分析师表示，比特币将于 2025 年末达到 20 万美元

由于美国市场监管机构批准与其现货价格挂钩的交易所交易基金，以及对唐纳德·特朗普即将重返白宫放松监管障碍的乐观情绪，比特币在 2024 年上涨了一倍多。

Bitcoin more than doubled in 2024 as the U.S. markets regulator paved the way for exchange-traded funds tied to its spot price, fanning optimism over easing regulatory hurdles with Donald Trump set to return to the White House.

随着美国市场监管机构为与其现货价格挂钩的交易所交易基金铺平了道路，比特币在 2024 年上涨了一倍多，并煽动了人们对唐纳德·特朗普即将重返白宫而放松监管障碍的乐观情绪。

The world’s largest and most well-known cryptocurrency hit $100,000 earlier this month, a milestone that has ignited ‘animal spirits’ among supporters of the once-nascent asset class.

这个世界上最大、最著名的加密货币本月早些时候达到了 10 万美元，这一里程碑在一度新生的资产类别的支持者中点燃了“动物精神”。

A more than 120% surge in bitcoin this year and a nearly 50% jump in ether, the second-largest cryptocurrency, have propelled the sector’s market value to roughly $3.5 trillion, according to CoinGecko data.

根据 CoinGecko 的数据，今年比特币价格飙升超过 120%，第二大加密货币以太币价格上涨近 50%，推动该行业的市值达到约 3.5 万亿美元。

More gains are in store for 2025, analysts say.

分析师表示，2025 年将会有更多收益。

“We remain convinced $100,000 is not the final milestone. We expect Bitcoin to hit a cycle-high of $200,000 in late-2025,” analysts at brokerage Bernstein wrote in a client note earlier this month.

“我们仍然坚信 10 万美元并不是最终的里程碑。我们预计比特币将在 2025 年末触及 20 万美元的周期高点，”经纪公司 Bernstein 的分析师在本月早些时候的一份客户报告中写道。

MicroStrategy (MSTR.O), a software firm that has become the world’s largest corporate holder of bitcoin, saw its shares surge nearly five-fold in 2024.

MicroStrategy (MSTR.O) 是一家软件公司，已成为全球最大的比特币企业持有者，其股价在 2024 年飙升近五倍。

The stock, which joined the benchmark Nasdaq-100 index recently, is now seen as a proxy for bitcoin, with its movement closely tied to sentiment towards the digital asset. Several smaller companies are following its playbook and allocating portions of their cash to bitcoin.

该股最近加入了基准纳斯达克 100 指数，现在被视为比特币的代表，其走势与数字资产的情绪密切相关。几家规模较小的公司正在效仿其做法，将部分现金分配给比特币。

“We expect bitcoin to emerge as the new-age premier ‘store of value’ asset eventually replacing gold over the next decade and becoming a permanent part of institutional multi-asset allocation and a standard for corporate treasury management,” the Bernstein note said.

伯恩斯坦报告称：“我们预计比特币将成为新时代首要的‘价值储存’资产，最终在未来十年取代黄金，并成为机构多资产配置的永久组成部分和企业财务管理的标准。”

Much of the optimism began in January when the U.S. Securities and Exchange Commission approved the first ETFs to track the spot price of bitcoin, marking a watershed moment for the broader crypto industry.

大部分乐观情绪始于 1 月份，当时美国证券交易委员会批准了第一批跟踪比特币现货价格的 ETF，这标志着更广泛的加密行业的分水岭。

The move gave the sector institutional legitimacy and improved its mainstream appeal as traditional finance heavyweights including BlackRock (BLK.N) and Fidelity launched the products.

随着贝莱德（BLK.N）和富达等传统金融巨头推出了这些产品，此举赋予了该行业机构合法性，并提高了其主流吸引力。

The victory of Trump, who has promised to make the United States the “crypto capital of the planet,” further bolstered the industry's position later this year. Crypto advocates donated millions during the election, hoping to elect candidates that favor the sector.

特朗普承诺让美国成为“地球的加密货币之都”，他的胜利在今年晚些时候进一步巩固了该行业的地位。加密货币倡导者在选举期间捐赠了数百万美元，希望选出支持该行业的候选人。

Most crypto stocks also benefited from the industry-wide rally. The big winners of 2024 were MicroStrategy, crypto exchange Coinbase (COIN.O) and bitcoin miner Hut 8 (HUT.O)

大多数加密股票也受益于全行业的上涨。 2024 年的大赢家是 MicroStrategy、加密货币交易所 Coinbase (COIN.O) 和比特币矿工 Hut 8 (HUT.O)

However, several other crypto miners reeled under shrinking margins due to higher energy and hardware costs, missing the year’s rally.

然而，由于能源和硬件成本上涨，其他几家加密货币矿商的利润不断缩水，错过了今年的涨势。

Shares of Riot Platforms (RIOT.O), Marathon Digital (MARA.O) and Bit Digital (BTBT.O) lost between 26% and 32% this year.

Riot Platforms (RIOT.O)、Marathon Digital (MARA.O) 和 Bit Digital (BTBT.O) 的股价今年下跌了 26% 至 32%。