比特幣（BTC）價格預測：到2025年底，BTC市值會達到1,200億美元嗎？

包括大型上市公司和政府在內的投資者的需求，開放比特幣儲備，加密資金，交易所交易資金（ETFS）的需求

According to a report by cryptocurrency index fund management company Bitwise, large public companies and governments are investing heavily in bitcoin (BTC), and this demand will cause significant capital inflows to the apex coin in the coming years.

根據加密貨幣指數管理公司位的一份報告，大型上市公司和政府正在對比特幣（BTC）進行大量投資，這一需求將在未來幾年引起大量資本流入。

The report highlighted that U.S. spot bitcoin ETFs registered $36.2 billion in net inflows in 2024, surpassing the early success of the SPDR Gold Shares (GLD), which revolutionized gold investing. These ETFs reached $125 billion in assets under management (AUM) within 12 months — 20 times faster than GLD. At this rate, bitcoin will outperform gold, with a potential tripling of cash inflows to $100 billion annually by 2027.

該報告強調，美國現貨比特幣ETF在2024年獲得了362億美元的淨流入，超過了SPDR Gold股票（GLD）的早期成功，這徹底改變了黃金投資。這些ETF在12個月內達到了管理資產的1,250億美元，比GLD快20倍。以這種速度，比特幣將勝過黃金，到2027年，現金流入的可能性增加到1000億美元。

In addition to ETFs and wealth management companies, the attractiveness of bitcoin as a reserve asset is growing among public, private companies, and governments. Companies with BTC on their balance sheets currently hold about 1,146,128 BTC worth $125 billion, which is 5.8% of the total BTC supply.

除了ETF和財富管理公司外，比特幣作為儲備資產的吸引力在公共，私人公司和政府之間正在增長。 BTC擁有資產負債表的公司目前持有約1,146,128 BTC，價值1,250億美元，佔BTC總供應總額的5.8％。

Sovereigns hold a total of 529,705 BTC ($57.8 billion). Here are the top three: The United States has 207,189 BTC, China has 194,000 BTC, and the United Kingdom has 61,000 BTC.

Sovereigns總共持有529,705 BTC（578億美元）。以下是前三名：美國有207,189 BTC，中國有194,000 BTC，英國有61,000 BTC。

Bitwise Senior Investment Strategist Juan Leon, UXTO Lead Researcher Guillaume Girard, and Research Analyst Will Owens outlined three scenarios: bearish, basic, and bullish.

Bitwise高級投資策略師Juan Leon，UXTO首席研究員Guillaume Girard和研究分析師將概述三種情況：看跌，基本和看漲。

In the bearish scenario, countries reallocated only 1% of their gold reserves to bitcoin, spurring inflows of $32.3 billion (323,000 BTC or 1.54% of supply). Several US states will set up 10% BTC reserves, adding $6.5 billion, while wealth management platforms will hold 0.1% BTC (worth $60 billion). Public companies will contribute another $58.9 billion.

在看跌的情況下，國家僅將其黃金儲量的1％重新分配給比特幣，促使流入323億美元（323,000 BTC或供應量的1.54％）。美國幾個州將建立10％的BTC儲備，增加65億美元，而財富管理平台將持有0.1％的BTC（價值600億美元）。上市公司將再捐款589億美元。

The baseline scenario assumes a 5% redistribution among states, generating $161.7 billion (1,617,000 BTC or 7.7% of the total supply). The United States will spend up to 30% of its gold and foreign exchange reserves ($19.6 billion), wealth management platforms will allocate 0.5% ($300 billion) to bitcoin, and public companies will double their investments to $117.8 billion.

基線情景假設各州的重新分配為5％，產生了1617億美元（1,617,000 BTC或總供應量的7.7％）。美國的黃金和外匯儲量（196億美元）的最多將花費30％，財富管理平台將向比特幣分配0.5％（3000億美元），上市公司的投資將翻一番，達到1,178億美元。

In the bullish scenario, 10% of the country’s gold will be poured into bitcoin, which will stimulate an inflow of $323.4 billion (3,234,000 BTC or 15.38% of the total coin supply). Adoption by US states will increase to 70% ($45.8 billion), wealth management platforms will distribute 1% ($600 billion), and public companies will raise up to $235.6 billion. Together, these financial injections could exceed $426.9 billion (4,269,000 BTC).

在看漲的情況下，該國10％的黃金將被倒入比特幣中，這將刺激324億美元的流入（3,234,000 BTC，佔代幣總供應量的15.38％）。美國各州採用將增加到70％（458億美元），財富管理平台將分配1％（6000億美元），並且上市公司將籌集高達2356億美元。這些財務注射總值可能超過4269億美元（4,269,000 BTC）。