加密的下一个边界？赶上黄金的巨额估值

随着市场波动的解决和投机性的狂热淡出，Galaxy数字首席执行官Mike Novogratz将注意力转移到了更大的情况下：加密货币的长期潜力竞争Gold的统治地位。

The crypto market has seen better days. After a period of intense speculation, a new report from Galaxy Digital highlights how the cryptocurrency market is stabilizing and setting the stage for a long-term rally.

加密市场已经过了更好的日子。经过一段时间的猜测，Galaxy Digital的一份新报告突出了加密货币市场如何稳定并为长期集会奠定基础。

As market volatility settles and speculative frenzy fades, Galaxy Digital CEO Mike Novogratz is turning his attention to the bigger picture: the long-term potential of crypto to rival gold’s dominance.

随着市场波动的解决和投机性的狂热淡出，Galaxy数字首席执行官Mike Novogratz将注意力转移到了更大的情况下：加密货币的长期潜力竞争Gold的统治地位。

Speaking in a recent interview, Novogratz reflected on the overheated state of the crypto market earlier this year, describing it as a necessary cooling period after an unsustainable wave of hype. A mix of high-risk assets and meme-fueled speculation — including projects like the controversial Trump-themed coin — fueled a temporary bubble that has since deflated.

在最近的一次采访中，诺维格拉茨（Novogratz）在今年早些时候对加密货币市场过热状态进行了反思，将其描述为在不可持续的炒作浪潮之后的必要冷却期。高风险资产和模因燃料的猜测（包括诸如备受争议的特朗普主题硬币之类的项目）的混合助长了此后的临时泡沫。

Despite the correction, Novogratz sees signs of stabilization and upward momentum. He pointed out that Bitcoin is now showing signs of strength again, with key levels around $106,000 already coming into play and the potential for a rally towards $130,000 or even $150,000 if the momentum continues.

尽管进行了纠正，但Novogratz看到了稳定和向上动力的迹象。他指出，比特币现在再次显示出强度的迹象，关键水平已经发挥作用约106,000美元，如果势头继续下去，则可能会出现重达130,000美元甚至150,000美元的可能性。

But it’s not just about short-term targets.

但这不仅仅是短期目标。

Novogratz’s broader thesis is anchored in the belief that crypto will eventually stand shoulder to shoulder with gold — which today commands a global market valuation of around $22 trillion. In contrast, the total crypto market is still valued at less than $3 trillion, leaving what Novogratz sees as immense room for growth.

Novogratz的更广泛的论文基于这样的信念，即加密货币最终将与黄金并肩作用 - 如今，全球市场估值约为22万亿美元。相比之下，总加密货币市场的价值仍然不到3万亿美元，这使Novogratz认为是巨大的增长空间。

The tipping point, he suggests, could come from a historic transfer of wealth already underway. As older generations pass on trillions in assets to younger heirs, the investment habits of millennials and Gen Z — who are far more comfortable with digital finance — could significantly reshape global capital flows.

他认为，转折点可能来自已经在历史性的财富转移中。随着年龄较大的一代人将资产的资产传递给年轻的继承人，千禧一代和Z世代的投资习惯（对数字融资都更加满意）可能会大大改善全球资本流动。

According to Knight Frank’s 2024 Wealth Report, an estimated $90 trillion is expected to change hands over the next two decades. Novogratz believes that a portion of that capital might not follow traditional paths — instead, it could be funneled into decentralized assets like Bitcoin, fundamentally altering the balance of global stores of value.

根据奈特·弗兰克（Knight Frank）的2024年财富报告，预计在未来二十年中，预计将易手900万亿美元。 Novogratz认为，该资本的一部分可能不会遵循传统的道路 - 相反，它可以将其汇入分散的资产，例如比特币，从根本上改变了全球价值存储的平衡。

If that shift materializes, crypto may not just be catching up to gold’s valuation — it could redefine what the next generation considers “digital gold.”

如果这种转变的实现，加密货币不仅可能会赶上Gold的估值，还可以重新定义下一代考虑“数字黄金”的内容。