{"id":243503,"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":"2025-10-20T17:24:09","modified_gmt":"2025-10-20T09:24:09","slug":"market-risks-lurking-in-the-fusion-of-government-and-financial-sectors","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/","title":{"rendered":"\u653f\u91d1\u5408\u9ad4\u6f5b\u85cf\u7684\u5e02\u5834\u98a8\u96aa"},"content":{"rendered":"<p>\u7279\u6717\u666e\u5bb6\u65cf\u900f\u904e\u65d7\u4e0b\u300c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u300d\uff08World Liberty Financial\uff09\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u5354\u5b9a\u548c\u7ba1\u6cbb\u5e73\u53f0, \u767c\u884c\u540d\u70ba\u300cWLFI\u300d\u7684\u6578\u5b57\u4ee3\u5e63\uff0c\u525b\u75319\u67081\u65e5\u8d77\u5728\u5404\u5927\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240\u8cb7\u8ce3\uff08\u3010\u5716\u3011\uff09\u3002<\/p>\n<p>\u516c\u958b\u4ea4\u6613\u5f8c\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u7684\u8ca1\u5bcc\u5e33\u9762\u4e0a\u4e00\u5ea6\u8e8d\u534750\u5104\u7f8e\u5143\u3002\u81ea\u5f9e\u7279\u6717\u666e\u672c\u5e74\u91cd\u8fd4\u767d\u5bae\u4ee5\u4f86\uff0c\u4ed6\u4e0d\u4f46\u901a\u904eWLFI\u9805\u76ee\u5728\u91d1\u878d\u9818\u57df\u53d6\u5f97\u8c50\u5bcc\u6536\u7a6b\uff0c\u751a\u81f3\u5f97\u4ee5\u6210\u70ba\u6b77\u4efb\u7f8e\u570b\u7e3d\u7d71\u4e2d\u7684\u9996\u5bcc\u3002<\/p>\n<h5><strong>\u5f9e\u61f7\u7591\u5230\u64c1\u62b1\u7684\u6025\u8f49\u5f4e<\/strong><\/h5>\n<p>\u7136\u800c\u56de\u6eaf2021\u5e746\u6708\u7684\u4e00\u6b21\u8a2a\u554f\u4e2d\uff0c\u7279\u6717\u666e\u537b\u516c\u958b\u6279\u8a55\u52a0\u5bc6\u8ca8\u5e63\u662f\u5f71\u97ff\u7f8e\u5143\u50f9\u503c\u7684\u9a19\u5c40\uff0c\u4e3b\u5f35\u56b4\u52a0\u76e3\u7ba1\u30023\u5e74\u4e4b\u5f8c\uff0c\u70ba\u4e86\u5728\u5927\u9078\u4e2d\u52dd\u51fa\uff0c\u7adf\u53c8\u4e00\u6539\u7acb\u5834\uff0c\u627f\u8afe\u5c07\u7f8e\u570b\u6253\u9020\u6210\u300c\u4e16\u754c\u52a0\u5bc6\u4e4b\u90fd\u300d\u3002\u7279\u6717\u666e\u4e0a\u53f0\u5f8c\uff0c\u96a8\u5373\u7c3d\u7f72\u4e00\u9805\u884c\u653f\u547d\u4ee4\uff0c\u65e8\u5728\u5f37\u5316\u7f8e\u570b\u5728\u6578\u5b57\u91d1\u878d\u6280\u8853\u9818\u57df\u7684\u9818\u5c0e\u5730\u4f4d\uff0c\u4e26\u6210\u7acb\u7e3d\u7d71\u6578\u5b57\u8cc7\u7522\u5e02\u5834\u5de5\u4f5c\u5c0f\u7d44\uff0c\u63a8\u52d5\u7f8e\u570b\u6210\u70ba\u5340\u584a\u93c8\u5275\u65b0\u7684\u9818\u5c0e\u8005\u3002\u800c\u7279\u6717\u666e\u5169\u540d\u5152\u5b50\u6295\u8cc7\u7684\u6bd4\u7279\u5e63\u7926\u696d\u516c\u53f8 American Bitcoin\uff0c\u4ea6\u65bc\u4e0a\u5468\u6b63\u5f0f\u5728\u7d0d\u65af\u9054\u514b\u4e0a\u5e02\uff0c\u6210\u70ba\u5e02\u5834\u6aa2\u8996\u7279\u6717\u666e\u5bb6\u65cf\u5c0d\u6295\u8cc7\u52a0\u5bc6\u8ca8\u5e63\u71b1\u5ea6\u7684\u53e6\u4e00\u4f8b\u5b50\u3002<\/p>\n<p>\u4e8b\u5be6\u4e0a\uff0c\u76f4\u81f32022\u5e74\u5e95\uff0c\u7279\u6717\u666e\u624d\u958b\u59cb\u552e\u8ce3\u6578\u5b57\u85cf\u54c1 (digital collectibles)\uff0c\u4e3b\u8981\u5305\u62ec\u7279\u6717\u666e\u8eab\u7a7f\u8d85\u7d1a\u82f1\u96c4\u670d\u88dd\u6216\u64fa\u51fa\u6253\u9ad8\u723e\u592b\u7403\u59ff\u52e2\u7684\u5716\u50cf\u3002\u516c\u958b\u6578\u64da\u986f\u793a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u5df2\u6d89\u8db3\u975e\u540c\u8cea\u5316\u4ee3\u5e63\uff08NFT\uff09\u3001\u6bd4\u7279\u5e63\u3001\u767c\u5e03\u500b\u4eba\u52a0\u5bc6\u8ca8\u5e63\u7b49\u696d\u52d9\uff0c\u7531\u6b64\u7372\u5f97\u8fd110\u5104\u7f8e\u5143\u8cec\u9762\u6536\u76ca\u3002<\/p>\n<h5><strong>WLFI<\/strong><strong>\u66b4\u5347\u66b4\u8dcc\u6709\u8de1\u53ef\u5c0b<\/strong><\/h5>\n<p>\u4e16\u754c\u81ea\u7531\u91d1\u878d\u516c\u53f8\u81ea2024\u5e749\u6708\u6210\u7acb\u4ee5\u4f86\uff0c\u4e00\u76f4\u5728\u8cfc\u8cb7\u4ee5\u592a\u5e63\u3001\u6ce2\u5834\u5e63\u7b49\u52a0\u5bc6\u8ca8\u5e63\uff0c\u4f46\u5c1a\u672a\u63a8\u51fa\u5176\u8072\u7a31\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u670d\u52d9\u3002\u672c\u5e743\u6708\u5b8c\u6210\u767c\u884c\u7b2c\u4e8c\u6279\u52a0\u5bc6\u5e63\u5f8c\uff0c\u8a72\u516c\u53f8\u5f9e\u4e2d\u96c6\u8cc7\u7e3d\u984d\u90545.5\u5104\u7f8e\u5143\uff0c\u4e26\u5ba3\u5e03\u63a8\u51fa\u8207\u7f8e\u5143\u639b\u920e\u7684\u7a69\u5b9a\u5e63USD1\uff0c\u6700\u521d\u5c07\u5728\u4ee5\u592a\u574a\u548c\u5e63\u5b89\u5340\u584a\u93c8\u4e0a\u9444\u9020\u3002<\/p>\n<p>\u81f3\u65bc\u4e0a\u5468\u767c\u884c\u7684WLFI\u4ee3\u5e63\uff0c\u5728\u7279\u6717\u666e\u5bb6\u65cf\u6210\u54e1\u7684\u652f\u6301\u4e0b\uff0c\u5f37\u8abf\u5c07\u300c\u7f8e\u570b\u512a\u5148\u300d\uff08America First\uff09\u7b56\u7565\u548c\u5340\u584a\u93c8\u5be6\u7528\u529f\u80fd\u7d50\u5408\u3002\u4e0a\u5e02 48 \u5c0f\u6642\u5167\u4ea4\u6613\u50f9\u683c\u98c6\u5347\u903e 60%\uff0c\u4f46\u5728\u5ba3\u5e03\u92b7\u6bc0 4,700 \u842c\u679a\u4ee3\u5e63\u5f8c\u5927\u8dcc, \u4e00\u4e9b\u6295\u8cc7\u754c\u540d\u4eba\u7684\u5de8\u984d\u9322\u5305\u4ea6\u88ab\u51cd\u7d50\u3002WLFI\u4ee3\u5e63\u525b\u4e0a\u5e02\u5373\u5d29\u76e4\uff0c\u77ed\u6642\u9593\u5167\u8dcc\u5e45\u905440%\uff0c\u5f15\u8d77\u5e02\u5834\u5ee3\u6cdb\u95dc\u6ce8\u3002<\/p>\n<p>\u6839\u64da\u5e02\u5834\u6d88\u606f\uff0cWLFI\u65e9\u671f\u6295\u8cc7\u8005\u6210\u672c\u6975\u4f4e\uff0c\u539f\u672c\u898f\u5b9a\u53ea\u80fd\u51fa\u552e20%\u7684\u6301\u80a1\u3002\u7136\u800c\uff0c\u516c\u53f8\u88ab\u50b3\u805e\u70ba\u5354\u52a9\u5927\u6236\u51fa\u8ca8\uff0c\u7a81\u7136\u4fee\u6539\u898f\u5247\u5141\u8a31\u5927\u91cf\u62cb\u552e\uff0c\u5c0e\u81f4\u5e02\u5834\u77ac\u9593\u88ab\u8ce3\u65b9\u6df9\u6c92\u3002\u5982\u6b64\u671d\u4ee4\u5915\u6539\uff0c\u56b4\u91cd\u5931\u4fe1\u65bc\u6295\u8cc7\u8005\uff0c\u66b4\u9732\u4e86\u9805\u76ee\u7ba1\u7406\u7684\u6838\u5fc3\u7f3a\u9677\u3002WLFI\u6700\u521d\u5ba3\u50b3\u5efa\u7acb\u5ee3\u6cdb\u7684\u653f\u6cbb\u91d1\u878d\u751f\u614b\u7cfb\u7d71\uff0c\u4e0d\u904e\u662f\u53ea\u805e\u6a13\u68af\u97ff\u800c\u5df2\u3002\u5176\u767c\u884c\u7e3d\u91cf\u9ad8\u90541000\u5104\u679a\uff0c\u5e02\u503c\u4e00\u5ea6\u88ab\u7092\u81f3400\u5104\u7f8e\u5143\uff0c\u4f46\u5927\u90e8\u5206\u4ee3\u5e63\u7684\u89e3\u9396\u548c\u6642\u9593\u8868\u5b8c\u5168\u4e0d\u900f\u660e\u3002\u5718\u968a\u548c\u65e9\u671f\u6295\u8cc7\u8005\u6216\u96a8\u6642\u5927\u898f\u6a21\u62cb\u552e\uff0c\u4e00\u822c\u6295\u8cc7\u8005\u5247\u8655\u65bc\u8cc7\u8a0a\u52a3\u52e2\u5730\u4f4d\uff0c\u6210\u70ba\u88ab\u6536\u5272\u7684\u5c0d\u8c61\u3002<\/p>\n<p>\u66f4\u4ee4\u4eba\u64d4\u6182\u7684\u662f\uff0cWLFI\u6240\u6709\u6536\u5165\u5b8c\u5168\u6b78\u516c\u53f8\u6240\u6709\uff0c\u6301\u5e63\u8005\u7121\u6cd5\u7372\u5f97\u4efb\u4f55\u5206\u7d05\u6216\u6536\u76ca\uff0c\u6709\u9055\u53bb\u4e2d\u5fc3\u5316\u7684\u539f\u5247\uff0c\u7d14\u5c6c\u5e02\u5834\u7092\u4f5c\u800c\u975e\u771f\u5be6\u50f9\u503c\u5275\u9020\u3002WLFI\u5f62\u50cf\u4e0d\u4f73\uff0c\u5728\u793e\u4ea4\u5e73\u53f0\u548c\u52a0\u5bc6\u8ca8\u5e63\u8a0e\u8ad6\u5340\u4e0a\uff0c\u6709\u6295\u8cc7\u8005\u958b\u59cb\u5c07\u4e4b\u8207 FTX \u4ee5\u81f3 Bitconnect \u7b49\u91cf\u9f4a\u89c0\u3002\u5118\u7ba1\u5176\u6d41\u52d5\u6027\u4f9d\u7136\u5145\u88d5, \u4f46\u5e02\u5834\u60c5\u7dd2\u5df2\u9a5f\u8b8a, \u53cd\u6620\u6295\u8cc7\u8005\u6975\u5927\u7684\u4e0d\u4fe1\u4efb\u3002<\/p>\n<h5><strong>\u5bb6\u5929\u4e0b\u7684\u96b1\u6182<\/strong><\/h5>\n<p>WLFI \u66b4\u8dcc\u7684\u4e3b\u56e0\u6db5\u84cb\u56db\u65b9\u9762\uff1a\u4e00\u3001\u89e3\u9396\u6a5f\u5236\u4e0d\u5065\u5168\uff0c\u96d6\u7136\u6839\u64da WLFI \u7684\u65b9\u6848\uff0c9 \u6708 1 \u65e5\u50c5\u7d04 20% \u7684\u65e9\u671f\u7a2e\u5b50\u4ee3\u5e63\u548c\u79c1\u52df\u4ee3\u5e63\u900f\u904e Lockbox \u7cfb\u7d71\u89e3\u9396\uff0c\u5176\u9918\u4ee3\u5e63\u9700\u7d93\u53d7\u8a17\u4eba\u6295\u7968\u624d\u80fd\u89e3\u9396\uff0c\u4f46\u4f5c\u70ba\u5c08\u6848\u65b9\u7684\u7279\u6717\u666e\u5bb6\u65cf\u537b\u4e0d\u53d7\u6b64\u9650\u5236\uff0c\u8cc7\u91d1\u904b\u7528\u5b8c\u5168\u81ea\u7531\u3002\u4e8c\u3001WLFI \u7684\u4f30\u503c\u6ce1\u6cab\u56b4\u91cd\uff0c\u5176\u5b8c\u5168\u7a00\u91cb\u4f30\u503c\u9ad8\u9054 550 \u5104\u7f8e\u5143\uff0c\u76f8\u7576\u65bc LINK\u3001UNI \u7b49\u56db\u5927\u9805\u76ee\u5b8c\u5168\u7a00\u91cb\u4f30\u503c\u7684\u7e3d\u548c\uff0c\u4f46\u5be6\u969b\u4ea4\u6613\u652f\u6490\u5e7e\u4e4e\u70ba\u96f6\uff0c\u4f30\u503c\u4e3b\u8981\u4f9d\u8cf4\u7279\u6717\u666e\u5bb6\u65cf\u7684\u652f\u6301\uff0c\u7f3a\u4e4f\u57fa\u672c\u9762\u6307\u6a19\u3002\u4e09\u3001\u4ee3\u5e63\u5206\u5e03\u9ad8\u5ea6\u96c6\u4e2d\uff0c35% \u7684\u4ee3\u5e63\u7531\u5718\u968a\u548c\u7b56\u7565\u6295\u8cc7\u8005\u6301\u6709\uff0c\u6b77\u53f2\u7d93\u9a57\u986f\u793a\u8207\u7279\u6717\u666e\u76f8\u95dc\u7684\u9805\u76ee\u5e38\u5728\u5927\u6f32\u5f8c\u906d\u5167\u90e8\u4eba\u58eb\u62cb\u552e\uff0c\u4ee5\u81f4\u50f9\u683c\u4e0b\u8dcc\u3002\u56db\u3001\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\uff08SEC\uff09\u52a0\u5f37\u5c0d\u653f\u6cbb\u4ee3\u5e63\u7684\u76e3\u7ba1\uff0c\u82e5 WLFI \u88ab\u8a8d\u5b9a\u70ba\u672a\u8a3b\u518a\u8b49\u5238\uff0c\u53ef\u80fd\u9762\u81e8\u5f37\u5236\u9000\u5e02\u3002<\/p>\n<p>\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u7684\u806f\u5408\u5275\u8fa7\u4eba\u4e4b\u4e00\uff0c\u662f\u7279\u6717\u666e\u653f\u5e9c\u4e2d\u6771\u7279\u4f7fSteve Witkoff\u7684\u5152\u5b50\uff0c\u56e0\u6709\u6f5b\u5728\u5229\u76ca\u885d\u7a81\u4e4b\u5acc\u800c\u53d7\u5230\u8cea\u7591\u3002\u5728\u7279\u6717\u666e\u5c31\u4efb\u7f8e\u570b\u7e3d\u7d71\u524d\u5e7e\u5929\uff0c\u5176\u59bb\u6885\u62c9\u5c3c\u5a6d\u53c8\u63a8\u51fa\u500b\u4eba\u8ff7\u56e0\u5e63 (meme coin)\uff0c\u5728\u672c\u5e741\u6708\u70ba\u8207\u7279\u6717\u666e\u6709\u95dc\u7684\u5be6\u9ad4\u5e36\u4f86\u4e86\u8d85\u904e1140\u842c\u7f8e\u5143\u7684\u6536\u76ca\uff0c\u4f46\u5176\u50f9\u683c\u96a8\u5373\u66b4\u8dcc\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u5c08\u5bb6\u548c\u696d\u5167\u4eba\u58eb\u8fd1\u671f\u7d1b\u7d1b\u8b66\u544a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u6d89\u8db3\u52a0\u5bc6\u8ca8\u5e63\uff0c\u4e0d\u4f46\u8db3\u4ee5\u5f15\u81f4\u5229\u76ca\u885d\u7a81\u751a\u81f3\u570b\u5bb6\u5b89\u5168\u98a8\u96aa\uff0c\u4ea6\u6709\u884d\u751f\u91d1\u6b0a\u653f\u6cbb\u4e4b\u865e\u3002\u5967\u5df4\u99ac\u7576\u653f\u6642\u7684\u767d\u5bae\u9053\u5fb7\u9867\u554f\u827e\u68ee\uff08Norman Eisen\uff09\u5c31\u6307\u51fa\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u6b64\u8209\u8207\u5176\u672c\u4eba\u7684\u7e3d\u7d71\u8077\u8cac\u4e4b\u9593\uff0c\u5b58\u5728\u6975\u5176\u56b4\u91cd\u7684\u5229\u76ca\u885d\u7a81\u3002<\/p>\n<p>\u89c0\u4e4e\u7279\u6717\u666e\u5bb6\u65cf\u5148\u524d\u63a8\u51fa\u7684Trump\u5e63\u548cNFT\u8a08\u5283\uff0c\u6700\u7d42\u90fd\u4ee5\u5931\u6557\u544a\u7d42\uff0c\u9019\u6b21WLFI\u5e63\u7684\u524d\u666f\u81ea\u7136\u4e5f\u4e0d\u88ab\u770b\u597d\u3002WLFI\u3001RTX \u548c SOMI \u540c\u6b65\u5d1b\u8d77\uff0c\u63ed\u793a\u4e86\u7576\u4eca\u52a0\u5bc6\u8ca8\u5e63\u6295\u8cc7\u8005\u7684\u788e\u7247\u5316\u601d\u7dad\u3002 WLFI \u501f\u52a9\u638c\u6b0a\u5bb6\u65cf\u7684\u653f\u6cbb\u5730\u4f4d\u58ef\u5927\u8072\u52e2, \u800cRTX \u4ee5\u4f01\u696d\u7d1a\u908f\u8f2f\u63d0\u4f9b\u5207\u5be6\u53ef\u884c\u7684\u89e3\u6c7a\u65b9\u6848\uff0cSOMI \u5247\u4ee5\u4ea4\u6613\u901f\u5ea6\u548c\u5177\u6709\u9060\u898b\u8457\u7a31, \u5118\u7ba1\u5176\u5be6\u7528\u6027\u4ecd\u6709\u5f85\u89c0\u5bdf\u3002\u4e09\u7a2e\u4ee3\u5e63\u9ad4\u73fe\u4e86\u5728\u7576\u524d\u7684\u5e02\u5834\u4e2d\uff0c\u6295\u6a5f\u6027\u3001\u722d\u8b70\u6027\u548c\u5be9\u614e\u89c0\u9ede\u4e26\u5b58\u3002<\/p>\n<h5><strong>\u614e\u9632\u653f\u6cbb\u5316\u98a8\u96aa<\/strong><\/h5>\n<p>\u7279\u6717\u666e\u5bb6\u65cf\u5c07\u300c\u7f8e\u570b\u512a\u5148\u300d\u7684\u653f\u6cbb\u53e3\u865f\u8207\u5340\u584a\u93c8\u6280\u8853\u7d50\u5408\uff0c\u8a66\u5716\u5728\u52a0\u5bc6\u8ca8\u5e63\u5e02\u5834\u4e2d\u5efa\u7acb\u4e00\u7a2e\u5177\u6709\u8c61\u5fb5\u610f\u7fa9\u7684\u91d1\u878d\u7522\u54c1\u3002\u9019\u7a2e\u7b56\u7565\u53cd\u6620\u51fa\u52a0\u5bc6\u8cc7\u7522\u4e0d\u518d\u53ea\u662f\u6280\u8853\u5275\u65b0\u7684\u7522\u7269\uff0c\u800c\u662f\u8b8a\u70ba\u653f\u6cbb\u4eba\u7269\u8207\u540d\u4eba\u9032\u884c\u54c1\u724c\u5ef6\u4f38\u8207\u8cc7\u672c\u904b\u4f5c\u7684\u5de5\u5177\u3002\u5c0d\u65bc\u9999\u6e2f\u53ca\u4e9e\u6d32\u5e02\u5834\u800c\u8a00\uff0c\u9019\u7a2e\u300c\u653f\u6cbb\u5316\u91d1\u878d\u300d\u7684\u8da8\u52e2\u4e0d\u5bb9\u5ffd\u8996\uff0c\u5c24\u5176\u5728\u5340\u584a\u93c8\u6280\u8853\u4e0d\u65b7\u6ef2\u900f\u4e3b\u6d41\u91d1\u878d\u9ad4\u7cfb\u7684\u80cc\u666f\u4e0b\uff0c\u5982\u4f55\u5e73\u8861\u6280\u8853\u5275\u65b0\u8207\u9053\u5fb7\u76e3\u7ba1\uff0c\u5c07\u6210\u70ba\u653f\u7b56\u5236\u5b9a\u8005\u8207\u6295\u8cc7\u8005\u7684\u95dc\u6ce8\u7126\u9ede\u3002<\/p>\n<p>\u4e16\u754c\u5404\u5730\u91d1\u878d\u5e02\u5834\u7dca\u5bc6\u4e92\u901a\uff0cWLFI \u7684\u5287\u70c8\u6ce2\u52d5\u8207\u7ba1\u6cbb\u722d\u8b70\uff0c\u70ba\u9999\u6e2f\u53ca\u5404\u5730\u6295\u8cc7\u8005\u6572\u97ff\u8b66\u9418\uff1b\u5e02\u5834\u60c5\u7dd2\u7a81\u8b8a\u5f9e\u3010\u5716\u3011\u53ef\u898b\u4e00\u6591\u3002\u5728\u52a0\u5bc6\u8ca8\u5e63\u5e02\u5834\u4e2d\uff0c\u9805\u76ee\u7684\u7ba1\u6cbb\u7d50\u69cb\u3001\u4ee3\u5e63\u89e3\u9396\u6a5f\u5236\u8207\u8cc7\u8a0a\u900f\u660e\u5ea6\uff0c\u5f80\u5f80\u6bd4\u77ed\u671f\u50f9\u683c\u66f4\u5177\u6c7a\u5b9a\u6027\u3002\u9999\u6e2f\u4f5c\u70ba\u570b\u969b\u91d1\u878d\u4e2d\u5fc3\uff0c\u5176\u4e2d\u6108\u4f86\u6108\u591a\u6563\u6236\u8207\u6a5f\u69cb\u53c3\u8207\u52a0\u5bc6\u8cc7\u7522\u6295\u8cc7\uff0c\u7576\u5c40\u61c9\u52a0\u5f37\u793e\u6703\u5c0d\u9805\u76ee\u767d\u76ae\u66f8\u3001\u4ee3\u5e63\u5206\u914d\u8207\u7ba1\u6cbb\u6a5f\u5236\u7684\u5206\u6790\u80fd\u529b\u3002\u5728\u9ad8\u6ce2\u52d5\u6027\u8207\u8cc7\u8a0a\u4e0d\u5c0d\u7a31\u7684\u5e02\u5834\u4e2d\uff0c\u7f3a\u4e4f\u5c0d\u9805\u76ee\u5167\u90e8\u904b\u4f5c\u7406\u89e3\u7684\u6295\u8cc7\u8005\uff0c\u5c07\u96e3\u514d\u627f\u53d7\u5de8\u5927\u98a8\u96aa\u3002<\/p>\n<p style=\"text-align: center;\"><strong>\u5716<\/strong><strong>\u00a0\u00a0 WLFI <\/strong><strong>\u4ee3\u5e63\u50f9\u683c\u8d70\u52e2<\/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;\">\u8cc7\u6599\u4f86\u6e90\uff1a CoinGecko<\/p>\n<p><strong>\u8b1d\u570b\u751f\u6559\u6388<br \/>\n<\/strong><strong>\u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u91d1\u878d\u5b78\u6559\u5b78\u526f\u6559\u6388\u3001\u65b0\u754c\u9109\u8b70\u5c40\u7576\u7136\u57f7\u884c\u59d4\u54e1<\/strong><\/p>\n<p><strong>\u4f55\u654f\u6dd9<br \/>\n<\/strong><strong>\u9999\u6e2f\u5927\u5b78\u9644\u5c6c\u5b78\u9662\u8b1b\u5e2b<\/strong><\/p>\n<p><span>\uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u4e94\u5e74\u4e5d\u6708\u5341\u4e03\u65e5\u8f09\u65bc\u300a\u4fe1\u5831\u300b\u300c\u9f8d\u864e\u5c71\u4e0b\u300d\u5c08\u6b04\uff09<\/span><\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"tags":[],"class_list":["post-243503","thought-leadership","type-thought-leadership","status-publish","hentry","leadership-topic-categories-hkej-column-tc","leadership-topic-categories-opinions-and-speeches-tc","in-the-media-topic-categories-faculty-tc","opinion-speeches-categories-faculty-tc"],"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\u904e\u65d7\u4e0b\u300c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u300d\uff08World Liberty Financial\uff09\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u5354\u5b9a\u548c\u7ba1\u6cbb\u5e73\u53f0, \u767c\u884c\u540d\u70ba\u300cWLFI\u300d\u7684\u6578\u5b57\u4ee3\u5e63\uff0c\u525b\u75319\u67081\u65e5\u8d77\u5728\u5404\u5927\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240\u8cb7\u8ce3\uff08\u3010\u5716\u3011\uff09\u3002 \u516c\u958b\u4ea4\u6613\u5f8c\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u7684\u8ca1\u5bcc\u5e33\u9762\u4e0a\u4e00\u5ea6\u8e8d\u534750\u5104\u7f8e\u5143\u3002\u81ea\u5f9e\u7279\u6717\u666e\u672c\u5e74\u91cd\u8fd4\u767d\u5bae\u4ee5\u4f86\uff0c\u4ed6\u4e0d\u4f46\u901a\u904eWLFI\u9805\u76ee\u5728\u91d1\u878d\u9818\u57df\u53d6\u5f97\u8c50\u5bcc\u6536\u7a6b\uff0c\u751a\u81f3\u5f97\u4ee5\u6210\u70ba\u6b77\u4efb\u7f8e\u570b\u7e3d\u7d71\u4e2d\u7684\u9996\u5bcc\u3002 \u5f9e\u61f7\u7591\u5230\u64c1\u62b1\u7684\u6025\u8f49\u5f4e \u7136\u800c\u56de\u6eaf2021\u5e746\u6708\u7684\u4e00\u6b21\u8a2a\u554f\u4e2d\uff0c\u7279\u6717\u666e\u537b\u516c\u958b\u6279\u8a55\u52a0\u5bc6\u8ca8\u5e63\u662f\u5f71\u97ff\u7f8e\u5143\u50f9\u503c\u7684\u9a19\u5c40\uff0c\u4e3b\u5f35\u56b4\u52a0\u76e3\u7ba1\u30023\u5e74\u4e4b\u5f8c\uff0c\u70ba\u4e86\u5728\u5927\u9078\u4e2d\u52dd\u51fa\uff0c\u7adf\u53c8\u4e00\u6539\u7acb\u5834\uff0c\u627f\u8afe\u5c07\u7f8e\u570b\u6253\u9020\u6210\u300c\u4e16\u754c\u52a0\u5bc6\u4e4b\u90fd\u300d\u3002\u7279\u6717\u666e\u4e0a\u53f0\u5f8c\uff0c\u96a8\u5373\u7c3d\u7f72\u4e00\u9805\u884c\u653f\u547d\u4ee4\uff0c\u65e8\u5728\u5f37\u5316\u7f8e\u570b\u5728\u6578\u5b57\u91d1\u878d\u6280\u8853\u9818\u57df\u7684\u9818\u5c0e\u5730\u4f4d\uff0c\u4e26\u6210\u7acb\u7e3d\u7d71\u6578\u5b57\u8cc7\u7522\u5e02\u5834\u5de5\u4f5c\u5c0f\u7d44\uff0c\u63a8\u52d5\u7f8e\u570b\u6210\u70ba\u5340\u584a\u93c8\u5275\u65b0\u7684\u9818\u5c0e\u8005\u3002\u800c\u7279\u6717\u666e\u5169\u540d\u5152\u5b50\u6295\u8cc7\u7684\u6bd4\u7279\u5e63\u7926\u696d\u516c\u53f8 American Bitcoin\uff0c\u4ea6\u65bc\u4e0a\u5468\u6b63\u5f0f\u5728\u7d0d\u65af\u9054\u514b\u4e0a\u5e02\uff0c\u6210\u70ba\u5e02\u5834\u6aa2\u8996\u7279\u6717\u666e\u5bb6\u65cf\u5c0d\u6295\u8cc7\u52a0\u5bc6\u8ca8\u5e63\u71b1\u5ea6\u7684\u53e6\u4e00\u4f8b\u5b50\u3002 \u4e8b\u5be6\u4e0a\uff0c\u76f4\u81f32022\u5e74\u5e95\uff0c\u7279\u6717\u666e\u624d\u958b\u59cb\u552e\u8ce3\u6578\u5b57\u85cf\u54c1 (digital collectibles)\uff0c\u4e3b\u8981\u5305\u62ec\u7279\u6717\u666e\u8eab\u7a7f\u8d85\u7d1a\u82f1\u96c4\u670d\u88dd\u6216\u64fa\u51fa\u6253\u9ad8\u723e\u592b\u7403\u59ff\u52e2\u7684\u5716\u50cf\u3002\u516c\u958b\u6578\u64da\u986f\u793a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u5df2\u6d89\u8db3\u975e\u540c\u8cea\u5316\u4ee3\u5e63\uff08NFT\uff09\u3001\u6bd4\u7279\u5e63\u3001\u767c\u5e03\u500b\u4eba\u52a0\u5bc6\u8ca8\u5e63\u7b49\u696d\u52d9\uff0c\u7531\u6b64\u7372\u5f97\u8fd110\u5104\u7f8e\u5143\u8cec\u9762\u6536\u76ca\u3002 WLFI\u66b4\u5347\u66b4\u8dcc\u6709\u8de1\u53ef\u5c0b \u4e16\u754c\u81ea\u7531\u91d1\u878d\u516c\u53f8\u81ea2024\u5e749\u6708\u6210\u7acb\u4ee5\u4f86\uff0c\u4e00\u76f4\u5728\u8cfc\u8cb7\u4ee5\u592a\u5e63\u3001\u6ce2\u5834\u5e63\u7b49\u52a0\u5bc6\u8ca8\u5e63\uff0c\u4f46\u5c1a\u672a\u63a8\u51fa\u5176\u8072\u7a31\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u670d\u52d9\u3002\u672c\u5e743\u6708\u5b8c\u6210\u767c\u884c\u7b2c\u4e8c\u6279\u52a0\u5bc6\u5e63\u5f8c\uff0c\u8a72\u516c\u53f8\u5f9e\u4e2d\u96c6\u8cc7\u7e3d\u984d\u90545.5\u5104\u7f8e\u5143\uff0c\u4e26\u5ba3\u5e03\u63a8\u51fa\u8207\u7f8e\u5143\u639b\u920e\u7684\u7a69\u5b9a\u5e63USD1\uff0c\u6700\u521d\u5c07\u5728\u4ee5\u592a\u574a\u548c\u5e63\u5b89\u5340\u584a\u93c8\u4e0a\u9444\u9020\u3002 \u81f3\u65bc\u4e0a\u5468\u767c\u884c\u7684WLFI\u4ee3\u5e63\uff0c\u5728\u7279\u6717\u666e\u5bb6\u65cf\u6210\u54e1\u7684\u652f\u6301\u4e0b\uff0c\u5f37\u8abf\u5c07\u300c\u7f8e\u570b\u512a\u5148\u300d\uff08America First\uff09\u7b56\u7565\u548c\u5340\u584a\u93c8\u5be6\u7528\u529f\u80fd\u7d50\u5408\u3002\u4e0a\u5e02 48 \u5c0f\u6642\u5167\u4ea4\u6613\u50f9\u683c\u98c6\u5347\u903e 60%\uff0c\u4f46\u5728\u5ba3\u5e03\u92b7\u6bc0 4,700 \u842c\u679a\u4ee3\u5e63\u5f8c\u5927\u8dcc, \u4e00\u4e9b\u6295\u8cc7\u754c\u540d\u4eba\u7684\u5de8\u984d\u9322\u5305\u4ea6\u88ab\u51cd\u7d50\u3002WLFI\u4ee3\u5e63\u525b\u4e0a\u5e02\u5373\u5d29\u76e4\uff0c\u77ed\u6642\u9593\u5167\u8dcc\u5e45\u905440%\uff0c\u5f15\u8d77\u5e02\u5834\u5ee3\u6cdb\u95dc\u6ce8\u3002 \u6839\u64da\u5e02\u5834\u6d88\u606f\uff0cWLFI\u65e9\u671f\u6295\u8cc7\u8005\u6210\u672c\u6975\u4f4e\uff0c\u539f\u672c\u898f\u5b9a\u53ea\u80fd\u51fa\u552e20%\u7684\u6301\u80a1\u3002\u7136\u800c\uff0c\u516c\u53f8\u88ab\u50b3\u805e\u70ba\u5354\u52a9\u5927\u6236\u51fa\u8ca8\uff0c\u7a81\u7136\u4fee\u6539\u898f\u5247\u5141\u8a31\u5927\u91cf\u62cb\u552e\uff0c\u5c0e\u81f4\u5e02\u5834\u77ac\u9593\u88ab\u8ce3\u65b9\u6df9\u6c92\u3002\u5982\u6b64\u671d\u4ee4\u5915\u6539\uff0c\u56b4\u91cd\u5931\u4fe1\u65bc\u6295\u8cc7\u8005\uff0c\u66b4\u9732\u4e86\u9805\u76ee\u7ba1\u7406\u7684\u6838\u5fc3\u7f3a\u9677\u3002WLFI\u6700\u521d\u5ba3\u50b3\u5efa\u7acb\u5ee3\u6cdb\u7684\u653f\u6cbb\u91d1\u878d\u751f\u614b\u7cfb\u7d71\uff0c\u4e0d\u904e\u662f\u53ea\u805e\u6a13\u68af\u97ff\u800c\u5df2\u3002\u5176\u767c\u884c\u7e3d\u91cf\u9ad8\u90541000\u5104\u679a\uff0c\u5e02\u503c\u4e00\u5ea6\u88ab\u7092\u81f3400\u5104\u7f8e\u5143\uff0c\u4f46\u5927\u90e8\u5206\u4ee3\u5e63\u7684\u89e3\u9396\u548c\u6642\u9593\u8868\u5b8c\u5168\u4e0d\u900f\u660e\u3002\u5718\u968a\u548c\u65e9\u671f\u6295\u8cc7\u8005\u6216\u96a8\u6642\u5927\u898f\u6a21\u62cb\u552e\uff0c\u4e00\u822c\u6295\u8cc7\u8005\u5247\u8655\u65bc\u8cc7\u8a0a\u52a3\u52e2\u5730\u4f4d\uff0c\u6210\u70ba\u88ab\u6536\u5272\u7684\u5c0d\u8c61\u3002 \u66f4\u4ee4\u4eba\u64d4\u6182\u7684\u662f\uff0cWLFI\u6240\u6709\u6536\u5165\u5b8c\u5168\u6b78\u516c\u53f8\u6240\u6709\uff0c\u6301\u5e63\u8005\u7121\u6cd5\u7372\u5f97\u4efb\u4f55\u5206\u7d05\u6216\u6536\u76ca\uff0c\u6709\u9055\u53bb\u4e2d\u5fc3\u5316\u7684\u539f\u5247\uff0c\u7d14\u5c6c\u5e02\u5834\u7092\u4f5c\u800c\u975e\u771f\u5be6\u50f9\u503c\u5275\u9020\u3002WLFI\u5f62\u50cf\u4e0d\u4f73\uff0c\u5728\u793e\u4ea4\u5e73\u53f0\u548c\u52a0\u5bc6\u8ca8\u5e63\u8a0e\u8ad6\u5340\u4e0a\uff0c\u6709\u6295\u8cc7\u8005\u958b\u59cb\u5c07\u4e4b\u8207 FTX \u4ee5\u81f3 Bitconnect \u7b49\u91cf\u9f4a\u89c0\u3002\u5118\u7ba1\u5176\u6d41\u52d5\u6027\u4f9d\u7136\u5145\u88d5, \u4f46\u5e02\u5834\u60c5\u7dd2\u5df2\u9a5f\u8b8a, \u53cd\u6620\u6295\u8cc7\u8005\u6975\u5927\u7684\u4e0d\u4fe1\u4efb\u3002 \u5bb6\u5929\u4e0b\u7684\u96b1\u6182 WLFI \u66b4\u8dcc\u7684\u4e3b\u56e0\u6db5\u84cb\u56db\u65b9\u9762\uff1a\u4e00\u3001\u89e3\u9396\u6a5f\u5236\u4e0d\u5065\u5168\uff0c\u96d6\u7136\u6839\u64da WLFI \u7684\u65b9\u6848\uff0c9 \u6708 1 \u65e5\u50c5\u7d04 20% \u7684\u65e9\u671f\u7a2e\u5b50\u4ee3\u5e63\u548c\u79c1\u52df\u4ee3\u5e63\u900f\u904e Lockbox \u7cfb\u7d71\u89e3\u9396\uff0c\u5176\u9918\u4ee3\u5e63\u9700\u7d93\u53d7\u8a17\u4eba\u6295\u7968\u624d\u80fd\u89e3\u9396\uff0c\u4f46\u4f5c\u70ba\u5c08\u6848\u65b9\u7684\u7279\u6717\u666e\u5bb6\u65cf\u537b\u4e0d\u53d7\u6b64\u9650\u5236\uff0c\u8cc7\u91d1\u904b\u7528\u5b8c\u5168\u81ea\u7531\u3002\u4e8c\u3001WLFI \u7684\u4f30\u503c\u6ce1\u6cab\u56b4\u91cd\uff0c\u5176\u5b8c\u5168\u7a00\u91cb\u4f30\u503c\u9ad8\u9054 550 \u5104\u7f8e\u5143\uff0c\u76f8\u7576\u65bc LINK\u3001UNI \u7b49\u56db\u5927\u9805\u76ee\u5b8c\u5168\u7a00\u91cb\u4f30\u503c\u7684\u7e3d\u548c\uff0c\u4f46\u5be6\u969b\u4ea4\u6613\u652f\u6490\u5e7e\u4e4e\u70ba\u96f6\uff0c\u4f30\u503c\u4e3b\u8981\u4f9d\u8cf4\u7279\u6717\u666e\u5bb6\u65cf\u7684\u652f\u6301\uff0c\u7f3a\u4e4f\u57fa\u672c\u9762\u6307\u6a19\u3002\u4e09\u3001\u4ee3\u5e63\u5206\u5e03\u9ad8\u5ea6\u96c6\u4e2d\uff0c35% \u7684\u4ee3\u5e63\u7531\u5718\u968a\u548c\u7b56\u7565\u6295\u8cc7\u8005\u6301\u6709\uff0c\u6b77\u53f2\u7d93\u9a57\u986f\u793a\u8207\u7279\u6717\u666e\u76f8\u95dc\u7684\u9805\u76ee\u5e38\u5728\u5927\u6f32\u5f8c\u906d\u5167\u90e8\u4eba\u58eb\u62cb\u552e\uff0c\u4ee5\u81f4\u50f9\u683c\u4e0b\u8dcc\u3002\u56db\u3001\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\uff08SEC\uff09\u52a0\u5f37\u5c0d\u653f\u6cbb\u4ee3\u5e63\u7684\u76e3\u7ba1\uff0c\u82e5 WLFI \u88ab\u8a8d\u5b9a\u70ba\u672a\u8a3b\u518a\u8b49\u5238\uff0c\u53ef\u80fd\u9762\u81e8\u5f37\u5236\u9000\u5e02\u3002 