u8d77\u5728\u5404\u5927\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\u4e70\u5356\uff08\u3010\u56fe\u3011\uff09\u3002 \u516c\u5f00\u4ea4\u6613\u540e\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u7684\u8d22\u5bcc\u5e10\u9762\u4e0a\u4e00\u5ea6\u8dc3\u534750\u4ebf\u7f8e\u5143\u3002\u81ea\u4ece\u7279\u6717\u666e\u672c\u5e74\u91cd\u8fd4\u767d\u5bab\u4ee5\u6765\uff0c\u4ed6\u4e0d\u4f46\u901a\u8fc7WLFI\u9879\u76ee\u5728\u91d1\u878d\u9886\u57df\u53d6\u5f97\u4e30\u5bcc\u6536\u83b7\uff0c\u751a\u81f3\u5f97\u4ee5\u6210\u4e3a\u5386\u4efb\u7f8e\u56fd\u603b\u7edf\u4e2d\u7684\u9996\u5bcc\u3002 \u4ece\u6000\u7591\u5230\u62e5\u62b1\u7684\u6025\u8f6c\u5f2f \u7136\u800c\u56de\u6eaf2021\u5e746\u6708\u7684\u4e00\u6b21\u8bbf\u95ee\u4e2d\uff0c\u7279\u6717\u666e\u5374\u516c\u5f00\u6279\u8bc4\u52a0\u5bc6\u8d27\u5e01\u662f\u5f71\u54cd\u7f8e\u5143\u4ef7\u503c\u7684\u9a97\u5c40\uff0c\u4e3b\u5f20\u4e25\u52a0\u76d1\u7ba1\u30023\u5e74\u4e4b\u540e\uff0c\u4e3a\u4e86\u5728\u5927\u9009\u4e2d\u80dc\u51fa\uff0c\u7adf\u53c8\u4e00\u6539\u7acb\u573a\uff0c\u627f\u8bfa\u5c06\u7f8e\u56fd\u6253\u9020\u6210\u201c\u4e16\u754c\u52a0\u5bc6\u4e4b\u90fd\u201d\u3002\u7279\u6717\u666e\u4e0a\u53f0\u540e\uff0c\u968f\u5373\u7b7e\u7f72\u4e00\u9879\u884c\u653f\u547d\u4ee4\uff0c\u65e8\u5728\u5f3a\u5316\u7f8e\u56fd\u5728\u6570\u5b57\u91d1\u878d\u6280\u672f\u9886\u57df\u7684\u9886\u5bfc\u5730\u4f4d\uff0c\u5e76\u6210\u7acb\u603b\u7edf\u6570\u5b57\u8d44\u4ea7\u5e02\u573a\u5de5\u4f5c\u5c0f\u7ec4\uff0c\u63a8\u52a8\u7f8e\u56fd\u6210\u4e3a\u533a\u5757\u94fe\u521b\u65b0\u7684\u9886\u5bfc\u8005\u3002\u800c\u7279\u6717\u666e\u4e24\u540d\u513f\u5b50\u6295\u8d44\u7684\u6bd4\u7279\u5e01\u77ff\u4e1a\u516c\u53f8 American Bitcoin\uff0c\u4ea6\u4e8e\u4e0a\u5468\u6b63\u5f0f\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\uff0c\u6210\u4e3a\u5e02\u573a\u68c0\u89c6\u7279\u6717\u666e\u5bb6\u65cf\u5bf9\u6295\u8d44\u52a0\u5bc6\u8d27\u5e01\u70ed\u5ea6\u7684\u53e6\u4e00\u4f8b\u5b50\u3002 \u4e8b\u5b9e\u4e0a\uff0c\u76f4\u81f32022\u5e74\u5e95\uff0c\u7279\u6717\u666e\u624d\u5f00\u59cb\u552e\u5356\u6570\u5b57\u85cf\u54c1 (digital collectibles)\uff0c\u4e3b\u8981\u5305\u62ec\u7279\u6717\u666e\u8eab\u7a7f\u8d85\u7ea7\u82f1\u96c4\u670d\u88c5\u6216\u6446\u51fa\u6253\u9ad8\u5c14\u592b\u7403\u59ff\u52bf\u7684\u56fe\u50cf\u3002\u516c\u5f00\u6570\u636e\u663e\u793a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u5df2\u6d89\u8db3\u975e\u540c\u8d28\u5316\u4ee3\u5e01\uff08NFT\uff09\u3001\u6bd4\u7279\u5e01\u3001\u53d1\u5e03\u4e2a\u4eba\u52a0\u5bc6\u8d27\u5e01\u7b49\u4e1a\u52a1\uff0c\u7531\u6b64\u83b7\u5f97\u8fd110\u4ebf\u7f8e\u5143\u8d26\u9762\u6536\u76ca\u3002 WLFI\u66b4\u5347\u66b4\u8dcc\u6709\u8ff9\u53ef\u5bfb \u4e16\u754c\u81ea\u7531\u91d1\u878d\u516c\u53f8\u81ea2024\u5e749\u6708\u6210\u7acb\u4ee5\u6765\uff0c\u4e00\u76f4\u5728\u8d2d\u4e70\u4ee5\u592a\u5e01\u3001\u6ce2\u573a\u5e01\u7b49\u52a0\u5bc6\u8d27\u5e01\uff0c\u4f46\u5c1a\u672a\u63a8\u51fa\u5176\u58f0\u79f0\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u670d\u52a1\u3002\u672c\u5e743\u6708\u5b8c\u6210\u53d1\u884c\u7b2c\u4e8c\u6279\u52a0\u5bc6\u5e01\u540e\uff0c\u8be5\u516c\u53f8\u4ece\u4e2d\u96c6\u8d44\u603b\u989d\u8fbe5.5\u4ebf\u7f8e\u5143\uff0c\u5e76\u5ba3\u5e03\u63a8\u51fa\u4e0e\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01USD1\uff0c\u6700\u521d\u5c06\u5728\u4ee5\u592a\u574a\u548c\u5e01\u5b89\u533a\u5757\u94fe\u4e0a\u94f8\u9020\u3002 \u81f3\u4e8e\u4e0a\u5468\u53d1\u884c\u7684WLFI\u4ee3\u5e01\uff0c\u5728\u7279\u6717\u666e\u5bb6\u65cf\u6210\u5458\u7684\u652f\u6301\u4e0b\uff0c\u5f3a\u8c03\u5c06\u201c\u7f8e\u56fd\u4f18\u5148\u201d\uff08America First\uff09\u7b56\u7565\u548c\u533a\u5757\u94fe\u5b9e\u7528\u529f\u80fd\u7ed3\u5408\u3002\u4e0a\u5e02 48 \u5c0f\u65f6\u5185\u4ea4\u6613\u4ef7\u683c\u98d9\u5347\u903e 60%\uff0c\u4f46\u5728\u5ba3\u5e03\u9500\u6bc1 4,700 \u4e07\u679a\u4ee3\u5e01\u540e\u5927\u8dcc, \u4e00\u4e9b\u6295\u8d44\u754c\u540d\u4eba\u7684\u5de8\u989d\u94b1\u5305\u4ea6\u88ab\u51bb\u7ed3\u3002WLFI\u4ee3\u5e01\u521a\u4e0a\u5e02\u5373\u5d29\u76d8\uff0c\u77ed\u65f6\u95f4\u5185\u8dcc\u5e45\u8fbe40%\uff0c\u5f15\u8d77\u5e02\u573a\u5e7f\u6cdb\u5173\u6ce8\u3002 \u6839\u636e\u5e02\u573a\u6d88\u606f\uff0cWLFI\u65e9\u671f\u6295\u8d44\u8005\u6210\u672c\u6781\u4f4e\uff0c\u539f\u672c\u89c4\u5b9a\u53ea\u80fd\u51fa\u552e20%\u7684\u6301\u80a1\u3002\u7136\u800c\uff0c\u516c\u53f8\u88ab\u4f20\u95fb\u4e3a\u534f\u52a9\u5927\u6237\u51fa\u8d27\uff0c\u7a81\u7136\u4fee\u6539\u89c4\u5219\u5141\u8bb8\u5927\u91cf\u629b\u552e\uff0c\u5bfc\u81f4\u5e02\u573a\u77ac\u95f4\u88ab\u5356\u65b9\u6df9\u6ca1\u3002\u5982\u6b64\u671d\u4ee4\u5915\u6539\uff0c\u4e25\u91cd\u5931\u4fe1\u4e8e\u6295\u8d44\u8005\uff0c\u66b4\u9732\u4e86\u9879\u76ee\u7ba1\u7406\u7684\u6838\u5fc3\u7f3a\u9677\u3002WLFI\u6700\u521d\u5ba3\u4f20\u5efa\u7acb\u5e7f\u6cdb\u7684\u653f\u6cbb\u91d1\u878d\u751f\u6001\u7cfb\u7edf\uff0c\u4e0d\u8fc7\u662f\u53ea\u95fb\u697c\u68af\u54cd\u800c\u5df2\u3002\u5176\u53d1\u884c\u603b\u91cf\u9ad8\u8fbe1000\u4ebf\u679a\uff0c\u5e02\u503c\u4e00\u5ea6\u88ab\u7092\u81f3400\u4ebf\u7f8e\u5143\uff0c\u4f46\u5927\u90e8\u5206\u4ee3\u5e01\u7684\u89e3\u9501\u548c\u65f6\u95f4\u8868\u5b8c\u5168\u4e0d\u900f\u660e\u3002\u56e2\u961f\u548c\u65e9\u671f\u6295\u8d44\u8005\u6216\u968f\u65f6\u5927\u89c4\u6a21\u629b\u552e\uff0c\u4e00\u822c\u6295\u8d44\u8005\u5219\u5904\u4e8e\u8d44\u8baf\u52a3\u52bf\u5730\u4f4d\uff0c\u6210\u4e3a\u88ab\u6536\u5272\u7684\u5bf9\u8c61\u3002 \u66f4\u4ee4\u4eba\u62c5\u5fe7\u7684\u662f\uff0cWLFI\u6240\u6709\u6536\u5165\u5b8c\u5168\u5f52\u516c\u53f8\u6240\u6709\uff0c\u6301\u5e01\u8005\u65e0\u6cd5\u83b7\u5f97\u4efb\u4f55\u5206\u7ea2\u6216\u6536\u76ca\uff0c\u6709\u8fdd\u53bb\u4e2d\u5fc3\u5316\u7684\u539f\u5219\uff0c\u7eaf\u5c5e\u5e02\u573a\u7092\u4f5c\u800c\u975e\u771f\u5b9e\u4ef7\u503c\u521b\u9020\u3002WLFI\u5f62\u50cf\u4e0d\u4f73\uff0c\u5728\u793e\u4ea4\u5e73\u53f0\u548c\u52a0\u5bc6\u8d27\u5e01\u8ba8\u8bba\u533a\u4e0a\uff0c\u6709\u6295\u8d44\u8005\u5f00\u59cb\u5c06\u4e4b\u4e0e FTX \u4ee5\u81f3 Bitconnect \u7b49\u91cf\u9f50\u89c2\u3002\u5c3d\u7ba1\u5176\u6d41\u52a8\u6027\u4f9d\u7136\u5145\u88d5, \u4f46\u5e02\u573a\u60c5\u7eea\u5df2\u9aa4\u53d8, \u53cd\u6620\u6295\u8d44\u8005\u6781\u5927\u7684\u4e0d\u4fe1\u4efb\u3002 \u5bb6\u5929\u4e0b\u7684\u9690\u5fe7 WLFI \u66b4\u8dcc\u7684\u4e3b\u56e0\u6db5\u76d6\u56db\u65b9\u9762\uff1a\u4e00\u3001\u89e3\u9501\u673a\u5236\u4e0d\u5065\u5168\uff0c\u867d\u7136\u6839\u636e WLFI \u7684\u65b9\u6848\uff0c9 \u6708 1 \u65e5\u4ec5\u7ea6 20% \u7684\u65e9\u671f\u79cd\u5b50\u4ee3\u5e01\u548c\u79c1\u52df\u4ee3\u5e01\u900f\u8fc7 Lockbox \u7cfb\u7edf\u89e3\u9501\uff0c\u5176\u9980\u4ee3\u5e01\u9700\u7ecf\u53d7\u6258\u4eba\u6295\u7968\u624d\u80fd\u89e3\u9501\uff0c\u4f46\u4f5c\u4e3a\u4e13\u6848\u65b9\u7684\u7279\u6717\u666e\u5bb6\u65cf\u5374\u4e0d\u53d7\u6b64\u9650\u5236\uff0c\u8d44\u91d1\u8fd0\u7528\u5b8c\u5168\u81ea\u7531\u3002\u4e8c\u3001WLFI \u7684\u4f30\u503c\u6ce1\u6cab\u4e25\u91cd\uff0c\u5176\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\u9ad8\u8fbe 550 \u4ebf\u7f8e\u5143\uff0c\u76f8\u5f53\u4e8e LINK\u3001UNI \u7b49\u56db\u5927\u9879\u76ee\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\u7684\u603b\u548c\uff0c\u4f46\u5b9e\u9645\u4ea4\u6613\u652f\u6491\u51e0\u4e4e\u4e3a\u96f6\uff0c\u4f30\u503c\u4e3b\u8981\u4f9d\u8d56\u7279\u6717\u666e\u5bb6\u65cf\u7684\u652f\u6301\uff0c\u7f3a\u4e4f\u57fa\u672c\u9762\u6307\u6807\u3002\u4e09\u3001\u4ee3\u5e01\u5206\u5e03\u9ad8\u5ea6\u96c6\u4e2d\uff0c35% \u7684\u4ee3\u5e01\u7531\u56e2\u961f\u548c\u7b56\u7565\u6295\u8d44\u8005\u6301\u6709\uff0c\u5386\u53f2\u7ecf\u9a8c\u663e\u793a\u4e0e\u7279\u6717\u666e\u76f8\u5173\u7684\u9879\u76ee\u5e38\u5728\u5927\u6da8\u540e\u906d\u5185\u90e8\u4eba\u58eb\u629b\u552e\uff0c\u4ee5\u81f4\u4ef7\u683c\u4e0b\u8dcc\u3002\u56db\u3001\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u52a0\u5f3a\u5bf9\u653f\u6cbb\u4ee3\u5e01\u7684\u76d1\u7ba1\uff0c\u82e5 WLFI \u88ab\u8ba4\u5b9a\u4e3a\u672a\u6ce8\u518c\u8bc1\u5238\uff0c\u53ef\u80fd\u9762\u4e34\u5f3a\u5236\u9000\u5e02\u3002 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u7684\u8054\u5408\u521b\u8fa7\u4eba\u4e4b\u4e00\uff0c\u662f\u7279\u6717\u666e\u653f\u5e9c\u4e2d\u4e1c\u7279\u4f7fSteve Witkoff\u7684\u513f\u5b50\uff0c\u56e0\u6709\u6f5c\u5728\u5229\u76ca\u51b2\u7a81\u4e4b\u5acc\u800c\u53d7\u5230\u8d28\u7591\u3002\u5728\u7279\u6717\u666e\u5c31\u4efb\u7f8e\u56fd\u603b\u7edf\u524d\u51e0\u5929\uff0c\u5176\u59bb\u6885\u62c9\u5c3c\u5a05\u53c8\u63a8\u51fa\u4e2a\u4eba\u8ff7\u56e0\u5e01 (meme\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"google-site-verification\" content=\"google-site-verification=MjdkluDgHpNk2vz5slbwER2Gusw2rUDQuVULMERWzLo\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.10\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"HKU Business School -\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"\u653f\u91d1\u5408\u4f53\u6f5c\u85cf\u7684\u5e02\u573a\u98ce\u9669 - HKU Business School\" \/>\n\t\t<meta property=\"og:description\" content=\"\u7279\u6717\u666e\u5bb6\u65cf\u900f\u8fc7\u65d7\u4e0b\u201c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u201d\uff08World Liberty Financial\uff09\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u534f\u5b9a\u548c\u7ba1\u6cbb\u5e73\u53f0, \u53d1\u884c\u540d\u4e3a\u201cWLFI\u201d\u7684\u6570\u5b57\u4ee3\u5e01\uff0c\u521a\u75319\u67081\u65e5\u8d77\u5728\u5404\u5927\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\u4e70\u5356\uff08\u3010\u56fe\u3011\uff09\u3002 \u516c\u5f00\u4ea4\u6613\u540e\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u7684\u8d22\u5bcc\u5e10\u9762\u4e0a\u4e00\u5ea6\u8dc3\u534750\u4ebf\u7f8e\u5143\u3002\u81ea\u4ece\u7279\u6717\u666e\u672c\u5e74\u91cd\u8fd4\u767d\u5bab\u4ee5\u6765\uff0c\u4ed6\u4e0d\u4f46\u901a\u8fc7WLFI\u9879\u76ee\u5728\u91d1\u878d\u9886\u57df\u53d6\u5f97\u4e30\u5bcc\u6536\u83b7\uff0c\u751a\u81f3\u5f97\u4ee5\u6210\u4e3a\u5386\u4efb\u7f8e\u56fd\u603b\u7edf\u4e2d\u7684\u9996\u5bcc\u3002 \u4ece\u6000\u7591\u5230\u62e5\u62b1\u7684\u6025\u8f6c\u5f2f \u7136\u800c\u56de\u6eaf2021\u5e746\u6708\u7684\u4e00\u6b21\u8bbf\u95ee\u4e2d\uff0c\u7279\u6717\u666e\u5374\u516c\u5f00\u6279\u8bc4\u52a0\u5bc6\u8d27\u5e01\u662f\u5f71\u54cd\u7f8e\u5143\u4ef7\u503c\u7684\u9a97\u5c40\uff0c\u4e3b\u5f20\u4e25\u52a0\u76d1\u7ba1\u30023\u5e74\u4e4b\u540e\uff0c\u4e3a\u4e86\u5728\u5927\u9009\u4e2d\u80dc\u51fa\uff0c\u7adf\u53c8\u4e00\u6539\u7acb\u573a\uff0c\u627f\u8bfa\u5c06\u7f8e\u56fd\u6253\u9020\u6210\u201c\u4e16\u754c\u52a0\u5bc6\u4e4b\u90fd\u201d\u3002\u7279\u6717\u666e\u4e0a\u53f0\u540e\uff0c\u968f\u5373\u7b7e\u7f72\u4e00\u9879\u884c\u653f\u547d\u4ee4\uff0c\u65e8\u5728\u5f3a\u5316\u7f8e\u56fd\u5728\u6570\u5b57\u91d1\u878d\u6280\u672f\u9886\u57df\u7684\u9886\u5bfc\u5730\u4f4d\uff0c\u5e76\u6210\u7acb\u603b\u7edf\u6570\u5b57\u8d44\u4ea7\u5e02\u573a\u5de5\u4f5c\u5c0f\u7ec4\uff0c\u63a8\u52a8\u7f8e\u56fd\u6210\u4e3a\u533a\u5757\u94fe\u521b\u65b0\u7684\u9886\u5bfc\u8005\u3002\u800c\u7279\u6717\u666e\u4e24\u540d\u513f\u5b50\u6295\u8d44\u7684\u6bd4\u7279\u5e01\u77ff\u4e1a\u516c\u53f8 American Bitcoin\uff0c\u4ea6\u4e8e\u4e0a\u5468\u6b63\u5f0f\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\uff0c\u6210\u4e3a\u5e02\u573a\u68c0\u89c6\u7279\u6717\u666e\u5bb6\u65cf\u5bf9\u6295\u8d44\u52a0\u5bc6\u8d27\u5e01\u70ed\u5ea6\u7684\u53e6\u4e00\u4f8b\u5b50\u3002 \u4e8b\u5b9e\u4e0a\uff0c\u76f4\u81f32022\u5e74\u5e95\uff0c\u7279\u6717\u666e\u624d\u5f00\u59cb\u552e\u5356\u6570\u5b57\u85cf\u54c1 (digital collectibles)\uff0c\u4e3b\u8981\u5305\u62ec\u7279\u6717\u666e\u8eab\u7a7f\u8d85\u7ea7\u82f1\u96c4\u670d\u88c5\u6216\u6446\u51fa\u6253\u9ad8\u5c14\u592b\u7403\u59ff\u52bf\u7684\u56fe\u50cf\u3002\u516c\u5f00\u6570\u636e\u663e\u793a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u5df2\u6d89\u8db3\u975e\u540c\u8d28\u5316\u4ee3\u5e01\uff08NFT\uff09\u3001\u6bd4\u7279\u5e01\u3001\u53d1\u5e03\u4e2a\u4eba\u52a0\u5bc6\u8d27\u5e01\u7b49\u4e1a\u52a1\uff0c\u7531\u6b64\u83b7\u5f97\u8fd110\u4ebf\u7f8e\u5143\u8d26\u9762\u6536\u76ca\u3002 WLFI\u66b4\u5347\u66b4\u8dcc\u6709\u8ff9\u53ef\u5bfb \u4e16\u754c\u81ea\u7531\u91d1\u878d\u516c\u53f8\u81ea2024\u5e749\u6708\u6210\u7acb\u4ee5\u6765\uff0c\u4e00\u76f4\u5728\u8d2d\u4e70\u4ee5\u592a\u5e01\u3001\u6ce2\u573a\u5e01\u7b49\u52a0\u5bc6\u8d27\u5e01\uff0c\u4f46\u5c1a\u672a\u63a8\u51fa\u5176\u58f0\u79f0\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u670d\u52a1\u3002\u672c\u5e743\u6708\u5b8c\u6210\u53d1\u884c\u7b2c\u4e8c\u6279\u52a0\u5bc6\u5e01\u540e\uff0c\u8be5\u516c\u53f8\u4ece\u4e2d\u96c6\u8d44\u603b\u989d\u8fbe5.5\u4ebf\u7f8e\u5143\uff0c\u5e76\u5ba3\u5e03\u63a8\u51fa\u4e0e\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01USD1\uff0c\u6700\u521d\u5c06\u5728\u4ee5\u592a\u574a\u548c\u5e01\u5b89\u533a\u5757\u94fe\u4e0a\u94f8\u9020\u3002 \u81f3\u4e8e\u4e0a\u5468\u53d1\u884c\u7684WLFI\u4ee3\u5e01\uff0c\u5728\u7279\u6717\u666e\u5bb6\u65cf\u6210\u5458\u7684\u652f\u6301\u4e0b\uff0c\u5f3a\u8c03\u5c06\u201c\u7f8e\u56fd\u4f18\u5148\u201d\uff08America First\uff09\u7b56\u7565\u548c\u533a\u5757\u94fe\u5b9e\u7528\u529f\u80fd\u7ed3\u5408\u3002\u4e0a\u5e02 48 \u5c0f\u65f6\u5185\u4ea4\u6613\u4ef7\u683c\u98d9\u5347\u903e 60%\uff0c\u4f46\u5728\u5ba3\u5e03\u9500\u6bc1 4,700 \u4e07\u679a\u4ee3\u5e01\u540e\u5927\u8dcc, \u4e00\u4e9b\u6295\u8d44\u754c\u540d\u4eba\u7684\u5de8\u989d\u94b1\u5305\u4ea6\u88ab\u51bb\u7ed3\u3002WLFI\u4ee3\u5e01\u521a\u4e0a\u5e02\u5373\u5d29\u76d8\uff0c\u77ed\u65f6\u95f4\u5185\u8dcc\u5e45\u8fbe40%\uff0c\u5f15\u8d77\u5e02\u573a\u5e7f\u6cdb\u5173\u6ce8\u3002 \u6839\u636e\u5e02\u573a\u6d88\u606f\uff0cWLFI\u65e9\u671f\u6295\u8d44\u8005\u6210\u672c\u6781\u4f4e\uff0c\u539f\u672c\u89c4\u5b9a\u53ea\u80fd\u51fa\u552e20%\u7684\u6301\u80a1\u3002\u7136\u800c\uff0c\u516c\u53f8\u88ab\u4f20\u95fb\u4e3a\u534f\u52a9\u5927\u6237\u51fa\u8d27\uff0c\u7a81\u7136\u4fee\u6539\u89c4\u5219\u5141\u8bb8\u5927\u91cf\u629b\u552e\uff0c\u5bfc\u81f4\u5e02\u573a\u77ac\u95f4\u88ab\u5356\u65b9\u6df9\u6ca1\u3002\u5982\u6b64\u671d\u4ee4\u5915\u6539\uff0c\u4e25\u91cd\u5931\u4fe1\u4e8e\u6295\u8d44\u8005\uff0c\u66b4\u9732\u4e86\u9879\u76ee\u7ba1\u7406\u7684\u6838\u5fc3\u7f3a\u9677\u3002WLFI\u6700\u521d\u5ba3\u4f20\u5efa\u7acb\u5e7f\u6cdb\u7684\u653f\u6cbb\u91d1\u878d\u751f\u6001\u7cfb\u7edf\uff0c\u4e0d\u8fc7\u662f\u53ea\u95fb\u697c\u68af\u54cd\u800c\u5df2\u3002\u5176\u53d1\u884c\u603b\u91cf\u9ad8\u8fbe1000\u4ebf\u679a\uff0c\u5e02\u503c\u4e00\u5ea6\u88ab\u7092\u81f3400\u4ebf\u7f8e\u5143\uff0c\u4f46\u5927\u90e8\u5206\u4ee3\u5e01\u7684\u89e3\u9501\u548c\u65f6\u95f4\u8868\u5b8c\u5168\u4e0d\u900f\u660e\u3002\u56e2\u961f\u548c\u65e9\u671f\u6295\u8d44\u8005\u6216\u968f\u65f6\u5927\u89c4\u6a21\u629b\u552e\uff0c\u4e00\u822c\u6295\u8d44\u8005\u5219\u5904\u4e8e\u8d44\u8baf\u52a3\u52bf\u5730\u4f4d\uff0c\u6210\u4e3a\u88ab\u6536\u5272\u7684\u5bf9\u8c61\u3002 \u66f4\u4ee4\u4eba\u62c5\u5fe7\u7684\u662f\uff0cWLFI\u6240\u6709\u6536\u5165\u5b8c\u5168\u5f52\u516c\u53f8\u6240\u6709\uff0c\u6301\u5e01\u8005\u65e0\u6cd5\u83b7\u5f97\u4efb\u4f55\u5206\u7ea2\u6216\u6536\u76ca\uff0c\u6709\u8fdd\u53bb\u4e2d\u5fc3\u5316\u7684\u539f\u5219\uff0c\u7eaf\u5c5e\u5e02\u573a\u7092\u4f5c\u800c\u975e\u771f\u5b9e\u4ef7\u503c\u521b\u9020\u3002WLFI\u5f62\u50cf\u4e0d\u4f73\uff0c\u5728\u793e\u4ea4\u5e73\u53f0\u548c\u52a0\u5bc6\u8d27\u5e01\u8ba8\u8bba\u533a\u4e0a\uff0c\u6709\u6295\u8d44\u8005\u5f00\u59cb\u5c06\u4e4b\u4e0e FTX \u4ee5\u81f3 Bitconnect \u7b49\u91cf\u9f50\u89c2\u3002\u5c3d\u7ba1\u5176\u6d41\u52a8\u6027\u4f9d\u7136\u5145\u88d5, \u4f46\u5e02\u573a\u60c5\u7eea\u5df2\u9aa4\u53d8, \u53cd\u6620\u6295\u8d44\u8005\u6781\u5927\u7684\u4e0d\u4fe1\u4efb\u3002 \u5bb6\u5929\u4e0b\u7684\u9690\u5fe7 WLFI \u66b4\u8dcc\u7684\u4e3b\u56e0\u6db5\u76d6\u56db\u65b9\u9762\uff1a\u4e00\u3001\u89e3\u9501\u673a\u5236\u4e0d\u5065\u5168\uff0c\u867d\u7136\u6839\u636e WLFI \u7684\u65b9\u6848\uff0c9 \u6708 1 \u65e5\u4ec5\u7ea6 20% \u7684\u65e9\u671f\u79cd\u5b50\u4ee3\u5e01\u548c\u79c1\u52df\u4ee3\u5e01\u900f\u8fc7 Lockbox \u7cfb\u7edf\u89e3\u9501\uff0c\u5176\u9980\u4ee3\u5e01\u9700\u7ecf\u53d7\u6258\u4eba\u6295\u7968\u624d\u80fd\u89e3\u9501\uff0c\u4f46\u4f5c\u4e3a\u4e13\u6848\u65b9\u7684\u7279\u6717\u666e\u5bb6\u65cf\u5374\u4e0d\u53d7\u6b64\u9650\u5236\uff0c\u8d44\u91d1\u8fd0\u7528\u5b8c\u5168\u81ea\u7531\u3002\u4e8c\u3001WLFI \u7684\u4f30\u503c\u6ce1\u6cab\u4e25\u91cd\uff0c\u5176\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\u9ad8\u8fbe 550 \u4ebf\u7f8e\u5143\uff0c\u76f8\u5f53\u4e8e LINK\u3001UNI \u7b49\u56db\u5927\u9879\u76ee\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\u7684\u603b\u548c\uff0c\u4f46\u5b9e\u9645\u4ea4\u6613\u652f\u6491\u51e0\u4e4e\u4e3a\u96f6\uff0c\u4f30\u503c\u4e3b\u8981\u4f9d\u8d56\u7279\u6717\u666e\u5bb6\u65cf\u7684\u652f\u6301\uff0c\u7f3a\u4e4f\u57fa\u672c\u9762\u6307\u6807\u3002\u4e09\u3001\u4ee3\u5e01\u5206\u5e03\u9ad8\u5ea6\u96c6\u4e2d\uff0c35% \u7684\u4ee3\u5e01\u7531\u56e2\u961f\u548c\u7b56\u7565\u6295\u8d44\u8005\u6301\u6709\uff0c\u5386\u53f2\u7ecf\u9a8c\u663e\u793a\u4e0e\u7279\u6717\u666e\u76f8\u5173\u7684\u9879\u76ee\u5e38\u5728\u5927\u6da8\u540e\u906d\u5185\u90e8\u4eba\u58eb\u629b\u552e\uff0c\u4ee5\u81f4\u4ef7\u683c\u4e0b\u8dcc\u3002\u56db\u3001\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u52a0\u5f3a\u5bf9\u653f\u6cbb\u4ee3\u5e01\u7684\u76d1\u7ba1\uff0c\u82e5 WLFI \u88ab\u8ba4\u5b9a\u4e3a\u672a\u6ce8\u518c\u8bc1\u5238\uff0c\u53ef\u80fd\u9762\u4e34\u5f3a\u5236\u9000\u5e02\u3002 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u7684\u8054\u5408\u521b\u8fa7\u4eba\u4e4b\u4e00\uff0c\u662f\u7279\u6717\u666e\u653f\u5e9c\u4e2d\u4e1c\u7279\u4f7fSteve Witkoff\u7684\u513f\u5b50\uff0c\u56e0\u6709\u6f5c\u5728\u5229\u76ca\u51b2\u7a81\u4e4b\u5acc\u800c\u53d7\u5230\u8d28\u7591\u3002\u5728\u7279\u6717\u666e\u5c31\u4efb\u7f8e\u56fd\u603b\u7edf\u524d\u51e0\u5929\uff0c\u5176\u59bb\u6885\u62c9\u5c3c\u5a05\u53c8\u63a8\u51fa\u4e2a\u4eba\u8ff7\u56e0\u5e01 (meme\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2025-09-17T01:54:19+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-09-17T02:46:03+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u653f\u91d1\u5408\u4f53\u6f5c\u85cf\u7684\u5e02\u573a\u98ce\u9669 - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u7279\u6717\u666e\u5bb6\u65cf\u900f\u8fc7\u65d7\u4e0b\u201c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u201d\uff08World Liberty Financial\uff09\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u534f\u5b9a\u548c\u7ba1\u6cbb\u5e73\u53f0, \u53d1\u884c\u540d\u4e3a\u201cWLFI\u201d\u7684\u6570\u5b57\u4ee3\u5e01\uff0c\u521a\u75319\u67081\u65e5\u8d77\u5728\u5404\u5927\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\u4e70\u5356\uff08\u3010\u56fe\u3011\uff09\u3002 \u516c\u5f00\u4ea4\u6613\u540e\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u7684\u8d22\u5bcc\u5e10\u9762\u4e0a\u4e00\u5ea6\u8dc3\u534750\u4ebf\u7f8e\u5143\u3002\u81ea\u4ece\u7279\u6717\u666e\u672c\u5e74\u91cd\u8fd4\u767d\u5bab\u4ee5\u6765\uff0c\u4ed6\u4e0d\u4f46\u901a\u8fc7WLFI\u9879\u76ee\u5728\u91d1\u878d\u9886\u57df\u53d6\u5f97\u4e30\u5bcc\u6536\u83b7\uff0c\u751a\u81f3\u5f97\u4ee5\u6210\u4e3a\u5386\u4efb\u7f8e\u56fd\u603b\u7edf\u4e2d\u7684\u9996\u5bcc\u3002 \u4ece\u6000\u7591\u5230\u62e5\u62b1\u7684\u6025\u8f6c\u5f2f \u7136\u800c\u56de\u6eaf2021\u5e746\u6708\u7684\u4e00\u6b21\u8bbf\u95ee\u4e2d\uff0c\u7279\u6717\u666e\u5374\u516c\u5f00\u6279\u8bc4\u52a0\u5bc6\u8d27\u5e01\u662f\u5f71\u54cd\u7f8e\u5143\u4ef7\u503c\u7684\u9a97\u5c40\uff0c\u4e3b\u5f20\u4e25\u52a0\u76d1\u7ba1\u30023\u5e74\u4e4b\u540e\uff0c\u4e3a\u4e86\u5728\u5927\u9009\u4e2d\u80dc\u51fa\uff0c\u7adf\u53c8\u4e00\u6539\u7acb\u573a\uff0c\u627f\u8bfa\u5c06\u7f8e\u56fd\u6253\u9020\u6210\u201c\u4e16\u754c\u52a0\u5bc6\u4e4b\u90fd\u201d\u3002\u7279\u6717\u666e\u4e0a\u53f0\u540e\uff0c\u968f\u5373\u7b7e\u7f72\u4e00\u9879\u884c\u653f\u547d\u4ee4\uff0c\u65e8\u5728\u5f3a\u5316\u7f8e\u56fd\u5728\u6570\u5b57\u91d1\u878d\u6280\u672f\u9886\u57df\u7684\u9886\u5bfc\u5730\u4f4d\uff0c\u5e76\u6210\u7acb\u603b\u7edf\u6570\u5b57\u8d44\u4ea7\u5e02\u573a\u5de5\u4f5c\u5c0f\u7ec4\uff0c\u63a8\u52a8\u7f8e\u56fd\u6210\u4e3a\u533a\u5757\u94fe\u521b\u65b0\u7684\u9886\u5bfc\u8005\u3002\u800c\u7279\u6717\u666e\u4e24\u540d\u513f\u5b50\u6295\u8d44\u7684\u6bd4\u7279\u5e01\u77ff\u4e1a\u516c\u53f8 