根據摩根大通的說法，比特幣可以勝過黃金

曾經一致的“貶低貿易”（投資者對沖通過購買黃金和比特幣來削弱法定貨幣）在2025年破裂

A new report from JPMorgan has revealed that the once-aligned "debasement trade" — where investors bought both gold and Bitcoin to hedge against weakening fiat currencies — has fractured in 2025.

摩根大通（JPMorgan）的一份新報告顯示，曾經一致的“貶低貿易”（投資者購買黃金和比特幣以對沖削弱法定貨幣）在2025年破裂。

According to the bank's analysts, the two assets are now largely engaged in a zero-sum game, with capital flowing from one to the other rather than rising in tandem.

根據銀行的分析師的說法，這兩個資產現在主要參與零和遊戲，資本從一個流向另一個，而不是串聯。

“Between mid-February and mid-April, gold was rising at the expense of BTC. Over the past three weeks, we’ve seen the opposite — Bitcoin gaining at the expense of gold,” wrote Nikolaos Panigirtzoglou, managing director at JPMorgan, in a note shared with The Block.

尼古拉斯·潘尼戈爾佐格洛（Nikolaos Panigirtzoglou）在JPMORGAN的董事總經理中寫道：“在過去三周中，黃金以犧牲BTC為代價。

Since peaking on April 22, gold has fallen nearly 8%, while BTC has surged 18% over the same period. This divergence is also reflected in investor behavior:

自4月22日達到頂峰以來，黃金下降了近8％，而BTC在同一時期飆升了18％。這種差異也反映在投資者的行為中：

As both assets continue to serve as inflation and fiat-debasement hedges, JPMorgan’s outlook suggests BTC may take the lead — especially if crypto-specific momentum continues to build.

隨著這兩種資產繼續充當通貨膨脹和菲亞特式樹籬，摩根大通的前景表明，BTC可能會帶頭，尤其是在特定於加密特定的動量繼續建立的情況下。