摩根大通（JPMorgan Chase）是美国最大的银行，现在允许其客户购买比特币

尽管首席执行官杰米·戴蒙（Jamie Dimon）长期以来对加密货币市场的批评。

According to JPMorgan's research team, Bitcoin (BTC) is poised to outshine gold in the second half of 2025.

根据摩根大通的研究团队的数据，比特币（BTC）有望在2025年下半年胜过黄金。

In a recent report led by managing director Nikolaos Panigirtzoglou, the analysts observed a shift in market sentiment from gold to Bitcoin, describing it as a “zero-sum game.”

在董事总经理Nikolaos Panigirtzoglou的最新报告中，分析师观察到市场情绪从黄金转向比特币，将其描述为“零和游戏”。

“The two asset classes went up and down in what appeared to be a ‘zero-sum game’—between mid-February and mid-April gold was rising at the expense of bitcoin, while over the past three weeks we have been observing the opposite,” the report stated.

报告说：“在2月中旬和4月中旬黄金之间的两个资产类别似乎是'零和游戏中，以牺牲比特币为代价，而在过去的三周中，我们一直在观察到相反的情况。”

Several crypto-specific catalysts are expected to favor Bitcoin, including increased corporate treasury allocations and positive regulatory momentum. For instance, companies like Strategy are already pursuing significant Bitcoin investments, aiming for $84 billion by 2027, with over 30% of that target already secured.

预计几种加密特异性催化剂有利于比特币，包括公司国库分配的增加和积极的监管势头。例如，像战略这样的公司已经在追求大量的比特币投资，到2027年的目标是840亿美元，超过30％的目标已经确保了。

Moreover, institutional interest in crypto derivatives is intensifying, supported by a string of recent acquisitions that signal the sector's maturation. Coinbase's acquisition of Deribit, Kraken's purchase of NinjaTrader, and Gemini's new European derivatives license all indicate growing infrastructure and regulatory clarity.

此外，对加密衍生品的制度兴趣正在加剧，并得到了一系列最近的收购，这些收购标志着该行业的成熟。 Coinbase收购Deribit，Kraken购买了Ninjatrader和Gemini的新欧洲衍生品许可证，均表明基础架构和监管清晰度的增长。

JPMorgan analysts believe these developments could encourage broader institutional participation within more familiar compliance frameworks.

摩根大通分析师认为，这些发展可以鼓励在更熟悉的合规框架内进行更广泛的机构参与。

“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。”