比特幣（BTC）將繼續在下半年以金牌為代價

摩根大通分析師報告說，比特幣可能會在下半年以黃金為代價而獲得基礎

JPMorgan analysts reported that bitcoin is likely to continue gaining ground at gold’s expense in the second half of the year, driven by rising corporate demand and growing support from U.S. states.

摩根大通（JPMorgan）分析師報告說，由於公司需求不斷上升和美國各州的支持，比特幣可能會在下半年以黃金為代價而獲得基礎。

According to analysts led by managing director Nikolaos Panigirtzoglou, the ‘debasement trade’—where investors turn to gold and bitcoin to guard against weakening fiat currencies—has turned into a zero-sum contest, where bitcoin is now gaining the upper hand.

據董事總經理尼古拉斯·潘尼格爾佐洛（Nikolaos Panigirtzoglou）領導的分析師說，“貶低貿易”（投資者都轉向黃金和比特幣以防止削弱法定貨幣，這變成了零和競賽，比特幣現在已經獲得了比特幣的越來越高。

“Between mid-February and mid-April gold was rising at the expense of bitcoin, while of the past three weeks we have been observing the opposite, i.e. bitcoin rising at the expense of gold,” said JPMorgan analysts. “In all, we expect the YTD zero sum game between gold and bitcoin to extend to the remainder of the year, but are biased towards crypto-specific catalysts creating more upside for bitcoin over gold into the second half of the year.”

摩根大通（JPMorgan）分析師說：“在2月中旬至4月中旬，黃金以犧牲比特幣為代價，而過去三週我們一直在觀察相反的情況，即比特幣以犧牲黃金為代價。” “總的來說，我們預計黃金和比特幣之間的YTD零和遊戲將擴展到今年的剩餘時間，但偏向於特定於加密特定的催化劑，在下半年為比特幣創造了更多的比特幣。”

Since April 22, gold has dropped nearly 8%, while bitcoin has surged 18%. Investor flows reflect this shift, with capital moving out of gold ETFs and moving into bitcoin. Futures data reflects the same trend, with gold positions decreasing and bitcoin positions increasing.

自4月22日以來，黃金下降了近8％，而比特幣飆升了18％。投資者的流動反映了這一轉變，資本從黃金ETF中移出並進入比特幣。期貨數據反映了相同的趨勢，金額降低，比特幣位置增加。

JPMorgan attributes bitcoin’s momentum not just to weakening gold but to crypto-specific catalysts. Companies like Strategy and Metaplanet are increasing their bitcoin holdings, with Strategy planning to raise $84 billion for bitcoin purchases by 2027 and already hitting 32% of that target.

摩根大通將比特幣的勢頭歸因於削弱黃金，而且是特定於加密的催化劑。戰略和Metaplanet等公司正在增加其比特幣持有量，戰略計劃在2027年之前籌集840億美元的比特幣購買，並且已經達到了該目標的32％。

Yesterday, Metaplanet reported its strongest quarter to date for Q1 FY2025. Metaplanet’s bitcoin holdings rose to 6,796 BTC—a 3.9x increase year-to-date and over 5,000 BTC added in 2025 alone. Despite a temporary ¥7.4 billion valuation loss from a bitcoin price dip in March, the company rebounded with ¥13.5 billion in unrealized gains as of May 12. Since adopting the Bitcoin Treasury Standard, Metaplanet’s BTC net asset value has surged 103.1x, and its market cap has grown 138.1x.

昨天，Metaplanet報告了迄今為止第1季度第1季度的最強季度。 Metaplanet的比特幣持有量增加到6,796 BTC，僅在2025年就增加了3.9倍，而僅在2025年增加了5,000多個BTC。儘管三月份的比特幣價格下跌的臨時估計損失暫時，但截至5月12日，該公司以未實現的收益為135億日元。由於採用了比特幣國庫標準，Metaplanet的BTC淨資產價值已經飆升了103.X倍，其市場上限已經增長了138.1x。

Several U.S. states are also warming to bitcoin. New Hampshire now permits up to 5% of its reserves in bitcoin. Arizona is launching a Bitcoin reserve and pledges not to raise taxes this year.

美國幾個州也正在為比特幣變暖。現在，新罕布什爾州允許其在比特幣中的5％的儲備。亞利桑那州正在推出比特幣儲備金，並承諾今年不提高稅收。

“As the list grows, with other U.S. states potentially considering adding bitcoin to their strategic reserves, this could turn out to be a more sustained positive catalyst for bitcoin,” wrote the analysts.

分析師寫道：“隨著名單的增長，隨著美國其他州的可能考慮在其戰略儲備中增加比特幣，這可能是比特幣的更持續的積極催化劑。”