Toil and Trouble| Bitcoin's Rall

Bitcoin has been on a tear for much of the past 12 months but its recent ascent has been breakneck. The cryptocurrency is up by more than 50% since the start of December. With every Bitcoin worth about $31,000, its total market capitalisation is now greater than the monetary base of Canada. Several big-name investors such as Larry Fink of Blackrock have talked up its prospects in recent months, and famous hedge funds such as Renaissance Capital dabbled in cryptocurrency in 2020. That differentiates today’s rally from past periods of Bitcoin mania. But although cryptocurrency may earn a permanent share of some investors’ portfolios, it remains highly volatile. Its chances of replacing government money remain slim to none, not least because it is cumbersome and inefficient to use the cryptocurrency for payments. And more competition for all cryptocurrencies is on its way, because many central banks are considering issuing digital money of their own.

  语言知识点

1  重点词汇表达

1. tear, noun, a hole in a piece of cloth or paper where it has been torn〔布、纸等〕撕破的地方，裂口

eg. There was a huge tear in his shirt.

tear, vt, 撕破，撕裂

tear sth apart，使分裂

tear sth down, 推倒

2. breakneck, adj, very fast and dangerous 飞速惊险的

eg. He drove away at breakneck speed.

3. investor, noun, a person or an organization that invests money in sth 投资者，投资机构

eg. Investors are less likely to invest in travel industry as a result of the coronavirus.

invest, vt, 投资

investment，noun, 投资

4. prospect，noun, A particular prospect is something that you expect or know is going to happen. 预期，展望

eg. It's seems that some people around you are not optimistic about the prospect of addressing the new wave of the coronavirus.

5. volatile,  adj, A situation that is volatile is likely to change suddenly and unexpectedly. 易变的，动荡不定的，反复无常的

eg. There are highly volatile stock and bond markets.

6. cumbersome, adj, Something that is cumbersome is large and heavy and therefore difficult to carry, wear, or handle. 大而笨重的，难以携带的

eg. Although the machine looks cumbersome, it is actually easy to use.

7. differentiate, vt，A quality or feature that differentiates one thing from another makes the two things different. 使有差别，使不同

eg. People differentiate from animals in that we can use tools.

different/ difference, adj/ noun，不同

different from，不同于

2  固定搭配

1. talk up, If someone talks up a particular thing, they make it sound more interesting, valuable, or likely than it originally seemed. 夸大，夸奖，吹捧

eg. He is talking up his plans for the economy during the post-pandemic era.

talk about，讨论

talk to sb，对某人说

2. such as, 比如

eg. Industries such as restaurants and hotels were being hit hard by covid-19.

3. dabble in，涉猎

eg. An interpreter from the US dabbles in cloud computing, big data and artificial intelligence.

4. not least because，尤其是因为

eg. The restaurants in particular are restive, not least because food is already a low-margin business.

3  术语表达

1. cryptocurrency，密码货币，又译密码学货币、加密货币）是一种使用密码学原理来确保交易安全及控制交易单位创造的交易介质。加密货币的防伪是利用数字货币和虚拟货币使用密码学及数字散列而成并与智能合约的绑定之下的新型通证。比特币在2009年成为第一个去中心化的加密货币，这之后加密货币一词多指此类设计。

2. Bitcoin，比特币，是一种基于去中心化，采用点对点网络与共识主动性，开放源代码，以区块链作为底层技术的虚拟加密货币，由中本聪在2008年提出，2009年诞生。比特币没有一个集中的发行方，由网络节点的计算生成，可以在任意一台接入互联网的电脑上买卖，并且具有极强的稀缺性。

3. hedge fund，对冲基金，也称避险基金或套利基金，是指由金融期货、金融期权等金融衍生工具与金融组织结合后，用高风险投机为手段且以盈利为目的的金融基金。为避免损失所采取的保护手段，套期保值。

4. Larry Fink of Blackrock，拉里·芬克，黑岩集团 (BlackRock)的创建者及首席执行官，被誉为“华尔街教父”。2018年4月21日，《福布斯》杂志评出2018年“世界最伟大领袖”榜单，拉里·芬克排第8名。

4  语法点津

1. And more competition for all cryptocurrencies is on its way, because many central banks are considering issuing digital money of their own.

句子结构：主语competition + 谓语is + 宾语on its way + 原因状语从句

原因状语从句：主语banks + 谓语are considering（一般现在进行时） issuing + 宾语money.

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