比特币（BTC）有望超出黄金

根据JP Morgan的分析师的新预测，比特币有望在2025年剩余的时间内超出黄金。

A new forecast by analysts at JP Morgan predicts that Bitcoin will significantly outshine gold for the remainder of 2025.

JP Morgan的分析师的新预测预测，比特币将在2025年剩余的时间内显着胜过黄金。

What Happened: The analysts, led by managing director Nikolaos Panigirtzoglou, observed a shift in investor sentiment where the traditional "debasement trade," typically associated with gold, is being absorbed by Bitcoin.

发生了什么事：由董事总经理尼古拉斯·潘尼格尔佐格洛（Nikolaos Panigirtzoglou）领导的分析师观察到投资者情绪的转变，其中通常与黄金相关的传统“贬低贸易”正在被比特币吸收。

"Between mid-February and mid-April gold was rising at the expense of bitcoin, while of the past three weeks we have been observing the opposite," the analysts stated. They explained that this "zero-sum game" dynamic between the two assets is likely to continue, but that crypto-specific catalysts are expected to further tilt the balance in favor of Bitcoin.

分析师说：“在2月中旬至4月中旬，黄金以牺牲比特币为代价，而过去三周我们观察到了相反的情况。”他们解释说，这两个资产之间的这种“零和游戏”可能会持续下去，但是预计特定于加密特定的催化剂将进一步倾斜平衡，以支持比特币。

This thesis is supported by recent market movements, with the gold price decreasing nearly 8% and Bitcoin surging 18% since April 22.

最近的市场变动支持了这一论文，自4月22日以来，金价下降了近8％，比特币飙升了18％。

This shift is also evident in investor behavior, with funds flowing out of gold ETFs and into Bitcoin investment vehicles. Additionally, futures positioning data showcases a marked decline in gold exposure and a corresponding increase in interest in Bitcoin.

这种转变在投资者的行为中也很明显，资金从黄金ETF中流出并投入比特币投资工具。此外，定位数据的期货表明黄金暴露量显着下降，比特币的利息相应增加。

Furthermore, U.S. state-level legislation enabling direct investment in Bitcoin and rising corporate treasury allocations to the asset are fueling Bitcoin's momentum.

此外，美国州级立法可以直接投资比特币和对资产的公司财政部分配的上升，这加剧了比特币的势头。

"In the US, state-level legislation is opening up opportunities for traditional money managers to invest directly in BTC, while at the same time, more and more companies are planning to allocate a portion of their treasury assets to crypto-assets," the analysts added.

分析师补充说：“在美国，州级立法正在为传统的货币经理直接投资于BTC，同时，越来越多的公司正计划将其一部分国库资产分配给加密资产。”

Corporate moves by firms such as Strategy, which plans to raise $84 billion for Bitcoin investments by 2027 and has already achieved 32% of that goal, are bolstering this trend.

公司诸如战略公司的公司迁移计划到2027年，该公司计划为比特币投资筹集840亿美元，并且已经实现了该目标的32％，这是在加强这一趋势。

The analysts also noted a maturing crypto derivatives ecosystem, signaled by recent acquisitions. Coinbase's acquisition of Deribit, Kraken's purchase of U.S. futures platform NinjaTrader, and Gemini obtaining a European derivatives license all indicate greater regulatory oversight and infrastructure development.

分析师还指出了一个成熟的加密衍生物生态系统，这是最近收购的标志。 Coinbase对Deribit的收购，Kraken购买了美国期货平台Ninjatrader和Gemini获得欧洲衍生产品许可证，所有这些都表明，更大的监管监督和基础设施的发展。

These factors are likely to attract more institutional investors seeking exposure to crypto assets under familiar compliance frameworks. The report stated:

这些因素很可能会吸引更多的机构投资者，以寻求在熟悉的合规框架下接触加密资产。报告指出：

"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，通过遵守我们或欧盟法规，它可能会引起传统的机构投资者的信心和更多的参与。”

Crypto Price Predictions: According to CoinCodex's crypto price predictions, Bitcoin is expected to perform significantly better than gold by year-end.

加密价格预测：根据Concodex的加密价格预测，预计比特币的性能明显优于年终的黄金。

CoinCodex's gold price forecast predicts that the metal will reach $3,853 per ounce by the end of 2025, indicating an 18.4% increase from its current level of $3,253.

Concodex的黄金价格预测预测，到2025年底，金属将达到每盎司3,853美元，这表明其目前的3,253美元水平增长了18.4％。

In contrast, the Bitcoin price prediction forecasts a more substantial rise to $145,000, reflecting a 40% increase from BTC's current price of $103,800.

相比之下，比特币价格预测预测将增加到145,000美元，这反映了BTC当前价格为103,800美元的40％。

This anticipated outperformance highlights the growing momentum behind Bitcoin as both a macro hedge and a high-growth asset class, increasingly favored over traditional safe havens like gold.

预期的表现超出了比特币背后的增长势头，这是宏观树篱和高增长资产类别，越来越喜欢像黄金这样的传统安全避风港。

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