分析師表示，比特幣將於 2025 年底達到 20 萬美元

由於美國市場監管機構批准與其現貨價格掛鉤的交易所交易基金，以及對唐納德·川普即將重返白宮放鬆監管障礙的樂觀情緒，比特幣在 2024 年上漲了一倍多。

Bitcoin more than doubled in 2024 as the U.S. markets regulator paved the way for exchange-traded funds tied to its spot price, fanning optimism over easing regulatory hurdles with Donald Trump set to return to the White House.

隨著美國市場監管機構為與其現貨價格掛鉤的交易所交易基金鋪平了道路，比特幣在2024 年上漲了一倍多，並煽動了人們對唐納德·特朗普即將重返白宮而放鬆監管障礙的樂觀情緒。

The world’s largest and most well-known cryptocurrency hit $100,000 earlier this month, a milestone that has ignited ‘animal spirits’ among supporters of the once-nascent asset class.

全球最大、最著名的加密貨幣本月稍早觸及 10 萬美元，這一里程碑點燃了這一新​​興資產類別支持者的「動物精神」。

A more than 120% surge in bitcoin this year and a nearly 50% jump in ether, the second-largest cryptocurrency, have propelled the sector’s market value to roughly $3.5 trillion, according to CoinGecko data.

根據 CoinGecko 的數據，今年比特幣價格飆升超過 120%，第二大加密貨幣以太幣價格上漲近 50%，推動該行業的市值達到約 3.5 兆美元。

More gains are in store for 2025, analysts say.

分析師表示，2025 年將會有更多收益。

“We remain convinced $100,000 is not the final milestone. We expect Bitcoin to hit a cycle-high of $200,000 in late-2025,” analysts at brokerage Bernstein wrote in a client note earlier this month.

「我們仍然堅信 10 萬美元並不是最終的里程碑。我們預計比特幣將在 2025 年末觸及 20 萬美元的周期高點，」經紀公司 Bernstein 的分析師在本月稍早的一份客戶報告中寫道。

MicroStrategy (MSTR.O), a software firm that has become the world’s largest corporate holder of bitcoin, saw its shares surge nearly five-fold in 2024.

MicroStrategy (MSTR.O) 是一家軟體公司，已成為全球最大的比特幣企業持有者，其股價在 2024 年飆升近五倍。

The stock, which joined the benchmark Nasdaq-100 index recently, is now seen as a proxy for bitcoin, with its movement closely tied to sentiment towards the digital asset. Several smaller companies are following its playbook and allocating portions of their cash to bitcoin.

該股票最近加入了基準納斯達克 100 指數，現在被視為比特幣的代表，其趨勢與數位資產的情緒密切相關。幾家規模較小的公司正在效仿其做法，將部分現金分配給比特幣。

“We expect bitcoin to emerge as the new-age premier ‘store of value’ asset eventually replacing gold over the next decade and becoming a permanent part of institutional multi-asset allocation and a standard for corporate treasury management,” the Bernstein note said.

伯恩斯坦報告稱：“我們預計比特幣將成為新時代首要的‘價值儲存’資產，最終在未來十年取代黃金，並成為機構多資產配置的永久組成部分和企業財務管理的標準。”

Much of the optimism began in January when the U.S. Securities and Exchange Commission approved the first ETFs to track the spot price of bitcoin, marking a watershed moment for the broader crypto industry.

大部分樂觀情緒始於一月份，當時美國證券交易委員會批准了第一批追蹤比特幣現貨價格的 ETF，這標誌著更廣泛的加密產業的分水嶺。

The move gave the sector institutional legitimacy and improved its mainstream appeal as traditional finance heavyweights including BlackRock (BLK.N) and Fidelity launched the products.

隨著貝萊德（BLK.N）和富達等傳統金融巨頭推出了這些產品，此舉賦予了該行業機構合法性，並提高了其主流吸引力。

The victory of Trump, who has promised to make the United States the “crypto capital of the planet,” further bolstered the industry's position later this year. Crypto advocates donated millions during the election, hoping to elect candidates that favor the sector.

川普承諾讓美國成為“地球的加密貨幣之都”，他的勝利在今年晚些時候進一步鞏固了該行業的地位。加密貨幣倡導者在選舉期間捐贈了數百萬美元，希望選出支持該行業的候選人。

Most crypto stocks also benefited from the industry-wide rally. The big winners of 2024 were MicroStrategy, crypto exchange Coinbase (COIN.O) and bitcoin miner Hut 8 (HUT.O)

大多數加密股票也受益於全行業的上漲。 2024 年的大贏家是 MicroStrategy、加密貨幣交易所 Coinbase (COIN.O) 和比特幣礦工 Hut 8 (HUT.O)

However, several other crypto miners reeled under shrinking margins due to higher energy and hardware costs, missing the year’s rally.

然而，由於能源和硬體成本上漲，其他幾家加密貨幣礦商的利潤不斷縮水，錯過了今年的漲勢。

Shares of Riot Platforms (RIOT.O), Marathon Digital (MARA.O) and Bit Digital (BTBT.O) lost between 26% and 32% this year.

Riot Platforms (RIOT.O)、Marathon Digital (MARA.O) 和 Bit Digital (BTBT.O) 的股價今年下跌了 26% 至 32%。