杰米·戴蒙（Jamie Dimon

摩根大通（JPMorgan Chase）首席执行官杰米·戴蒙（Jamie Dimon）宣布，该银行将允许其客户投资比特币，同时重申他对加密货币的个人怀疑。

On May 19, 2025, at JPMorgan Chase’s Annual Investor Day, Jamie Dimon made a major business decision while maintaining his personal reservations. The CEO officially announced that the bank will now allow its clients to invest in bitcoin, but the institution will not directly custody it.

2025年5月19日，在摩根大通（JPMorgan Chase）的年度投资者日，杰米·戴蒙（Jamie Dimon）在维持自己的个人保留期间做出了重大的商业决定。首席执行官正式宣布，该银行现在将允许其客户投资比特币，但该机构不会直接拘留它。

This announcement is part of a broader strategy to adapt to client demands, despite the executive’s personal skepticism, which is well-known.

尽管执行官的个人怀疑态度，这是适应客户需求的更广泛战略的一部分，这是众所周知的。

“I’m not a fan of Bitcoin,,“ Dimon declared bluntly during this presentation.

“我不是比特币的粉丝，”戴蒙在本演讲中直言不讳。

His skepticism is nothing new. In an interview with CBS News in January 2025, Dimon was even more critical.

他的怀疑并不是什么新鲜事。在2025年1月对CBS新闻采访时，戴蒙更为重要。

Bitcoin itself has no intrinsic value. It is widely used by sex traffickers, money launderers, and ransomware actors

比特币本身没有内在价值。它被性贩子，洗钱者和勒索软件演员广泛使用

This critical position does not prevent the CEO from recognising his clients’ freedom of choice.

这个关键立场并不能阻止首席执行官认识到其客户的选择自由。

“I applaud your ability to want to buy or sell it. Just as I think you have the right to smoke, but I don’t think you should smoke,,“ he added, with a provocative comparison that perfectly illustrates his ambivalent position.

他补充说：“我为您想要买卖它的能力表示赞赏。就像我认为您有吸烟的权利一样，但我认为您不应该吸烟。”

JPMorgan analysts more optimistic amid growing institutional adoption

摩根大通分析师在不断增长的机构采用中更乐观

Contrary to Jamie Dimon’s reservations, JPMorgan analysts are optimistic about bitcoin’s future. In their recent studies, they predict that crypto will continue to outperform gold during the second half of 2025, a phenomena fueled by the surging demand from institutions.

与杰米·戴蒙（Jamie Dimon）的保留相反，摩根大通（JPMorgan）分析师对比特币的未来很乐观。他们在最近的研究中预测，加密货币将在2025年下半年继续胜过黄金，这是由于机构的需求激增所激发的。

“Between mid-February and mid-April, we saw that traders sold risk assets such as equities and bought government bonds and preferred fixed income over equities. And during the past three weeks, we are observing the opposite phenomena: bitcoin is gaining ground on gold.”

“在2月中旬至4月中旬之间，我们看到贸易商出售了股票和购买政府债券的风险资产，并优先考虑固定收益而不是股票。在过去的三周中，我们观察到了相反的现象：比特币在黄金上取得了基础。”

The figures speak for themselves. Since April 22, gold has lost nearly 8% of its value, while bitcoin has seen an impressive 18% increase.

这些人物自言自语。自4月22日以来，黄金损失了近8％的价值，而比特币则增加了18％。

This shift in investment strategy is occuring at the same time as several US states are integrating bitcoin into their strategic reserves. As reported by Cointribune, New Hampshire has authorized investing up to 5% of its treasury in bitcoin.

投资策略的这种转变正在同时发生，因为美国几个州正在将比特币整合到其战略储备中。正如Cointribune报道的，新罕布什尔州已授权将多达5％的财政部投资于比特币。

Arizona has also taken steps to create a bitcoin reserve fund and will be investing a portion of its treasury funds in BTC, according to a bill signed by Governor Doug Ducey. The legislation further enacts a tax revenue-neutral policy for the state.

根据州长道格·杜西（Doug Ducey）签署的一项法案，亚利桑那州还采取了措施建立比特币储备基金，并将在BTC投资一部分财政部资金。该立法进一步制定了该州的税收中立政策。

On the corporate side, companies like Strategy are continuously adding to their bitcoin holdings, while Metaplanet recently announced a significant investment in bitcoin.

在公司方面，像战略这样的公司不断增加其比特币持有量，而Metaplanet最近宣布对比特币进行了巨大的投资。

According to JPMorgan analysts, this multiplication of institutional adopters acts as a “sustainable positive catalyst” for bitcoin. They anticipate that the competition between gold and bitcoin will continue until the end of the year, with a probable edge for crypto in the second half.

根据摩根大通分析师的说法，这种机构采用者的这种乘法是比特币的“可持续积极催化剂”。他们预计，黄金和比特币之间的竞争将持续到年底，下半场的加密货币可能会有优势。

This evolution highlights the dilemma faced by traditional finance as it encounters the growing interest from institutions in bitcoin, which is gradually becoming an incontournable asset in the global financial landscape.

这种演变强调了传统金融所面临的困境，因为它遇到了比特币的机构日益增长的兴趣，而该机构逐渐成为全球金融景观中不可感染的资产。