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u7684\u806f\u5408\u5275\u8fa7\u4eba\u4e4b\u4e00\uff0c\u662f\u7279\u6717\u666e\u653f\u5e9c\u4e2d\u6771\u7279\u4f7fSteve Witkoff\u7684\u5152\u5b50\uff0c\u56e0\u6709\u6f5b\u5728\u5229\u76ca\u885d\u7a81\u4e4b\u5acc\u800c\u53d7\u5230\u8cea\u7591\u3002\u5728\u7279\u6717\u666e\u5c31\u4efb\u7f8e\u570b\u7e3d\u7d71\u524d\u5e7e\u5929\uff0c\u5176\u59bb\u6885\u62c9\u5c3c\u5a6d\u53c8\u63a8\u51fa\u500b\u4eba\u8ff7\u56e0\u5e63 (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\/tc\/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\u9ad4\u6f5b\u85cf\u7684\u5e02\u5834\u98a8\u96aa - HKU Business School\" \/>\n\t\t<meta property=\"og:description\" content=\"\u7279\u6717\u666e\u5bb6\u65cf\u900f\u904e\u65d7\u4e0b\u300c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u300d\uff08World Liberty Financial\uff09\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u5354\u5b9a\u548c\u7ba1\u6cbb\u5e73\u53f0, \u767c\u884c\u540d\u70ba\u300cWLFI\u300d\u7684\u6578\u5b57\u4ee3\u5e63\uff0c\u525b\u75319\u67081\u65e5\u8d77\u5728\u5404\u5927\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240\u8cb7\u8ce3\uff08\u3010\u5716\u3011\uff09\u3002 \u516c\u958b\u4ea4\u6613\u5f8c\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u7684\u8ca1\u5bcc\u5e33\u9762\u4e0a\u4e00\u5ea6\u8e8d\u534750\u5104\u7f8e\u5143\u3002\u81ea\u5f9e\u7279\u6717\u666e\u672c\u5e74\u91cd\u8fd4\u767d\u5bae\u4ee5\u4f86\uff0c\u4ed6\u4e0d\u4f46\u901a\u904eWLFI\u9805\u76ee\u5728\u91d1\u878d\u9818\u57df\u53d6\u5f97\u8c50\u5bcc\u6536\u7a6b\uff0c\u751a\u81f3\u5f97\u4ee5\u6210\u70ba\u6b77\u4efb\u7f8e\u570b\u7e3d\u7d71\u4e2d\u7684\u9996\u5bcc\u3002 \u5f9e\u61f7\u7591\u5230\u64c1\u62b1\u7684\u6025\u8f49\u5f4e \u7136\u800c\u56de\u6eaf2021\u5e746\u6708\u7684\u4e00\u6b21\u8a2a\u554f\u4e2d\uff0c\u7279\u6717\u666e\u537b\u516c\u958b\u6279\u8a55\u52a0\u5bc6\u8ca8\u5e63\u662f\u5f71\u97ff\u7f8e\u5143\u50f9\u503c\u7684\u9a19\u5c40\uff0c\u4e3b\u5f35\u56b4\u52a0\u76e3\u7ba1\u30023\u5e74\u4e4b\u5f8c\uff0c\u70ba\u4e86\u5728\u5927\u9078\u4e2d\u52dd\u51fa\uff0c\u7adf\u53c8\u4e00\u6539\u7acb\u5834\uff0c\u627f\u8afe\u5c07\u7f8e\u570b\u6253\u9020\u6210\u300c\u4e16\u754c\u52a0\u5bc6\u4e4b\u90fd\u300d\u3002\u7279\u6717\u666e\u4e0a\u53f0\u5f8c\uff0c\u96a8\u5373\u7c3d\u7f72\u4e00\u9805\u884c\u653f\u547d\u4ee4\uff0c\u65e8\u5728\u5f37\u5316\u7f8e\u570b\u5728\u6578\u5b57\u91d1\u878d\u6280\u8853\u9818\u57df\u7684\u9818\u5c0e\u5730\u4f4d\uff0c\u4e26\u6210\u7acb\u7e3d\u7d71\u6578\u5b57\u8cc7\u7522\u5e02\u5834\u5de5\u4f5c\u5c0f\u7d44\uff0c\u63a8\u52d5\u7f8e\u570b\u6210\u70ba\u5340\u584a\u93c8\u5275\u65b0\u7684\u9818\u5c0e\u8005\u3002\u800c\u7279\u6717\u666e\u5169\u540d\u5152\u5b50\u6295\u8cc7\u7684\u6bd4\u7279\u5e63\u7926\u696d\u516c\u53f8 American Bitcoin\uff0c\u4ea6\u65bc\u4e0a\u5468\u6b63\u5f0f\u5728\u7d0d\u65af\u9054\u514b\u4e0a\u5e02\uff0c\u6210\u70ba\u5e02\u5834\u6aa2\u8996\u7279\u6717\u666e\u5bb6\u65cf\u5c0d\u6295\u8cc7\u52a0\u5bc6\u8ca8\u5e63\u71b1\u5ea6\u7684\u53e6\u4e00\u4f8b\u5b50\u3002 \u4e8b\u5be6\u4e0a\uff0c\u76f4\u81f32022\u5e74\u5e95\uff0c\u7279\u6717\u666e\u624d\u958b\u59cb\u552e\u8ce3\u6578\u5b57\u85cf\u54c1 (digital collectibles)\uff0c\u4e3b\u8981\u5305\u62ec\u7279\u6717\u666e\u8eab\u7a7f\u8d85\u7d1a\u82f1\u96c4\u670d\u88dd\u6216\u64fa\u51fa\u6253\u9ad8\u723e\u592b\u7403\u59ff\u52e2\u7684\u5716\u50cf\u3002\u516c\u958b\u6578\u64da\u986f\u793a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u5df2\u6d89\u8db3\u975e\u540c\u8cea\u5316\u4ee3\u5e63\uff08NFT\uff09\u3001\u6bd4\u7279\u5e63\u3001\u767c\u5e03\u500b\u4eba\u52a0\u5bc6\u8ca8\u5e63\u7b49\u696d\u52d9\uff0c\u7531\u6b64\u7372\u5f97\u8fd110\u5104\u7f8e\u5143\u8cec\u9762\u6536\u76ca\u3002 WLFI\u66b4\u5347\u66b4\u8dcc\u6709\u8de1\u53ef\u5c0b \u4e16\u754c\u81ea\u7531\u91d1\u878d\u516c\u53f8\u81ea2024\u5e749\u6708\u6210\u7acb\u4ee5\u4f86\uff0c\u4e00\u76f4\u5728\u8cfc\u8cb7\u4ee5\u592a\u5e63\u3001\u6ce2\u5834\u5e63\u7b49\u52a0\u5bc6\u8ca8\u5e63\uff0c\u4f46\u5c1a\u672a\u63a8\u51fa\u5176\u8072\u7a31\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u670d\u52d9\u3002\u672c\u5e743\u6708\u5b8c\u6210\u767c\u884c\u7b2c\u4e8c\u6279\u52a0\u5bc6\u5e63\u5f8c\uff0c\u8a72\u516c\u53f8\u5f9e\u4e2d\u96c6\u8cc7\u7e3d\u984d\u90545.5\u5104\u7f8e\u5143\uff0c\u4e26\u5ba3\u5e03\u63a8\u51fa\u8207\u7f8e\u5143\u639b\u920e\u7684\u7a69\u5b9a\u5e63USD1\uff0c\u6700\u521d\u5c07\u5728\u4ee5\u592a\u574a\u548c\u5e63\u5b89\u5340\u584a\u93c8\u4e0a\u9444\u9020\u3002 \u81f3\u65bc\u4e0a\u5468\u767c\u884c\u7684WLFI\u4ee3\u5e63\uff0c\u5728\u7279\u6717\u666e\u5bb6\u65cf\u6210\u54e1\u7684\u652f\u6301\u4e0b\uff0c\u5f37\u8abf\u5c07\u300c\u7f8e\u570b\u512a\u5148\u300d\uff08America First\uff09\u7b56\u7565\u548c\u5340\u584a\u93c8\u5be6\u7528\u529f\u80fd\u7d50\u5408\u3002\u4e0a\u5e02 48 \u5c0f\u6642\u5167\u4ea4\u6613\u50f9\u683c\u98c6\u5347\u903e 60%\uff0c\u4f46\u5728\u5ba3\u5e03\u92b7\u6bc0 4,700 \u842c\u679a\u4ee3\u5e63\u5f8c\u5927\u8dcc, \u4e00\u4e9b\u6295\u8cc7\u754c\u540d\u4eba\u7684\u5de8\u984d\u9322\u5305\u4ea6\u88ab\u51cd\u7d50\u3002WLFI\u4ee3\u5e63\u525b\u4e0a\u5e02\u5373\u5d29\u76e4\uff0c\u77ed\u6642\u9593\u5167\u8dcc\u5e45\u905440%\uff0c\u5f15\u8d77\u5e02\u5834\u5ee3\u6cdb\u95dc\u6ce8\u3002 \u6839\u64da\u5e02\u5834\u6d88\u606f\uff0cWLFI\u65e9\u671f\u6295\u8cc7\u8005\u6210\u672c\u6975\u4f4e\uff0c\u539f\u672c\u898f\u5b9a\u53ea\u80fd\u51fa\u552e20%\u7684\u6301\u80a1\u3002\u7136\u800c\uff0c\u516c\u53f8\u88ab\u50b3\u805e\u70ba\u5354\u52a9\u5927\u6236\u51fa\u8ca8\uff0c\u7a81\u7136\u4fee\u6539\u898f\u5247\u5141\u8a31\u5927\u91cf\u62cb\u552e\uff0c\u5c0e\u81f4\u5e02\u5834\u77ac\u9593\u88ab\u8ce3\u65b9\u6df9\u6c92\u3002\u5982\u6b64\u671d\u4ee4\u5915\u6539\uff0c\u56b4\u91cd\u5931\u4fe1\u65bc\u6295\u8cc7\u8005\uff0c\u66b4\u9732\u4e86\u9805\u76ee\u7ba1\u7406\u7684\u6838\u5fc3\u7f3a\u9677\u3002WLFI\u6700\u521d\u5ba3\u50b3\u5efa\u7acb\u5ee3\u6cdb\u7684\u653f\u6cbb\u91d1\u878d\u751f\u614b\u7cfb\u7d71\uff0c\u4e0d\u904e\u662f\u53ea\u805e\u6a13\u68af\u97ff\u800c\u5df2\u3002\u5176\u767c\u884c\u7e3d\u91cf\u9ad8\u90541000\u5104\u679a\uff0c\u5e02\u503c\u4e00\u5ea6\u88ab\u7092\u81f3400\u5104\u7f8e\u5143\uff0c\u4f46\u5927\u90e8\u5206\u4ee3\u5e63\u7684\u89e3\u9396\u548c\u6642\u9593\u8868\u5b8c\u5168\u4e0d\u900f\u660e\u3002\u5718\u968a\u548c\u65e9\u671f\u6295\u8cc7\u8005\u6216\u96a8\u6642\u5927\u898f\u6a21\u62cb\u552e\uff0c\u4e00\u822c\u6295\u8cc7\u8005\u5247\u8655\u65bc\u8cc7\u8a0a\u52a3\u52e2\u5730\u4f4d\uff0c\u6210\u70ba\u88ab\u6536\u5272\u7684\u5c0d\u8c61\u3002 \u66f4\u4ee4\u4eba\u64d4\u6182\u7684\u662f\uff0cWLFI\u6240\u6709\u6536\u5165\u5b8c\u5168\u6b78\u516c\u53f8\u6240\u6709\uff0c\u6301\u5e63\u8005\u7121\u6cd5\u7372\u5f97\u4efb\u4f55\u5206\u7d05\u6216\u6536\u76ca\uff0c\u6709\u9055\u53bb\u4e2d\u5fc3\u5316\u7684\u539f\u5247\uff0c\u7d14\u5c6c\u5e02\u5834\u7092\u4f5c\u800c\u975e\u771f\u5be6\u50f9\u503c\u5275\u9020\u3002WLFI\u5f62\u50cf\u4e0d\u4f73\uff0c\u5728\u793e\u4ea4\u5e73\u53f0\u548c\u52a0\u5bc6\u8ca8\u5e63\u8a0e\u8ad6\u5340\u4e0a\uff0c\u6709\u6295\u8cc7\u8005\u958b\u59cb\u5c07\u4e4b\u8207 FTX \u4ee5\u81f3 Bitconnect \u7b49\u91cf\u9f4a\u89c0\u3002\u5118\u7ba1\u5176\u6d41\u52d5\u6027\u4f9d\u7136\u5145\u88d5, \u4f46\u5e02\u5834\u60c5\u7dd2\u5df2\u9a5f\u8b8a, \u53cd\u6620\u6295\u8cc7\u8005\u6975\u5927\u7684\u4e0d\u4fe1\u4efb\u3002 \u5bb6\u5929\u4e0b\u7684\u96b1\u6182 WLFI \u66b4\u8dcc\u7684\u4e3b\u56e0\u6db5\u84cb\u56db\u65b9\u9762\uff1a\u4e00\u3001\u89e3\u9396\u6a5f\u5236\u4e0d\u5065\u5168\uff0c\u96d6\u7136\u6839\u64da WLFI \u7684\u65b9\u6848\uff0c9 \u6708 1 \u65e5\u50c5\u7d04 20% \u7684\u65e9\u671f\u7a2e\u5b50\u4ee3\u5e63\u548c\u79c1\u52df\u4ee3\u5e63\u900f\u904e Lockbox \u7cfb\u7d71\u89e3\u9396\uff0c\u5176\u9918\u4ee3\u5e63\u9700\u7d93\u53d7\u8a17\u4eba\u6295\u7968\u624d\u80fd\u89e3\u9396\uff0c\u4f46\u4f5c\u70ba\u5c08\u6848\u65b9\u7684\u7279\u6717\u666e\u5bb6\u65cf\u537b\u4e0d\u53d7\u6b64\u9650\u5236\uff0c\u8cc7\u91d1\u904b\u7528\u5b8c\u5168\u81ea\u7531\u3002\u4e8c\u3001WLFI \u7684\u4f30\u503c\u6ce1\u6cab\u56b4\u91cd\uff0c\u5176\u5b8c\u5168\u7a00\u91cb\u4f30\u503c\u9ad8\u9054 550 \u5104\u7f8e\u5143\uff0c\u76f8\u7576\u65bc LINK\u3001UNI \u7b49\u56db\u5927\u9805\u76ee\u5b8c\u5168\u7a00\u91cb\u4f30\u503c\u7684\u7e3d\u548c\uff0c\u4f46\u5be6\u969b\u4ea4\u6613\u652f\u6490\u5e7e\u4e4e\u70ba\u96f6\uff0c\u4f30\u503c\u4e3b\u8981\u4f9d\u8cf4\u7279\u6717\u666e\u5bb6\u65cf\u7684\u652f\u6301\uff0c\u7f3a\u4e4f\u57fa\u672c\u9762\u6307\u6a19\u3002\u4e09\u3001\u4ee3\u5e63\u5206\u5e03\u9ad8\u5ea6\u96c6\u4e2d\uff0c35% \u7684\u4ee3\u5e63\u7531\u5718\u968a\u548c\u7b56\u7565\u6295\u8cc7\u8005\u6301\u6709\uff0c\u6b77\u53f2\u7d93\u9a57\u986f\u793a\u8207\u7279\u6717\u666e\u76f8\u95dc\u7684\u9805\u76ee\u5e38\u5728\u5927\u6f32\u5f8c\u906d\u5167\u90e8\u4eba\u58eb\u62cb\u552e\uff0c\u4ee5\u81f4\u50f9\u683c\u4e0b\u8dcc\u3002\u56db\u3001\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\uff08SEC\uff09\u52a0\u5f37\u5c0d\u653f\u6cbb\u4ee3\u5e63\u7684\u76e3\u7ba1\uff0c\u82e5 WLFI \u88ab\u8a8d\u5b9a\u70ba\u672a\u8a3b\u518a\u8b49\u5238\uff0c\u53ef\u80fd\u9762\u81e8\u5f37\u5236\u9000\u5e02\u3002 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u7684\u806f\u5408\u5275\u8fa7\u4eba\u4e4b\u4e00\uff0c\u662f\u7279\u6717\u666e\u653f\u5e9c\u4e2d\u6771\u7279\u4f7fSteve Witkoff\u7684\u5152\u5b50\uff0c\u56e0\u6709\u6f5b\u5728\u5229\u76ca\u885d\u7a81\u4e4b\u5acc\u800c\u53d7\u5230\u8cea\u7591\u3002\u5728\u7279\u6717\u666e\u5c31\u4efb\u7f8e\u570b\u7e3d\u7d71\u524d\u5e7e\u5929\uff0c\u5176\u59bb\u6885\u62c9\u5c3c\u5a6d\u53c8\u63a8\u51fa\u500b\u4eba\u8ff7\u56e0\u5e63 (meme\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/tc\/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=\"2025-10-20T09:24:09+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u653f\u91d1\u5408\u9ad4\u6f5b\u85cf\u7684\u5e02\u5834\u98a8\u96aa - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u7279\u6717\u666e\u5bb6\u65cf\u900f\u904e\u65d7\u4e0b\u300c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u300d\uff08World Liberty Financial\uff09\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u5354\u5b9a\u548c\u7ba1\u6cbb\u5e73\u53f0, \u767c\u884c\u540d\u70ba\u300cWLFI\u300d\u7684\u6578\u5b57\u4ee3\u5e63\uff0c\u525b\u75319\u67081\u65e5\u8d77\u5728\u5404\u5927\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240\u8cb7\u8ce3\uff08\u3010\u5716\u3011\uff09\u3002 \u516c\u958b\u4ea4\u6613\u5f8c\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u7684\u8ca1\u5bcc\u5e33\u9762\u4e0a\u4e00\u5ea6\u8e8d\u534750\u5104\u7f8e\u5143\u3002\u81ea\u5f9e\u7279\u6717\u666e\u672c\u5e74\u91cd\u8fd4\u767d\u5bae\u4ee5\u4f86\uff0c\u4ed6\u4e0d\u4f46\u901a\u904eWLFI\u9805\u76ee\u5728\u91d1\u878d\u9818\u57df\u53d6\u5f97\u8c50\u5bcc\u6536\u7a6b\uff0c\u751a\u81f3\u5f97\u4ee5\u6210\u70ba\u6b77\u4efb\u7f8e\u570b\u7e3d\u7d71\u4e2d\u7684\u9996\u5bcc\u3002 \u5f9e\u61f7\u7591\u5230\u64c1\u62b1\u7684\u6025\u8f49\u5f4e \u7136\u800c\u56de\u6eaf2021\u5e746\u6708\u7684\u4e00\u6b21\u8a2a\u554f\u4e2d\uff0c\u7279\u6717\u666e\u537b\u516c\u958b\u6279\u8a55\u52a0\u5bc6\u8ca8\u5e63\u662f\u5f71\u97ff\u7f8e\u5143\u50f9\u503c\u7684\u9a19\u5c40\uff0c\u4e3b\u5f35\u56b4\u52a0\u76e3\u7ba1\u30023\u5e74\u4e4b\u5f8c\uff0c\u70ba\u4e86\u5728\u5927\u9078\u4e2d\u52dd\u51fa\uff0c\u7adf\u53c8\u4e00\u6539\u7acb\u5834\uff0c\u627f\u8afe\u5c07\u7f8e\u570b\u6253\u9020\u6210\u300c\u4e16\u754c\u52a0\u5bc6\u4e4b\u90fd\u300d\u3002\u7279\u6717\u666e\u4e0a\u53f0\u5f8c\uff0c\u96a8\u5373\u7c3d\u7f72\u4e00\u9805\u884c\u653f\u547d\u4ee4\uff0c\u65e8\u5728\u5f37\u5316\u7f8e\u570b\u5728\u6578\u5b57\u91d1\u878d\u6280\u8853\u9818\u57df\u7684\u9818\u5c0e\u5730\u4f4d\uff0c\u4e26\u6210\u7acb\u7e3d\u7d71\u6578\u5b57\u8cc7\u7522\u5e02\u5834\u5de5\u4f5c\u5c0f\u7d44\uff0c\u63a8\u52d5\u7f8e\u570b\u6210\u70ba\u5340\u584a\u93c8\u5275\u65b0\u7684\u9818\u5c0e\u8005\u3002\u800c\u7279\u6717\u666e\u5169\u540d\u5152\u5b50\u6295\u8cc7\u7684\u6bd4\u7279\u5e63\u7926\u696d\u516c\u53f8 