比特币在充满不确定性的全球经济背景下继续大放异彩

在充满不确定性的全球经济背景下，比特币继续以其卓越的表现脱颖而出。 2023 年，标志性加密货币的表现优于其他加密货币

In a global economic context marked by uncertainty, Bitcoin continues to stand out for its exceptional performance. In 2023, the iconic crypto outperformed almost all other asset classes according to the VanEck report, confirming its central role in the global financial landscape. This upturn, supported by growing institutional adoption and the emergence of financial instruments such as Bitcoin ETF, goes beyond individual investors. Institutional funds and wealth managers now see it as a credible investment vehicle.

在充满不确定性的全球经济背景下，比特币继续以其卓越的表现脱颖而出。根据 VanEck 报告，2023 年，标志性加密货币的表现优于几乎所有其他资产类别，证实了其在全球金融格局中的核心地位。在机构采用率不断提高和比特币 ETF 等金融工具出现的支持下，这种好转超出了个人投资者的范畴。机构基金和财富管理机构现在将其视为可靠的投资工具。

Bitcoin on an unstoppable streak

比特币势不可挡

In 2023, Bitcoin recorded a 124 % increase. It outperformed almost all other asset classes. According to the VanEck report, this rise allowed Bitcoin to capture an increasing market share within the crypto ecosystem. “Bitcoin now represents 56 % of the total crypto market capitalization, up 15 % compared to last year,” the report states. This growing dominance is driven by strengthened institutional adoption, with major financial sector players, such as ETF (Exchange-Traded Funds), playing a key role in this rise.

2023 年，比特币增长了 124%。它的表现优于几乎所有其他资产类别。根据 VanEck 的报告，这种上涨使得比特币在加密生态系统中占据了越来越大的市场份额。报告指出：“比特币目前占加密货币总市值的 56%，比去年增长 15%。”这种日益增长的主导地位是由机构采用的加强推动的，ETF（交易所交易基金）等主要金融部门参与者在这一增长中发挥了关键作用。

The institutional adoption of Bitcoin has been one of the main drivers of its growth. In January 2024, U.S. regulators gave the green light to the listing of the first spot Bitcoin ETF, which attracted institutional investors at an unprecedented rate. These ETF now hold around $55 billion worth of assets, further cementing Bitcoin's position as a must-have asset for wealth managers. Indeed, this institutional success contrasts sharply with previous years, where adoption was mainly driven by individual investors.

比特币的机构采用一直是其增长的主要驱动力之一。 2024年1月，美国监管机构批准了第一只现货比特币ETF的上市，该ETF以前所未有的速度吸引了机构投资者。这些 ETF 目前持有价值约 550 亿美元的资产，进一步巩固了比特币作为财富管理者必备资产的地位。事实上，这种机构的成功与前几年形成鲜明对比，前几年的采用主要是由个人投资者推动的。

Miners in difficulty, but positive long-term prospects

矿工陷入困境，但长期前景乐观

However, this euphoria around Bitcoin does not extend to all players in the ecosystem. Bitcoin miners, in particular, are going through a tough period. The VanEck report highlights that the year 2024 has been “terrible” for miners, notably due to the halving of mining rewards in April. Thus, “Rewards have dropped from 6.25 BTC to 3.125 BTC per block, significantly reducing miners’ profitability,” the report states. This decrease has led to a 97 % drop in the Hashprice index, which measures miners’ revenues.

然而，这种围绕比特币的兴奋并没有扩展到生态系统中的所有参与者。尤其是比特币矿工，正在经历一段艰难的时期。 VanEck 报告强调，2024 年对于矿工来说是“可怕的”一年，尤其是由于 4 月份挖矿奖励减半。因此，“每个区块的奖励从 6.25 BTC 下降到 3.125 BTC，显着降低了矿工的盈利能力，”报告指出。这一下降导致衡量矿工收入的哈希价格指数下降了 97%。

Despite these challenges, the long-term prospects for Bitcoin remain positive according to VanEck. The report highlights several mega-trends that should continue to support the crypto's growth: the increasing demand for decentralized networks, growing institutional adoption, and increased state involvement in mining and cross-border trade.

VanEck 表示，尽管存在这些挑战，但比特币的长期前景仍然乐观。该报告强调了应继续支持加密货币增长的几个大趋势：对去中心化网络的需求不断增加、机构采用不断增加以及国家对采矿和跨境贸易的参与增加。

While Bitcoin miners are currently experiencing difficulties, the long-term dynamics clearly lean in favor of a bullish market for the crypto. Rapid institutional adoption, growing sovereign involvement, and the robustness of the Bitcoin infrastructure continue to fuel sustained demand.

虽然比特币矿商目前遇到困难，但长期动态显然倾向于加密货币的看涨市场。机构的快速采用、主权参与的增加以及比特币基础设施的稳健性继续推动持续的需求。

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Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

我毕业于图卢兹政治学院，并持有 Alyra 颁发的区块链顾问认证，于 2019 年加入了 Cointribune 冒险之旅。我坚信区块链具有改变许多经济部门的潜力，因此我致力于提高人们的认识并告知公众公众了解这个不断发展的生态系统。我的目标是让每个人都能更好地了解区块链并抓住它提供的机会。我每天都努力对时事进行客观分析，解读市场趋势，传播最新的技术创新，并透视这场正在进行的革命的经济和社会问题。