摩根大通（JPMorgan Chase）是美國最大的銀行，現在允許其客戶購買比特幣

儘管首席執行官傑米·戴蒙（Jamie Dimon）長期以來對加密貨幣市場的批評。

According to JPMorgan's research team, Bitcoin (BTC) is poised to outshine gold in the second half of 2025.

根據摩根大通的研究團隊的數據，比特幣（BTC）有望在2025年下半年勝過黃金。

In a recent report led by managing director Nikolaos Panigirtzoglou, the analysts observed a shift in market sentiment from gold to Bitcoin, describing it as a “zero-sum game.”

在董事總經理Nikolaos Panigirtzoglou的最新報告中，分析師觀察到市場情緒從黃金轉向比特幣，將其描述為“零和遊戲”。

“The two asset classes went up and down in what appeared to be a ‘zero-sum game’—between mid-February and mid-April gold was rising at the expense of bitcoin, while over the past three weeks we have been observing the opposite,” the report stated.

報告說：“在2月中旬和4月中旬黃金之間的兩個資產類別似乎是'零和遊戲中，以犧牲比特幣為代價，而在過去的三周中，我們一直在觀察到相反的情況。”

Several crypto-specific catalysts are expected to favor Bitcoin, including increased corporate treasury allocations and positive regulatory momentum. For instance, companies like Strategy are already pursuing significant Bitcoin investments, aiming for $84 billion by 2027, with over 30% of that target already secured.

預計幾種加密特異性催化劑有利於比特幣，包括公司國庫分配的增加和積極的監管勢頭。例如，像戰略這樣的公司已經在追求大量的比特幣投資，到2027年的目標是840億美元，超過30％的目標已經確保了。

Moreover, institutional interest in crypto derivatives is intensifying, supported by a string of recent acquisitions that signal the sector's maturation. Coinbase's acquisition of Deribit, Kraken's purchase of NinjaTrader, and Gemini's new European derivatives license all indicate growing infrastructure and regulatory clarity.

此外，對加密衍生品的製度興趣正在加劇，並得到了一系列最近的收購，這些收購標誌著該行業的成熟。 Coinbase收購Deribit，Kraken購買了Ninjatrader和Gemini的新歐洲衍生品許可證，均表明基礎架構和監管清晰度的增長。

JPMorgan analysts believe these developments could encourage broader institutional participation within more familiar compliance frameworks.

摩根大通分析師認為，這些發展可以鼓勵在更熟悉的合規框架內進行更廣泛的機構參與。

“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。”