摩根大通，比特幣和貶低貿易：紐約人，你對嗎？

摩根大通的“貶低交易”電話使比特幣成為了人們的關注。這是針對法定貨幣困境的對沖嗎？華爾街分析師預測BTC的重大舉動。

JPMorgan, Bitcoin, and the Debasement Trade: Are You Bullish Enough, New Yorker?

摩根大通，比特幣和貶低貿易：紐約人，你對嗎？

JPMorgan's dubbing of Bitcoin as the "debasement trade"? It's basically Wall Street whispering that you're not bullish enough. Let's dive into what this means for your portfolio, capiche?

摩根大通（JPMorgan）將比特幣配音為“貶低貿易”？基本上是華爾街竊竊私語，你看漲不夠。讓我們深入了解這對您的投資組合Capiche意味著什麼？

JPMorgan and the 'Debasement Trade' Unveiled

摩根大通和“貶低貿易”揭曉

Wall Street's known for talking out of both sides of its mouth, but JPMorgan's recent take is surprisingly direct. By calling Bitcoin the "debasement trade," they're telling their clients straight up: when stimulus checks are flying, deficits are in the trillions, and rates are cut despite inflation, holding onto cash or bonds is a chump's game. In other words, it's time to toughen up and find investments that will hold their value when the dollar is debased.

華爾街以嘴巴兩面的交談而聞名，但摩根大通最近的看法令人驚訝地直接。通過將比特幣稱為“貶低交易”，他們會直接告訴他們的客戶：當刺激檢查正在飛行時，赤字在數万億美元，並且儘管充氣，費用卻被削減了，持有現金或債券是一場笨拙的遊戲。換句話說，是時候進行堅強並找到將在貶低美元時擁有其價值的投資了。

It's not just about speculation anymore. It's about protecting your assets. As the dollar slowly loses its purchasing power, Bitcoin's limited supply and trustless system are perfect for these times.

這不再只是猜測。這是關於保護您的資產。隨著美元慢慢失去其購買力，比特幣的有限供應和無信任系統非常適合這些時期。

With central banks doing financial backflips and the U.S. government running deficits of over $2 trillion a year, "asset protection" means digital scarcity, not just blue-chip dividends.

隨著中央銀行進行財務反彈，美國政府每年的赤字超過2萬億美元，“資產保護”意味著數字稀缺，而不僅僅是藍籌股的股息。

The Macro View: Deficits, Debt, and Bitcoin

宏觀視圖：赤字，債務和比特幣

Remember when President Trump said America would "grow [itself] out of that debt"? Sure, optimism is part of the job, but growth alone won't fix trillion-dollar holes overnight. Stimulus checks come with every crisis, rate cuts prop up markets while inflation simmers, and every solution seems to cause even more problems. As long as Washington continues to spend more than it takes in, the debasement of the dollar will continue.

還記得特朗普總統說美國將“從債務中發展出來”嗎？當然，樂觀是工作的一部分，但是僅僅增長就不會在一夜之間修復萬億美元的洞。刺激檢查隨著每一次危機，速率削減支柱市場，而通貨膨脹率沸騰，每種解決方案似乎都會引起更多問題。只要華盛頓繼續花費的錢超過其所需的錢，美元的貶值就會繼續下去。

Underneath all this, Bitcoin's relevance grows. Every round of monetary stimulus, every debt-fueled spending spree, every government shutdown that suspends key jobs data is a tailwind for Bitcoin.

在這一切之下，比特幣的相關性不斷增長。每一輪貨幣刺激，每一個債務供支出狂潮，暫停關鍵就業數據數據的每個政府關閉都是比特幣的逆風。

Wall Street's Crystal Ball: Bitcoin Price Predictions

華爾街的水晶球：比特幣價格預測

Wall Street firms have some pretty bold predictions for Bitcoin. JPMorgan analysts, led by Nikolaos Panigirtzoglou, suggest Bitcoin could climb to around $165,000, based on a volatility-adjusted comparison to gold. The bank's models indicate that Bitcoin would need to rise about 40% from current levels to match the scale of private gold holdings once risk is accounted for. That's a sizable upside, and it suggests that JPMorgan sees significant potential for Bitcoin to appreciate in value.

華爾街公司對比特幣有一些大膽的預測。由Nikolaos Panigirtzoglou領導的JPMorgan分析師認為，根據與黃金的波動性比較，比特幣可以攀升至165,000美元左右。該銀行的模型表明，一旦考慮了風險，比特幣需要從目前的水平上升約40％，以符合私人金持有量的規模。這是一個相當大的上漲空間，這表明摩根大通認為比特幣具有重要價值的潛力。

Citigroup expects Bitcoin to end 2025 at around $133,000, setting a new record high. Standard Chartered remains the most optimistic among major banks, predicting Bitcoin could reach $200,000 by December. VanEck projects that Bitcoin could reach around $180,000 by 2025.

花旗集團預計比特幣將於2025年結束，約133,000美元，創造了新的紀錄。標準特許仍然是主要銀行中最樂觀的，預測比特幣將到12月達到200,000美元。 Vaneck的項目預測，到2025年，比特幣可能達到180,000美元。

Bitcoin: More Than Just a Trade

比特幣：不僅僅是交易

Bitcoin isn't just a trade; it's becoming the "debasement hedge," the asset with the best risk-reward in a market addicted to liquidity. The ETF rush last year pushed Bitcoin above the $100,000 mark. With U.S. deficit spending and more Fed rate cuts expected in 2025, and Bitcoin's supply capped at 21 million, the stage is set for another rally.

比特幣不僅是一種交易；它已成為“貶低對沖”，這是對流動性上癮的市場中最佳風險獎勵的資產。去年的ETF Rush將比特幣推高了100,000美元。隨著美國赤字支出和2025年預期的美聯儲降低，比特幣的供應限額為2100萬，階段將進行另一場集會。

Institutional Adoption and ETF Flows

機構採用和ETF流動

The surge in net inflows to Bitcoin and Ethereum spot ETFs shows growing trust in the crypto landscape. Institutional investors are increasingly staking their claims, solidifying cryptocurrencies as viable alternative assets.

淨流入比特幣和以太坊斑點ETF的湧入表明對加密景觀的信任日益增加。機構投資者越來越多地提出主張，將加密貨幣作為可行的替代資產鞏固。

Final Thoughts: Are You Bullish Enough?

最終想法：你看好足夠嗎？

Let's be real: you might not be bullish enough. For almost 17 years, Bitcoin has been more resilient, predictable, and trustworthy than the institutions whose logos used to mean financial safety. When JPMorgan treats Bitcoin as a defensive play, it's not just a bet on tech; it's a bet against the old guard.

讓我們成為現實：您可能不夠看好。在將近17年的時間裡，比特幣比徽標曾經意味著財務安全的機構更具彈性，可預測和值得信賴。當摩根大通將比特幣視為防禦性比賽時，這不僅是對技術的賭注。這是反對老警衛隊的賭注。

So, should you be loading up on Bitcoin? As always, do your own homework. But if Wall Street is whispering "debasement trade," it might be time to listen up. After all, who knows? Maybe you'll be laughing all the way to the crypto bank.

那麼，您應該加載比特幣嗎？與往常一樣，做自己的作業。但是，如果華爾街在竊竊私語“貶低交易”，那可能是時候聽了。畢竟，誰知道？也許您會一直笑到加密銀行。