American Bitcoin\uff0c\u4ea6\u65bc\u4e0a\u5468\u6b63\u5f0f\u5728\u7d0d\u65af\u9054\u514b\u4e0a\u5e02\uff0c\u6210\u70ba\u5e02\u5834\u6aa2\u8996\u7279\u6717\u666e\u5bb6\u65cf\u5c0d\u6295\u8cc7\u52a0\u5bc6\u8ca8\u5e63\u71b1\u5ea6\u7684\u53e6\u4e00\u4f8b\u5b50\u3002 \u4e8b\u5be6\u4e0a\uff0c\u76f4\u81f32022\u5e74\u5e95\uff0c\u7279\u6717\u666e\u624d\u958b\u59cb\u552e\u8ce3\u6578\u5b57\u85cf\u54c1 (digital collectibles)\uff0c\u4e3b\u8981\u5305\u62ec\u7279\u6717\u666e\u8eab\u7a7f\u8d85\u7d1a\u82f1\u96c4\u670d\u88dd\u6216\u64fa\u51fa\u6253\u9ad8\u723e\u592b\u7403\u59ff\u52e2\u7684\u5716\u50cf\u3002\u516c\u958b\u6578\u64da\u986f\u793a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u5df2\u6d89\u8db3\u975e\u540c\u8cea\u5316\u4ee3\u5e63\uff08NFT\uff09\u3001\u6bd4\u7279\u5e63\u3001\u767c\u5e03\u500b\u4eba\u52a0\u5bc6\u8ca8\u5e63\u7b49\u696d\u52d9\uff0c\u7531\u6b64\u7372\u5f97\u8fd110\u5104\u7f8e\u5143\u8cec\u9762\u6536\u76ca\u3002 WLFI\u66b4\u5347\u66b4\u8dcc\u6709\u8de1\u53ef\u5c0b \u4e16\u754c\u81ea\u7531\u91d1\u878d\u516c\u53f8\u81ea2024\u5e749\u6708\u6210\u7acb\u4ee5\u4f86\uff0c\u4e00\u76f4\u5728\u8cfc\u8cb7\u4ee5\u592a\u5e63\u3001\u6ce2\u5834\u5e63\u7b49\u52a0\u5bc6\u8ca8\u5e63\uff0c\u4f46\u5c1a\u672a\u63a8\u51fa\u5176\u8072\u7a31\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u670d\u52d9\u3002\u672c\u5e743\u6708\u5b8c\u6210\u767c\u884c\u7b2c\u4e8c\u6279\u52a0\u5bc6\u5e63\u5f8c\uff0c\u8a72\u516c\u53f8\u5f9e\u4e2d\u96c6\u8cc7\u7e3d\u984d\u90545.5\u5104\u7f8e\u5143\uff0c\u4e26\u5ba3\u5e03\u63a8\u51fa\u8207\u7f8e\u5143\u639b\u920e\u7684\u7a69\u5b9a\u5e63USD1\uff0c\u6700\u521d\u5c07\u5728\u4ee5\u592a\u574a\u548c\u5e63\u5b89\u5340\u584a\u93c8\u4e0a\u9444\u9020\u3002 \u81f3\u65bc\u4e0a\u5468\u767c\u884c\u7684WLFI\u4ee3\u5e63\uff0c\u5728\u7279\u6717\u666e\u5bb6\u65cf\u6210\u54e1\u7684\u652f\u6301\u4e0b\uff0c\u5f37\u8abf\u5c07\u300c\u7f8e\u570b\u512a\u5148\u300d\uff08America First\uff09\u7b56\u7565\u548c\u5340\u584a\u93c8\u5be6\u7528\u529f\u80fd\u7d50\u5408\u3002\u4e0a\u5e02 48 \u5c0f\u6642\u5167\u4ea4\u6613\u50f9\u683c\u98c6\u5347\u903e 60%\uff0c\u4f46\u5728\u5ba3\u5e03\u92b7\u6bc0 4,700 \u842c\u679a\u4ee3\u5e63\u5f8c\u5927\u8dcc, \u4e00\u4e9b\u6295\u8cc7\u754c\u540d\u4eba\u7684\u5de8\u984d\u9322\u5305\u4ea6\u88ab\u51cd\u7d50\u3002WLFI\u4ee3\u5e63\u525b\u4e0a\u5e02\u5373\u5d29\u76e4\uff0c\u77ed\u6642\u9593\u5167\u8dcc\u5e45\u905440%\uff0c\u5f15\u8d77\u5e02\u5834\u5ee3\u6cdb\u95dc\u6ce8\u3002 \u6839\u64da\u5e02\u5834\u6d88\u606f\uff0cWLFI\u65e9\u671f\u6295\u8cc7\u8005\u6210\u672c\u6975\u4f4e\uff0c\u539f\u672c\u898f\u5b9a\u53ea\u80fd\u51fa\u552e20%\u7684\u6301\u80a1\u3002\u7136\u800c\uff0c\u516c\u53f8\u88ab\u50b3\u805e\u70ba\u5354\u52a9\u5927\u6236\u51fa\u8ca8\uff0c\u7a81\u7136\u4fee\u6539\u898f\u5247\u5141\u8a31\u5927\u91cf\u62cb\u552e\uff0c\u5c0e\u81f4\u5e02\u5834\u77ac\u9593\u88ab\u8ce3\u65b9\u6df9\u6c92\u3002\u5982\u6b64\u671d\u4ee4\u5915\u6539\uff0c\u56b4\u91cd\u5931\u4fe1\u65bc\u6295\u8cc7\u8005\uff0c\u66b4\u9732\u4e86\u9805\u76ee\u7ba1\u7406\u7684\u6838\u5fc3\u7f3a\u9677\u3002WLFI\u6700\u521d\u5ba3\u50b3\u5efa\u7acb\u5ee3\u6cdb\u7684\u653f\u6cbb\u91d1\u878d\u751f\u614b\u7cfb\u7d71\uff0c\u4e0d\u904e\u662f\u53ea\u805e\u6a13\u68af\u97ff\u800c\u5df2\u3002\u5176\u767c\u884c\u7e3d\u91cf\u9ad8\u90541000\u5104\u679a\uff0c\u5e02\u503c\u4e00\u5ea6\u88ab\u7092\u81f3400\u5104\u7f8e\u5143\uff0c\u4f46\u5927\u90e8\u5206\u4ee3\u5e63\u7684\u89e3\u9396\u548c\u6642\u9593\u8868\u5b8c\u5168\u4e0d\u900f\u660e\u3002\u5718\u968a\u548c\u65e9\u671f\u6295\u8cc7\u8005\u6216\u96a8\u6642\u5927\u898f\u6a21\u62cb\u552e\uff0c\u4e00\u822c\u6295\u8cc7\u8005\u5247\u8655\u65bc\u8cc7\u8a0a\u52a3\u52e2\u5730\u4f4d\uff0c\u6210\u70ba\u88ab\u6536\u5272\u7684\u5c0d\u8c61\u3002 \u66f4\u4ee4\u4eba\u64d4\u6182\u7684\u662f\uff0cWLFI\u6240\u6709\u6536\u5165\u5b8c\u5168\u6b78\u516c\u53f8\u6240\u6709\uff0c\u6301\u5e63\u8005\u7121\u6cd5\u7372\u5f97\u4efb\u4f55\u5206\u7d05\u6216\u6536\u76ca\uff0c\u6709\u9055\u53bb\u4e2d\u5fc3\u5316\u7684\u539f\u5247\uff0c\u7d14\u5c6c\u5e02\u5834\u7092\u4f5c\u800c\u975e\u771f\u5be6\u50f9\u503c\u5275\u9020\u3002WLFI\u5f62\u50cf\u4e0d\u4f73\uff0c\u5728\u793e\u4ea4\u5e73\u53f0\u548c\u52a0\u5bc6\u8ca8\u5e63\u8a0e\u8ad6\u5340\u4e0a\uff0c\u6709\u6295\u8cc7\u8005\u958b\u59cb\u5c07\u4e4b\u8207 FTX \u4ee5\u81f3 Bitconnect \u7b49\u91cf\u9f4a\u89c0\u3002\u5118\u7ba1\u5176\u6d41\u52d5\u6027\u4f9d\u7136\u5145\u88d5, \u4f46\u5e02\u5834\u60c5\u7dd2\u5df2\u9a5f\u8b8a, \u53cd\u6620\u6295\u8cc7\u8005\u6975\u5927\u7684\u4e0d\u4fe1\u4efb\u3002 \u5bb6\u5929\u4e0b\u7684\u96b1\u6182 WLFI \u66b4\u8dcc\u7684\u4e3b\u56e0\u6db5\u84cb\u56db\u65b9\u9762\uff1a\u4e00\u3001\u89e3\u9396\u6a5f\u5236\u4e0d\u5065\u5168\uff0c\u96d6\u7136\u6839\u64da WLFI \u7684\u65b9\u6848\uff0c9 \u6708 1 \u65e5\u50c5\u7d04 20% \u7684\u65e9\u671f\u7a2e\u5b50\u4ee3\u5e63\u548c\u79c1\u52df\u4ee3\u5e63\u900f\u904e Lockbox \u7cfb\u7d71\u89e3\u9396\uff0c\u5176\u9918\u4ee3\u5e63\u9700\u7d93\u53d7\u8a17\u4eba\u6295\u7968\u624d\u80fd\u89e3\u9396\uff0c\u4f46\u4f5c\u70ba\u5c08\u6848\u65b9\u7684\u7279\u6717\u666e\u5bb6\u65cf\u537b\u4e0d\u53d7\u6b64\u9650\u5236\uff0c\u8cc7\u91d1\u904b\u7528\u5b8c\u5168\u81ea\u7531\u3002\u4e8c\u3001WLFI \u7684\u4f30\u503c\u6ce1\u6cab\u56b4\u91cd\uff0c\u5176\u5b8c\u5168\u7a00\u91cb\u4f30\u503c\u9ad8\u9054 550 \u5104\u7f8e\u5143\uff0c\u76f8\u7576\u65bc LINK\u3001UNI \u7b49\u56db\u5927\u9805\u76ee\u5b8c\u5168\u7a00\u91cb\u4f30\u503c\u7684\u7e3d\u548c\uff0c\u4f46\u5be6\u969b\u4ea4\u6613\u652f\u6490\u5e7e\u4e4e\u70ba\u96f6\uff0c\u4f30\u503c\u4e3b\u8981\u4f9d\u8cf4\u7279\u6717\u666e\u5bb6\u65cf\u7684\u652f\u6301\uff0c\u7f3a\u4e4f\u57fa\u672c\u9762\u6307\u6a19\u3002\u4e09\u3001\u4ee3\u5e63\u5206\u5e03\u9ad8\u5ea6\u96c6\u4e2d\uff0c35% \u7684\u4ee3\u5e63\u7531\u5718\u968a\u548c\u7b56\u7565\u6295\u8cc7\u8005\u6301\u6709\uff0c\u6b77\u53f2\u7d93\u9a57\u986f\u793a\u8207\u7279\u6717\u666e\u76f8\u95dc\u7684\u9805\u76ee\u5e38\u5728\u5927\u6f32\u5f8c\u906d\u5167\u90e8\u4eba\u58eb\u62cb\u552e\uff0c\u4ee5\u81f4\u50f9\u683c\u4e0b\u8dcc\u3002\u56db\u3001\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\uff08SEC\uff09\u52a0\u5f37\u5c0d\u653f\u6cbb\u4ee3\u5e63\u7684\u76e3\u7ba1\uff0c\u82e5 WLFI \u88ab\u8a8d\u5b9a\u70ba\u672a\u8a3b\u518a\u8b49\u5238\uff0c\u53ef\u80fd\u9762\u81e8\u5f37\u5236\u9000\u5e02\u3002 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u7684\u806f\u5408\u5275\u8fa7\u4eba\u4e4b\u4e00\uff0c\u662f\u7279\u6717\u666e\u653f\u5e9c\u4e2d\u6771\u7279\u4f7fSteve Witkoff\u7684\u5152\u5b50\uff0c\u56e0\u6709\u6f5b\u5728\u5229\u76ca\u885d\u7a81\u4e4b\u5acc\u800c\u53d7\u5230\u8cea\u7591\u3002\u5728\u7279\u6717\u666e\u5c31\u4efb\u7f8e\u570b\u7e3d\u7d71\u524d\u5e7e\u5929\uff0c\u5176\u59bb\u6885\u62c9\u5c3c\u5a6d\u53c8\u63a8\u51fa\u500b\u4eba\u8ff7\u56e0\u5e63 (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\\\/tc\\\/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\\\/tc\\\/#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/thought-leadership\\\/hkej-column-tc\\\/#listItem\",\"name\":\"\\u9f8d\\u864e\\u5c71\\u4e0b\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/thought-leadership\\\/hkej-column-tc\\\/#listItem\",\"position\":2,\"name\":\"\\u9f8d\\u864e\\u5c71\\u4e0b\",\"item\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/thought-leadership\\\/hkej-column-tc\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/hkej-column\\\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\\\/#listItem\",\"name\":\"\\u653f\\u91d1\\u5408\\u9ad4\\u6f5b\\u85cf\\u7684\\u5e02\\u5834\\u98a8\\u96aa\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/hkej-column\\\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\\\/#listItem\",\"position\":3,\"name\":\"\\u653f\\u91d1\\u5408\\u9ad4\\u6f5b\\u85cf\\u7684\\u5e02\\u5834\\u98a8\\u96aa\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/thought-leadership\\\/hkej-column-tc\\\/#listItem\",\"name\":\"\\u9f8d\\u864e\\u5c71\\u4e0b\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#organization\",\"name\":\"HKU Business School\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/hkej-column\\\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\\\/#webpage\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/hkej-column\\\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\\\/\",\"name\":\"\\u653f\\u91d1\\u5408\\u9ad4\\u6f5b\\u85cf\\u7684\\u5e02\\u5834\\u98a8\\u96aa - HKU Business School\",\"description\":\"\\u7279\\u6717\\u666e\\u5bb6\\u65cf\\u900f\\u904e\\u65d7\\u4e0b\\u300c\\u4e16\\u754c\\u81ea\\u7531\\u91d1\\u878d\\u300d\\uff08World Liberty Financial\\uff09\\u53bb\\u4e2d\\u5fc3\\u5316\\u91d1\\u878d (DeFi) \\u5354\\u5b9a\\u548c\\u7ba1\\u6cbb\\u5e73\\u53f0, \\u767c\\u884c\\u540d\\u70ba\\u300cWLFI\\u300d\\u7684\\u6578\\u5b57\\u4ee3\\u5e63\\uff0c\\u525b\\u75319\\u67081\\u65e5\\u8d77\\u5728\\u5404\\u5927\\u52a0\\u5bc6\\u8ca8\\u5e63\\u4ea4\\u6613\\u6240\\u8cb7\\u8ce3\\uff08\\u3010\\u5716\\u3011\\uff09\\u3002 \\u516c\\u958b\\u4ea4\\u6613\\u5f8c\\uff0c\\u7279\\u6717\\u666e\\u5bb6\\u65cf\\u7684\\u8ca1\\u5bcc\\u5e33\\u9762\\u4e0a\\u4e00\\u5ea6\\u8e8d\\u534750\\u5104\\u7f8e\\u5143\\u3002\\u81ea\\u5f9e\\u7279\\u6717\\u666e\\u672c\\u5e74\\u91cd\\u8fd4\\u767d\\u5bae\\u4ee5\\u4f86\\uff0c\\u4ed6\\u4e0d\\u4f46\\u901a\\u904eWLFI\\u9805\\u76ee\\u5728\\u91d1\\u878d\\u9818\\u57df\\u53d6\\u5f97\\u8c50\\u5bcc\\u6536\\u7a6b\\uff0c\\u751a\\u81f3\\u5f97\\u4ee5\\u6210\\u70ba\\u6b77\\u4efb\\u7f8e\\u570b\\u7e3d\\u7d71\\u4e2d\\u7684\\u9996\\u5bcc\\u3002 \\u5f9e\\u61f7\\u7591\\u5230\\u64c1\\u62b1\\u7684\\u6025\\u8f49\\u5f4e \\u7136\\u800c\\u56de\\u6eaf2021\\u5e746\\u6708\\u7684\\u4e00\\u6b21\\u8a2a\\u554f\\u4e2d\\uff0c\\u7279\\u6717\\u666e\\u537b\\u516c\\u958b\\u6279\\u8a55\\u52a0\\u5bc6\\u8ca8\\u5e63\\u662f\\u5f71\\u97ff\\u7f8e\\u5143\\u50f9\\u503c\\u7684\\u9a19\\u5c40\\uff0c\\u4e3b\\u5f35\\u56b4\\u52a0\\u76e3\\u7ba1\\u30023\\u5e74\\u4e4b\\u5f8c\\uff0c\\u70ba\\u4e86\\u5728\\u5927\\u9078\\u4e2d\\u52dd\\u51fa\\uff0c\\u7adf\\u53c8\\u4e00\\u6539\\u7acb\\u5834\\uff0c\\u627f\\u8afe\\u5c07\\u7f8e\\u570b\\u6253\\u9020\\u6210\\u300c\\u4e16\\u754c\\u52a0\\u5bc6\\u4e4b\\u90fd\\u300d\\u3002\\u7279\\u6717\\u666e\\u4e0a\\u53f0\\u5f8c\\uff0c\\u96a8\\u5373\\u7c3d\\u7f72\\u4e00\\u9805\\u884c\\u653f\\u547d\\u4ee4\\uff0c\\u65e8\\u5728\\u5f37\\u5316\\u7f8e\\u570b\\u5728\\u6578\\u5b57\\u91d1\\u878d\\u6280\\u8853\\u9818\\u57df\\u7684\\u9818\\u5c0e\\u5730\\u4f4d\\uff0c\\u4e26\\u6210\\u7acb\\u7e3d\\u7d71\\u6578\\u5b57\\u8cc7\\u7522\\u5e02\\u5834\\u5de5\\u4f5c\\u5c0f\\u7d44\\uff0c\\u63a8\\u52d5\\u7f8e\\u570b\\u6210\\u70ba\\u5340\\u584a\\u93c8\\u5275\\u65b0\\u7684\\u9818\\u5c0e\\u8005\\u3002\\u800c\\u7279\\u6717\\u666e\\u5169\\u540d\\u5152\\u5b50\\u6295\\u8cc7\\u7684\\u6bd4\\u7279\\u5e63\\u7926\\u696d\\u516c\\u53f8 American Bitcoin\\uff0c\\u4ea6\\u65bc\\u4e0a\\u5468\\u6b63\\u5f0f\\u5728\\u7d0d\\u65af\\u9054\\u514b\\u4e0a\\u5e02\\uff0c\\u6210\\u70ba\\u5e02\\u5834\\u6aa2\\u8996\\u7279\\u6717\\u666e\\u5bb6\\u65cf\\u5c0d\\u6295\\u8cc7\\u52a0\\u5bc6\\u8ca8\\u5e63\\u71b1\\u5ea6\\u7684\\u53e6\\u4e00\\u4f8b\\u5b50\\u3002 \\u4e8b\\u5be6\\u4e0a\\uff0c\\u76f4\\u81f32022\\u5e74\\u5e95\\uff0c\\u7279\\u6717\\u666e\\u624d\\u958b\\u59cb\\u552e\\u8ce3\\u6578\\u5b57\\u85cf\\u54c1 (digital collectibles)\\uff0c\\u4e3b\\u8981\\u5305\\u62ec\\u7279\\u6717\\u666e\\u8eab\\u7a7f\\u8d85\\u7d1a\\u82f1\\u96c4\\u670d\\u88dd\\u6216\\u64fa\\u51fa\\u6253\\u9ad8\\u723e\\u592b\\u7403\\u59ff\\u52e2\\u7684\\u5716\\u50cf\\u3002\\u516c\\u958b\\u6578\\u64da\\u986f\\u793a\\uff0c\\u7279\\u6717\\u666e\\u5bb6\\u65cf\\u5df2\\u6d89\\u8db3\\u975e\\u540c\\u8cea\\u5316\\u4ee3\\u5e63\\uff08NFT\\uff09\\u3001\\u6bd4\\u7279\\u5e63\\u3001\\u767c\\u5e03\\u500b\\u4eba\\u52a0\\u5bc6\\u8ca8\\u5e63\\u7b49\\u696d\\u52d9\\uff0c\\u7531\\u6b64\\u7372\\u5f97\\u8fd110\\u5104\\u7f8e\\u5143\\u8cec\\u9762\\u6536\\u76ca\\u3002 