比特幣億萬富翁投資者看到了比英偉達更好的前景

隨著英偉達 (NVDA 3.10%) 股票在過去幾年的飆升，許多億萬富翁投資者紛紛買入。這並不奇怪，因為它的銷量飆升

Billionaire investors are reducing their exposure to Nvidia (NASDAQ:NVDA) after its massive 2,100% run over the past five years.

Nvidia（納斯達克股票代碼：NVDA）在過去五年中大幅上漲 2,100% 後，億萬富翁投資者正在減少其投資。

Millennium Management's Israel Englander, for example, reduced his position in Nvidia by 12.5% during the third quarter of 2024. Capula Management's Yan Huo also trimmed his stake in Nvidia by 27.7% during the third quarter.

例如，Millennium Management 的 Israel Englander 在 2024 年第三季將其在 Nvidia 的持股減少了 12.5%。

However, both Englander and Huo boosted their exposure to Bitcoin (CRYPTO:BTC) through the popular iShares Bitcoin Trust ETF (NASDAQ:IBIT). During the third quarter, Englander increased his position in the exchange-traded fund by 12.6 million shares as Huo scooped up another 1.1 million shares.

然而，Englander 和 Huo 都透過流行的 iShares Bitcoin Trust ETF (NASDAQ:IBIT) 增加了對比特幣 (CRYPTO:BTC) 的投資。第三季度，隨著霍又增持了 110 萬股，英格蘭德在該交易所交易基金的持股增加了 1,260 萬股。

This shift from Nvidia toward Bitcoin suggests the world's top cryptocurrency might still have room to run after soaring more than 1,000% over the past five years. Cathie Wood, who holds Bitcoin through Ark Invest's 21Shares Bitcoin ETF (NYSEARCA:ARK B), sees its price soaring from about $100,000 to $3.8 million by 2030. If that happens, these spot price ETFs could surge by a whopping 3,700% over the next five years. That rally would turn a modest $10,000 investment into $380,000.

從 Nvidia 轉向比特幣的這種轉變表明，在過去 5 年飆升超過 1,000% 後，世界頂級加密貨幣可能仍有上漲空間。透過Ark Invest 的21Shares 比特幣ETF（NYSEARCA：ARK B）持有比特幣的Cathie Wood 預計，到2030 年，比特幣的價格將從約10 萬美元飆升至380 萬美元。現貨價格ETF 可能在未來飆升3,700%五年。這次反彈將使 10,000 美元的適度投資變成 380,000 美元。

Investors should take those bullish estimates with a grain of salt, since Bitcoin is still tough to properly value. But let's take a look at Bitcoin's potential catalysts and why it might just outperform Nvidia and other growth stocks over the long term.

投資者應該對這些樂觀的估計持保留態度，因為比特幣仍然很難正確估值。但讓我們來看看比特幣的潛在催化劑，以及為什麼它可能在長期內跑贏英偉達和其他成長型股票。

Understanding Bitcoin's strengths

了解比特幣的優勢

Bitcoin is mined using an energy-intensive proof-of-work method that currently requires powerful application-specific integrated circuit miners. There's a finite supply of 21 million Bitcoins, and 19.9 million of those coins have already been mined. Every four years, a scheduled "halving" cuts the rewards for mining Bitcoin in half. The most recent halving occurred in April 2024, and the next one is scheduled for 2028.

比特幣是使用能源密集型工作量證明方法開採的，目前需要強大的專用積體電路礦工。比特幣的供應量有限，為 2,100 萬枚，其中 1,990 萬枚已被開採。每四年，預定的「減半」會將開採比特幣的獎勵減少一半。最近一次減半發生在 2024 年 4 月，下一次減半預計在 2028 年。

That escalating difficulty will throttle the rate at which new Bitcoins are mined, and the final Bitcoin is expected to be mined by 2140. Those qualities all make Bitcoin more similar to a precious metal like gold or silver than other cryptocurrencies that are either "minted" (by creating new blocks on a blockchain) or paid out as rewards through the less energy-intensive proof-of-stake mechanism. That's why the Securities and Exchange Commission approved the first spot price ETFs for Bitcoin this January. The SEC also states that Bitcoin is the only cryptocurrency that can be classified as a commodity.

不斷升級的難度將抑制新比特幣的開採速度，最終的比特幣預計將在 2140 年開採出來。在區塊鏈上創建新區塊）或透過能源密集度較低的權益證明機製作為獎勵支付。這就是美國證券交易委員會今年一月批准首個比特幣現貨價格 ETF 的原因。美國證券交易委員會也表示，比特幣是唯一可以歸類為商品的加密貨幣。

Many Bitcoin bulls believe those strengths make it a viable replacement for gold and other commodities as a hedge against inflation. El Salvador and the Central African Republic have already tried adopting Bitcoin as a national currency, and other countries that are grappling with inflation and currency devaluation issues might follow their lead. As that happens, more institutional investors will likely boost their exposure to Bitcoin -- especially through easily traded spot price ETFs -- and drive its price even higher.

許多比特幣多頭認為，這些優勢使其成為黃金和其他大宗商品的可行替代品，以對沖通貨膨脹。薩爾瓦多和中非共和國已經嘗試採用比特幣作為國家貨幣，其他正在努力應對通貨膨脹和貨幣貶值問題的國家可能會效仿他們的做法。當這種情況發生時，更多的機構投資者可能會增加對比特幣的投資——尤其是透過易於交易的現貨價格 ETF——並推高其價格。

Could Bitcoin really outshine Nvidia in the long run?

長遠來看，比特幣真的能超越英偉達嗎？

Bitcoin certainly has more visible strengths than many other cryptocurrencies, but its true value is nearly impossible to pin down. If it really does soar 3,700% over the next five years, it would easily outshine Nvidia by a mile -- since that kind of rally would boost the chipmaker's market cap of $3.3 trillion to nearly $126 trillion.

比特幣確實比許多其他加密貨幣具有更明顯的優勢，但其真正價值幾乎無法確定。如果它真的在未來五年內飆升 3,700%，那麼它將輕鬆超越 Nvidia 一英里——因為這種反彈將使這家晶片製造商的市值從 3.3 兆美元增至近 126 兆美元。

Even Nvidia's most bullish investors probably don't expect it to come anywhere close to that valuation by 2030. But with Bitcoin, it's harder to tell. Bitcoin's market cap would surge from $2 trillion to about $76 trillion if its price hits $3.8 million, but that valuation might be justified if it replaces gold -- which has a market cap of $18.5 trillion -- as the world's most valuable asset.

即使是英偉達最樂觀的投資者也可能預計到 2030 年它的估值不會接近這一水平。如果比特幣的價格達到380 萬美元，其市值將從2 兆美元飆升至約76 兆美元，但如果它取代市值18.5 兆美元的黃金成為世界上最有價值的資產，那麼這一估值可能是合理的。

So if you believe Bitcoin still has a bright future, it might be smart to follow these billionaires and consider buying a small stake in its spot price ETFs.

因此，如果您相信比特幣仍然擁有光明的未來，那麼跟隨這些億萬富翁的腳步並考慮購買其現貨價格 ETF 的少量股份可能是明智之舉。