American Bitcoin\uff0c\u4ea6\u4e8e\u4e0a\u5468\u6b63\u5f0f\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\uff0c\u6210\u4e3a\u5e02\u573a\u68c0\u89c6\u7279\u6717\u666e\u5bb6\u65cf\u5bf9\u6295\u8d44\u52a0\u5bc6\u8d27\u5e01\u70ed\u5ea6\u7684\u53e6\u4e00\u4f8b\u5b50\u3002 \u4e8b\u5b9e\u4e0a\uff0c\u76f4\u81f32022\u5e74\u5e95\uff0c\u7279\u6717\u666e\u624d\u5f00\u59cb\u552e\u5356\u6570\u5b57\u85cf\u54c1 (digital collectibles)\uff0c\u4e3b\u8981\u5305\u62ec\u7279\u6717\u666e\u8eab\u7a7f\u8d85\u7ea7\u82f1\u96c4\u670d\u88c5\u6216\u6446\u51fa\u6253\u9ad8\u5c14\u592b\u7403\u59ff\u52bf\u7684\u56fe\u50cf\u3002\u516c\u5f00\u6570\u636e\u663e\u793a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u5df2\u6d89\u8db3\u975e\u540c\u8d28\u5316\u4ee3\u5e01\uff08NFT\uff09\u3001\u6bd4\u7279\u5e01\u3001\u53d1\u5e03\u4e2a\u4eba\u52a0\u5bc6\u8d27\u5e01\u7b49\u4e1a\u52a1\uff0c\u7531\u6b64\u83b7\u5f97\u8fd110\u4ebf\u7f8e\u5143\u8d26\u9762\u6536\u76ca\u3002 WLFI\u66b4\u5347\u66b4\u8dcc\u6709\u8ff9\u53ef\u5bfb \u4e16\u754c\u81ea\u7531\u91d1\u878d\u516c\u53f8\u81ea2024\u5e749\u6708\u6210\u7acb\u4ee5\u6765\uff0c\u4e00\u76f4\u5728\u8d2d\u4e70\u4ee5\u592a\u5e01\u3001\u6ce2\u573a\u5e01\u7b49\u52a0\u5bc6\u8d27\u5e01\uff0c\u4f46\u5c1a\u672a\u63a8\u51fa\u5176\u58f0\u79f0\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u670d\u52a1\u3002\u672c\u5e743\u6708\u5b8c\u6210\u53d1\u884c\u7b2c\u4e8c\u6279\u52a0\u5bc6\u5e01\u540e\uff0c\u8be5\u516c\u53f8\u4ece\u4e2d\u96c6\u8d44\u603b\u989d\u8fbe5.5\u4ebf\u7f8e\u5143\uff0c\u5e76\u5ba3\u5e03\u63a8\u51fa\u4e0e\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01USD1\uff0c\u6700\u521d\u5c06\u5728\u4ee5\u592a\u574a\u548c\u5e01\u5b89\u533a\u5757\u94fe\u4e0a\u94f8\u9020\u3002 \u81f3\u4e8e\u4e0a\u5468\u53d1\u884c\u7684WLFI\u4ee3\u5e01\uff0c\u5728\u7279\u6717\u666e\u5bb6\u65cf\u6210\u5458\u7684\u652f\u6301\u4e0b\uff0c\u5f3a\u8c03\u5c06\u201c\u7f8e\u56fd\u4f18\u5148\u201d\uff08America First\uff09\u7b56\u7565\u548c\u533a\u5757\u94fe\u5b9e\u7528\u529f\u80fd\u7ed3\u5408\u3002\u4e0a\u5e02 48 \u5c0f\u65f6\u5185\u4ea4\u6613\u4ef7\u683c\u98d9\u5347\u903e 60%\uff0c\u4f46\u5728\u5ba3\u5e03\u9500\u6bc1 4,700 \u4e07\u679a\u4ee3\u5e01\u540e\u5927\u8dcc, \u4e00\u4e9b\u6295\u8d44\u754c\u540d\u4eba\u7684\u5de8\u989d\u94b1\u5305\u4ea6\u88ab\u51bb\u7ed3\u3002WLFI\u4ee3\u5e01\u521a\u4e0a\u5e02\u5373\u5d29\u76d8\uff0c\u77ed\u65f6\u95f4\u5185\u8dcc\u5e45\u8fbe40%\uff0c\u5f15\u8d77\u5e02\u573a\u5e7f\u6cdb\u5173\u6ce8\u3002 \u6839\u636e\u5e02\u573a\u6d88\u606f\uff0cWLFI\u65e9\u671f\u6295\u8d44\u8005\u6210\u672c\u6781\u4f4e\uff0c\u539f\u672c\u89c4\u5b9a\u53ea\u80fd\u51fa\u552e20%\u7684\u6301\u80a1\u3002\u7136\u800c\uff0c\u516c\u53f8\u88ab\u4f20\u95fb\u4e3a\u534f\u52a9\u5927\u6237\u51fa\u8d27\uff0c\u7a81\u7136\u4fee\u6539\u89c4\u5219\u5141\u8bb8\u5927\u91cf\u629b\u552e\uff0c\u5bfc\u81f4\u5e02\u573a\u77ac\u95f4\u88ab\u5356\u65b9\u6df9\u6ca1\u3002\u5982\u6b64\u671d\u4ee4\u5915\u6539\uff0c\u4e25\u91cd\u5931\u4fe1\u4e8e\u6295\u8d44\u8005\uff0c\u66b4\u9732\u4e86\u9879\u76ee\u7ba1\u7406\u7684\u6838\u5fc3\u7f3a\u9677\u3002WLFI\u6700\u521d\u5ba3\u4f20\u5efa\u7acb\u5e7f\u6cdb\u7684\u653f\u6cbb\u91d1\u878d\u751f\u6001\u7cfb\u7edf\uff0c\u4e0d\u8fc7\u662f\u53ea\u95fb\u697c\u68af\u54cd\u800c\u5df2\u3002\u5176\u53d1\u884c\u603b\u91cf\u9ad8\u8fbe1000\u4ebf\u679a\uff0c\u5e02\u503c\u4e00\u5ea6\u88ab\u7092\u81f3400\u4ebf\u7f8e\u5143\uff0c\u4f46\u5927\u90e8\u5206\u4ee3\u5e01\u7684\u89e3\u9501\u548c\u65f6\u95f4\u8868\u5b8c\u5168\u4e0d\u900f\u660e\u3002\u56e2\u961f\u548c\u65e9\u671f\u6295\u8d44\u8005\u6216\u968f\u65f6\u5927\u89c4\u6a21\u629b\u552e\uff0c\u4e00\u822c\u6295\u8d44\u8005\u5219\u5904\u4e8e\u8d44\u8baf\u52a3\u52bf\u5730\u4f4d\uff0c\u6210\u4e3a\u88ab\u6536\u5272\u7684\u5bf9\u8c61\u3002 \u66f4\u4ee4\u4eba\u62c5\u5fe7\u7684\u662f\uff0cWLFI\u6240\u6709\u6536\u5165\u5b8c\u5168\u5f52\u516c\u53f8\u6240\u6709\uff0c\u6301\u5e01\u8005\u65e0\u6cd5\u83b7\u5f97\u4efb\u4f55\u5206\u7ea2\u6216\u6536\u76ca\uff0c\u6709\u8fdd\u53bb\u4e2d\u5fc3\u5316\u7684\u539f\u5219\uff0c\u7eaf\u5c5e\u5e02\u573a\u7092\u4f5c\u800c\u975e\u771f\u5b9e\u4ef7\u503c\u521b\u9020\u3002WLFI\u5f62\u50cf\u4e0d\u4f73\uff0c\u5728\u793e\u4ea4\u5e73\u53f0\u548c\u52a0\u5bc6\u8d27\u5e01\u8ba8\u8bba\u533a\u4e0a\uff0c\u6709\u6295\u8d44\u8005\u5f00\u59cb\u5c06\u4e4b\u4e0e FTX \u4ee5\u81f3 Bitconnect \u7b49\u91cf\u9f50\u89c2\u3002\u5c3d\u7ba1\u5176\u6d41\u52a8\u6027\u4f9d\u7136\u5145\u88d5, \u4f46\u5e02\u573a\u60c5\u7eea\u5df2\u9aa4\u53d8, \u53cd\u6620\u6295\u8d44\u8005\u6781\u5927\u7684\u4e0d\u4fe1\u4efb\u3002 \u5bb6\u5929\u4e0b\u7684\u9690\u5fe7 WLFI \u66b4\u8dcc\u7684\u4e3b\u56e0\u6db5\u76d6\u56db\u65b9\u9762\uff1a\u4e00\u3001\u89e3\u9501\u673a\u5236\u4e0d\u5065\u5168\uff0c\u867d\u7136\u6839\u636e WLFI \u7684\u65b9\u6848\uff0c9 \u6708 1 \u65e5\u4ec5\u7ea6 20% \u7684\u65e9\u671f\u79cd\u5b50\u4ee3\u5e01\u548c\u79c1\u52df\u4ee3\u5e01\u900f\u8fc7 Lockbox \u7cfb\u7edf\u89e3\u9501\uff0c\u5176\u9980\u4ee3\u5e01\u9700\u7ecf\u53d7\u6258\u4eba\u6295\u7968\u624d\u80fd\u89e3\u9501\uff0c\u4f46\u4f5c\u4e3a\u4e13\u6848\u65b9\u7684\u7279\u6717\u666e\u5bb6\u65cf\u5374\u4e0d\u53d7\u6b64\u9650\u5236\uff0c\u8d44\u91d1\u8fd0\u7528\u5b8c\u5168\u81ea\u7531\u3002\u4e8c\u3001WLFI \u7684\u4f30\u503c\u6ce1\u6cab\u4e25\u91cd\uff0c\u5176\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\u9ad8\u8fbe 550 \u4ebf\u7f8e\u5143\uff0c\u76f8\u5f53\u4e8e LINK\u3001UNI \u7b49\u56db\u5927\u9879\u76ee\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\u7684\u603b\u548c\uff0c\u4f46\u5b9e\u9645\u4ea4\u6613\u652f\u6491\u51e0\u4e4e\u4e3a\u96f6\uff0c\u4f30\u503c\u4e3b\u8981\u4f9d\u8d56\u7279\u6717\u666e\u5bb6\u65cf\u7684\u652f\u6301\uff0c\u7f3a\u4e4f\u57fa\u672c\u9762\u6307\u6807\u3002\u4e09\u3001\u4ee3\u5e01\u5206\u5e03\u9ad8\u5ea6\u96c6\u4e2d\uff0c35% \u7684\u4ee3\u5e01\u7531\u56e2\u961f\u548c\u7b56\u7565\u6295\u8d44\u8005\u6301\u6709\uff0c\u5386\u53f2\u7ecf\u9a8c\u663e\u793a\u4e0e\u7279\u6717\u666e\u76f8\u5173\u7684\u9879\u76ee\u5e38\u5728\u5927\u6da8\u540e\u906d\u5185\u90e8\u4eba\u58eb\u629b\u552e\uff0c\u4ee5\u81f4\u4ef7\u683c\u4e0b\u8dcc\u3002\u56db\u3001\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u52a0\u5f3a\u5bf9\u653f\u6cbb\u4ee3\u5e01\u7684\u76d1\u7ba1\uff0c\u82e5 WLFI \u88ab\u8ba4\u5b9a\u4e3a\u672a\u6ce8\u518c\u8bc1\u5238\uff0c\u53ef\u80fd\u9762\u4e34\u5f3a\u5236\u9000\u5e02\u3002 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u7684\u8054\u5408\u521b\u8fa7\u4eba\u4e4b\u4e00\uff0c\u662f\u7279\u6717\u666e\u653f\u5e9c\u4e2d\u4e1c\u7279\u4f7fSteve Witkoff\u7684\u513f\u5b50\uff0c\u56e0\u6709\u6f5c\u5728\u5229\u76ca\u51b2\u7a81\u4e4b\u5acc\u800c\u53d7\u5230\u8d28\u7591\u3002\u5728\u7279\u6717\u666e\u5c31\u4efb\u7f8e\u56fd\u603b\u7edf\u524d\u51e0\u5929\uff0c\u5176\u59bb\u6885\u62c9\u5c3c\u5a05\u53c8\u63a8\u51fa\u4e2a\u4eba\u8ff7\u56e0\u5e01 (meme\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/hkej-column\\\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/thought-leadership\\\/hkej-column-sc\\\/#listItem\",\"name\":\"\\u9f99\\u864e\\u5c71\\u4e0b\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/thought-leadership\\\/hkej-column-sc\\\/#listItem\",\"position\":2,\"name\":\"\\u9f99\\u864e\\u5c71\\u4e0b\",\"item\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/thought-leadership\\\/hkej-column-sc\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/hkej-column\\\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\\\/#listItem\",\"name\":\"\\u653f\\u91d1\\u5408\\u4f53\\u6f5c\\u85cf\\u7684\\u5e02\\u573a\\u98ce\\u9669\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/hkej-column\\\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\\\/#listItem\",\"position\":3,\"name\":\"\\u653f\\u91d1\\u5408\\u4f53\\u6f5c\\u85cf\\u7684\\u5e02\\u573a\\u98ce\\u9669\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/thought-leadership\\\/hkej-column-sc\\\/#listItem\",\"name\":\"\\u9f99\\u864e\\u5c71\\u4e0b\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#organization\",\"name\":\"HKU Business School\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/hkej-column\\\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\\\/#webpage\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/hkej-column\\\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\\\/\",\"name\":\"\\u653f\\u91d1\\u5408\\u4f53\\u6f5c\\u85cf\\u7684\\u5e02\\u573a\\u98ce\\u9669 - HKU Business School\",\"description\":\"\\u7279\\u6717\\u666e\\u5bb6\\u65cf\\u900f\\u8fc7\\u65d7\\u4e0b\\u201c\\u4e16\\u754c\\u81ea\\u7531\\u91d1\\u878d\\u201d\\uff08World Liberty Financial\\uff09\\u53bb\\u4e2d\\u5fc3\\u5316\\u91d1\\u878d (DeFi) \\u534f\\u5b9a\\u548c\\u7ba1\\u6cbb\\u5e73\\u53f0, \\u53d1\\u884c\\u540d\\u4e3a\\u201cWLFI\\u201d\\u7684\\u6570\\u5b57\\u4ee3\\u5e01\\uff0c\\u521a\\u75319\\u67081\\u65e5\\u8d77\\u5728\\u5404\\u5927\\u52a0\\u5bc6\\u8d27\\u5e01\\u4ea4\\u6613\\u6240\\u4e70\\u5356\\uff08\\u3010\\u56fe\\u3011\\uff09\\u3002 \\u516c\\u5f00\\u4ea4\\u6613\\u540e\\uff0c\\u7279\\u6717\\u666e\\u5bb6\\u65cf\\u7684\\u8d22\\u5bcc\\u5e10\\u9762\\u4e0a\\u4e00\\u5ea6\\u8dc3\\u534750\\u4ebf\\u7f8e\\u5143\\u3002\\u81ea\\u4ece\\u7279\\u6717\\u666e\\u672c\\u5e74\\u91cd\\u8fd4\\u767d\\u5bab\\u4ee5\\u6765\\uff0c\\u4ed6\\u4e0d\\u4f46\\u901a\\u8fc7WLFI\\u9879\\u76ee\\u5728\\u91d1\\u878d\\u9886\\u57df\\u53d6\\u5f97\\u4e30\\u5bcc\\u6536\\u83b7\\uff0c\\u751a\\u81f3\\u5f97\\u4ee5\\u6210\\u4e3a\\u5386\\u4efb\\u7f8e\\u56fd\\u603b\\u7edf\\u4e2d\\u7684\\u9996\\u5bcc\\u3002 \\u4ece\\u6000\\u7591\\u5230\\u62e5\\u62b1\\u7684\\u6025\\u8f6c\\u5f2f \\u7136\\u800c\\u56de\\u6eaf2021\\u5e746\\u6708\\u7684\\u4e00\\u6b21\\u8bbf\\u95ee\\u4e2d\\uff0c\\u7279\\u6717\\u666e\\u5374\\u516c\\u5f00\\u6279\\u8bc4\\u52a0\\u5bc6\\u8d27\\u5e01\\u662f\\u5f71\\u54cd\\u7f8e\\u5143\\u4ef7\\u503c\\u7684\\u9a97\\u5c40\\uff0c\\u4e3b\\u5f20\\u4e25\\u52a0\\u76d1\\u7ba1\\u30023\\u5e74\\u4e4b\\u540e\\uff0c\\u4e3a\\u4e86\\u5728\\u5927\\u9009\\u4e2d\\u80dc\\u51fa\\uff0c\\u7adf\\u53c8\\u4e00\\u6539\\u7acb\\u573a\\uff0c\\u627f\\u8bfa\\u5c06\\u7f8e\\u56fd\\u6253\\u9020\\u6210\\u201c\\u4e16\\u754c\\u52a0\\u5bc6\\u4e4b\\u90fd\\u201d\\u3002\\u7279\\u6717\\u666e\\u4e0a\\u53f0\\u540e\\uff0c\\u968f\\u5373\\u7b7e\\u7f72\\u4e00\\u9879\\u884c\\u653f\\u547d\\u4ee4\\uff0c\\u65e8\\u5728\\u5f3a\\u5316\\u7f8e\\u56fd\\u5728\\u6570\\u5b57\\u91d1\\u878d\\u6280\\u672f\\u9886\\u57df\\u7684\\u9886\\u5bfc\\u5730\\u4f4d\\uff0c\\u5e76\\u6210\\u7acb\\u603b\\u7edf\\u6570\\u5b57\\u8d44\\u4ea7\\u5e02\\u573a\\u5de5\\u4f5c\\u5c0f\\u7ec4\\uff0c\\u63a8\\u52a8\\u7f8e\\u56fd\\u6210\\u4e3a\\u533a\\u5757\\u94fe\\u521b\\u65b0\\u7684\\u9886\\u5bfc\\u8005\\u3002\\u800c\\u7279\\u6717\\u666e\\u4e24\\u540d\\u513f\\u5b50\\u6295\\u8d44\\u7684\\u6bd4\\u7279\\u5e01\\u77ff\\u4e1a\\u516c\\u53f8 American Bitcoin\\uff0c\\u4ea6\\u4e8e\\u4e0a\\u5468\\u6b63\\u5f0f\\u5728\\u7eb3\\u65af\\u8fbe\\u514b\\u4e0a\\u5e02\\uff0c\\u6210\\u4e3a\\u5e02\\u573a\\u68c0\\u89c6\\u7279\\u6717\\u666e\\u5bb6\\u65cf\\u5bf9\\u6295\\u8d44\\u52a0\\u5bc6\\u8d27\\u5e01\\u70ed\\u5ea6\\u7684\\u53e6\\u4e00\\u4f8b\\u5b50\\u3002 \\u4e8b\\u5b9e\\u4e0a\\uff0c\\u76f4\\u81f32022\\u5e74\\u5e95\\uff0c\\u7279\\u6717\\u666e\\u624d\\u5f00\\u59cb\\u552e\\u5356\\u6570\\u5b57\\u85cf\\u54c1 (digital collectibles)\\uff0c\\u4e3b\\u8981\\u5305\\u62ec\\u7279\\u6717\\u666e\\u8eab\\u7a7f\\u8d85\\u7ea7\\u82f1\\u96c4\\u670d\\u88c5\\u6216\\u6446\\u51fa\\u6253\\u9ad8\\u5c14\\u592b\\u7403\\u59ff\\u52bf\\u7684\\u56fe\\u50cf\\u3002\\u516c\\u5f00\\u6570\\u636e\\u663e\\u793a\\uff0c\\u7279\\u6717\\u666e\\u5bb6\\u65cf\\u5df2\\u6d89\\u8db3\\u975e\\u540c\\u8d28\\u5316\\u4ee3\\u5e01\\uff08NFT\\uff09\\u3001\\u6bd4\\u7279\\u5e01\\u3001\\u53d1\\u5e03\\u4e2a\\u4eba\\u52a0\\u5bc6\\u8d27\\u5e01\\u7b49\\u4e1a\\u52a1\\uff0c\\u7531\\u6b64\\u83b7\\u5f97\\u8fd110\\u4ebf\\u7f8e\\u5143\\u8d26\\u9762\\u6536\\u76ca\\u3002 WLFI\\u66b4\\u5347\\u66b4\\u8dcc\\u6709\\u8ff9\\u53ef\\u5bfb \\u4e16\\u754c\\u81ea\\u7531\\u91d1\\u878d\\u516c\\u53f8\\u81ea2024\\u5e749\\u6708\\u6210\\u7acb\\u4ee5\\u6765\\uff0c\\u4e00\\u76f4\\u5728\\u8d2d\\u4e70\\u4ee5\\u592a\\u5e01\\u3001\\u6ce2\\u573a\\u5e01\\u7b49\\u52a0\\u5bc6\\u8d27\\u5e01\\uff0c\\u4f46\\u5c1a\\u672a\\u63a8\\u51fa\\u5176\\u58f0\\u79f0\\u7684\\u53bb\\u4e2d\\u5fc3\\u5316\\u91d1\\u878d\\u670d\\u52a1\\u3002\\u672c\\u5e743\\u6708\\u5b8c\\u6210\\u53d1\\u884c\\u7b2c\\u4e8c\\u6279\\u52a0\\u5bc6\\u5e01\\u540e\\uff0c\\u8be5\\u516c\\u53f8\\u4ece\\u4e2d\\u96c6\\u8d44\\u603b\\u989d\\u8fbe5.5\\u4ebf\\u7f8e\\u5143\\uff0c\\u5e76\\u5ba3\\u5e03\\u63a8\\u51fa\\u4e0e\\u7f8e\\u5143\\u6302\\u94a9\\u7684\\u7a33\\u5b9a\\u5e01USD1\\uff0c\\u6700\\u521d\\u5c06\\u5728\\u4ee5\\u592a\\u574a\\u548c\\u5e01\\u5b89\\u533a\\u5757\\u94fe\\u4e0a\\u94f8\\u9020\\u3002 \\u81f3\\u4e8e\\u4e0a\\u5468\\u53d1\\u884c\\u7684WLFI\\u4ee3\\u5e01\\uff0c\\u5728\\u7279\\u6717\\u666e\\u5bb6\\u65cf\\u6210\\u5458\\u7684\\u652f\\u6301\\u4e0b\\uff0c\\u5f3a\\u8c03\\u5c06\\u201c\\u7f8e\\u56fd\\u4f18\\u5148\\u201d\\uff08America First\\uff09\\u7b56\\u7565\\u548c\\u533a\\u5757\\u94fe\\u5b9e\\u7528\\u529f\\u80fd\\u7ed3\\u5408\\u3002\\u4e0a\\u5e02 48 \\u5c0f\\u65f6\\u5185\\u4ea4\\u6613\\u4ef7\\u683c\\u98d9\\u5347\\u903e 60%\\uff0c\\u4f46\\u5728\\u5ba3\\u5e03\\u9500\\u6bc1 4,700 \\u4e07\\u679a\\u4ee3\\u5e01\\u540e\\u5927\\u8dcc, \\u4e00\\u4e9b\\u6295\\u8d44\\u754c\\u540d\\u4eba\\u7684\\u5de8\\u989d\\u94b1\\u5305\\u4ea6\\u88ab\\u51bb\\u7ed3\\u3002WLFI\\u4ee3\\u5e01\\u521a\\u4e0a\\u5e02\\u5373\\u5d29\\u76d8\\uff0c\\u77ed\\u65f6\\u95f4\\u5185\\u8dcc\\u5e45\\u8fbe40%\\uff0c\\u5f15\\u8d77\\u5e02\\u573a\\u5e7f\\u6cdb\\u5173\\u6ce8\\u3002 \\u6839\\u636e\\u5e02\\u573a\\u6d88\\u606f\\uff0cWLFI\\u65e9\\u671f\\u6295\\u8d44\\u8005\\u6210\\u672c\\u6781\\u4f4e\\uff0c\\u539f\\u672c\\u89c4\\u5b9a\\u53ea\\u80fd\\u51fa\\u552e20%\\u7684\\u6301\\u80a1\\u3002\\u7136\\u800c\\uff0c\\u516c\\u53f8\\u88ab\\u4f20\\u95fb\\u4e3a\\u534f\\u52a9\\u5927\\u6237\\u51fa\\u8d27\\uff0c\\u7a81\\u7136\\u4fee\\u6539\\u89c4\\u5219\\u5141\\u8bb8\\u5927\\u91cf\\u629b\\u552e\\uff0c\\u5bfc\\u81f4\\u5e02\\u573a\\u77ac\\u95f4\\u88ab\\u5356\\u65b9\\u6df9\\u6ca1\\u3002\\u5982\\u6b64\\u671d\\u4ee4\\u5915\\u6539\\uff0c\\u4e25\\u91cd\\u5931\\u4fe1\\u4e8e\\u6295\\u8d44\\u8005\\uff0c\\u66b4\\u9732\\u4e86\\u9879\\u76ee\\u7ba1\\u7406\\u7684\\u6838\\u5fc3\\u7f3a\\u9677\\u3002WLFI\\u6700\\u521d\\u5ba3\\u4f20\\u5efa\\u7acb\\u5e7f\\u6cdb\\u7684\\u653f\\u6cbb\\u91d1\\u878d\\u751f\\u6001\\u7cfb\\u7edf\\uff0c\\u4e0d\\u8fc7\\u662f\\u53ea\\u95fb\\u697c\\u68af\\u54cd\\u800c\\u5df2\\u3002\\u5176\\u53d1\\u884c\\u603b\\u91cf\\u9ad8\\u8fbe1000\\u4ebf\\u679a\\uff0c\\u5e02\\u503c\\u4e00\\u5ea6\\u88ab\\u7092\\u81f3400\\u4ebf\\u7f8e\\u5143\\uff0c\\u4f46\\u5927\\u90e8\\u5206\\u4ee3\\u5e01\\u7684\\u89e3\\u9501\\u548c\\u65f6\\u95f4\\u8868\\u5b8c\\u5168\\u4e0d\\u900f\\u660e\\u3002\\u56e2\\u961f\\u548c\\u65e9\\u671f\\u6295\\u8d44\\u8005\\u6216\\u968f\\u65f6\\u5927\\u89c4\\u6a21\\u629b\\u552e\\uff0c\\u4e00\\u822c\\u6295\\u8d44\\u8005\\u5219\\u5904\\u4e8e\\u8d44\\u8baf\\u52a3\\u52bf\\u5730\\u4f4d\\uff0c\\u6210\\u4e3a\\u88ab\\u6536\\u5272\\u7684\\u5bf9\\u8c61\\u3002 \\u66f4\\u4ee4\\u4eba\\u62c5\\u5fe7\\u7684\\u662f\\uff0cWLFI\\u6240\\u6709\\u6536\\u5165\\u5b8c\\u5168\\u5f52\\u516c\\u53f8\\u6240\\u6709\\uff0c\\u6301\\u5e01\\u8005\\u65e0\\u6cd5\\u83b7\\u5f97\\u4efb\\u4f55\\u5206\\u7ea2\\u6216\\u6536\\u76ca\\uff0c\\u6709\\u8fdd\\u53bb\\u4e2d\\u5fc3\\u5316\\u7684\\u539f\\u5219\\uff0c\\u7eaf\\u5c5e\\u5e02\\u573a\\u7092\\u4f5c\\u800c\\u975e\\u771f\\u5b9e\\u4ef7\\u503c\\u521b\\u9020\\u3002WLFI\\u5f62\\u50cf\\u4e0d\\u4f73\\uff0c\\u5728\\u793e\\u4ea4\\u5e73\\u53f0\\u548c\\u52a0\\u5bc6\\u8d27\\u5e01\\u8ba8\\u8bba\\u533a\\u4e0a\\uff0c\\u6709\\u6295\\u8d44\\u8005\\u5f00\\u59cb\\u5c06\\u4e4b\\u4e0e FTX \\u4ee5\\u81f3 Bitconnect \\u7b49\\u91cf\\u9f50\\u89c2\\u3002\\u5c3d\\u7ba1\\u5176\\u6d41\\u52a8\\u6027\\u4f9d\\u7136\\u5145\\u88d5, \\u4f46\\u5e02\\u573a\\u60c5\\u7eea\\u5df2\\u9aa4\\u53d8, \\u53cd\\u6620\\u6295\\u8d44\\u8005\\u6781\\u5927\\u7684\\u4e0d\\u4fe1\\u4efb\\u3002 \\u5bb6\\u5929\\u4e0b\\u7684\\u9690\\u5fe7 WLFI \\u66b4\\u8dcc\\u7684\\u4e3b\\u56e0\\u6db5\\u76d6\\u56db\\u65b9\\u9762\\uff1a\\u4e00\\u3001\\u89e3\\u9501\\u673a\\u5236\\u4e0d\\u5065\\u5168\\uff0c\\u867d\\u7136\\u6839\\u636e WLFI \\u7684\\u65b9\\u6848\\uff0c9 \\u6708 1 \\u65e5\\u4ec5\\u7ea6 20% \\u7684\\u65e9\\u671f\\u79cd\\u5b50\\u4ee3\\u5e01\\u548c\\u79c1\\u52df\\u4ee3\\u5e01\\u900f\\u8fc7 Lockbox \\u7cfb\\u7edf\\u89e3\\u9501\\uff0c\\u5176\\u9980\\u4ee3\\u5e01\\u9700\\u7ecf\\u53d7\\u6258\\u4eba\\u6295\\u7968\\u624d\\u80fd\\u89e3\\u9501\\uff0c\\u4f46\\u4f5c\\u4e3a\\u4e13\\u6848\\u65b9\\u7684\\u7279\\u6717\\u666e\\u5bb6\\u65cf\\u5374\\u4e0d\\u53d7\\u6b64\\u9650\\u5236\\uff0c\\u8d44\\u91d1\\u8fd0\\u7528\\u5b8c\\u5168\\u81ea\\u7531\\u3002\\u4e8c\\u3001WLFI \\u7684\\u4f30\\u503c\\u6ce1\\u6cab\\u4e25\\u91cd\\uff0c\\u5176\\u5b8c\\u5168\\u7a00\\u91ca\\u4f30\\u503c\\u9ad8\\u8fbe 550 \\u4ebf\\u7f8e\\u5143\\uff0c\\u76f8\\u5f53\\u4e8e LINK\\u3001UNI \\u7b49\\u56db\\u5927\\u9879\\u76ee\\u5b8c\\u5168\\u7a00\\u91ca\\u4f30\\u503c\\u7684\\u603b\\u548c\\uff0c\\u4f46\\u5b9e\\u9645\\u4ea4\\u6613\\u652f\\u6491\\u51e0\\u4e4e\\u4e3a\\u96f6\\uff0c\\u4f30\\u503c\\u4e3b\\u8981\\u4f9d\\u8d56\\u7279\\u6717\\u666e\\u5bb6\\u65cf\\u7684\\u652f\\u6301\\uff0c\\u7f3a\\u4e4f\\u57fa\\u672c\\u9762\\u6307\\u6807\\u3002\\u4e09\\u3001\\u4ee3\\u5e01\\u5206\\u5e03\\u9ad8\\u5ea6\\u96c6\\u4e2d\\uff0c35% \\u7684\\u4ee3\\u5e01\\u7531\\u56e2\\u961f\\u548c\\u7b56\\u7565\\u6295\\u8d44\\u8005\\u6301\\u6709\\uff0c\\u5386\\u53f2\\u7ecf\\u9a8c\\u663e\\u793a\\u4e0e\\u7279\\u6717\\u666e\\u76f8\\u5173\\u7684\\u9879\\u76ee\\u5e38\\u5728\\u5927\\u6da8\\u540e\\u906d\\u5185\\u90e8\\u4eba\\u58eb\\u629b\\u552e\\uff0c\\u4ee5\\u81f4\\u4ef7\\u683c\\u4e0b\\u8dcc\\u3002\\u56db\\u3001\\u7f8e\\u56fd\\u8bc1\\u5238\\u4ea4\\u6613\\u59d4\\u5458\\u4f1a\\uff08SEC\\uff09\\u52a0\\u5f3a\\u5bf9\\u653f\\u6cbb\\u4ee3\\u5e01\\u7684\\u76d1\\u7ba1\\uff0c\\u82e5 WLFI \\u88ab\\u8ba4\\u5b9a\\u4e3a\\u672a\\u6ce8\\u518c\\u8bc1\\u5238\\uff0c\\u53ef\\u80fd\\u9762\\u4e34\\u5f3a\\u5236\\u9000\\u5e02\\u3002 \\u503c\\u5f97\\u6ce8\\u610f\\u7684\\u662f\\uff0c\\u4e16\\u754c\\u81ea\\u7531\\u91d1\\u878d\\u7684\\u8054\\u5408\\u521b\\u8fa7\\u4eba\\u4e4b\\u4e00\\uff0c\\u662f\\u7279\\u6717\\u666e\\u653f\\u5e9c\\u4e2d\\u4e1c\\u7279\\u4f7fSteve Witkoff\\u7684\\u513f\\u5b50\\uff0c\\u56e0\\u6709\\u6f5c\\u5728\\u5229\\u76ca\\u51b2\\u7a81\\u4e4b\\u5acc\\u800c\\u53d7\\u5230\\u8d28\\u7591\\u3002\\u5728\\u7279\\u6717\\u666e\\u5c31\\u4efb\\u7f8e\\u56fd\\u603b\\u7edf\\u524d\\u51e0\\u5929\\uff0c\\u5176\\u59bb\\u6885\\u62c9\\u5c3c\\u5a05\\u53c8\\u63a8\\u51fa\\u4e2a\\u4eba\\u8ff7\\u56e0\\u5e01 (meme\",\"inLanguage\":\"zh-CN\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/hkej-column\\\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\\\/#breadcrumblist\"},\"datePublished\":\"2025-09-17T09:54:19+08:00\",\"dateModified\":\"2025-09-17T10:46:03+08:00\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#website\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/\",\"name\":\"HKU Business School\",\"inLanguage\":\"zh-CN\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#organization\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO -->\n\n","aioseo_head_json":{"title":"\u653f\u91d1\u5408\u4f53\u6f5c\u85cf\u7684\u5e02\u573a\u98ce\u9669 - HKU Business School","description":"\u7279\u6717\u666e\u5bb6\u65cf\u900f\u8fc7\u65d7\u4e0b\u201c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u201d\uff08World Liberty Financial\uff09\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u534f\u5b9a\u548c\u7ba1\u6cbb\u5e73\u53f0, \u53d1\u884c\u540d\u4e3a\u201cWLFI\u201d\u7684\u6570\u5b57\u4ee3\u5e01\uff0c\u521a\u75319\u67081\u65e5\u8d77\u5728\u5404\u5927\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\u4e70\u5356\uff08\u3010\u56fe\u3011\uff09\u3002 \u516c\u5f00\u4ea4\u6613\u540e\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u7684\u8d22\u5bcc\u5e10\u9762\u4e0a\u4e00\u5ea6\u8dc3\u534750\u4ebf\u7f8e\u5143\u3002\u81ea\u4ece\u7279\u6717\u666e\u672c\u5e74\u91cd\u8fd4\u767d\u5bab\u4ee5\u6765\uff0c\u4ed6\u4e0d\u4f46\u901a\u8fc7WLFI\u9879\u76ee\u5728\u91d1\u878d\u9886\u57df\u53d6\u5f97\u4e30\u5bcc\u6536\u83b7\uff0c\u751a\u81f3\u5f97\u4ee5\u6210\u4e3a\u5386\u4efb\u7f8e\u56fd\u603b\u7edf\u4e2d\u7684\u9996\u5bcc\u3002 \u4ece\u6000\u7591\u5230\u62e5\u62b1\u7684\u6025\u8f6c\u5f2f \u7136\u800c\u56de\u6eaf2021\u5e746\u6708\u7684\u4e00\u6b21\u8bbf\u95ee\u4e2d\uff0c\u7279\u6717\u666e\u5374\u516c\u5f00\u6279\u8bc4\u52a0\u5bc6\u8d27\u5e01\u662f\u5f71\u54cd\u7f8e\u5143\u4ef7\u503c\u7684\u9a97\u5c40\uff0c\u4e3b\u5f20\u4e25\u52a0\u76d1\u7ba1\u30023\u5e74\u4e4b\u540e\uff0c\u4e3a\u4e86\u5728\u5927\u9009\u4e2d\u80dc\u51fa\uff0c\u7adf\u53c8\u4e00\u6539\u7acb\u573a\uff0c\u627f\u8bfa\u5c06\u7f8e\u56fd\u6253\u9020\u6210\u201c\u4e16\u754c\u52a0\u5bc6\u4e4b\u90fd\u201d\u3002\u7279\u6717\u666e\u4e0a\u53f0\u540e\uff0c\u968f\u5373\u7b7e\u7f72\u4e00\u9879\u884c\u653f\u547d\u4ee4\uff0c\u65e8\u5728\u5f3a\u5316\u7f8e\u56fd\u5728\u6570\u5b57\u91d1\u878d\u6280\u672f\u9886\u57df\u7684\u9886\u5bfc\u5730\u4f4d\uff0c\u5e76\u6210\u7acb\u603b\u7edf\u6570\u5b57\u8d44\u4ea7\u5e02\u573a\u5de5\u4f5c\u5c0f\u7ec4\uff0c\u63a8\u52a8\u7f8e\u56fd\u6210\u4e3a\u533a\u5757\u94fe\u521b\u65b0\u7684\u9886\u5bfc\u8005\u3002\u800c\u7279\u6717\u666e\u4e24\u540d\u513f\u5b50\u6295\u8d44\u7684\u6bd4\u7279\u5e01\u77ff\u4e1a\u516c\u53f8 American Bitcoin\uff0c\u4ea6\u4e8e\u4e0a\u5468\u6b63\u5f0f\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\uff0c\u6210\u4e3a\u5e02\u573a\u68c0\u89c6\u7279\u6717\u666e\u5bb6\u65cf\u5bf9\u6295\u8d44\u52a0\u5bc6\u8d27\u5e01\u70ed\u5ea6\u7684\u53e6\u4e00\u4f8b\u5b50\u3002 \u4e8b\u5b9e\u4e0a\uff0c\u76f4\u81f32022\u5e74\u5e95\uff0c\u7279\u6717\u666e\u624d\u5f00\u59cb\u552e\u5356\u6570\u5b57\u85cf\u54c1 (digital collectibles)\uff0c\u4e3b\u8981\u5305\u62ec\u7279\u6717\u666e\u8eab\u7a7f\u8d85\u7ea7\u82f1\u96c4\u670d\u88c5\u6216\u6446\u51fa\u6253\u9ad8\u5c14\u592b\u7403\u59ff\u52bf\u7684\u56fe\u50cf\u3002\u516c\u5f00\u6570\u636e\u663e\u793a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u5df2\u6d89\u8db3\u975e\u540c\u8d28\u5316\u4ee3\u5e01\uff08NFT\uff09\u3001\u6bd4\u7279\u5e01\u3001\u53d1\u5e03\u4e2a\u4eba\u52a0\u5bc6\u8d27\u5e01\u7b49\u4e1a\u52a1\uff0c\u7531\u6b64\u83b7\u5f97\u8fd110\u4ebf\u7f8e\u5143\u8d26\u9762\u6536\u76ca\u3002 WLFI\u66b4\u5347\u66b4\u8dcc\u6709\u8ff9\u53ef\u5bfb \u4e16\u754c\u81ea\u7531\u91d1\u878d\u516c\u53f8\u81ea2024\u5e749\u6708\u6210\u7acb\u4ee5\u6765\uff0c\u4e00\u76f4\u5728\u8d2d\u4e70\u4ee5\u592a\u5e01\u3001\u6ce2\u573a\u5e01\u7b49\u52a0\u5bc6\u8d27\u5e01\uff0c\u4f46\u5c1a\u672a\u63a8\u51fa\u5176\u58f0\u79f0\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u670d\u52a1\u3002\u672c\u5e743\u6708\u5b8c\u6210\u53d1\u884c\u7b2c\u4e8c\u6279\u52a0\u5bc6\u5e01\u540e\uff0c\u8be5\u516c\u53f8\u4ece\u4e2d\u96c6\u8d44\u603b\u989d\u8fbe5.5\u4ebf\u7f8e\u5143\uff0c\u5e76\u5ba3\u5e03\u63a8\u51fa\u4e0e\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01USD1\uff0c\u6700\u521d\u5c06\u5728\u4ee5\u592a\u574a\u548c\u5e01\u5b89\u533a\u5757\u94fe\u4e0a\u94f8\u9020\u3002 \u81f3\u4e8e\u4e0a\u5468\u53d1\u884c\u7684WLFI\u4ee3\u5e01\uff0c\u5728\u7279\u6717\u666e\u5bb6\u65cf\u6210\u5458\u7684\u652f\u6301\u4e0b\uff0c\u5f3a\u8c03\u5c06\u201c\u7f8e\u56fd\u4f18\u5148\u201d\uff08America First\uff09\u7b56\u7565\u548c\u533a\u5757\u94fe\u5b9e\u7528\u529f\u80fd\u7ed3\u5408\u3002\u4e0a\u5e02 48 \u5c0f\u65f6\u5185\u4ea4\u6613\u4ef7\u683c\u98d9\u5347\u903e 60%\uff0c\u4f46\u5728\u5ba3\u5e03\u9500\u6bc1 4,700 \u4e07\u679a\u4ee3\u5e01\u540e\u5927\u8dcc, \u4e00\u4e9b\u6295\u8d44\u754c\u540d\u4eba\u7684\u5de8\u989d\u94b1\u5305\u4ea6\u88ab\u51bb\u7ed3\u3002WLFI\u4ee3\u5e01\u521a\u4e0a\u5e02\u5373\u5d29\u76d8\uff0c\u77ed\u65f6\u95f4\u5185\u8dcc\u5e45\u8fbe40%\uff0c\u5f15\u8d77\u5e02\u573a\u5e7f\u6cdb\u5173\u6ce8\u3002 \u6839\u636e\u5e02\u573a\u6d88\u606f\uff0cWLFI\u65e9\u671f\u6295\u8d44\u8005\u6210\u672c\u6781\u4f4e\uff0c\u539f\u672c\u89c4\u5b9a\u53ea\u80fd\u51fa\u552e20%\u7684\u6301\u80a1\u3002\u7136\u800c\uff0c\u516c\u53f8\u88ab\u4f20\u95fb\u4e3a\u534f\u52a9\u5927\u6237\u51fa\u8d27\uff0c\u7a81\u7136\u4fee\u6539\u89c4\u5219\u5141\u8bb8\u5927\u91cf\u629b\u552e\uff0c\u5bfc\u81f4\u5e02\u573a\u77ac\u95f4\u88ab\u5356\u65b9\u6df9\u6ca1\u3002\u5982\u6b64\u671d\u4ee4\u5915\u6539\uff0c\u4e25\u91cd\u5931\u4fe1\u4e8e\u6295\u8d44\u8005\uff0c\u66b4\u9732\u4e86\u9879\u76ee\u7ba1\u7406\u7684\u6838\u5fc3\u7f3a\u9677\u3002WLFI\u6700\u521d\u5ba3\u4f20\u5efa\u7acb\u5e7f\u6cdb\u7684\u653f\u6cbb\u91d1\u878d\u751f\u6001\u7cfb\u7edf\uff0c\u4e0d\u8fc7\u662f\u53ea\u95fb\u697c\u68af\u54cd\u800c\u5df2\u3002\u5176\u53d1\u884c\u603b\u91cf\u9ad8\u8fbe1000\u4ebf\u679a\uff0c\u5e02\u503c\u4e00\u5ea6\u88ab\u7092\u81f3400\u4ebf\u7f8e\u5143\uff0c\u4f46\u5927\u90e8\u5206\u4ee3\u5e01\u7684\u89e3\u9501\u548c\u65f6\u95f4\u8868\u5b8c\u5168\u4e0d\u900f\u660e\u3002\u56e2\u961f\u548c\u65e9\u671f\u6295\u8d44\u8005\u6216\u968f\u65f6\u5927\u89c4\u6a21\u629b\u552e\uff0c\u4e00\u822c\u6295\u8d44\u8005\u5219\u5904\u4e8e\u8d44\u8baf\u52a3\u52bf\u5730\u4f4d\uff0c\u6210\u4e3a\u88ab\u6536\u5272\u7684\u5bf9\u8c61\u3002 \u66f4\u4ee4\u4eba\u62c5\u5fe7\u7684\u662f\uff0cWLFI\u6240\u6709\u6536\u5165\u5b8c\u5168\u5f52\u516c\u53f8\u6240\u6709\uff0c\u6301\u5e01\u8005\u65e0\u6cd5\u83b7\u5f97\u4efb\u4f55\u5206\u7ea2\u6216\u6536\u76ca\uff0c\u6709\u8fdd\u53bb\u4e2d\u5fc3\u5316\u7684\u539f\u5219\uff0c\u7eaf\u5c5e\u5e02\u573a\u7092\u4f5c\u800c\u975e\u771f\u5b9e\u4ef7\u503c\u521b\u9020\u3002WLFI\u5f62\u50cf\u4e0d\u4f73\uff0c\u5728\u793e\u4ea4\u5e73\u53f0\u548c\u52a0\u5bc6\u8d27\u5e01\u8ba8\u8bba\u533a\u4e0a\uff0c\u6709\u6295\u8d44\u8005\u5f00\u59cb\u5c06\u4e4b\u4e0e FTX \u4ee5\u81f3 Bitconnect \u7b49\u91cf\u9f50\u89c2\u3002\u5c3d\u7ba1\u5176\u6d41\u52a8\u6027\u4f9d\u7136\u5145\u88d5, \u4f46\u5e02\u573a\u60c5\u7eea\u5df2\u9aa4\u53d8, \u53cd\u6620\u6295\u8d44\u8005\u6781\u5927\u7684\u4e0d\u4fe1\u4efb\u3002 \u5bb6\u5929\u4e0b\u7684\u9690\u5fe7 WLFI \u66b4\u8dcc\u7684\u4e3b\u56e0\u6db5\u76d6\u56db\u65b9\u9762\uff1a\u4e00\u3001\u89e3\u9501\u673a\u5236\u4e0d\u5065\u5168\uff0c\u867d\u7136\u6839\u636e WLFI \u7684\u65b9\u6848\uff0c9 \u6708 1 \u65e5\u4ec5\u7ea6 20% \u7684\u65e9\u671f\u79cd\u5b50\u4ee3\u5e01\u548c\u79c1\u52df\u4ee3\u5e01\u900f\u8fc7 Lockbox \u7cfb\u7edf\u89e3\u9501\uff0c\u5176\u9980\u4ee3\u5e01\u9700\u7ecf\u53d7\u6258\u4eba\u6295\u7968\u624d\u80fd\u89e3\u9501\uff0c\u4f46\u4f5c\u4e3a\u4e13\u6848\u65b9\u7684\u7279\u6717\u666e\u5bb6\u65cf\u5374\u4e0d\u53d7\u6b64\u9650\u5236\uff0c\u8d44\u91d1\u8fd0\u7528\u5b8c\u5168\u81ea\u7531\u3002\u4e8c\u3001WLFI \u7684\u4f30\u503c\u6ce1\u6cab\u4e25\u91cd\uff0c\u5176\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\u9ad8\u8fbe 550 \u4ebf\u7f8e\u5143\uff0c\u76f8\u5f53\u4e8e LINK\u3001UNI \u7b49\u56db\u5927\u9879\u76ee\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\u7684\u603b\u548c\uff0c\u4f46\u5b9e\u9645\u4ea4\u6613\u652f\u6491\u51e0\u4e4e\u4e3a\u96f6\uff0c\u4f30\u503c\u4e3b\u8981\u4f9d\u8d56\u7279\u6717\u666e\u5bb6\u65cf\u7684\u652f\u6301\uff0c\u7f3a\u4e4f\u57fa\u672c\u9762\u6307\u6807\u3002\u4e09\u3001\u4ee3\u5e01\u5206\u5e03\u9ad8\u5ea6\u96c6\u4e2d\uff0c35% \u7684\u4ee3\u5e01\u7531\u56e2\u961f\u548c\u7b56\u7565\u6295\u8d44\u8005\u6301\u6709\uff0c\u5386\u53f2\u7ecf\u9a8c\u663e\u793a\u4e0e\u7279\u6717\u666e\u76f8\u5173\u7684\u9879\u76ee\u5e38\u5728\u5927\u6da8\u540e\u906d\u5185\u90e8\u4eba\u58eb\u629b\u552e\uff0c\u4ee5\u81f4\u4ef7\u683c\u4e0b\u8dcc\u3002\u56db\u3001\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u52a0\u5f3a\u5bf9\u653f\u6cbb\u4ee3\u5e01\u7684\u76d1\u7ba1\uff0c\u82e5 WLFI \u88ab\u8ba4\u5b9a\u4e3a\u672a\u6ce8\u518c\u8bc1\u5238\uff0c\u53ef\u80fd\u9762\u4e34\u5f3a\u5236\u9000\u5e02\u3002 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u7684\u8054\u5408\u521b\u8fa7\u4eba\u4e4b\u4e00\uff0c\u662f\u7279\u6717\u666e\u653f\u5e9c\u4e2d\u4e1c\u7279\u4f7fSteve Witkoff\u7684\u513f\u5b50\uff0c\u56e0\u6709\u6f5c\u5728\u5229\u76ca\u51b2\u7a81\u4e4b\u5acc\u800c\u53d7\u5230\u8d28\u7591\u3002\u5728\u7279\u6717\u666e\u5c31\u4efb\u7f8e\u56fd\u603b\u7edf\u524d\u51e0\u5929\uff0c\u5176\u59bb\u6885\u62c9\u5c3c\u5a05\u53c8\u63a8\u51fa\u4e2a\u4eba\u8ff7\u56e0\u5e01 (meme","canonical_url":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/","robots":"max-image-preview:large","keywords":"","webmasterTools":{"google-site-verification":"google-site-verification=MjdkluDgHpNk2vz5slbwER2Gusw2rUDQuVULMERWzLo","miscellaneous":""},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/#breadcrumblist","itemListElement":[{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/#listItem","position":1,"name":"Home","item":"https:\/\/www.hkubs.hku.hk\/sc\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/hkej-column-sc\/#listItem","name":"\u9f99\u864e\u5c71\u4e0b"}},{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/hkej-column-sc\/#listItem","position":2,"name":"\u9f99\u864e\u5c71\u4e0b","item":"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/hkej-column-sc\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/#listItem","name":"\u653f\u91d1\u5408\u4f53\u6f5c\u85cf\u7684\u5e02\u573a\u98ce\u9669"},"previousItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/#listItem","name":"Home"}},{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/#listItem","position":3,"name":"\u653f\u91d1\u5408\u4f53\u6f5c\u85cf\u7684\u5e02\u573a\u98ce\u9669","previousItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/hkej-column-sc\/#listItem","name":"\u9f99\u864e\u5c71\u4e0b"}}]},{"@type":"Organization","@id":"https:\/\/www.hkubs.hku.hk\/sc\/#organization","name":"HKU Business