比特幣 (BTC) 到 2025 年將達到 20 萬美元，到 2033 年將達到 100 萬美元 - Bernstein

全球投資公司AllianceBernstein的分析師繼續看好比特幣（BTC）。現在，他們預測旗艦加密貨幣將達到頂峰

Global investment firm AllianceBernstein has upped its bullish prediction for Bitcoin fiyatı, now expecting the flagship cryptocurrency to hit an astonishing $200,000 by 2025.

全球投資公司 AllianceBernstein 上調了對比特幣價格的樂觀預測，目前預計到 2025 年，這款旗艦加密貨幣的價格將達到驚人的 20 萬美元。

Bernstein further expects the BTC price to reach the coveted $1 million mark by 2033. Once it hits $500,000 in 2029, the broker is convinced that BTC will double its value in just four years.

Bernstein 進一步預計，到 2033 年，BTC 的價格將達到令人垂涎的 100 萬美元大關。

After touching a record high of almost $74,000 in March, the price of Bitcoin slipped back below its prior all-time high of $69,000, but some analysts are still bullish on the foremost cryptocurrency.

在 3 月觸及近 74,000 美元的歷史高點後，比特幣的價格回落至之前的歷史高點 69,000 美元以下，但一些分析師仍然看好這種最重要的加密貨幣。

AllianceBernstein said Thursday that Bitcoin will reach $200,000 by the end of 2025, up from a previous projection of $150,000. Crucially, Bernstein sees the price of Bitcoin reaching $1 million in less than a decade.

AllianceBernstein 週四表示，到 2025 年底，比特幣價格將達到 20 萬美元，高於先前預測的 15 萬美元。至關重要的是，伯恩斯坦認為比特幣的價格將在不到十年的時間內達到 100 萬美元。

The brokerage firm’s price forecast is spurred by the huge demand from the new spot exchange-traded funds (ETFs).

該經紀公司的價格預測是受到新現貨交易所交易基金（ETF）的巨大需求所推動的。

“We believe that the U.S. regulated ETFs were the watershed moment for crypto that brought in structural demand from traditional pools of capital,” Bernstein said in a June 13 research report. “Around $15 billion of net new flows have been brought in by the ETFs combined. We expect Bitcoin ETFs to be equivalent to ~7% of Bitcoin in circulation by 2025 and ~15% of Bitcoin supply by 2033.”

Bernstein 在 6 月 13 日的研究報告中表示：“我們認為，美國監管的 ETF 是加密貨幣的分水嶺，它帶來了傳統資本池的結構性需求。” 「ETF 合計帶來了約 150 億美元的淨新資金流入。我們預計，到 2025 年，比特幣 ETF 將相當於比特幣流通量的 7% 左右，到 2033 年，將相當於比特幣供應量的 15% 左右。

Following a decade of attempts by prominent firms, the U.S. Securities and Exchange Commission (SEC) gave its regulatory blessing to 11 spot Bitcoin ETFs in January. The investment vehicles, which now trade on stock exchanges, have seen unprecedented success as everyday investors interested in BTC acquire ETF shares.

經過知名公司十年的嘗試後，美國證券交易委員會 (SEC) 在 1 月對 11 隻現貨比特幣 ETF 給予了監管支持。隨著對 TC 感興趣的日常投資者購買 ETF 股票，這些現在在證券交易所進行交易的投資工具取得了前所未有的成功。

The Nashville-based global asset manager also cites Bitcoin's “constrained” supply as another factor that will propel the price following the April quadrennial halving event, where the miners' rewards for keeping the network running were permanently slashed by 50% from 6.25 BTC to 3.125 BTC. This implies that the new supply of the biggest digital coin by market cap dropped from 900 BTC daily to 450 post-halving — making the cryptocurrency scarcer.

這家總部位於納許維爾的全球資產管理公司還指出，比特幣供應「受限」是繼4 月四年一次的減半事件之後推動價格上漲的另一個因素，礦工維持網路運作的獎勵被永久削減50%，從6.25 BTC 降至3.125 BTC比特幣。這意味著市值最大的數位貨幣的新供應量從每日 900 BTC 下降到減半後的 450 BTC，使加密貨幣更加稀缺。

“We believe Bitcoin is in a new bull cycle,” the analysts said. “The ‘halving’ presents a unique circumstance, where natural bitcoin sell-pressure from miners declines by half (or even more, as they inventory more in anticipation), while new catalysts for Bitcoin demand rise, leading to exponential price moves.”

「我們相信比特幣正處於新的牛市週期，」分析師表示。 「『減半』呈現出一種獨特的情況，礦工的自然比特幣拋售壓力下降了一半（甚至更多，因為他們預期庫存更多），而比特幣需求的新催化劑上升，導致價格呈指數級波動。

The analysts also highlighted the historical relationship between Bitcoin's price and its price-to-marginal cost. This important metric reveals how much Bitcoin trades above its production costs, offering key insights into profitability for miners and the wider market sentiment.

分析師也強調了比特幣價格與其價格與邊際成本之間的歷史關係。這項重要指標揭示了比特幣的交易量高於其生產成本，為礦工的獲利能力和更廣泛的市場情緒提供了重要的見解。

If we look at prior Bitcoin cycles, the crypto reached a 5.0 multiplier of its marginal cost of production in 2017, catapulting the price to an all-time high of nearly $20,000. Bernstein noted that 2018 saw the multiplier slump to a low of 0.8.

如果我們看看之前的比特幣週期，就會發現該加密貨幣在 2017 年達到了邊際生產成本的 5.0 倍，使價格飆升至近 20,000 美元的歷史新高。伯恩斯坦指出，2018 年乘數跌至 0.8 的低點。

In 2021, BTC attained a 2.3 price multiplier on the marginal cost but slipped to 0.7 in 2022, the investment firm continued, forcing inefficient, unprofitable miners to exit.

該投資公司繼續說道，2021 年，BTC 的邊際成本價格乘數達到了 2.3 倍，但到 2022 年則下滑至 0.7，迫使效率低下、無利可圖的礦商退出。

The projection for the 2025 cycle suggests an anticipated price multiplier of 1.5, correlating with Bernstein’s price target of $150,000 by mid-2025.

對 2025 年周期的預測表明，預期價格乘數為 1.5，與 Bernstein 到 2025 年中期 150,000 美元的價格目標相關。