WLFI\\u66b4\\u5347\\u66b4\\u8dcc\\u6709\\u8de1\\u53ef\\u5c0b \\u4e16\\u754c\\u81ea\\u7531\\u91d1\\u878d\\u516c\\u53f8\\u81ea2024\\u5e749\\u6708\\u6210\\u7acb\\u4ee5\\u4f86\\uff0c\\u4e00\\u76f4\\u5728\\u8cfc\\u8cb7\\u4ee5\\u592a\\u5e63\\u3001\\u6ce2\\u5834\\u5e63\\u7b49\\u52a0\\u5bc6\\u8ca8\\u5e63\\uff0c\\u4f46\\u5c1a\\u672a\\u63a8\\u51fa\\u5176\\u8072\\u7a31\\u7684\\u53bb\\u4e2d\\u5fc3\\u5316\\u91d1\\u878d\\u670d\\u52d9\\u3002\\u672c\\u5e743\\u6708\\u5b8c\\u6210\\u767c\\u884c\\u7b2c\\u4e8c\\u6279\\u52a0\\u5bc6\\u5e63\\u5f8c\\uff0c\\u8a72\\u516c\\u53f8\\u5f9e\\u4e2d\\u96c6\\u8cc7\\u7e3d\\u984d\\u90545.5\\u5104\\u7f8e\\u5143\\uff0c\\u4e26\\u5ba3\\u5e03\\u63a8\\u51fa\\u8207\\u7f8e\\u5143\\u639b\\u920e\\u7684\\u7a69\\u5b9a\\u5e63USD1\\uff0c\\u6700\\u521d\\u5c07\\u5728\\u4ee5\\u592a\\u574a\\u548c\\u5e63\\u5b89\\u5340\\u584a\\u93c8\\u4e0a\\u9444\\u9020\\u3002 \\u81f3\\u65bc\\u4e0a\\u5468\\u767c\\u884c\\u7684WLFI\\u4ee3\\u5e63\\uff0c\\u5728\\u7279\\u6717\\u666e\\u5bb6\\u65cf\\u6210\\u54e1\\u7684\\u652f\\u6301\\u4e0b\\uff0c\\u5f37\\u8abf\\u5c07\\u300c\\u7f8e\\u570b\\u512a\\u5148\\u300d\\uff08America First\\uff09\\u7b56\\u7565\\u548c\\u5340\\u584a\\u93c8\\u5be6\\u7528\\u529f\\u80fd\\u7d50\\u5408\\u3002\\u4e0a\\u5e02 48 \\u5c0f\\u6642\\u5167\\u4ea4\\u6613\\u50f9\\u683c\\u98c6\\u5347\\u903e 60%\\uff0c\\u4f46\\u5728\\u5ba3\\u5e03\\u92b7\\u6bc0 4,700 \\u842c\\u679a\\u4ee3\\u5e63\\u5f8c\\u5927\\u8dcc, \\u4e00\\u4e9b\\u6295\\u8cc7\\u754c\\u540d\\u4eba\\u7684\\u5de8\\u984d\\u9322\\u5305\\u4ea6\\u88ab\\u51cd\\u7d50\\u3002WLFI\\u4ee3\\u5e63\\u525b\\u4e0a\\u5e02\\u5373\\u5d29\\u76e4\\uff0c\\u77ed\\u6642\\u9593\\u5167\\u8dcc\\u5e45\\u905440%\\uff0c\\u5f15\\u8d77\\u5e02\\u5834\\u5ee3\\u6cdb\\u95dc\\u6ce8\\u3002 \\u6839\\u64da\\u5e02\\u5834\\u6d88\\u606f\\uff0cWLFI\\u65e9\\u671f\\u6295\\u8cc7\\u8005\\u6210\\u672c\\u6975\\u4f4e\\uff0c\\u539f\\u672c\\u898f\\u5b9a\\u53ea\\u80fd\\u51fa\\u552e20%\\u7684\\u6301\\u80a1\\u3002\\u7136\\u800c\\uff0c\\u516c\\u53f8\\u88ab\\u50b3\\u805e\\u70ba\\u5354\\u52a9\\u5927\\u6236\\u51fa\\u8ca8\\uff0c\\u7a81\\u7136\\u4fee\\u6539\\u898f\\u5247\\u5141\\u8a31\\u5927\\u91cf\\u62cb\\u552e\\uff0c\\u5c0e\\u81f4\\u5e02\\u5834\\u77ac\\u9593\\u88ab\\u8ce3\\u65b9\\u6df9\\u6c92\\u3002\\u5982\\u6b64\\u671d\\u4ee4\\u5915\\u6539\\uff0c\\u56b4\\u91cd\\u5931\\u4fe1\\u65bc\\u6295\\u8cc7\\u8005\\uff0c\\u66b4\\u9732\\u4e86\\u9805\\u76ee\\u7ba1\\u7406\\u7684\\u6838\\u5fc3\\u7f3a\\u9677\\u3002WLFI\\u6700\\u521d\\u5ba3\\u50b3\\u5efa\\u7acb\\u5ee3\\u6cdb\\u7684\\u653f\\u6cbb\\u91d1\\u878d\\u751f\\u614b\\u7cfb\\u7d71\\uff0c\\u4e0d\\u904e\\u662f\\u53ea\\u805e\\u6a13\\u68af\\u97ff\\u800c\\u5df2\\u3002\\u5176\\u767c\\u884c\\u7e3d\\u91cf\\u9ad8\\u90541000\\u5104\\u679a\\uff0c\\u5e02\\u503c\\u4e00\\u5ea6\\u88ab\\u7092\\u81f3400\\u5104\\u7f8e\\u5143\\uff0c\\u4f46\\u5927\\u90e8\\u5206\\u4ee3\\u5e63\\u7684\\u89e3\\u9396\\u548c\\u6642\\u9593\\u8868\\u5b8c\\u5168\\u4e0d\\u900f\\u660e\\u3002\\u5718\\u968a\\u548c\\u65e9\\u671f\\u6295\\u8cc7\\u8005\\u6216\\u96a8\\u6642\\u5927\\u898f\\u6a21\\u62cb\\u552e\\uff0c\\u4e00\\u822c\\u6295\\u8cc7\\u8005\\u5247\\u8655\\u65bc\\u8cc7\\u8a0a\\u52a3\\u52e2\\u5730\\u4f4d\\uff0c\\u6210\\u70ba\\u88ab\\u6536\\u5272\\u7684\\u5c0d\\u8c61\\u3002 \\u66f4\\u4ee4\\u4eba\\u64d4\\u6182\\u7684\\u662f\\uff0cWLFI\\u6240\\u6709\\u6536\\u5165\\u5b8c\\u5168\\u6b78\\u516c\\u53f8\\u6240\\u6709\\uff0c\\u6301\\u5e63\\u8005\\u7121\\u6cd5\\u7372\\u5f97\\u4efb\\u4f55\\u5206\\u7d05\\u6216\\u6536\\u76ca\\uff0c\\u6709\\u9055\\u53bb\\u4e2d\\u5fc3\\u5316\\u7684\\u539f\\u5247\\uff0c\\u7d14\\u5c6c\\u5e02\\u5834\\u7092\\u4f5c\\u800c\\u975e\\u771f\\u5be6\\u50f9\\u503c\\u5275\\u9020\\u3002WLFI\\u5f62\\u50cf\\u4e0d\\u4f73\\uff0c\\u5728\\u793e\\u4ea4\\u5e73\\u53f0\\u548c\\u52a0\\u5bc6\\u8ca8\\u5e63\\u8a0e\\u8ad6\\u5340\\u4e0a\\uff0c\\u6709\\u6295\\u8cc7\\u8005\\u958b\\u59cb\\u5c07\\u4e4b\\u8207 FTX \\u4ee5\\u81f3 Bitconnect \\u7b49\\u91cf\\u9f4a\\u89c0\\u3002\\u5118\\u7ba1\\u5176\\u6d41\\u52d5\\u6027\\u4f9d\\u7136\\u5145\\u88d5, \\u4f46\\u5e02\\u5834\\u60c5\\u7dd2\\u5df2\\u9a5f\\u8b8a, \\u53cd\\u6620\\u6295\\u8cc7\\u8005\\u6975\\u5927\\u7684\\u4e0d\\u4fe1\\u4efb\\u3002 \\u5bb6\\u5929\\u4e0b\\u7684\\u96b1\\u6182 WLFI \\u66b4\\u8dcc\\u7684\\u4e3b\\u56e0\\u6db5\\u84cb\\u56db\\u65b9\\u9762\\uff1a\\u4e00\\u3001\\u89e3\\u9396\\u6a5f\\u5236\\u4e0d\\u5065\\u5168\\uff0c\\u96d6\\u7136\\u6839\\u64da WLFI \\u7684\\u65b9\\u6848\\uff0c9 \\u6708 1 \\u65e5\\u50c5\\u7d04 20% \\u7684\\u65e9\\u671f\\u7a2e\\u5b50\\u4ee3\\u5e63\\u548c\\u79c1\\u52df\\u4ee3\\u5e63\\u900f\\u904e Lockbox \\u7cfb\\u7d71\\u89e3\\u9396\\uff0c\\u5176\\u9918\\u4ee3\\u5e63\\u9700\\u7d93\\u53d7\\u8a17\\u4eba\\u6295\\u7968\\u624d\\u80fd\\u89e3\\u9396\\uff0c\\u4f46\\u4f5c\\u70ba\\u5c08\\u6848\\u65b9\\u7684\\u7279\\u6717\\u666e\\u5bb6\\u65cf\\u537b\\u4e0d\\u53d7\\u6b64\\u9650\\u5236\\uff0c\\u8cc7\\u91d1\\u904b\\u7528\\u5b8c\\u5168\\u81ea\\u7531\\u3002\\u4e8c\\u3001WLFI \\u7684\\u4f30\\u503c\\u6ce1\\u6cab\\u56b4\\u91cd\\uff0c\\u5176\\u5b8c\\u5168\\u7a00\\u91cb\\u4f30\\u503c\\u9ad8\\u9054 550 \\u5104\\u7f8e\\u5143\\uff0c\\u76f8\\u7576\\u65bc LINK\\u3001UNI \\u7b49\\u56db\\u5927\\u9805\\u76ee\\u5b8c\\u5168\\u7a00\\u91cb\\u4f30\\u503c\\u7684\\u7e3d\\u548c\\uff0c\\u4f46\\u5be6\\u969b\\u4ea4\\u6613\\u652f\\u6490\\u5e7e\\u4e4e\\u70ba\\u96f6\\uff0c\\u4f30\\u503c\\u4e3b\\u8981\\u4f9d\\u8cf4\\u7279\\u6717\\u666e\\u5bb6\\u65cf\\u7684\\u652f\\u6301\\uff0c\\u7f3a\\u4e4f\\u57fa\\u672c\\u9762\\u6307\\u6a19\\u3002\\u4e09\\u3001\\u4ee3\\u5e63\\u5206\\u5e03\\u9ad8\\u5ea6\\u96c6\\u4e2d\\uff0c35% \\u7684\\u4ee3\\u5e63\\u7531\\u5718\\u968a\\u548c\\u7b56\\u7565\\u6295\\u8cc7\\u8005\\u6301\\u6709\\uff0c\\u6b77\\u53f2\\u7d93\\u9a57\\u986f\\u793a\\u8207\\u7279\\u6717\\u666e\\u76f8\\u95dc\\u7684\\u9805\\u76ee\\u5e38\\u5728\\u5927\\u6f32\\u5f8c\\u906d\\u5167\\u90e8\\u4eba\\u58eb\\u62cb\\u552e\\uff0c\\u4ee5\\u81f4\\u50f9\\u683c\\u4e0b\\u8dcc\\u3002\\u56db\\u3001\\u7f8e\\u570b\\u8b49\\u5238\\u4ea4\\u6613\\u59d4\\u54e1\\u6703\\uff08SEC\\uff09\\u52a0\\u5f37\\u5c0d\\u653f\\u6cbb\\u4ee3\\u5e63\\u7684\\u76e3\\u7ba1\\uff0c\\u82e5 WLFI \\u88ab\\u8a8d\\u5b9a\\u70ba\\u672a\\u8a3b\\u518a\\u8b49\\u5238\\uff0c\\u53ef\\u80fd\\u9762\\u81e8\\u5f37\\u5236\\u9000\\u5e02\\u3002 \\u503c\\u5f97\\u6ce8\\u610f\\u7684\\u662f\\uff0c\\u4e16\\u754c\\u81ea\\u7531\\u91d1\\u878d\\u7684\\u806f\\u5408\\u5275\\u8fa7\\u4eba\\u4e4b\\u4e00\\uff0c\\u662f\\u7279\\u6717\\u666e\\u653f\\u5e9c\\u4e2d\\u6771\\u7279\\u4f7fSteve Witkoff\\u7684\\u5152\\u5b50\\uff0c\\u56e0\\u6709\\u6f5b\\u5728\\u5229\\u76ca\\u885d\\u7a81\\u4e4b\\u5acc\\u800c\\u53d7\\u5230\\u8cea\\u7591\\u3002\\u5728\\u7279\\u6717\\u666e\\u5c31\\u4efb\\u7f8e\\u570b\\u7e3d\\u7d71\\u524d\\u5e7e\\u5929\\uff0c\\u5176\\u59bb\\u6885\\u62c9\\u5c3c\\u5a6d\\u53c8\\u63a8\\u51fa\\u500b\\u4eba\\u8ff7\\u56e0\\u5e63 (meme\",\"inLanguage\":\"zh-HK\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/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\":\"2025-10-20T17:24:09+08:00\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#website\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/\",\"name\":\"HKU Business School\",\"inLanguage\":\"zh-HK\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#organization\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO -->\n\n","aioseo_head_json":{"title":"\u653f\u91d1\u5408\u9ad4\u6f5b\u85cf\u7684\u5e02\u5834\u98a8\u96aa - HKU Business School","description":"\u7279\u6717\u666e\u5bb6\u65cf\u900f\u904e\u65d7\u4e0b\u300c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u300d\uff08World Liberty Financial\uff09\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u5354\u5b9a\u548c\u7ba1\u6cbb\u5e73\u53f0, \u767c\u884c\u540d\u70ba\u300cWLFI\u300d\u7684\u6578\u5b57\u4ee3\u5e63\uff0c\u525b\u75319\u67081\u65e5\u8d77\u5728\u5404\u5927\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240\u8cb7\u8ce3\uff08\u3010\u5716\u3011\uff09\u3002 \u516c\u958b\u4ea4\u6613\u5f8c\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u7684\u8ca1\u5bcc\u5e33\u9762\u4e0a\u4e00\u5ea6\u8e8d\u534750\u5104\u7f8e\u5143\u3002\u81ea\u5f9e\u7279\u6717\u666e\u672c\u5e74\u91cd\u8fd4\u767d\u5bae\u4ee5\u4f86\uff0c\u4ed6\u4e0d\u4f46\u901a\u904eWLFI\u9805\u76ee\u5728\u91d1\u878d\u9818\u57df\u53d6\u5f97\u8c50\u5bcc\u6536\u7a6b\uff0c\u751a\u81f3\u5f97\u4ee5\u6210\u70ba\u6b77\u4efb\u7f8e\u570b\u7e3d\u7d71\u4e2d\u7684\u9996\u5bcc\u3002 \u5f9e\u61f7\u7591\u5230\u64c1\u62b1\u7684\u6025\u8f49\u5f4e \u7136\u800c\u56de\u6eaf2021\u5e746\u6708\u7684\u4e00\u6b21\u8a2a\u554f\u4e2d\uff0c\u7279\u6717\u666e\u537b\u516c\u958b\u6279\u8a55\u52a0\u5bc6\u8ca8\u5e63\u662f\u5f71\u97ff\u7f8e\u5143\u50f9\u503c\u7684\u9a19\u5c40\uff0c\u4e3b\u5f35\u56b4\u52a0\u76e3\u7ba1\u30023\u5e74\u4e4b\u5f8c\uff0c\u70ba\u4e86\u5728\u5927\u9078\u4e2d\u52dd\u51fa\uff0c\u7adf\u53c8\u4e00\u6539\u7acb\u5834\uff0c\u627f\u8afe\u5c07\u7f8e\u570b\u6253\u9020\u6210\u300c\u4e16\u754c\u52a0\u5bc6\u4e4b\u90fd\u300d\u3002\u7279\u6717\u666e\u4e0a\u53f0\u5f8c\uff0c\u96a8\u5373\u7c3d\u7f72\u4e00\u9805\u884c\u653f\u547d\u4ee4\uff0c\u65e8\u5728\u5f37\u5316\u7f8e\u570b\u5728\u6578\u5b57\u91d1\u878d\u6280\u8853\u9818\u57df\u7684\u9818\u5c0e\u5730\u4f4d\uff0c\u4e26\u6210\u7acb\u7e3d\u7d71\u6578\u5b57\u8cc7\u7522\u5e02\u5834\u5de5\u4f5c\u5c0f\u7d44\uff0c\u63a8\u52d5\u7f8e\u570b\u6210\u70ba\u5340\u584a\u93c8\u5275\u65b0\u7684\u9818\u5c0e\u8005\u3002\u800c\u7279\u6717\u666e\u5169\u540d\u5152\u5b50\u6295\u8cc7\u7684\u6bd4\u7279\u5e63\u7926\u696d\u516c\u53f8 American Bitcoin\uff0c\u4ea6\u65bc\u4e0a\u5468\u6b63\u5f0f\u5728\u7d0d\u65af\u9054\u514b\u4e0a\u5e02\uff0c\u6210\u70ba\u5e02\u5834\u6aa2\u8996\u7279\u6717\u666e\u5bb6\u65cf\u5c0d\u6295\u8cc7\u52a0\u5bc6\u8ca8\u5e63\u71b1\u5ea6\u7684\u53e6\u4e00\u4f8b\u5b50\u3002 \u4e8b\u5be6\u4e0a\uff0c\u76f4\u81f32022\u5e74\u5e95\uff0c\u7279\u6717\u666e\u624d\u958b\u59cb\u552e\u8ce3\u6578\u5b57\u85cf\u54c1 (digital collectibles)\uff0c\u4e3b\u8981\u5305\u62ec\u7279\u6717\u666e\u8eab\u7a7f\u8d85\u7d1a\u82f1\u96c4\u670d\u88dd\u6216\u64fa\u51fa\u6253\u9ad8\u723e\u592b\u7403\u59ff\u52e2\u7684\u5716\u50cf\u3002\u516c\u958b\u6578\u64da\u986f\u793a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u5df2\u6d89\u8db3\u975e\u540c\u8cea\u5316\u4ee3\u5e63\uff08NFT\uff09\u3001\u6bd4\u7279\u5e63\u3001\u767c\u5e03\u500b\u4eba\u52a0\u5bc6\u8ca8\u5e63\u7b49\u696d\u52d9\uff0c\u7531\u6b64\u7372\u5f97\u8fd110\u5104\u7f8e\u5143\u8cec\u9762\u6536\u76ca\u3002 WLFI\u66b4\u5347\u66b4\u8dcc\u6709\u8de1\u53ef\u5c0b \u4e16\u754c\u81ea\u7531\u91d1\u878d\u516c\u53f8\u81ea2024\u5e749\u6708\u6210\u7acb\u4ee5\u4f86\uff0c\u4e00\u76f4\u5728\u8cfc\u8cb7\u4ee5\u592a\u5e63\u3001\u6ce2\u5834\u5e63\u7b49\u52a0\u5bc6\u8ca8\u5e63\uff0c\u4f46\u5c1a\u672a\u63a8\u51fa\u5176\u8072\u7a31\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u670d\u52d9\u3002\u672c\u5e743\u6708\u5b8c\u6210\u767c\u884c\u7b2c\u4e8c\u6279\u52a0\u5bc6\u5e63\u5f8c\uff0c\u8a72\u516c\u53f8\u5f9e\u4e2d\u96c6\u8cc7\u7e3d\u984d\u90545.5\u5104\u7f8e\u5143\uff0c\u4e26\u5ba3\u5e03\u63a8\u51fa\u8207\u7f8e\u5143\u639b\u920e\u7684\u7a69\u5b9a\u5e63USD1\uff0c\u6700\u521d\u5c07\u5728\u4ee5\u592a\u574a\u548c\u5e63\u5b89\u5340\u584a\u93c8\u4e0a\u9444\u9020\u3002 \u81f3\u65bc\u4e0a\u5468\u767c\u884c\u7684WLFI\u4ee3\u5e63\uff0c\u5728\u7279\u6717\u666e\u5bb6\u65cf\u6210\u54e1\u7684\u652f\u6301\u4e0b\uff0c\u5f37\u8abf\u5c07\u300c\u7f8e\u570b\u512a\u5148\u300d\uff08America First\uff09\u7b56\u7565\u548c\u5340\u584a\u93c8\u5be6\u7528\u529f\u80fd\u7d50\u5408\u3002\u4e0a\u5e02 48 \u5c0f\u6642\u5167\u4ea4\u6613\u50f9\u683c\u98c6\u5347\u903e 