School","url":"https:\/\/www.hkubs.hku.hk\/sc\/"},{"@type":"WebPage","@id":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/#webpage","url":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/","name":"\u653f\u91d1\u5408\u4f53\u6f5c\u85cf\u7684\u5e02\u573a\u98ce\u9669 - HKU Business School","description":"\u7279\u6717\u666e\u5bb6\u65cf\u900f\u8fc7\u65d7\u4e0b\u201c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u201d\uff08World Liberty Financial\uff09\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u534f\u5b9a\u548c\u7ba1\u6cbb\u5e73\u53f0, \u53d1\u884c\u540d\u4e3a\u201cWLFI\u201d\u7684\u6570\u5b57\u4ee3\u5e01\uff0c\u521a\u75319\u67081\u65e5\u8d77\u5728\u5404\u5927\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\u4e70\u5356\uff08\u3010\u56fe\u3011\uff09\u3002 \u516c\u5f00\u4ea4\u6613\u540e\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u7684\u8d22\u5bcc\u5e10\u9762\u4e0a\u4e00\u5ea6\u8dc3\u534750\u4ebf\u7f8e\u5143\u3002\u81ea\u4ece\u7279\u6717\u666e\u672c\u5e74\u91cd\u8fd4\u767d\u5bab\u4ee5\u6765\uff0c\u4ed6\u4e0d\u4f46\u901a\u8fc7WLFI\u9879\u76ee\u5728\u91d1\u878d\u9886\u57df\u53d6\u5f97\u4e30\u5bcc\u6536\u83b7\uff0c\u751a\u81f3\u5f97\u4ee5\u6210\u4e3a\u5386\u4efb\u7f8e\u56fd\u603b\u7edf\u4e2d\u7684\u9996\u5bcc\u3002 \u4ece\u6000\u7591\u5230\u62e5\u62b1\u7684\u6025\u8f6c\u5f2f \u7136\u800c\u56de\u6eaf2021\u5e746\u6708\u7684\u4e00\u6b21\u8bbf\u95ee\u4e2d\uff0c\u7279\u6717\u666e\u5374\u516c\u5f00\u6279\u8bc4\u52a0\u5bc6\u8d27\u5e01\u662f\u5f71\u54cd\u7f8e\u5143\u4ef7\u503c\u7684\u9a97\u5c40\uff0c\u4e3b\u5f20\u4e25\u52a0\u76d1\u7ba1\u30023\u5e74\u4e4b\u540e\uff0c\u4e3a\u4e86\u5728\u5927\u9009\u4e2d\u80dc\u51fa\uff0c\u7adf\u53c8\u4e00\u6539\u7acb\u573a\uff0c\u627f\u8bfa\u5c06\u7f8e\u56fd\u6253\u9020\u6210\u201c\u4e16\u754c\u52a0\u5bc6\u4e4b\u90fd\u201d\u3002\u7279\u6717\u666e\u4e0a\u53f0\u540e\uff0c\u968f\u5373\u7b7e\u7f72\u4e00\u9879\u884c\u653f\u547d\u4ee4\uff0c\u65e8\u5728\u5f3a\u5316\u7f8e\u56fd\u5728\u6570\u5b57\u91d1\u878d\u6280\u672f\u9886\u57df\u7684\u9886\u5bfc\u5730\u4f4d\uff0c\u5e76\u6210\u7acb\u603b\u7edf\u6570\u5b57\u8d44\u4ea7\u5e02\u573a\u5de5\u4f5c\u5c0f\u7ec4\uff0c\u63a8\u52a8\u7f8e\u56fd\u6210\u4e3a\u533a\u5757\u94fe\u521b\u65b0\u7684\u9886\u5bfc\u8005\u3002\u800c\u7279\u6717\u666e\u4e24\u540d\u513f\u5b50\u6295\u8d44\u7684\u6bd4\u7279\u5e01\u77ff\u4e1a\u516c\u53f8 American Bitcoin\uff0c\u4ea6\u4e8e\u4e0a\u5468\u6b63\u5f0f\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\uff0c\u6210\u4e3a\u5e02\u573a\u68c0\u89c6\u7279\u6717\u666e\u5bb6\u65cf\u5bf9\u6295\u8d44\u52a0\u5bc6\u8d27\u5e01\u70ed\u5ea6\u7684\u53e6\u4e00\u4f8b\u5b50\u3002 \u4e8b\u5b9e\u4e0a\uff0c\u76f4\u81f32022\u5e74\u5e95\uff0c\u7279\u6717\u666e\u624d\u5f00\u59cb\u552e\u5356\u6570\u5b57\u85cf\u54c1 (digital collectibles)\uff0c\u4e3b\u8981\u5305\u62ec\u7279\u6717\u666e\u8eab\u7a7f\u8d85\u7ea7\u82f1\u96c4\u670d\u88c5\u6216\u6446\u51fa\u6253\u9ad8\u5c14\u592b\u7403\u59ff\u52bf\u7684\u56fe\u50cf\u3002\u516c\u5f00\u6570\u636e\u663e\u793a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u5df2\u6d89\u8db3\u975e\u540c\u8d28\u5316\u4ee3\u5e01\uff08NFT\uff09\u3001\u6bd4\u7279\u5e01\u3001\u53d1\u5e03\u4e2a\u4eba\u52a0\u5bc6\u8d27\u5e01\u7b49\u4e1a\u52a1\uff0c\u7531\u6b64\u83b7\u5f97\u8fd110\u4ebf\u7f8e\u5143\u8d26\u9762\u6536\u76ca\u3002 WLFI\u66b4\u5347\u66b4\u8dcc\u6709\u8ff9\u53ef\u5bfb \u4e16\u754c\u81ea\u7531\u91d1\u878d\u516c\u53f8\u81ea2024\u5e749\u6708\u6210\u7acb\u4ee5\u6765\uff0c\u4e00\u76f4\u5728\u8d2d\u4e70\u4ee5\u592a\u5e01\u3001\u6ce2\u573a\u5e01\u7b49\u52a0\u5bc6\u8d27\u5e01\uff0c\u4f46\u5c1a\u672a\u63a8\u51fa\u5176\u58f0\u79f0\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u670d\u52a1\u3002\u672c\u5e743\u6708\u5b8c\u6210\u53d1\u884c\u7b2c\u4e8c\u6279\u52a0\u5bc6\u5e01\u540e\uff0c\u8be5\u516c\u53f8\u4ece\u4e2d\u96c6\u8d44\u603b\u989d\u8fbe5.5\u4ebf\u7f8e\u5143\uff0c\u5e76\u5ba3\u5e03\u63a8\u51fa\u4e0e\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01USD1\uff0c\u6700\u521d\u5c06\u5728\u4ee5\u592a\u574a\u548c\u5e01\u5b89\u533a\u5757\u94fe\u4e0a\u94f8\u9020\u3002 \u81f3\u4e8e\u4e0a\u5468\u53d1\u884c\u7684WLFI\u4ee3\u5e01\uff0c\u5728\u7279\u6717\u666e\u5bb6\u65cf\u6210\u5458\u7684\u652f\u6301\u4e0b\uff0c\u5f3a\u8c03\u5c06\u201c\u7f8e\u56fd\u4f18\u5148\u201d\uff08America First\uff09\u7b56\u7565\u548c\u533a\u5757\u94fe\u5b9e\u7528\u529f\u80fd\u7ed3\u5408\u3002\u4e0a\u5e02 48 \u5c0f\u65f6\u5185\u4ea4\u6613\u4ef7\u683c\u98d9\u5347\u903e 60%\uff0c\u4f46\u5728\u5ba3\u5e03\u9500\u6bc1 4,700 \u4e07\u679a\u4ee3\u5e01\u540e\u5927\u8dcc, \u4e00\u4e9b\u6295\u8d44\u754c\u540d\u4eba\u7684\u5de8\u989d\u94b1\u5305\u4ea6\u88ab\u51bb\u7ed3\u3002WLFI\u4ee3\u5e01\u521a\u4e0a\u5e02\u5373\u5d29\u76d8\uff0c\u77ed\u65f6\u95f4\u5185\u8dcc\u5e45\u8fbe40%\uff0c\u5f15\u8d77\u5e02\u573a\u5e7f\u6cdb\u5173\u6ce8\u3002 \u6839\u636e\u5e02\u573a\u6d88\u606f\uff0cWLFI\u65e9\u671f\u6295\u8d44\u8005\u6210\u672c\u6781\u4f4e\uff0c\u539f\u672c\u89c4\u5b9a\u53ea\u80fd\u51fa\u552e20%\u7684\u6301\u80a1\u3002\u7136\u800c\uff0c\u516c\u53f8\u88ab\u4f20\u95fb\u4e3a\u534f\u52a9\u5927\u6237\u51fa\u8d27\uff0c\u7a81\u7136\u4fee\u6539\u89c4\u5219\u5141\u8bb8\u5927\u91cf\u629b\u552e\uff0c\u5bfc\u81f4\u5e02\u573a\u77ac\u95f4\u88ab\u5356\u65b9\u6df9\u6ca1\u3002\u5982\u6b64\u671d\u4ee4\u5915\u6539\uff0c\u4e25\u91cd\u5931\u4fe1\u4e8e\u6295\u8d44\u8005\uff0c\u66b4\u9732\u4e86\u9879\u76ee\u7ba1\u7406\u7684\u6838\u5fc3\u7f3a\u9677\u3002WLFI\u6700\u521d\u5ba3\u4f20\u5efa\u7acb\u5e7f\u6cdb\u7684\u653f\u6cbb\u91d1\u878d\u751f\u6001\u7cfb\u7edf\uff0c\u4e0d\u8fc7\u662f\u53ea\u95fb\u697c\u68af\u54cd\u800c\u5df2\u3002\u5176\u53d1\u884c\u603b\u91cf\u9ad8\u8fbe1000\u4ebf\u679a\uff0c\u5e02\u503c\u4e00\u5ea6\u88ab\u7092\u81f3400\u4ebf\u7f8e\u5143\uff0c\u4f46\u5927\u90e8\u5206\u4ee3\u5e01\u7684\u89e3\u9501\u548c\u65f6\u95f4\u8868\u5b8c\u5168\u4e0d\u900f\u660e\u3002\u56e2\u961f\u548c\u65e9\u671f\u6295\u8d44\u8005\u6216\u968f\u65f6\u5927\u89c4\u6a21\u629b\u552e\uff0c\u4e00\u822c\u6295\u8d44\u8005\u5219\u5904\u4e8e\u8d44\u8baf\u52a3\u52bf\u5730\u4f4d\uff0c\u6210\u4e3a\u88ab\u6536\u5272\u7684\u5bf9\u8c61\u3002 \u66f4\u4ee4\u4eba\u62c5\u5fe7\u7684\u662f\uff0cWLFI\u6240\u6709\u6536\u5165\u5b8c\u5168\u5f52\u516c\u53f8\u6240\u6709\uff0c\u6301\u5e01\u8005\u65e0\u6cd5\u83b7\u5f97\u4efb\u4f55\u5206\u7ea2\u6216\u6536\u76ca\uff0c\u6709\u8fdd\u53bb\u4e2d\u5fc3\u5316\u7684\u539f\u5219\uff0c\u7eaf\u5c5e\u5e02\u573a\u7092\u4f5c\u800c\u975e\u771f\u5b9e\u4ef7\u503c\u521b\u9020\u3002WLFI\u5f62\u50cf\u4e0d\u4f73\uff0c\u5728\u793e\u4ea4\u5e73\u53f0\u548c\u52a0\u5bc6\u8d27\u5e01\u8ba8\u8bba\u533a\u4e0a\uff0c\u6709\u6295\u8d44\u8005\u5f00\u59cb\u5c06\u4e4b\u4e0e FTX \u4ee5\u81f3 Bitconnect \u7b49\u91cf\u9f50\u89c2\u3002\u5c3d\u7ba1\u5176\u6d41\u52a8\u6027\u4f9d\u7136\u5145\u88d5, \u4f46\u5e02\u573a\u60c5\u7eea\u5df2\u9aa4\u53d8, \u53cd\u6620\u6295\u8d44\u8005\u6781\u5927\u7684\u4e0d\u4fe1\u4efb\u3002 \u5bb6\u5929\u4e0b\u7684\u9690\u5fe7 WLFI \u66b4\u8dcc\u7684\u4e3b\u56e0\u6db5\u76d6\u56db\u65b9\u9762\uff1a\u4e00\u3001\u89e3\u9501\u673a\u5236\u4e0d\u5065\u5168\uff0c\u867d\u7136\u6839\u636e WLFI \u7684\u65b9\u6848\uff0c9 \u6708 1 \u65e5\u4ec5\u7ea6 20% \u7684\u65e9\u671f\u79cd\u5b50\u4ee3\u5e01\u548c\u79c1\u52df\u4ee3\u5e01\u900f\u8fc7 Lockbox \u7cfb\u7edf\u89e3\u9501\uff0c\u5176\u9980\u4ee3\u5e01\u9700\u7ecf\u53d7\u6258\u4eba\u6295\u7968\u624d\u80fd\u89e3\u9501\uff0c\u4f46\u4f5c\u4e3a\u4e13\u6848\u65b9\u7684\u7279\u6717\u666e\u5bb6\u65cf\u5374\u4e0d\u53d7\u6b64\u9650\u5236\uff0c\u8d44\u91d1\u8fd0\u7528\u5b8c\u5168\u81ea\u7531\u3002\u4e8c\u3001WLFI \u7684\u4f30\u503c\u6ce1\u6cab\u4e25\u91cd\uff0c\u5176\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\u9ad8\u8fbe 550 \u4ebf\u7f8e\u5143\uff0c\u76f8\u5f53\u4e8e LINK\u3001UNI \u7b49\u56db\u5927\u9879\u76ee\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\u7684\u603b\u548c\uff0c\u4f46\u5b9e\u9645\u4ea4\u6613\u652f\u6491\u51e0\u4e4e\u4e3a\u96f6\uff0c\u4f30\u503c\u4e3b\u8981\u4f9d\u8d56\u7279\u6717\u666e\u5bb6\u65cf\u7684\u652f\u6301\uff0c\u7f3a\u4e4f\u57fa\u672c\u9762\u6307\u6807\u3002\u4e09\u3001\u4ee3\u5e01\u5206\u5e03\u9ad8\u5ea6\u96c6\u4e2d\uff0c35% \u7684\u4ee3\u5e01\u7531\u56e2\u961f\u548c\u7b56\u7565\u6295\u8d44\u8005\u6301\u6709\uff0c\u5386\u53f2\u7ecf\u9a8c\u663e\u793a\u4e0e\u7279\u6717\u666e\u76f8\u5173\u7684\u9879\u76ee\u5e38\u5728\u5927\u6da8\u540e\u906d\u5185\u90e8\u4eba\u58eb\u629b\u552e\uff0c\u4ee5\u81f4\u4ef7\u683c\u4e0b\u8dcc\u3002\u56db\u3001\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u52a0\u5f3a\u5bf9\u653f\u6cbb\u4ee3\u5e01\u7684\u76d1\u7ba1\uff0c\u82e5 WLFI \u88ab\u8ba4\u5b9a\u4e3a\u672a\u6ce8\u518c\u8bc1\u5238\uff0c\u53ef\u80fd\u9762\u4e34\u5f3a\u5236\u9000\u5e02\u3002 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u7684\u8054\u5408\u521b\u8fa7\u4eba\u4e4b\u4e00\uff0c\u662f\u7279\u6717\u666e\u653f\u5e9c\u4e2d\u4e1c\u7279\u4f7fSteve Witkoff\u7684\u513f\u5b50\uff0c\u56e0\u6709\u6f5c\u5728\u5229\u76ca\u51b2\u7a81\u4e4b\u5acc\u800c\u53d7\u5230\u8d28\u7591\u3002\u5728\u7279\u6717\u666e\u5c31\u4efb\u7f8e\u56fd\u603b\u7edf\u524d\u51e0\u5929\uff0c\u5176\u59bb\u6885\u62c9\u5c3c\u5a05\u53c8\u63a8\u51fa\u4e2a\u4eba\u8ff7\u56e0\u5e01 (meme","inLanguage":"zh-CN","isPartOf":{"@id":"https:\/\/www.hkubs.hku.hk\/sc\/#website"},"breadcrumb":{"@id":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/#breadcrumblist"},"datePublished":"2025-09-17T09:54:19+08:00","dateModified":"2025-09-17T10:46:03+08:00"},{"@type":"WebSite","@id":"https:\/\/www.hkubs.hku.hk\/sc\/#website","url":"https:\/\/www.hkubs.hku.hk\/sc\/","name":"HKU Business School","inLanguage":"zh-CN","publisher":{"@id":"https:\/\/www.hkubs.hku.hk\/sc\/#organization"}}]},"og:locale":"en_US","og:site_name":"HKU Business School -","og:type":"article","og:title":"\u653f\u91d1\u5408\u4f53\u6f5c\u85cf\u7684\u5e02\u573a\u98ce\u9669 - HKU Business School","og:description":"\u7279\u6717\u666e\u5bb6\u65cf\u900f\u8fc7\u65d7\u4e0b\u201c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u201d\uff08World Liberty