比特幣（BTC）有望超出黃金

根據JP Morgan的分析師的新預測，比特幣有望在2025年剩餘的時間內超出黃金。

A new forecast by analysts at JP Morgan predicts that Bitcoin will significantly outshine gold for the remainder of 2025.

JP Morgan的分析師的新預測預測，比特幣將在2025年剩餘的時間內顯著勝過黃金。

What Happened: The analysts, led by managing director Nikolaos Panigirtzoglou, observed a shift in investor sentiment where the traditional "debasement trade," typically associated with gold, is being absorbed by Bitcoin.

發生了什麼事：由董事總經理尼古拉斯·潘尼格爾佐格洛（Nikolaos Panigirtzoglou）領導的分析師觀察到投資者情緒的轉變，其中通常與黃金相關的傳統“貶低貿易”正在被比特幣吸收。

"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," the analysts stated. They explained that this "zero-sum game" dynamic between the two assets is likely to continue, but that crypto-specific catalysts are expected to further tilt the balance in favor of Bitcoin.

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，而過去三週我們觀察到了相反的情況。”他們解釋說，這兩個資產之間的這種“零和遊戲”可能會持續下去，但是預計特定於加密特定的催化劑將進一步傾斜平衡，以支持比特幣。

This thesis is supported by recent market movements, with the gold price decreasing nearly 8% and Bitcoin surging 18% since April 22.

最近的市場變動支持了這一論文，自4月22日以來，金價下降了近8％，比特幣飆升了18％。

This shift is also evident in investor behavior, with funds flowing out of gold ETFs and into Bitcoin investment vehicles. Additionally, futures positioning data showcases a marked decline in gold exposure and a corresponding increase in interest in Bitcoin.

這種轉變在投資者的行為中也很明顯，資金從黃金ETF中流出並投入比特幣投資工具。此外，定位數據的期貨表明黃金暴露量顯著下降，比特幣的利息相應增加。

Furthermore, U.S. state-level legislation enabling direct investment in Bitcoin and rising corporate treasury allocations to the asset are fueling Bitcoin's momentum.

此外，美國州級立法可以直接投資比特幣和對資產的公司財政部分配的上升，這加劇了比特幣的勢頭。

"In the US, state-level legislation is opening up opportunities for traditional money managers to invest directly in BTC, while at the same time, more and more companies are planning to allocate a portion of their treasury assets to crypto-assets," the analysts added.

分析師補充說：“在美國，州級立法正在為傳統的貨幣經理直接投資於BTC，同時，越來越多的公司正計劃將其一部分國庫資產分配給加密資產。”

Corporate moves by firms such as Strategy, which plans to raise $84 billion for Bitcoin investments by 2027 and has already achieved 32% of that goal, are bolstering this trend.

公司諸如戰略公司的公司遷移計劃到2027年，該公司計劃為比特幣投資籌集840億美元，並且已經實現了該目標的32％，這是在加強這一趨勢。

The analysts also noted a maturing crypto derivatives ecosystem, signaled by recent acquisitions. Coinbase's acquisition of Deribit, Kraken's purchase of U.S. futures platform NinjaTrader, and Gemini obtaining a European derivatives license all indicate greater regulatory oversight and infrastructure development.

分析師還指出了一個成熟的加密衍生物生態系統，這是最近收購的標誌。 Coinbase對Deribit的收購，Kraken購買了美國期貨平台Ninjatrader和Gemini獲得歐洲衍生產品許可證，所有這些都表明，更大的監管監督和基礎設施的發展。

These factors are likely to attract more institutional investors seeking exposure to crypto assets under familiar compliance frameworks. The report stated:

這些因素很可能會吸引更多的機構投資者，以尋求在熟悉的合規框架下接觸加密資產。報告指出：

"The crypto derivatives universe is maturing and by coming under US or EU regulations it could induce confidence and greater participation by traditional institutional investors."

“加密衍生品宇宙正在成熟，通過遵守我們或歐盟法規，它可能會引起傳統的機構投資者的信心和更多的參與。”

Crypto Price Predictions: According to CoinCodex's crypto price predictions, Bitcoin is expected to perform significantly better than gold by year-end.

加密價格預測：根據Concodex的加密價格預測，預計比特幣的性能明顯優於年終的黃金。

CoinCodex's gold price forecast predicts that the metal will reach $3,853 per ounce by the end of 2025, indicating an 18.4% increase from its current level of $3,253.

Concodex的黃金價格預測預測，到2025年底，金屬將達到每盎司3,853美元，這表明其目前的3,253美元水平增長了18.4％。

In contrast, the Bitcoin price prediction forecasts a more substantial rise to $145,000, reflecting a 40% increase from BTC's current price of $103,800.

相比之下，比特幣價格預測預測將增加到145,000美元，這反映了BTC當前價格為103,800美元的40％。

This anticipated outperformance highlights the growing momentum behind Bitcoin as both a macro hedge and a high-growth asset class, increasingly favored over traditional safe havens like gold.

預期的表現超出了比特幣背後的增長勢頭，這是宏觀樹籬和高增長資產類別，越來越喜歡像黃金這樣的傳統安全避風港。

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