60%\uff0c\u4f46\u5728\u5ba3\u5e03\u92b7\u6bc0 4,700 \u842c\u679a\u4ee3\u5e63\u5f8c\u5927\u8dcc, \u4e00\u4e9b\u6295\u8cc7\u754c\u540d\u4eba\u7684\u5de8\u984d\u9322\u5305\u4ea6\u88ab\u51cd\u7d50\u3002WLFI\u4ee3\u5e63\u525b\u4e0a\u5e02\u5373\u5d29\u76e4\uff0c\u77ed\u6642\u9593\u5167\u8dcc\u5e45\u905440%\uff0c\u5f15\u8d77\u5e02\u5834\u5ee3\u6cdb\u95dc\u6ce8\u3002 \u6839\u64da\u5e02\u5834\u6d88\u606f\uff0cWLFI\u65e9\u671f\u6295\u8cc7\u8005\u6210\u672c\u6975\u4f4e\uff0c\u539f\u672c\u898f\u5b9a\u53ea\u80fd\u51fa\u552e20%\u7684\u6301\u80a1\u3002\u7136\u800c\uff0c\u516c\u53f8\u88ab\u50b3\u805e\u70ba\u5354\u52a9\u5927\u6236\u51fa\u8ca8\uff0c\u7a81\u7136\u4fee\u6539\u898f\u5247\u5141\u8a31\u5927\u91cf\u62cb\u552e\uff0c\u5c0e\u81f4\u5e02\u5834\u77ac\u9593\u88ab\u8ce3\u65b9\u6df9\u6c92\u3002\u5982\u6b64\u671d\u4ee4\u5915\u6539\uff0c\u56b4\u91cd\u5931\u4fe1\u65bc\u6295\u8cc7\u8005\uff0c\u66b4\u9732\u4e86\u9805\u76ee\u7ba1\u7406\u7684\u6838\u5fc3\u7f3a\u9677\u3002WLFI\u6700\u521d\u5ba3\u50b3\u5efa\u7acb\u5ee3\u6cdb\u7684\u653f\u6cbb\u91d1\u878d\u751f\u614b\u7cfb\u7d71\uff0c\u4e0d\u904e\u662f\u53ea\u805e\u6a13\u68af\u97ff\u800c\u5df2\u3002\u5176\u767c\u884c\u7e3d\u91cf\u9ad8\u90541000\u5104\u679a\uff0c\u5e02\u503c\u4e00\u5ea6\u88ab\u7092\u81f3400\u5104\u7f8e\u5143\uff0c\u4f46\u5927\u90e8\u5206\u4ee3\u5e63\u7684\u89e3\u9396\u548c\u6642\u9593\u8868\u5b8c\u5168\u4e0d\u900f\u660e\u3002\u5718\u968a\u548c\u65e9\u671f\u6295\u8cc7\u8005\u6216\u96a8\u6642\u5927\u898f\u6a21\u62cb\u552e\uff0c\u4e00\u822c\u6295\u8cc7\u8005\u5247\u8655\u65bc\u8cc7\u8a0a\u52a3\u52e2\u5730\u4f4d\uff0c\u6210\u70ba\u88ab\u6536\u5272\u7684\u5c0d\u8c61\u3002 \u66f4\u4ee4\u4eba\u64d4\u6182\u7684\u662f\uff0cWLFI\u6240\u6709\u6536\u5165\u5b8c\u5168\u6b78\u516c\u53f8\u6240\u6709\uff0c\u6301\u5e63\u8005\u7121\u6cd5\u7372\u5f97\u4efb\u4f55\u5206\u7d05\u6216\u6536\u76ca\uff0c\u6709\u9055\u53bb\u4e2d\u5fc3\u5316\u7684\u539f\u5247\uff0c\u7d14\u5c6c\u5e02\u5834\u7092\u4f5c\u800c\u975e\u771f\u5be6\u50f9\u503c\u5275\u9020\u3002WLFI\u5f62\u50cf\u4e0d\u4f73\uff0c\u5728\u793e\u4ea4\u5e73\u53f0\u548c\u52a0\u5bc6\u8ca8\u5e63\u8a0e\u8ad6\u5340\u4e0a\uff0c\u6709\u6295\u8cc7\u8005\u958b\u59cb\u5c07\u4e4b\u8207 FTX \u4ee5\u81f3 Bitconnect \u7b49\u91cf\u9f4a\u89c0\u3002\u5118\u7ba1\u5176\u6d41\u52d5\u6027\u4f9d\u7136\u5145\u88d5, \u4f46\u5e02\u5834\u60c5\u7dd2\u5df2\u9a5f\u8b8a, \u53cd\u6620\u6295\u8cc7\u8005\u6975\u5927\u7684\u4e0d\u4fe1\u4efb\u3002 \u5bb6\u5929\u4e0b\u7684\u96b1\u6182 WLFI \u66b4\u8dcc\u7684\u4e3b\u56e0\u6db5\u84cb\u56db\u65b9\u9762\uff1a\u4e00\u3001\u89e3\u9396\u6a5f\u5236\u4e0d\u5065\u5168\uff0c\u96d6\u7136\u6839\u64da WLFI \u7684\u65b9\u6848\uff0c9 \u6708 1 \u65e5\u50c5\u7d04 20% \u7684\u65e9\u671f\u7a2e\u5b50\u4ee3\u5e63\u548c\u79c1\u52df\u4ee3\u5e63\u900f\u904e Lockbox \u7cfb\u7d71\u89e3\u9396\uff0c\u5176\u9918\u4ee3\u5e63\u9700\u7d93\u53d7\u8a17\u4eba\u6295\u7968\u624d\u80fd\u89e3\u9396\uff0c\u4f46\u4f5c\u70ba\u5c08\u6848\u65b9\u7684\u7279\u6717\u666e\u5bb6\u65cf\u537b\u4e0d\u53d7\u6b64\u9650\u5236\uff0c\u8cc7\u91d1\u904b\u7528\u5b8c\u5168\u81ea\u7531\u3002\u4e8c\u3001WLFI \u7684\u4f30\u503c\u6ce1\u6cab\u56b4\u91cd\uff0c\u5176\u5b8c\u5168\u7a00\u91cb\u4f30\u503c\u9ad8\u9054 550 \u5104\u7f8e\u5143\uff0c\u76f8\u7576\u65bc LINK\u3001UNI \u7b49\u56db\u5927\u9805\u76ee\u5b8c\u5168\u7a00\u91cb\u4f30\u503c\u7684\u7e3d\u548c\uff0c\u4f46\u5be6\u969b\u4ea4\u6613\u652f\u6490\u5e7e\u4e4e\u70ba\u96f6\uff0c\u4f30\u503c\u4e3b\u8981\u4f9d\u8cf4\u7279\u6717\u666e\u5bb6\u65cf\u7684\u652f\u6301\uff0c\u7f3a\u4e4f\u57fa\u672c\u9762\u6307\u6a19\u3002\u4e09\u3001\u4ee3\u5e63\u5206\u5e03\u9ad8\u5ea6\u96c6\u4e2d\uff0c35% \u7684\u4ee3\u5e63\u7531\u5718\u968a\u548c\u7b56\u7565\u6295\u8cc7\u8005\u6301\u6709\uff0c\u6b77\u53f2\u7d93\u9a57\u986f\u793a\u8207\u7279\u6717\u666e\u76f8\u95dc\u7684\u9805\u76ee\u5e38\u5728\u5927\u6f32\u5f8c\u906d\u5167\u90e8\u4eba\u58eb\u62cb\u552e\uff0c\u4ee5\u81f4\u50f9\u683c\u4e0b\u8dcc\u3002\u56db\u3001\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\uff08SEC\uff09\u52a0\u5f37\u5c0d\u653f\u6cbb\u4ee3\u5e63\u7684\u76e3\u7ba1\uff0c\u82e5 WLFI \u88ab\u8a8d\u5b9a\u70ba\u672a\u8a3b\u518a\u8b49\u5238\uff0c\u53ef\u80fd\u9762\u81e8\u5f37\u5236\u9000\u5e02\u3002 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u7684\u806f\u5408\u5275\u8fa7\u4eba\u4e4b\u4e00\uff0c\u662f\u7279\u6717\u666e\u653f\u5e9c\u4e2d\u6771\u7279\u4f7fSteve Witkoff\u7684\u5152\u5b50\uff0c\u56e0\u6709\u6f5b\u5728\u5229\u76ca\u885d\u7a81\u4e4b\u5acc\u800c\u53d7\u5230\u8cea\u7591\u3002\u5728\u7279\u6717\u666e\u5c31\u4efb\u7f8e\u570b\u7e3d\u7d71\u524d\u5e7e\u5929\uff0c\u5176\u59bb\u6885\u62c9\u5c3c\u5a6d\u53c8\u63a8\u51fa\u500b\u4eba\u8ff7\u56e0\u5e63 (meme","canonical_url":"https:\/\/www.hkubs.hku.hk\/tc\/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\/tc\/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\/tc\/#listItem","position":1,"name":"Home","item":"https:\/\/www.hkubs.hku.hk\/tc\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/#listItem","name":"\u9f8d\u864e\u5c71\u4e0b"}},{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/#listItem","position":2,"name":"\u9f8d\u864e\u5c71\u4e0b","item":"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/#listItem","name":"\u653f\u91d1\u5408\u9ad4\u6f5b\u85cf\u7684\u5e02\u5834\u98a8\u96aa"},"previousItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/#listItem","name":"Home"}},{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/#listItem","position":3,"name":"\u653f\u91d1\u5408\u9ad4\u6f5b\u85cf\u7684\u5e02\u5834\u98a8\u96aa","previousItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/#listItem","name":"\u9f8d\u864e\u5c71\u4e0b"}}]},{"@type":"Organization","@id":"https:\/\/www.hkubs.hku.hk\/tc\/#organization","name":"HKU Business School","url":"https:\/\/www.hkubs.hku.hk\/tc\/"},{"@type":"WebPage","@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/#webpage","url":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/","name":"\u653f\u91d1\u5408\u9ad4\u6f5b\u85cf\u7684\u5e02\u5834\u98a8\u96aa - HKU Business School","description":"\u7279\u6717\u666e\u5bb6\u65cf\u900f\u904e\u65d7\u4e0b\u300c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u300d\uff08World Liberty Financial\uff09\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u5354\u5b9a\u548c\u7ba1\u6cbb\u5e73\u53f0, \u767c\u884c\u540d\u70ba\u300cWLFI\u300d\u7684\u6578\u5b57\u4ee3\u5e63\uff0c\u525b\u75319\u67081\u65e5\u8d77\u5728\u5404\u5927\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240\u8cb7\u8ce3\uff08\u3010\u5716\u3011\uff09\u3002 \u516c\u958b\u4ea4\u6613\u5f8c\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u7684\u8ca1\u5bcc\u5e33\u9762\u4e0a\u4e00\u5ea6\u8e8d\u534750\u5104\u7f8e\u5143\u3002\u81ea\u5f9e\u7279\u6717\u666e\u672c\u5e74\u91cd\u8fd4\u767d\u5bae\u4ee5\u4f86\uff0c\u4ed6\u4e0d\u4f46\u901a\u904eWLFI\u9805\u76ee\u5728\u91d1\u878d\u9818\u57df\u53d6\u5f97\u8c50\u5bcc\u6536\u7a6b\uff0c\u751a\u81f3\u5f97\u4ee5\u6210\u70ba\u6b77\u4efb\u7f8e\u570b\u7e3d\u7d71\u4e2d\u7684\u9996\u5bcc\u3002 \u5f9e\u61f7\u7591\u5230\u64c1\u62b1\u7684\u6025\u8f49\u5f4e \u7136\u800c\u56de\u6eaf2021\u5e746\u6708\u7684\u4e00\u6b21\u8a2a\u554f\u4e2d\uff0c\u7279\u6717\u666e\u537b\u516c\u958b\u6279\u8a55\u52a0\u5bc6\u8ca8\u5e63\u662f\u5f71\u97ff\u7f8e\u5143\u50f9\u503c\u7684\u9a19\u5c40\uff0c\u4e3b\u5f35\u56b4\u52a0\u76e3\u7ba1\u30023\u5e74\u4e4b\u5f8c\uff0c\u70ba\u4e86\u5728\u5927\u9078\u4e2d\u52dd\u51fa\uff0c\u7adf\u53c8\u4e00\u6539\u7acb\u5834\uff0c\u627f\u8afe\u5c07\u7f8e\u570b\u6253\u9020\u6210\u300c\u4e16\u754c\u52a0\u5bc6\u4e4b\u90fd\u300d\u3002\u7279\u6717\u666e\u4e0a\u53f0\u5f8c\uff0c\u96a8\u5373\u7c3d\u7f72\u4e00\u9805\u884c\u653f\u547d\u4ee4\uff0c\u65e8\u5728\u5f37\u5316\u7f8e\u570b\u5728\u6578\u5b57\u91d1\u878d\u6280\u8853\u9818\u57df\u7684\u9818\u5c0e\u5730\u4f4d\uff0c\u4e26\u6210\u7acb\u7e3d\u7d71\u6578\u5b57\u8cc7\u7522\u5e02\u5834\u5de5\u4f5c\u5c0f\u7d44\uff0c\u63a8\u52d5\u7f8e\u570b\u6210\u70ba\u5340\u584a\u93c8\u5275\u65b0\u7684\u9818\u5c0e\u8005\u3002\u800c\u7279\u6717\u666e\u5169\u540d\u5152\u5b50\u6295\u8cc7\u7684\u6bd4\u7279\u5e63\u7926\u696d\u516c\u53f8 American Bitcoin\uff0c\u4ea6\u65bc\u4e0a\u5468\u6b63\u5f0f\u5728\u7d0d\u65af\u9054\u514b\u4e0a\u5e02\uff0c\u6210\u70ba\u5e02\u5834\u6aa2\u8996\u7279\u6717\u666e\u5bb6\u65cf\u5c0d\u6295\u8cc7\u52a0\u5bc6\u8ca8\u5e63\u71b1\u5ea6\u7684\u53e6\u4e00\u4f8b\u5b50\u3002 \u4e8b\u5be6\u4e0a\uff0c\u76f4\u81f32022\u5e74\u5e95\uff0c\u7279\u6717\u666e\u624d\u958b\u59cb\u552e\u8ce3\u6578\u5b57\u85cf\u54c1 (digital collectibles)\uff0c\u4e3b\u8981\u5305\u62ec\u7279\u6717\u666e\u8eab\u7a7f\u8d85\u7d1a\u82f1\u96c4\u670d\u88dd\u6216\u64fa\u51fa\u6253\u9ad8\u723e\u592b\u7403\u59ff\u52e2\u7684\u5716\u50cf\u3002\u516c\u958b\u6578\u64da\u986f\u793a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u5df2\u6d89\u8db3\u975e\u540c\u8cea\u5316\u4ee3\u5e63\uff08NFT\uff09\u3001\u6bd4\u7279\u5e63\u3001\u767c\u5e03\u500b\u4eba\u52a0\u5bc6\u8ca8\u5e63\u7b49\u696d\u52d9\uff0c\u7531\u6b64\u7372\u5f97\u8fd110\u5104\u7f8e\u5143\u8cec\u9762\u6536\u76ca\u3002 WLFI\u66b4\u5347\u66b4\u8dcc\u6709\u8de1\u53ef\u5c0b \u4e16\u754c\u81ea\u7531\u91d1\u878d\u516c\u53f8\u81ea2024\u5e749\u6708\u6210\u7acb\u4ee5\u4f86\uff0c\u4e00\u76f4\u5728\u8cfc\u8cb7\u4ee5\u592a\u5e63\u3001\u6ce2\u5834\u5e63\u7b49\u52a0\u5bc6\u8ca8\u5e63\uff0c\u4f46\u5c1a\u672a\u63a8\u51fa\u5176\u8072\u7a31\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u670d\u52d9\u3002\u672c\u5e743\u6708\u5b8c\u6210\u767c\u884c\u7b2c\u4e8c\u6279\u52a0\u5bc6\u5e63\u5f8c\uff0c\u8a72\u516c\u53f8\u5f9e\u4e2d\u96c6\u8cc7\u7e3d\u984d\u90545.5\u5104\u7f8e\u5143\uff0c\u4e26\u5ba3\u5e03\u63a8\u51fa\u8207\u7f8e\u5143\u639b\u920e\u7684\u7a69\u5b9a\u5e63USD1\uff0c\u6700\u521d\u5c07\u5728\u4ee5\u592a\u574a\u548c\u5e63\u5b89\u5340\u584a\u93c8\u4e0a\u9444\u9020\u3002 \u81f3\u65bc\u4e0a\u5468\u767c\u884c\u7684WLFI\u4ee3\u5e63\uff0c\u5728\u7279\u6717\u666e\u5bb6\u65cf\u6210\u54e1\u7684\u652f\u6301\u4e0b\uff0c\u5f37\u8abf\u5c07\u300c\u7f8e\u570b\u512a\u5148\u300d\uff08America First\uff09\u7b56\u7565\u548c\u5340\u584a\u93c8\u5be6\u7528\u529f\u80fd\u7d50\u5408\u3002\u4e0a\u5e02 48 \u5c0f\u6642\u5167\u4ea4\u6613\u50f9\u683c\u98c6\u5347\u903e 60%\uff0c\u4f46\u5728\u5ba3\u5e03\u92b7\u6bc0 4,700 \u842c\u679a\u4ee3\u5e63\u5f8c\u5927\u8dcc, \u4e00\u4e9b\u6295\u8cc7\u754c\u540d\u4eba\u7684\u5de8\u984d\u9322\u5305\u4ea6\u88ab\u51cd\u7d50\u3002WLFI\u4ee3\u5e63\u525b\u4e0a\u5e02\u5373\u5d29\u76e4\uff0c\u77ed\u6642\u9593\u5167\u8dcc\u5e45\u905440%\uff0c\u5f15\u8d77\u5e02\u5834\u5ee3\u6cdb\u95dc\u6ce8\u3002 \u6839\u64da\u5e02\u5834\u6d88\u606f\uff0cWLFI\u65e9\u671f\u6295\u8cc7\u8005\u6210\u672c\u6975\u4f4e\uff0c\u539f\u672c\u898f\u5b9a\u53ea\u80fd\u51fa\u552e20%\u7684\u6301\u80a1\u3002\u7136\u800c\uff0c\u516c\u53f8\u88ab\u50b3\u805e\u70ba\u5354\u52a9\u5927\u6236\u51fa\u8ca8\uff0c\u7a81\u7136\u4fee\u6539\u898f\u5247\u5141\u8a31\u5927\u91cf\u62cb\u552e\uff0c\u5c0e\u81f4\u5e02\u5834\u77ac\u9593\u88ab\u8ce3\u65b9\u6df9\u6c92\u3002\u5982\u6b64\u671d\u4ee4\u5915\u6539\uff0c\u56b4\u91cd\u5931\u4fe1\u65bc\u6295\u8cc7\u8005\uff0c\u66b4\u9732\u4e86\u9805\u76ee\u7ba1\u7406\u7684\u6838\u5fc3\u7f3a\u9677\u3002WLFI\u6700\u521d\u5ba3\u50b3\u5efa\u7acb\u5ee3\u6cdb\u7684\u653f\u6cbb\u91d1\u878d\u751f\u614b\u7cfb\u7d71\uff0c\u4e0d\u904e\u662f\u53ea\u805e\u6a13\u68af\u97ff\u800c\u5df2\u3002\u5176\u767c\u884c\u7e3d\u91cf\u9ad8\u90541000\u5104\u679a\uff0c\u5e02\u503c\u4e00\u5ea6\u88ab\u7092\u81f3400\u5104\u7f8e\u5143\uff0c\u4f46\u5927\u90e8\u5206\u4ee3\u5e63\u7684\u89e3\u9396\u548c\u6642\u9593\u8868\u5b8c\u5168\u4e0d\u900f\u660e\u3002\u5718\u968a\u548c\u65e9\u671f\u6295\u8cc7\u8005\u6216\u96a8\u6642\u5927\u898f\u6a21\u62cb\u552e\uff0c\u4e00\u822c\u6295\u8cc7\u8005\u5247\u8655\u65bc\u8cc7\u8a0a\u52a3\u52e2\u5730\u4f4d\uff0c\u6210\u70ba\u88ab\u6536\u5272\u7684\u5c0d\u8c61\u3002 \u66f4\u4ee4\u4eba\u64d4\u6182\u7684\u662f\uff0cWLFI\u6240\u6709\u6536\u5165\u5b8c\u5168\u6b78\u516c\u53f8\u6240\u6709\uff0c\u6301\u5e63\u8005\u7121\u6cd5\u7372\u5f97\u4efb\u4f55\u5206\u7d05\u6216\u6536\u76ca\uff0c\u6709\u9055\u53bb\u4e2d\u5fc3\u5316\u7684\u539f\u5247\uff0c\u7d14\u5c6c\u5e02\u5834\u7092\u4f5c\u800c\u975e\u771f\u5be6\u50f9\u503c\u5275\u9020\u3002WLFI\u5f62\u50cf\u4e0d\u4f73\uff0c\u5728\u793e\u4ea4\u5e73\u53f0\u548c\u52a0\u5bc6\u8ca8\u5e63\u8a0e\u8ad6\u5340\u4e0a\uff0c\u6709\u6295\u8cc7\u8005\u958b\u59cb\u5c07\u4e4b\u8207 FTX \u4ee5\u81f3 Bitconnect \u7b49\u91cf\u9f4a\u89c0\u3002\u5118\u7ba1\u5176\u6d41\u52d5\u6027\u4f9d\u7136\u5145\u88d5, \u4f46\u5e02\u5834\u60c5\u7dd2\u5df2\u9a5f\u8b8a, \u53cd\u6620\u6295\u8cc7\u8005\u6975\u5927\u7684\u4e0d\u4fe1\u4efb\u3002 \u5bb6\u5929\u4e0b\u7684\u96b1\u6182 WLFI \u66b4\u8dcc\u7684\u4e3b\u56e0\u6db5\u84cb\u56db\u65b9\u9762\uff1a\u4e00\u3001\u89e3\u9396\u6a5f\u5236\u4e0d\u5065\u5168\uff0c\u96d6\u7136\u6839\u64da WLFI \u7684\u65b9\u6848\uff0c9 \u6708 1 \u65e5\u50c5\u7d04 20% \u7684\u65e9\u671f\u7a2e\u5b50\u4ee3\u5e63\u548c\u79c1\u52df\u4ee3\u5e63\u900f\u904e Lockbox \u7cfb\u7d71\u89e3\u9396\uff0c\u5176\u9918\u4ee3\u5e63\u9700\u7d93\u53d7\u8a17\u4eba\u6295\u7968\u624d\u80fd\u89e3\u9396\uff0c\u4f46\u4f5c\u70ba\u5c08\u6848\u65b9\u7684\u7279\u6717\u666e\u5bb6\u65cf\u537b\u4e0d\u53d7\u6b64\u9650\u5236\uff0c\u8cc7\u91d1\u904b\u7528\u5b8c\u5168\u81ea\u7531\u3002\u4e8c\u3001WLFI \u7684\u4f30\u503c\u6ce1\u6cab\u56b4\u91cd\uff0c\u5176\u5b8c\u5168\u7a00\u91cb\u4f30\u503c\u9ad8\u9054 550 \u5104\u7f8e\u5143\uff0c\u76f8\u7576\u65bc LINK\u3001UNI \u7b49\u56db\u5927\u9805\u76ee\u5b8c\u5168\u7a00\u91cb\u4f30\u503c\u7684\u7e3d\u548c\uff0c\u4f46\u5be6\u969b\u4ea4\u6613\u652f\u6490\u5e7e\u4e4e\u70ba\u96f6\uff0c\u4f30\u503c\u4e3b\u8981\u4f9d\u8cf4\u7279\u6717\u666e\u5bb6\u65cf\u7684\u652f\u6301\uff0c\u7f3a\u4e4f\u57fa\u672c\u9762\u6307\u6a19\u3002\u4e09\u3001\u4ee3\u5e63\u5206\u5e03\u9ad8\u5ea6\u96c6\u4e2d\uff0c35% \u7684\u4ee3\u5e63\u7531\u5718\u968a\u548c\u7b56\u7565\u6295\u8cc7\u8005\u6301\u6709\uff0c\u6b77\u53f2\u7d93\u9a57\u986f\u793a\u8207\u7279\u6717\u666e\u76f8\u95dc\u7684\u9805\u76ee\u5e38\u5728\u5927\u6f32\u5f8c\u906d\u5167\u90e8\u4eba\u58eb\u62cb\u552e\uff0c\u4ee5\u81f4\u50f9\u683c\u4e0b\u8dcc\u3002\u56db\u3001\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\uff08SEC\uff09\u52a0\u5f37\u5c0d\u653f\u6cbb\u4ee3\u5e63\u7684\u76e3\u7ba1\uff0c\u82e5 WLFI \u88ab\u8a8d\u5b9a\u70ba\u672a\u8a3b\u518a\u8b49\u5238\uff0c\u53ef\u80fd\u9762\u81e8\u5f37\u5236\u9000\u5e02\u3002 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u7684\u806f\u5408\u5275\u8fa7\u4eba\u4e4b\u4e00\uff0c\u662f\u7279\u6717\u666e\u653f\u5e9c\u4e2d\u6771\u7279\u4f7fSteve Witkoff\u7684\u5152\u5b50\uff0c\u56e0\u6709\u6f5b\u5728\u5229\u76ca\u885d\u7a81\u4e4b\u5acc\u800c\u53d7\u5230\u8cea\u7591\u3002\u5728\u7279\u6717\u666e\u5c31\u4efb\u7f8e\u570b\u7e3d\u7d71\u524d\u5e7e\u5929\uff0c\u5176\u59bb\u6885\u62c9\u5c3c\u5a6d\u53c8\u63a8\u51fa\u500b\u4eba\u8ff7\u56e0\u5e63 (meme","inLanguage":"zh-HK","isPartOf":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/#website"},"breadcrumb":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/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":"2025-10-20T17:24:09+08:00"},{"@type":"WebSite","@id":"https:\/\/www.hkubs.hku.hk\/tc\/#website","url":"https:\/\/www.hkubs.hku.hk\/tc\/","name":"HKU Business School","inLanguage":"zh-HK","publisher":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/#organization"}}]},"og:locale":"en_US","og:site_name":"HKU Business School -","og:type":"article","og:title":"\u653f\u91d1\u5408\u9ad4\u6f5b\u85cf\u7684\u5e02\u5834\u98a8\u96aa - HKU Business School","og:description":"\u7279\u6717\u666e\u5bb6\u65cf\u900f\u904e\u65d7\u4e0b\u300c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u300d\uff08World Liberty Financial\uff09\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u5354\u5b9a\u548c\u7ba1\u6cbb\u5e73\u53f0, \u767c\u884c\u540d\u70ba\u300cWLFI\u300d\u7684\u6578\u5b57\u4ee3\u5e63\uff0c\u525b\u75319\u67081\u65e5\u8d77\u5728\u5404\u5927\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240\u8cb7\u8ce3\uff08\u3010\u5716\u3011\uff09\u3002 \u516c\u958b\u4ea4\u6613\u5f8c\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u7684\u8ca1\u5bcc\u5e33\u9762\u4e0a\u4e00\u5ea6\u8e8d\u534750\u5104\u7f8e\u5143\u3002\u81ea\u5f9e\u7279\u6717\u666e\u672c\u5e74\u91cd\u8fd4\u767d\u5bae\u4ee5\u4f86\uff0c\u4ed6\u4e0d\u4f46\u901a\u904eWLFI\u9805\u76ee\u5728\u91d1\u878d\u9818\u57df\u53d6\u5f97\u8c50\u5bcc\u6536\u7a6b\uff0c\u751a\u81f3\u5f97\u4ee5\u6210\u70ba\u6b77\u4efb\u7f8e\u570b\u7e3d\u7d71\u4e2d\u7684\u9996\u5bcc\u3002 \u5f9e\u61f7\u7591\u5230\u64c1\u62b1\u7684\u6025\u8f49\u5f4e \u7136\u800c\u56de\u6eaf2021\u5e746\u6708\u7684\u4e00\u6b21\u8a2a\u554f\u4e2d\uff0c\u7279\u6717\u666e\u537b\u516c\u958b\u6279\u8a55\u52a0\u5bc6\u8ca8\u5e63\u662f\u5f71\u97ff\u7f8e\u5143\u50f9\u503c\u7684\u9a19\u5c40\uff0c\u4e3b\u5f35\u56b4\u52a0\u76e3\u7ba1\u30023\u5e74\u4e4b\u5f8c\uff0c\u70ba\u4e86\u5728\u5927\u9078\u4e2d\u52dd\u51fa\uff0c\u7adf\u53c8\u4e00\u6539\u7acb\u5834\uff0c\u627f\u8afe\u5c07\u7f8e\u570b\u6253\u9020\u6210\u300c\u4e16\u754c\u52a0\u5bc6\u4e4b\u90fd\u300d\u3002\u7279\u6717\u666e\u4e0a\u53f0\u5f8c\uff0c\u96a8\u5373\u7c3d\u7f72\u4e00\u9805\u884c\u653f\u547d\u4ee4\uff0c\u65e8\u5728\u5f37\u5316\u7f8e\u570b\u5728\u6578\u5b57\u91d1\u878d\u6280\u8853\u9818\u57df\u7684\u9818\u5c0e\u5730\u4f4d\uff0c\u4e26\u6210\u7acb\u7e3d\u7d71\u6578\u5b57\u8cc7\u7522\u5e02\u5834\u5de5\u4f5c\u5c0f\u7d44\uff0c\u63a8\u52d5\u7f8e\u570b\u6210\u70ba\u5340\u584a\u93c8\u5275\u65b0\u7684\u9818\u5c0e\u8005\u3002\u800c\u7279\u6717\u666e\u5169\u540d\u5152\u5b50\u6295\u8cc7\u7684\u6bd4\u7279\u5e63\u7926\u696d\u516c\u53f8 American Bitcoin\uff0c\u4ea6\u65bc\u4e0a\u5468\u6b63\u5f0f\u5728\u7d0d\u65af\u9054\u514b\u4e0a\u5e02\uff0c\u6210\u70ba\u5e02\u5834\u6aa2\u8996\u7279\u6717\u666e\u5bb6\u65cf\u5c0d\u6295\u8cc7\u52a0\u5bc6\u8ca8\u5e63\u71b1\u5ea6\u7684\u53e6\u4e00\u4f8b\u5b50\u3002 \u4e8b\u5be6\u4e0a\uff0c\u76f4\u81f32022\u5e74\u5e95\uff0c\u7279\u6717\u666e\u624d\u958b\u59cb\u552e\u8ce3\u6578\u5b57\u85cf\u54c1 (digital collectibles)\uff0c\u4e3b\u8981\u5305\u62ec\u7279\u6717\u666e\u8eab\u7a7f\u8d85\u7d1a\u82f1\u96c4\u670d\u88dd\u6216\u64fa\u51fa\u6253\u9ad8\u723e\u592b\u7403\u59ff\u52e2\u7684\u5716\u50cf\u3002\u516c\u958b\u6578\u64da\u986f\u793a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u5df2\u6d89\u8db3\u975e\u540c\u8cea\u5316\u4ee3\u5e63\uff08NFT\uff09\u3001\u6bd4\u7279\u5e63\u3001\u767c\u5e03\u500b\u4eba\u52a0\u5bc6\u8ca8\u5e63\u7b49\u696d\u52d9\uff0c\u7531\u6b64\u7372\u5f97\u8fd110\u5104\u7f8e\u5143\u8cec\u9762\u6536\u76ca\u3002 WLFI\u66b4\u5347\u66b4\u8dcc\u6709\u8de1\u53ef\u5c0b \u4e16\u754c\u81ea\u7531\u91d1\u878d\u516c\u53f8\u81ea2024\u5e749\u6708\u6210\u7acb\u4ee5\u4f86\uff0c\u4e00\u76f4\u5728\u8cfc\u8cb7\u4ee5\u592a\u5e63\u3001\u6ce2\u5834\u5e63\u7b49\u52a0\u5bc6\u8ca8\u5e63\uff0c\u4f46\u5c1a\u672a\u63a8\u51fa\u5176\u8072\u7a31\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u670d\u52d9\u3002\u672c\u5e743\u6708\u5b8c\u6210\u767c\u884c\u7b2c\u4e8c\u6279\u52a0\u5bc6\u5e63\u5f8c\uff0c\u8a72\u516c\u53f8\u5f9e\u4e2d\u96c6\u8cc7\u7e3d\u984d\u90545.5\u5104\u7f8e\u5143\uff0c\u4e26\u5ba3\u5e03\u63a8\u51fa\u8207\u7f8e\u5143\u639b\u920e\u7684\u7a69\u5b9a\u5e63USD1\uff0c\u6700\u521d\u5c07\u5728\u4ee5\u592a\u574a\u548c\u5e63\u5b89\u5340\u584a\u93c8\u4e0a\u9444\u9020\u3002 \u81f3\u65bc\u4e0a\u5468\u767c\u884c\u7684WLFI\u4ee3\u5e63\uff0c\u5728\u7279\u6717\u666e\u5bb6\u65cf\u6210\u54e1\u7684\u652f\u6301\u4e0b\uff0c\u5f37\u8abf\u5c07\u300c\u7f8e\u570b\u512a\u5148\u300d\uff08America First\uff09\u7b56\u7565\u548c\u5340\u584a\u93c8\u5be6\u7528\u529f\u80fd\u7d50\u5408\u3002\u4e0a\u5e02 48 \u5c0f\u6642\u5167\u4ea4\u6613\u50f9\u683c\u98c6\u5347\u903e 60%\uff0c\u4f46\u5728\u5ba3\u5e03\u92b7\u6bc0 4,700 \u842c\u679a\u4ee3\u5e63\u5f8c\u5927\u8dcc, \u4e00\u4e9b\u6295\u8cc7\u754c\u540d\u4eba\u7684\u5de8\u984d\u9322\u5305\u4ea6\u88ab\u51cd\u7d50\u3002WLFI\u4ee3\u5e63\u525b\u4e0a\u5e02\u5373\u5d29\u76e4\uff0c\u77ed\u6642\u9593\u5167\u8dcc\u5e45\u905440%\uff0c\u5f15\u8d77\u5e02\u5834\u5ee3\u6cdb\u95dc\u6ce8\u3002 \u6839\u64da\u5e02\u5834\u6d88\u606f\uff0cWLFI\u65e9\u671f\u6295\u8cc7\u8005\u6210\u672c\u6975\u4f4e\uff0c\u539f\u672c\u898f\u5b9a\u53ea\u80fd\u51fa\u552e20%\u7684\u6301\u80a1\u3002\u7136\u800c\uff0c\u516c\u53f8\u88ab\u50b3\u805e\u70ba\u5354\u52a9\u5927\u6236\u51fa\u8ca8\uff0c\u7a81\u7136\u4fee\u6539\u898f\u5247\u5141\u8a31\u5927\u91cf\u62cb\u552e\uff0c\u5c0e\u81f4\u5e02\u5834\u77ac\u9593\u88ab\u8ce3\u65b9\u6df9\u6c92\u3002\u5982\u6b64\u671d\u4ee4\u5915\u6539\uff0c\u56b4\u91cd\u5931\u4fe1\u65bc\u6295\u8cc7\u8005\uff0c\u66b4\u9732\u4e86\u9805\u76ee\u7ba1\u7406\u7684\u6838\u5fc3\u7f3a\u9677\u3002WLFI\u6700\u521d\u5ba3\u50b3\u5efa\u7acb\u5ee3\u6cdb\u7684\u653f\u6cbb\u91d1\u878d\u751f\u614b\u7cfb\u7d71\uff0c\u4e0d\u904e\u662f\u53ea\u805e\u6a13\u68af\u97ff\u800c\u5df2\u3002\u5176\u767c\u884c\u7e3d\u91cf\u9ad8\u90541000\u5104\u679a\uff0c\u5e02\u503c\u4e00\u5ea6\u88ab\u7092\u81f3400\u5104\u7f8e\u5143\uff0c\u4f46\u5927\u90e8\u5206\u4ee3\u5e63\u7684\u89e3\u9396\u548c\u6642\u9593\u8868\u5b8c\u5168\u4e0d\u900f\u660e\u3002\u5718\u968a\u548c\u65e9\u671f\u6295\u8cc7\u8005\u6216\u96a8\u6642\u5927\u898f\u6a21\u62cb\u552e\uff0c\u4e00\u822c\u6295\u8cc7\u8005\u5247\u8655\u65bc\u8cc7\u8a0a\u52a3\u52e2\u5730\u4f4d\uff0c\u6210\u70ba\u88ab\u6536\u5272\u7684\u5c0d\u8c61\u3002 \u66f4\u4ee4\u4eba\u64d4\u6182\u7684\u662f\uff0cWLFI\u6240\u6709\u6536\u5165\u5b8c\u5168\u6b78\u516c\u53f8\u6240\u6709\uff0c\u6301\u5e63\u8005\u7121\u6cd5\u7372\u5f97\u4efb\u4f55\u5206\u7d05\u6216\u6536\u76ca\uff0c\u6709\u9055\u53bb\u4e2d\u5fc3\u5316\u7684\u539f\u5247\uff0c\u7d14\u5c6c\u5e02\u5834\u7092\u4f5c\u800c\u975e\u771f\u5be6\u50f9\u503c\u5275\u9020\u3002WLFI\u5f62\u50cf\u4e0d\u4f73\uff0c\u5728\u793e\u4ea4\u5e73\u53f0\u548c\u52a0\u5bc6\u8ca8\u5e63\u8a0e\u8ad6\u5340\u4e0a\uff0c\u6709\u6295\u8cc7\u8005\u958b\u59cb\u5c07\u4e4b\u8207 FTX \u4ee5\u81f3 Bitconnect \u7b49\u91cf\u9f4a\u89c0\u3002\u5118\u7ba1\u5176\u6d41\u52d5\u6027\u4f9d\u7136\u5145\u88d5, \u4f46\u5e02\u5834\u60c5\u7dd2\u5df2\u9a5f\u8b8a, \u53cd\u6620\u6295\u8cc7\u8005\u6975\u5927\u7684\u4e0d\u4fe1\u4efb\u3002 \u5bb6\u5929\u4e0b\u7684\u96b1\u6182 WLFI \u66b4\u8dcc\u7684\u4e3b\u56e0\u6db5\u84cb\u56db\u65b9\u9762\uff1a\u4e00\u3001\u89e3\u9396\u6a5f\u5236\u4e0d\u5065\u5168\uff0c\u96d6\u7136\u6839\u64da WLFI \u7684\u65b9\u6848\uff0c9 \u6708 1 \u65e5\u50c5\u7d04 20% \u7684\u65e9\u671f\u7a2e\u5b50\u4ee3\u5e63\u548c\u79c1\u52df\u4ee3\u5e63\u900f\u904e Lockbox \u7cfb\u7d71\u89e3\u9396\uff0c\u5176\u9918\u4ee3\u5e63\u9700\u7d93\u53d7\u8a17\u4eba\u6295\u7968\u624d\u80fd\u89e3\u9396\uff0c\u4f46\u4f5c\u70ba\u5c08\u6848\u65b9\u7684\u7279\u6717\u666e\u5bb6\u65cf\u537b\u4e0d\u53d7\u6b64\u9650\u5236\uff0c\u8cc7\u91d1\u904b\u7528\u5b8c\u5168\u81ea\u7531\u3002\u4e8c\u3001WLFI \u7684\u4f30\u503c\u6ce1\u6cab\u56b4\u91cd\uff0c\u5176\u5b8c\u5168\u7a00\u91cb\u4f30\u503c\u9ad8\u9054 550 \u5104\u7f8e\u5143\uff0c\u76f8\u7576\u65bc LINK\u3001UNI \u7b49\u56db\u5927\u9805\u76ee\u5b8c\u5168\u7a00\u91cb\u4f30\u503c\u7684\u7e3d\u548c\uff0c\u4f46\u5be6\u969b\u4ea4\u6613\u652f\u6490\u5e7e\u4e4e\u70ba\u96f6\uff0c\u4f30\u503c\u4e3b\u8981\u4f9d\u8cf4\u7279\u6717\u666e\u5bb6\u65cf\u7684\u652f\u6301\uff0c\u7f3a\u4e4f\u57fa\u672c\u9762\u6307\u6a19\u3002\u4e09\u3001\u4ee3\u5e63\u5206\u5e03\u9ad8\u5ea6\u96c6\u4e2d\uff0c35% \u7684\u4ee3\u5e63\u7531\u5718\u968a\u548c\u7b56\u7565\u6295\u8cc7\u8005\u6301\u6709\uff0c\u6b77\u53f2\u7d93\u9a57\u986f\u793a\u8207\u7279\u6717\u666e\u76f8\u95dc\u7684\u9805\u76ee\u5e38\u5728\u5927\u6f32\u5f8c\u906d\u5167\u90e8\u4eba\u58eb\u62cb\u552e\uff0c\u4ee5\u81f4\u50f9\u683c\u4e0b\u8dcc\u3002\u56db\u3001\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\uff08SEC\uff09\u52a0\u5f37\u5c0d\u653f\u6cbb\u4ee3\u5e63\u7684\u76e3\u7ba1\uff0c\u82e5 WLFI \u88ab\u8a8d\u5b9a\u70ba\u672a\u8a3b\u518a\u8b49\u5238\uff0c\u53ef\u80fd\u9762\u81e8\u5f37\u5236\u9000\u5e02\u3002 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u7684\u806f\u5408\u5275\u8fa7\u4eba\u4e4b\u4e00\uff0c\u662f\u7279\u6717\u666e\u653f\u5e9c\u4e2d\u6771\u7279\u4f7fSteve Witkoff\u7684\u5152\u5b50\uff0c\u56e0\u6709\u6f5b\u5728\u5229\u76ca\u885d\u7a81\u4e4b\u5acc\u800c\u53d7\u5230\u8cea\u7591\u3002\u5728\u7279\u6717\u666e\u5c31\u4efb\u7f8e\u570b\u7e3d\u7d71\u524d\u5e7e\u5929\uff0c\u5176\u59bb\u6885\u62c9\u5c3c\u5a6d\u53c8\u63a8\u51fa\u500b\u4eba\u8ff7\u56e0\u5e63 (meme","og:url":"https:\/\/www.hkubs.hku.hk\/tc\/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":"2025-10-20T09:24:09+00:00","twitter:card":"summary_large_image","twitter:title":"\u653f\u91d1\u5408\u9ad4\u6f5b\u85cf\u7684\u5e02\u5834\u98a8\u96aa - HKU Business School","twitter:description":"\u7279\u6717\u666e\u5bb6\u65cf\u900f\u904e\u65d7\u4e0b\u300c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u300d\uff08World Liberty Financial\uff09\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d (DeFi) \u5354\u5b9a\u548c\u7ba1\u6cbb\u5e73\u53f0, \u767c\u884c\u540d\u70ba\u300cWLFI\u300d\u7684\u6578\u5b57\u4ee3\u5e63\uff0c\u525b\u75319\u67081\u65e5\u8d77\u5728\u5404\u5927\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240\u8cb7\u8ce3\uff08\u3010\u5716\u3011\uff09\u3002 \u516c\u958b\u4ea4\u6613\u5f8c\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u7684\u8ca1\u5bcc\u5e33\u9762\u4e0a\u4e00\u5ea6\u8e8d\u534750\u5104\u7f8e\u5143\u3002\u81ea\u5f9e\u7279\u6717\u666e\u672c\u5e74\u91cd\u8fd4\u767d\u5bae\u4ee5\u4f86\uff0c\u4ed6\u4e0d\u4f46\u901a\u904eWLFI\u9805\u76ee\u5728\u91d1\u878d\u9818\u57df\u53d6\u5f97\u8c50\u5bcc\u6536\u7a6b\uff0c\u751a\u81f3\u5f97\u4ee5\u6210\u70ba\u6b77\u4efb\u7f8e\u570b\u7e3d\u7d71\u4e2d\u7684\u9996\u5bcc\u3002 \u5f9e\u61f7\u7591\u5230\u64c1\u62b1\u7684\u6025\u8f49\u5f4e \u7136\u800c\u56de\u6eaf2021\u5e746\u6708\u7684\u4e00\u6b21\u8a2a\u554f\u4e2d\uff0c\u7279\u6717\u666e\u537b\u516c\u958b\u6279\u8a55\u52a0\u5bc6\u8ca8\u5e63\u662f\u5f71\u97ff\u7f8e\u5143\u50f9\u503c\u7684\u9a19\u5c40\uff0c\u4e3b\u5f35\u56b4\u52a0\u76e3\u7ba1\u30023\u5e74\u4e4b\u5f8c\uff0c\u70ba\u4e86\u5728\u5927\u9078\u4e2d\u52dd\u51fa\uff0c\u7adf\u53c8\u4e00\u6539\u7acb\u5834\uff0c\u627f\u8afe\u5c07\u7f8e\u570b\u6253\u9020\u6210\u300c\u4e16\u754c\u52a0\u5bc6\u4e4b\u90fd\u300d\u3002\u7279\u6717\u666e\u4e0a\u53f0\u5f8c\uff0c\u96a8\u5373\u7c3d\u7f72\u4e00\u9805\u884c\u653f\u547d\u4ee4\uff0c\u65e8\u5728\u5f37\u5316\u7f8e\u570b\u5728\u6578\u5b57\u91d1\u878d\u6280\u8853\u9818\u57df\u7684\u9818\u5c0e\u5730\u4f4d\uff0c\u4e26\u6210\u7acb\u7e3d\u7d71\u6578\u5b57\u8cc7\u7522\u5e02\u5834\u5de5\u4f5c\u5c0f\u7d44\uff0c\u63a8\u52d5\u7f8e\u570b\u6210\u70ba\u5340\u584a\u93c8\u5275\u65b0\u7684\u9818\u5c0e\u8005\u3002\u800c\u7279\u6717\u666e\u5169\u540d\u5152\u5b50\u6295\u8cc7\u7684\u6bd4\u7279\u5e63\u7926\u696d\u516c\u53f8 American Bitcoin\uff0c\u4ea6\u65bc\u4e0a\u5468\u6b63\u5f0f\u5728\u7d0d\u65af\u9054\u514b\u4e0a\u5e02\uff0c\u6210\u70ba\u5e02\u5834\u6aa2\u8996\u7279\u6717\u666e\u5bb6\u65cf\u5c0d\u6295\u8cc7\u52a0\u5bc6\u8ca8\u5e63\u71b1\u5ea6\u7684\u53e6\u4e00\u4f8b\u5b50\u3002 \u4e8b\u5be6\u4e0a\uff0c\u76f4\u81f32022\u5e74\u5e95\uff0c\u7279\u6717\u666e\u624d\u958b\u59cb\u552e\u8ce3\u6578\u5b57\u85cf\u54c1 (digital collectibles)\uff0c\u4e3b\u8981\u5305\u62ec\u7279\u6717\u666e\u8eab\u7a7f\u8d85\u7d1a\u82f1\u96c4\u670d\u88dd\u6216\u64fa\u51fa\u6253\u9ad8\u723e\u592b\u7403\u59ff\u52e2\u7684\u5716\u50cf\u3002\u516c\u958b\u6578\u64da\u986f\u793a\uff0c\u7279\u6717\u666e\u5bb6\u65cf\u5df2\u6d89\u8db3\u975e\u540c\u8cea\u5316\u4ee3\u5e63\uff08NFT\uff09\u3001\u6bd4\u7279\u5e63\u3001\u767c\u5e03\u500b\u4eba\u52a0\u5bc6\u8ca8\u5e63\u7b49\u696d\u52d9\uff0c\u7531\u6b64\u7372\u5f97\u8fd110\u5104\u7f8e\u5143\u8cec\u9762\u6536\u76ca\u3002 WLFI\u66b4\u5347\u66b4\u8dcc\u6709\u8de1\u53ef\u5c0b \u4e16\u754c\u81ea\u7531\u91d1\u878d\u516c\u53f8\u81ea2024\u5e749\u6708\u6210\u7acb\u4ee5\u4f86\uff0c\u4e00\u76f4\u5728\u8cfc\u8cb7\u4ee5\u592a\u5e63\u3001\u6ce2\u5834\u5e63\u7b49\u52a0\u5bc6\u8ca8\u5e63\uff0c\u4f46\u5c1a\u672a\u63a8\u51fa\u5176\u8072\u7a31\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u670d\u52d9\u3002\u672c\u5e743\u6708\u5b8c\u6210\u767c\u884c\u7b2c\u4e8c\u6279\u52a0\u5bc6\u5e63\u5f8c\uff0c\u8a72\u516c\u53f8\u5f9e\u4e2d\u96c6\u8cc7\u7e3d\u984d\u90545.5\u5104\u7f8e\u5143\uff0c\u4e26\u5ba3\u5e03\u63a8\u51fa\u8207\u7f8e\u5143\u639b\u920e\u7684\u7a69\u5b9a\u5e63USD1\uff0c\u6700\u521d\u5c07\u5728\u4ee5\u592a\u574a\u548c\u5e63\u5b89\u5340\u584a\u93c8\u4e0a\u9444\u9020\u3002 \u81f3\u65bc\u4e0a\u5468\u767c\u884c\u7684WLFI\u4ee3\u5e63\uff0c\u5728\u7279\u6717\u666e\u5bb6\u65cf\u6210\u54e1\u7684\u652f\u6301\u4e0b\uff0c\u5f37\u8abf\u5c07\u300c\u7f8e\u570b\u512a\u5148\u300d\uff08America First\uff09\u7b56\u7565\u548c\u5340\u584a\u93c8\u5be6\u7528\u529f\u80fd\u7d50\u5408\u3002\u4e0a\u5e02 48 \u5c0f\u6642\u5167\u4ea4\u6613\u50f9\u683c\u98c6\u5347\u903e 60%\uff0c\u4f46\u5728\u5ba3\u5e03\u92b7\u6bc0 4,700 \u842c\u679a\u4ee3\u5e63\u5f8c\u5927\u8dcc, \u4e00\u4e9b\u6295\u8cc7\u754c\u540d\u4eba\u7684\u5de8\u984d\u9322\u5305\u4ea6\u88ab\u51cd\u7d50\u3002WLFI\u4ee3\u5e63\u525b\u4e0a\u5e02\u5373\u5d29\u76e4\uff0c\u77ed\u6642\u9593\u5167\u8dcc\u5e45\u905440%\uff0c\u5f15\u8d77\u5e02\u5834\u5ee3\u6cdb\u95dc\u6ce8\u3002 \u6839\u64da\u5e02\u5834\u6d88\u606f\uff0cWLFI\u65e9\u671f\u6295\u8cc7\u8005\u6210\u672c\u6975\u4f4e\uff0c\u539f\u672c\u898f\u5b9a\u53ea\u80fd\u51fa\u552e20%\u7684\u6301\u80a1\u3002\u7136\u800c\uff0c\u516c\u53f8\u88ab\u50b3\u805e\u70ba\u5354\u52a9\u5927\u6236\u51fa\u8ca8\uff0c\u7a81\u7136\u4fee\u6539\u898f\u5247\u5141\u8a31\u5927\u91cf\u62cb\u552e\uff0c\u5c0e\u81f4\u5e02\u5834\u77ac\u9593\u88ab\u8ce3\u65b9\u6df9\u6c92\u3002\u5982\u6b64\u671d\u4ee4\u5915\u6539\uff0c\u56b4\u91cd\u5931\u4fe1\u65bc\u6295\u8cc7\u8005\uff0c\u66b4\u9732\u4e86\u9805\u76ee\u7ba1\u7406\u7684\u6838\u5fc3\u7f3a\u9677\u3002WLFI\u6700\u521d\u5ba3\u50b3\u5efa\u7acb\u5ee3\u6cdb\u7684\u653f\u6cbb\u91d1\u878d\u751f\u614b\u7cfb\u7d71\uff0c\u4e0d\u904e\u662f\u53ea\u805e\u6a13\u68af\u97ff\u800c\u5df2\u3002\u5176\u767c\u884c\u7e3d\u91cf\u9ad8\u90541000\u5104\u679a\uff0c\u5e02\u503c\u4e00\u5ea6\u88ab\u7092\u81f3400\u5104\u7f8e\u5143\uff0c\u4f46\u5927\u90e8\u5206\u4ee3\u5e63\u7684\u89e3\u9396\u548c\u6642\u9593\u8868\u5b8c\u5168\u4e0d\u900f\u660e\u3002\u5718\u968a\u548c\u65e9\u671f\u6295\u8cc7\u8005\u6216\u96a8\u6642\u5927\u898f\u6a21\u62cb\u552e\uff0c\u4e00\u822c\u6295\u8cc7\u8005\u5247\u8655\u65bc\u8cc7\u8a0a\u52a3\u52e2\u5730\u4f4d\uff0c\u6210\u70ba\u88ab\u6536\u5272\u7684\u5c0d\u8c61\u3002 \u66f4\u4ee4\u4eba\u64d4\u6182\u7684\u662f\uff0cWLFI\u6240\u6709\u6536\u5165\u5b8c\u5168\u6b78\u516c\u53f8\u6240\u6709\uff0c\u6301\u5e63\u8005\u7121\u6cd5\u7372\u5f97\u4efb\u4f55\u5206\u7d05\u6216\u6536\u76ca\uff0c\u6709\u9055\u53bb\u4e2d\u5fc3\u5316\u7684\u539f\u5247\uff0c\u7d14\u5c6c\u5e02\u5834\u7092\u4f5c\u800c\u975e\u771f\u5be6\u50f9\u503c\u5275\u9020\u3002WLFI\u5f62\u50cf\u4e0d\u4f73\uff0c\u5728\u793e\u4ea4\u5e73\u53f0\u548c\u52a0\u5bc6\u8ca8\u5e63\u8a0e\u8ad6\u5340\u4e0a\uff0c\u6709\u6295\u8cc7\u8005\u958b\u59cb\u5c07\u4e4b\u8207 FTX \u4ee5\u81f3 Bitconnect \u7b49\u91cf\u9f4a\u89c0\u3002\u5118\u7ba1\u5176\u6d41\u52d5\u6027\u4f9d\u7136\u5145\u88d5, \u4f46\u5e02\u5834\u60c5\u7dd2\u5df2\u9a5f\u8b8a, \u53cd\u6620\u6295\u8cc7\u8005\u6975\u5927\u7684\u4e0d\u4fe1\u4efb\u3002 \u5bb6\u5929\u4e0b\u7684\u96b1\u6182 WLFI \u66b4\u8dcc\u7684\u4e3b\u56e0\u6db5\u84cb\u56db\u65b9\u9762\uff1a\u4e00\u3001\u89e3\u9396\u6a5f\u5236\u4e0d\u5065\u5168\uff0c\u96d6\u7136\u6839\u64da WLFI \u7684\u65b9\u6848\uff0c9 \u6708 1 \u65e5\u50c5\u7d04 20% \u7684\u65e9\u671f\u7a2e\u5b50\u4ee3\u5e63\u548c\u79c1\u52df\u4ee3\u5e63\u900f\u904e Lockbox \u7cfb\u7d71\u89e3\u9396\uff0c\u5176\u9918\u4ee3\u5e63\u9700\u7d93\u53d7\u8a17\u4eba\u6295\u7968\u624d\u80fd\u89e3\u9396\uff0c\u4f46\u4f5c\u70ba\u5c08\u6848\u65b9\u7684\u7279\u6717\u666e\u5bb6\u65cf\u537b\u4e0d\u53d7\u6b64\u9650\u5236\uff0c\u8cc7\u91d1\u904b\u7528\u5b8c\u5168\u81ea\u7531\u3002\u4e8c\u3001WLFI \u7684\u4f30\u503c\u6ce1\u6cab\u56b4\u91cd\uff0c\u5176\u5b8c\u5168\u7a00\u91cb\u4f30\u503c\u9ad8\u9054 550 \u5104\u7f8e\u5143\uff0c\u76f8\u7576\u65bc LINK\u3001UNI \u7b49\u56db\u5927\u9805\u76ee\u5b8c\u5168\u7a00\u91cb\u4f30\u503c\u7684\u7e3d\u548c\uff0c\u4f46\u5be6\u969b\u4ea4\u6613\u652f\u6490\u5e7e\u4e4e\u70ba\u96f6\uff0c\u4f30\u503c\u4e3b\u8981\u4f9d\u8cf4\u7279\u6717\u666e\u5bb6\u65cf\u7684\u652f\u6301\uff0c\u7f3a\u4e4f\u57fa\u672c\u9762\u6307\u6a19\u3002\u4e09\u3001\u4ee3\u5e63\u5206\u5e03\u9ad8\u5ea6\u96c6\u4e2d\uff0c35% \u7684\u4ee3\u5e63\u7531\u5718\u968a\u548c\u7b56\u7565\u6295\u8cc7\u8005\u6301\u6709\uff0c\u6b77\u53f2\u7d93\u9a57\u986f\u793a\u8207\u7279\u6717\u666e\u76f8\u95dc\u7684\u9805\u76ee\u5e38\u5728\u5927\u6f32\u5f8c\u906d\u5167\u90e8\u4eba\u58eb\u62cb\u552e\uff0c\u4ee5\u81f4\u50f9\u683c\u4e0b\u8dcc\u3002\u56db\u3001\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\uff08SEC\uff09\u52a0\u5f37\u5c0d\u653f\u6cbb\u4ee3\u5e63\u7684\u76e3\u7ba1\uff0c\u82e5 WLFI \u88ab\u8a8d\u5b9a\u70ba\u672a\u8a3b\u518a\u8b49\u5238\uff0c\u53ef\u80fd\u9762\u81e8\u5f37\u5236\u9000\u5e02\u3002 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e16\u754c\u81ea\u7531\u91d1\u878d\u7684\u806f\u5408\u5275\u8fa7\u4eba\u4e4b\u4e00\uff0c\u662f\u7279\u6717\u666e\u653f\u5e9c\u4e2d\u6771\u7279\u4f7fSteve Witkoff\u7684\u5152\u5b50\uff0c\u56e0\u6709\u6f5b\u5728\u5229\u76ca\u885d\u7a81\u4e4b\u5acc\u800c\u53d7\u5230\u8cea\u7591\u3002\u5728\u7279\u6717\u666e\u5c31\u4efb\u7f8e\u570b\u7e3d\u7d71\u524d\u5e7e\u5929\uff0c\u5176\u59bb\u6885\u62c9\u5c3c\u5a6d\u53c8\u63a8\u51fa\u500b\u4eba\u8ff7\u56e0\u5e63 (meme"},"aioseo_meta_data":{"post_id":"243503","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 01:54:27","updated":"2025-10-20 09:24:14","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\/tc\/\" 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\/tc\/thought-leadership\/hkej-column-tc\/\" title=\"\u9f8d\u864e\u5c71\u4e0b\">\u9f8d\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\u9ad4\u6f5b\u85cf\u7684\u5e02\u5834\u98a8\u96aa\n\t\t<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/www.hkubs.hku.hk\/tc\/"},{"label":"\u9f8d\u864e\u5c71\u4e0b","link":"https:\/\/www.hkubs.hku.hk\/tc\/thought-leadership\/hkej-column-tc\/"},{"label":"\u653f\u91d1\u5408\u9ad4\u6f5b\u85cf\u7684\u5e02\u5834\u98a8\u96aa","link":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/hkej-column\/market-risks-lurking-in-the-fusion-of-government-and-financial-sectors\/"}],"_links":{"self":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/243503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership"}],"about":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/types\/thought-leadership"}],"version-history":[{"count":3,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/243503\/revisions"}],"predecessor-version":[{"id":245520,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/243503\/revisions\/245520"}],"wp:attachment":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/media?parent=243503"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/tags?post=243503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}