Financial\uff09\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u534f\u5b9a\u548c\u7ba1\u6cbb\u5e73\u53f0, \u53d1\u884c\u540d\u4e3a\u201cWLFI\u201d\u7684\u6570\u5b57\u4ee3\u5e01\uff0c\u521a\u75319\u67081\u65e5\u8d77\u5728\u5404\u5927\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\u4e70\u5356\uff08\u3010\u56fe\u3011\uff09\u3002 \u516c\u5f00\u4ea4\u6613\u540e\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u7684\u8d22\u5bcc\u5e10\u9762\u4e0a\u4e00\u5ea6\u8dc3\u534750\u4ebf\u7f8e\u5143\u3002\u81ea\u4ece\u7279\u6717\u666e\u672c\u5e74\u91cd\u8fd4\u767d\u5bab\u4ee5\u6765\uff0c\u4ed6\u4e0d\u4f46\u901a\u8fc7WLFI\u9879\u76ee\u5728\u91d1\u878d\u9886\u57df\u53d6\u5f97\u4e30\u5bcc\u6536\u83b7\uff0c\u751a\u81f3\u5f97\u4ee5\u6210\u4e3a\u5386\u4efb\u7f8e\u56fd\u603b\u7edf\u4e2d\u7684\u9996\u5bcc\u3002 \u4ece\u6000\u7591\u5230\u62e5\u62b1\u7684\u6025\u8f6c\u5f2f \u7136\u800c\u56de\u6eaf2021\u5e746\u6708\u7684\u4e00\u6b21\u8bbf\u95ee\u4e2d\uff0c\u7279\u6717\u666e\u5374\u516c\u5f00\u6279\u8bc4\u52a0\u5bc6\u8d27\u5e01\u662f\u5f71\u54cd\u7f8e\u5143\u4ef7\u503c\u7684\u9a97\u5c40\uff0c\u4e3b\u5f20\u4e25\u52a0\u76d1\u7ba1\u30023\u5e74\u4e4b\u540e\uff0c\u4e3a\u4e86\u5728\u5927\u9009\u4e2d\u80dc\u51fa\uff0c\u7adf\u53c8\u4e00\u6539\u7acb\u573a\uff0c\u627f\u8bfa\u5c06\u7f8e\u56fd\u6253\u9020\u6210\u201c\u4e16\u754c\u52a0\u5bc6\u4e4b\u90fd\u201d\u3002\u7279\u6717\u666e\u4e0a\u53f0\u540e\uff0c\u968f\u5373\u7b7e\u7f72\u4e00\u9879\u884c\u653f\u547d\u4ee4\uff0c\u65e8\u5728\u5f3a\u5316\u7f8e\u56fd\u5728\u6570\u5b57\u91d1\u878d\u6280\u672f\u9886\u57df\u7684\u9886\u5bfc\u5730\u4f4d\uff0c\u5e76\u6210\u7acb\u603b\u7edf\u6570\u5b57\u8d44\u4ea7\u5e02\u573a\u5de5\u4f5c\u5c0f\u7ec4\uff0c\u63a8\u52a8\u7f8e\u56fd\u6210\u4e3a\u533a\u5757\u94fe\u521b\u65b0\u7684\u9886\u5bfc\u8005\u3002\u800c\u7279\u6717\u666e\u4e24\u540d\u513f\u5b50\u6295\u8d44\u7684\u6bd4\u7279\u5e01\u77ff\u4e1a\u516c\u53f8 American Bitcoin\uff0c\u4ea6\u4e8e\u4e0a\u5468\u6b63\u5f0f\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\uff0c\u6210\u4e3a\u5e02\u573a\u68c0\u89c6\u7279\u6717\u666e\u5bb6\u65cf\u5bf9\u6295\u8d44\u52a0\u5bc6\u8d27\u5e01\u70ed\u5ea6\u7684\u53e6\u4e00\u4f8b\u5b50\u3002 \u4e8b\u5b9e\u4e0a\uff0c\u76f4\u81f32022\u5e74\u5e95\uff0c\u7279\u6717\u666e\u624d\u5f00\u59cb\u552e\u5356\u6570\u5b57\u85cf\u54c1 (digital collectibles)\uff0c\u4e3b\u8981\u5305\u62ec\u7279\u6717\u666e\u8eab\u7a7f\u8d85\u7ea7\u82f1\u96c4\u670d\u88c5\u6216\u6446\u51fa\u6253\u9ad8\u5c14\u592b\u7403\u59ff\u52bf\u7684\u56fe\u50cf\u3002\u516c\u5f00\u6570\u636e\u663e\u793a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u5df2\u6d89\u8db3\u975e\u540c\u8d28\u5316\u4ee3\u5e01\uff08NFT\uff09\u3001\u6bd4\u7279\u5e01\u3001\u53d1\u5e03\u4e2a\u4eba\u52a0\u5bc6\u8d27\u5e01\u7b49\u4e1a\u52a1\uff0c\u7531\u6b64\u83b7\u5f97\u8fd110\u4ebf\u7f8e\u5143\u8d26\u9762\u6536\u76ca\u3002 WLFI\u66b4\u5347\u66b4\u8dcc\u6709\u8ff9\u53ef\u5bfb \u4e16\u754c\u81ea\u7531\u91d1\u878d\u516c\u53f8\u81ea2024\u5e749\u6708\u6210\u7acb\u4ee5\u6765\uff0c\u4e00\u76f4\u5728\u8d2d\u4e70\u4ee5\u592a\u5e01\u3001\u6ce2\u573a\u5e01\u7b49\u52a0\u5bc6\u8d27\u5e01\uff0c\u4f46\u5c1a\u672a\u63a8\u51fa\u5176\u58f0\u79f0\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u670d\u52a1\u3002\u672c\u5e743\u6708\u5b8c\u6210\u53d1\u884c\u7b2c\u4e8c\u6279\u52a0\u5bc6\u5e01\u540e\uff0c\u8be5\u516c\u53f8\u4ece\u4e2d\u96c6\u8d44\u603b\u989d\u8fbe5.5\u4ebf\u7f8e\u5143\uff0c\u5e76\u5ba3\u5e03\u63a8\u51fa\u4e0e\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01USD1\uff0c\u6700\u521d\u5c06\u5728\u4ee5\u592a\u574a\u548c\u5e01\u5b89\u533a\u5757\u94fe\u4e0a\u94f8\u9020\u3002 \u81f3\u4e8e\u4e0a\u5468\u53d1\u884c\u7684WLFI\u4ee3\u5e01\uff0c\u5728\u7279\u6717\u666e\u5bb6\u65cf\u6210\u5458\u7684\u652f\u6301\u4e0b\uff0c\u5f3a\u8c03\u5c06\u201c\u7f8e\u56fd\u4f18\u5148\u201d\uff08America First\uff09\u7b56\u7565\u548c\u533a\u5757\u94fe\u5b9e\u7528\u529f\u80fd\u7ed3\u5408\u3002\u4e0a\u5e02 48 \u5c0f\u65f6\u5185\u4ea4\u6613\u4ef7\u683c\u98d9\u5347\u903e 60%\uff0c\u4f46\u5728\u5ba3\u5e03\u9500\u6bc1 4,700 \u4e07\u679a\u4ee3\u5e01\u540e\u5927\u8dcc, \u4e00\u4e9b\u6295\u8d44\u754c\u540d\u4eba\u7684\u5de8\u989d\u94b1\u5305\u4ea6\u88ab\u51bb\u7ed3\u3002WLFI\u4ee3\u5e01\u521a\u4e0a\u5e02\u5373\u5d29\u76d8\uff0c\u77ed\u65f6\u95f4\u5185\u8dcc\u5e45\u8fbe40%\uff0c\u5f15\u8d77\u5e02\u573a\u5e7f\u6cdb\u5173\u6ce8\u3002 \u6839\u636e\u5e02\u573a\u6d88\u606f\uff0cWLFI\u65e9\u671f\u6295\u8d44\u8005\u6210\u672c\u6781\u4f4e\uff0c\u539f\u672c\u89c4\u5b9a\u53ea\u80fd\u51fa\u552e20%\u7684\u6301\u80a1\u3002\u7136\u800c\uff0c\u516c\u53f8\u88ab\u4f20\u95fb\u4e3a\u534f\u52a9\u5927\u6237\u51fa\u8d27\uff0c\u7a81\u7136\u4fee\u6539\u89c4\u5219\u5141\u8bb8\u5927\u91cf\u629b\u552e\uff0c\u5bfc\u81f4\u5e02\u573a\u77ac\u95f4\u88ab\u5356\u65b9\u6df9\u6ca1\u3002\u5982\u6b64\u671d\u4ee4\u5915\u6539\uff0c\u4e25\u91cd\u5931\u4fe1\u4e8e\u6295\u8d44\u8005\uff0c\u66b4\u9732\u4e86\u9879\u76ee\u7ba1\u7406\u7684\u6838\u5fc3\u7f3a\u9677\u3002WLFI\u6700\u521d\u5ba3\u4f20\u5efa\u7acb\u5e7f\u6cdb\u7684\u653f\u6cbb\u91d1\u878d\u751f\u6001\u7cfb\u7edf\uff0c\u4e0d\u8fc7\u662f\u53ea\u95fb\u697c\u68af\u54cd\u800c\u5df2\u3002\u5176\u53d1\u884c\u603b\u91cf\u9ad8\u8fbe1000\u4ebf\u679a\uff0c\u5e02\u503c\u4e00\u5ea6\u88ab\u7092\u81f3400\u4ebf\u7f8e\u5143\uff0c\u4f46\u5927\u90e8\u5206\u4ee3\u5e01\u7684\u89e3\u9501\u548c\u65f6\u95f4\u8868\u5b8c\u5168\u4e0d\u900f\u660e\u3002\u56e2\u961f\u548c\u65e9\u671f\u6295\u8d44\u8005\u6216\u968f\u65f6\u5927\u89c4\u6a21\u629b\u552e\uff0c\u4e00\u822c\u6295\u8d44\u8005\u5219\u5904\u4e8e\u8d44\u8baf\u52a3\u52bf\u5730\u4f4d\uff0c\u6210\u4e3a\u88ab\u6536\u5272\u7684\u5bf9\u8c61\u3002 \u66f4\u4ee4\u4eba\u62c5\u5fe7\u7684\u662f\uff0cWLFI\u6240\u6709\u6536\u5165\u5b8c\u5168\u5f52\u516c\u53f8\u6240\u6709\uff0c\u6301\u5e01\u8005\u65e0\u6cd5\u83b7\u5f97\u4efb\u4f55\u5206\u7ea2\u6216\u6536\u76ca\uff0c\u6709\u8fdd\u53bb\u4e2d\u5fc3\u5316\u7684\u539f\u5219\uff0c\u7eaf\u5c5e\u5e02\u573a\u7092\u4f5c\u800c\u975e\u771f\u5b9e\u4ef7\u503c\u521b\u9020\u3002WLFI\u5f62\u50cf\u4e0d\u4f73\uff0c\u5728\u793e\u4ea4\u5e73\u53f0\u548c\u52a0\u5bc6\u8d27\u5e01\u8ba8\u8bba\u533a\u4e0a\uff0c\u6709\u6295\u8d44\u8005\u5f00\u59cb\u5c06\u4e4b\u4e0e FTX \u4ee5\u81f3 Bitconnect \u7b49\u91cf\u9f50\u89c2\u3002\u5c3d\u7ba1\u5176\u6d41\u52a8\u6027\u4f9d\u7136\u5145\u88d5, \u4f46\u5e02\u573a\u60c5\u7eea\u5df2\u9aa4\u53d8, \u53cd\u6620\u6295\u8d44\u8005\u6781\u5927\u7684\u4e0d\u4fe1\u4efb\u3002 \u5bb6\u5929\u4e0b\u7684\u9690\u5fe7 WLFI \u66b4\u8dcc\u7684\u4e3b\u56e0\u6db5\u76d6\u56db\u65b9\u9762\uff1a\u4e00\u3001\u89e3\u9501\u673a\u5236\u4e0d\u5065\u5168\uff0c\u867d\u7136\u6839\u636e WLFI \u7684\u65b9\u6848\uff0c9 \u6708 1 \u65e5\u4ec5\u7ea6 20% \u7684\u65e9\u671f\u79cd\u5b50\u4ee3\u5e01\u548c\u79c1\u52df\u4ee3\u5e01\u900f\u8fc7 Lockbox \u7cfb\u7edf\u89e3\u9501\uff0c\u5176\u9980\u4ee3\u5e01\u9700\u7ecf\u53d7\u6258\u4eba\u6295\u7968\u624d\u80fd\u89e3\u9501\uff0c\u4f46\u4f5c\u4e3a\u4e13\u6848\u65b9\u7684\u7279\u6717\u666e\u5bb6\u65cf\u5374\u4e0d\u53d7\u6b64\u9650\u5236\uff0c\u8d44\u91d1\u8fd0\u7528\u5b8c\u5168\u81ea\u7531\u3002\u4e8c\u3001WLFI \u7684\u4f30\u503c\u6ce1\u6cab\u4e25\u91cd\uff0c\u5176\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\u9ad8\u8fbe 550 \u4ebf\u7f8e\u5143\uff0c\u76f8\u5f53\u4e8e LINK\u3001UNI \u7b49\u56db\u5927\u9879\u76ee\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\u7684\u603b\u548c\uff0c\u4f46\u5b9e\u9645\u4ea4\u6613\u652f\u6491\u51e0\u4e4e\u4e3a\u96f6\uff0c\u4f30\u503c\u4e3b\u8981\u4f9d\u8d56\u7279\u6717\u666e\u5bb6\u65cf\u7684\u652f\u6301\uff0c\u7f3a\u4e4f\u57fa\u672c\u9762\u6307\u6807\u3002\u4e09\u3001\u4ee3\u5e01\u5206\u5e03\u9ad8\u5ea6\u96c6\u4e2d\uff0c35% \u7684\u4ee3\u5e01\u7531\u56e2\u961f\u548c\u7b56\u7565\u6295\u8d44\u8005\u6301\u6709\uff0c\u5386\u53f2\u7ecf\u9a8c\u663e\u793a\u4e0e\u7279\u6717\u666e\u76f8\u5173\u7684\u9879\u76ee\u5e38\u5728\u5927\u6da8\u540e\u906d\u5185\u90e8\u4eba\u58eb\u629b\u552e\uff0c\u4ee5\u81f4\u4ef7\u683c\u4e0b\u8dcc\u3002\u56db\u3001\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u52a0\u5f3a\u5bf9\u653f\u6cbb\u4ee3\u5e01\u7684\u76d1\u7ba1\uff0c\u82e5 WLFI \u88ab\u8ba4\u5b9a\u4e3a\u672a\u6ce8\u518c\u8bc1\u5238\uff0c\u53ef\u80fd\u9762\u4e34\u5f3a\u5236\u9000\u5e02\u3002 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u7684\u8054\u5408\u521b\u8fa7\u4eba\u4e4b\u4e00\uff0c\u662f\u7279\u6717\u666e\u653f\u5e9c\u4e2d\u4e1c\u7279\u4f7fSteve Witkoff\u7684\u513f\u5b50\uff0c\u56e0\u6709\u6f5c\u5728\u5229\u76ca\u51b2\u7a81\u4e4b\u5acc\u800c\u53d7\u5230\u8d28\u7591\u3002\u5728\u7279\u6717\u666e\u5c31\u4efb\u7f8e\u56fd\u603b\u7edf\u524d\u51e0\u5929\uff0c\u5176\u59bb\u6885\u62c9\u5c3c\u5a05\u53c8\u63a8\u51fa\u4e2a\u4eba\u8ff7\u56e0\u5e01 (meme","og:url":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/","article:published_time":"2025-09-17T01:54:19+00:00","article:modified_time":"2025-09-17T02:46:03+00:00","twitter:card":"summary_large_image","twitter:title":"\u653f\u91d1\u5408\u4f53\u6f5c\u85cf\u7684\u5e02\u573a\u98ce\u9669 - HKU Business School","twitter:description":"\u7279\u6717\u666e\u5bb6\u65cf\u900f\u8fc7\u65d7\u4e0b\u201c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u201d\uff08World Liberty Financial\uff09\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u534f\u5b9a\u548c\u7ba1\u6cbb\u5e73\u53f0, \u53d1\u884c\u540d\u4e3a\u201cWLFI\u201d\u7684\u6570\u5b57\u4ee3\u5e01\uff0c\u521a\u75319\u67081\u65e5\u8d77\u5728\u5404\u5927\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\u4e70\u5356\uff08\u3010\u56fe\u3011\uff09\u3002 \u516c\u5f00\u4ea4\u6613\u540e\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u7684\u8d22\u5bcc\u5e10\u9762\u4e0a\u4e00\u5ea6\u8dc3\u534750\u4ebf\u7f8e\u5143\u3002\u81ea\u4ece\u7279\u6717\u666e\u672c\u5e74\u91cd\u8fd4\u767d\u5bab\u4ee5\u6765\uff0c\u4ed6\u4e0d\u4f46\u901a\u8fc7WLFI\u9879\u76ee\u5728\u91d1\u878d\u9886\u57df\u53d6\u5f97\u4e30\u5bcc\u6536\u83b7\uff0c\u751a\u81f3\u5f97\u4ee5\u6210\u4e3a\u5386\u4efb\u7f8e\u56fd\u603b\u7edf\u4e2d\u7684\u9996\u5bcc\u3002 \u4ece\u6000\u7591\u5230\u62e5\u62b1\u7684\u6025\u8f6c\u5f2f \u7136\u800c\u56de\u6eaf2021\u5e746\u6708\u7684\u4e00\u6b21\u8bbf\u95ee\u4e2d\uff0c\u7279\u6717\u666e\u5374\u516c\u5f00\u6279\u8bc4\u52a0\u5bc6\u8d27\u5e01\u662f\u5f71\u54cd\u7f8e\u5143\u4ef7\u503c\u7684\u9a97\u5c40\uff0c\u4e3b\u5f20\u4e25\u52a0\u76d1\u7ba1\u30023\u5e74\u4e4b\u540e\uff0c\u4e3a\u4e86\u5728\u5927\u9009\u4e2d\u80dc\u51fa\uff0c\u7adf\u53c8\u4e00\u6539\u7acb\u573a\uff0c\u627f\u8bfa\u5c06\u7f8e\u56fd\u6253\u9020\u6210\u201c\u4e16\u754c\u52a0\u5bc6\u4e4b\u90fd\u201d\u3002\u7279\u6717\u666e\u4e0a\u53f0\u540e\uff0c\u968f\u5373\u7b7e\u7f72\u4e00\u9879\u884c\u653f\u547d\u4ee4\uff0c\u65e8\u5728\u5f3a\u5316\u7f8e\u56fd\u5728\u6570\u5b57\u91d1\u878d\u6280\u672f\u9886\u57df\u7684\u9886\u5bfc\u5730\u4f4d\uff0c\u5e76\u6210\u7acb\u603b\u7edf\u6570\u5b57\u8d44\u4ea7\u5e02\u573a\u5de5\u4f5c\u5c0f\u7ec4\uff0c\u63a8\u52a8\u7f8e\u56fd\u6210\u4e3a\u533a\u5757\u94fe\u521b\u65b0\u7684\u9886\u5bfc\u8005\u3002\u800c\u7279\u6717\u666e\u4e24\u540d\u513f\u5b50\u6295\u8d44\u7684\u6bd4\u7279\u5e01\u77ff\u4e1a\u516c\u53f8 American Bitcoin\uff0c\u4ea6\u4e8e\u4e0a\u5468\u6b63\u5f0f\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\uff0c\u6210\u4e3a\u5e02\u573a\u68c0\u89c6\u7279\u6717\u666e\u5bb6\u65cf\u5bf9\u6295\u8d44\u52a0\u5bc6\u8d27\u5e01\u70ed\u5ea6\u7684\u53e6\u4e00\u4f8b\u5b50\u3002 \u4e8b\u5b9e\u4e0a\uff0c\u76f4\u81f32022\u5e74\u5e95\uff0c\u7279\u6717\u666e\u624d\u5f00\u59cb\u552e\u5356\u6570\u5b57\u85cf\u54c1 (digital collectibles)\uff0c\u4e3b\u8981\u5305\u62ec\u7279\u6717\u666e\u8eab\u7a7f\u8d85\u7ea7\u82f1\u96c4\u670d\u88c5\u6216\u6446\u51fa\u6253\u9ad8\u5c14\u592b\u7403\u59ff\u52bf\u7684\u56fe\u50cf\u3002\u516c\u5f00\u6570\u636e\u663e\u793a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u5df2\u6d89\u8db3\u975e\u540c\u8d28\u5316\u4ee3\u5e01\uff08NFT\uff09\u3001\u6bd4\u7279\u5e01\u3001\u53d1\u5e03\u4e2a\u4eba\u52a0\u5bc6\u8d27\u5e01\u7b49\u4e1a\u52a1\uff0c\u7531\u6b64\u83b7\u5f97\u8fd110\u4ebf\u7f8e\u5143\u8d26\u9762\u6536\u76ca\u3002 WLFI\u66b4\u5347\u66b4\u8dcc\u6709\u8ff9\u53ef\u5bfb \u4e16\u754c\u81ea\u7531\u91d1\u878d\u516c\u53f8\u81ea2024\u5e749\u6708\u6210\u7acb\u4ee5\u6765\uff0c\u4e00\u76f4\u5728\u8d2d\u4e70\u4ee5\u592a\u5e01\u3001\u6ce2\u573a\u5e01\u7b49\u52a0\u5bc6\u8d27\u5e01\uff0c\u4f46\u5c1a\u672a\u63a8\u51fa\u5176\u58f0\u79f0\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u670d\u52a1\u3002\u672c\u5e743\u6708\u5b8c\u6210\u53d1\u884c\u7b2c\u4e8c\u6279\u52a0\u5bc6\u5e01\u540e\uff0c\u8be5\u516c\u53f8\u4ece\u4e2d\u96c6\u8d44\u603b\u989d\u8fbe5.5\u4ebf\u7f8e\u5143\uff0c\u5e76\u5ba3\u5e03\u63a8\u51fa\u4e0e\u7f8e\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01USD1\uff0c\u6700\u521d\u5c06\u5728\u4ee5\u592a\u574a\u548c\u5e01\u5b89\u533a\u5757\u94fe\u4e0a\u94f8\u9020\u3002 \u81f3\u4e8e\u4e0a\u5468\u53d1\u884c\u7684WLFI\u4ee3\u5e01\uff0c\u5728\u7279\u6717\u666e\u5bb6\u65cf\u6210\u5458\u7684\u652f\u6301\u4e0b\uff0c\u5f3a\u8c03\u5c06\u201c\u7f8e\u56fd\u4f18\u5148\u201d\uff08America First\uff09\u7b56\u7565\u548c\u533a\u5757\u94fe\u5b9e\u7528\u529f\u80fd\u7ed3\u5408\u3002\u4e0a\u5e02 48 \u5c0f\u65f6\u5185\u4ea4\u6613\u4ef7\u683c\u98d9\u5347\u903e 60%\uff0c\u4f46\u5728\u5ba3\u5e03\u9500\u6bc1 4,700 \u4e07\u679a\u4ee3\u5e01\u540e\u5927\u8dcc, \u4e00\u4e9b\u6295\u8d44\u754c\u540d\u4eba\u7684\u5de8\u989d\u94b1\u5305\u4ea6\u88ab\u51bb\u7ed3\u3002WLFI\u4ee3\u5e01\u521a\u4e0a\u5e02\u5373\u5d29\u76d8\uff0c\u77ed\u65f6\u95f4\u5185\u8dcc\u5e45\u8fbe40%\uff0c\u5f15\u8d77\u5e02\u573a\u5e7f\u6cdb\u5173\u6ce8\u3002 \u6839\u636e\u5e02\u573a\u6d88\u606f\uff0cWLFI\u65e9\u671f\u6295\u8d44\u8005\u6210\u672c\u6781\u4f4e\uff0c\u539f\u672c\u89c4\u5b9a\u53ea\u80fd\u51fa\u552e20%\u7684\u6301\u80a1\u3002\u7136\u800c\uff0c\u516c\u53f8\u88ab\u4f20\u95fb\u4e3a\u534f\u52a9\u5927\u6237\u51fa\u8d27\uff0c\u7a81\u7136\u4fee\u6539\u89c4\u5219\u5141\u8bb8\u5927\u91cf\u629b\u552e\uff0c\u5bfc\u81f4\u5e02\u573a\u77ac\u95f4\u88ab\u5356\u65b9\u6df9\u6ca1\u3002\u5982\u6b64\u671d\u4ee4\u5915\u6539\uff0c\u4e25\u91cd\u5931\u4fe1\u4e8e\u6295\u8d44\u8005\uff0c\u66b4\u9732\u4e86\u9879\u76ee\u7ba1\u7406\u7684\u6838\u5fc3\u7f3a\u9677\u3002WLFI\u6700\u521d\u5ba3\u4f20\u5efa\u7acb\u5e7f\u6cdb\u7684\u653f\u6cbb\u91d1\u878d\u751f\u6001\u7cfb\u7edf\uff0c\u4e0d\u8fc7\u662f\u53ea\u95fb\u697c\u68af\u54cd\u800c\u5df2\u3002\u5176\u53d1\u884c\u603b\u91cf\u9ad8\u8fbe1000\u4ebf\u679a\uff0c\u5e02\u503c\u4e00\u5ea6\u88ab\u7092\u81f3400\u4ebf\u7f8e\u5143\uff0c\u4f46\u5927\u90e8\u5206\u4ee3\u5e01\u7684\u89e3\u9501\u548c\u65f6\u95f4\u8868\u5b8c\u5168\u4e0d\u900f\u660e\u3002\u56e2\u961f\u548c\u65e9\u671f\u6295\u8d44\u8005\u6216\u968f\u65f6\u5927\u89c4\u6a21\u629b\u552e\uff0c\u4e00\u822c\u6295\u8d44\u8005\u5219\u5904\u4e8e\u8d44\u8baf\u52a3\u52bf\u5730\u4f4d\uff0c\u6210\u4e3a\u88ab\u6536\u5272\u7684\u5bf9\u8c61\u3002 \u66f4\u4ee4\u4eba\u62c5\u5fe7\u7684\u662f\uff0cWLFI\u6240\u6709\u6536\u5165\u5b8c\u5168\u5f52\u516c\u53f8\u6240\u6709\uff0c\u6301\u5e01\u8005\u65e0\u6cd5\u83b7\u5f97\u4efb\u4f55\u5206\u7ea2\u6216\u6536\u76ca\uff0c\u6709\u8fdd\u53bb\u4e2d\u5fc3\u5316\u7684\u539f\u5219\uff0c\u7eaf\u5c5e\u5e02\u573a\u7092\u4f5c\u800c\u975e\u771f\u5b9e\u4ef7\u503c\u521b\u9020\u3002WLFI\u5f62\u50cf\u4e0d\u4f73\uff0c\u5728\u793e\u4ea4\u5e73\u53f0\u548c\u52a0\u5bc6\u8d27\u5e01\u8ba8\u8bba\u533a\u4e0a\uff0c\u6709\u6295\u8d44\u8005\u5f00\u59cb\u5c06\u4e4b\u4e0e FTX \u4ee5\u81f3 Bitconnect \u7b49\u91cf\u9f50\u89c2\u3002\u5c3d\u7ba1\u5176\u6d41\u52a8\u6027\u4f9d\u7136\u5145\u88d5, \u4f46\u5e02\u573a\u60c5\u7eea\u5df2\u9aa4\u53d8, \u53cd\u6620\u6295\u8d44\u8005\u6781\u5927\u7684\u4e0d\u4fe1\u4efb\u3002 \u5bb6\u5929\u4e0b\u7684\u9690\u5fe7 WLFI \u66b4\u8dcc\u7684\u4e3b\u56e0\u6db5\u76d6\u56db\u65b9\u9762\uff1a\u4e00\u3001\u89e3\u9501\u673a\u5236\u4e0d\u5065\u5168\uff0c\u867d\u7136\u6839\u636e WLFI \u7684\u65b9\u6848\uff0c9 \u6708 1 \u65e5\u4ec5\u7ea6 20% \u7684\u65e9\u671f\u79cd\u5b50\u4ee3\u5e01\u548c\u79c1\u52df\u4ee3\u5e01\u900f\u8fc7 Lockbox \u7cfb\u7edf\u89e3\u9501\uff0c\u5176\u9980\u4ee3\u5e01\u9700\u7ecf\u53d7\u6258\u4eba\u6295\u7968\u624d\u80fd\u89e3\u9501\uff0c\u4f46\u4f5c\u4e3a\u4e13\u6848\u65b9\u7684\u7279\u6717\u666e\u5bb6\u65cf\u5374\u4e0d\u53d7\u6b64\u9650\u5236\uff0c\u8d44\u91d1\u8fd0\u7528\u5b8c\u5168\u81ea\u7531\u3002\u4e8c\u3001WLFI \u7684\u4f30\u503c\u6ce1\u6cab\u4e25\u91cd\uff0c\u5176\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\u9ad8\u8fbe 550 \u4ebf\u7f8e\u5143\uff0c\u76f8\u5f53\u4e8e LINK\u3001UNI \u7b49\u56db\u5927\u9879\u76ee\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\u7684\u603b\u548c\uff0c\u4f46\u5b9e\u9645\u4ea4\u6613\u652f\u6491\u51e0\u4e4e\u4e3a\u96f6\uff0c\u4f30\u503c\u4e3b\u8981\u4f9d\u8d56\u7279\u6717\u666e\u5bb6\u65cf\u7684\u652f\u6301\uff0c\u7f3a\u4e4f\u57fa\u672c\u9762\u6307\u6807\u3002\u4e09\u3001\u4ee3\u5e01\u5206\u5e03\u9ad8\u5ea6\u96c6\u4e2d\uff0c35% \u7684\u4ee3\u5e01\u7531\u56e2\u961f\u548c\u7b56\u7565\u6295\u8d44\u8005\u6301\u6709\uff0c\u5386\u53f2\u7ecf\u9a8c\u663e\u793a\u4e0e\u7279\u6717\u666e\u76f8\u5173\u7684\u9879\u76ee\u5e38\u5728\u5927\u6da8\u540e\u906d\u5185\u90e8\u4eba\u58eb\u629b\u552e\uff0c\u4ee5\u81f4\u4ef7\u683c\u4e0b\u8dcc\u3002\u56db\u3001\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u52a0\u5f3a\u5bf9\u653f\u6cbb\u4ee3\u5e01\u7684\u76d1\u7ba1\uff0c\u82e5 WLFI \u88ab\u8ba4\u5b9a\u4e3a\u672a\u6ce8\u518c\u8bc1\u5238\uff0c\u53ef\u80fd\u9762\u4e34\u5f3a\u5236\u9000\u5e02\u3002 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u7684\u8054\u5408\u521b\u8fa7\u4eba\u4e4b\u4e00\uff0c\u662f\u7279\u6717\u666e\u653f\u5e9c\u4e2d\u4e1c\u7279\u4f7fSteve Witkoff\u7684\u513f\u5b50\uff0c\u56e0\u6709\u6f5c\u5728\u5229\u76ca\u51b2\u7a81\u4e4b\u5acc\u800c\u53d7\u5230\u8d28\u7591\u3002\u5728\u7279\u6717\u666e\u5c31\u4efb\u7f8e\u56fd\u603b\u7edf\u524d\u51e0\u5929\uff0c\u5176\u59bb\u6885\u62c9\u5c3c\u5a05\u53c8\u63a8\u51fa\u4e2a\u4eba\u8ff7\u56e0\u5e01 (meme"},"aioseo_meta_data":{"post_id":"243505","title":null,"description":null,"keywords":null,"keyphrases":{"focus":{"keyphrase":"","score":0,"analysis":{"keyphraseInTitle":{"score":0,"maxScore":9,"error":1}}},"additional":[]},"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":"","og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"WebPage","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":"-1","robots_max_videopreview":"-1","robots_max_imagepreview":"large","priority":null,"frequency":"default","local_seo":null,"breadcrumb_settings":null,"limit_modified_date":0,"ai":null,"created":"2025-09-17 01:56:15","updated":"2025-09-17 02:46:04","seo_analyzer_scan_date":null},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/www.hkubs.hku.hk\/sc\/\" title=\"Home\">Home<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/hkej-column-sc\/\" title=\"\u9f99\u864e\u5c71\u4e0b\">\u9f99\u864e\u5c71\u4e0b<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t\u653f\u91d1\u5408\u4f53\u6f5c\u85cf\u7684\u5e02\u573a\u98ce\u9669\n\t\t<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/www.hkubs.hku.hk\/sc\/"},{"label":"\u9f99\u864e\u5c71\u4e0b","link":"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/hkej-column-sc\/"},{"label":"\u653f\u91d1\u5408\u4f53\u6f5c\u85cf\u7684\u5e02\u573a\u98ce\u9669","link":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/"}],"_links":{"self":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/243505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership"}],"about":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/types\/thought-leadership"}],"version-history":[{"count":3,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/243505\/revisions"}],"predecessor-version":[{"id":243525,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/243505\/revisions\/243525"}],"wp:attachment":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/media?parent=243505"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/tags?post=243505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}