比特幣（BTC）本週創下歷史新高，但投資人並未像對待股票那樣引發高估擔憂

資產管理公司Bitwise Invest 執行長 Hunter Horsley 在11 月9 日的Twitter 貼文中表示，比特幣是不同的，他解釋說，當一家公司的股票「上漲時，本益比也會上漲”，而本益比本質上衡量的是該公司的估值及其財務表現的一個要素。

Bitcoin’s fresh all-time highs this week aren’t sparking overvaluation concerns among investors the way rising stock prices typically do, suggests a crypto exec.

一位加密貨幣高層表示，比特幣本週創下的歷史新高並沒有像股價上漲通常那樣引發投資人對估值過高的擔憂。

“Bitcoin is different,” asset manager Bitwise Invest CEO Hunter Horsley opined in a Nov. 9 X post, explaining that when a company’s stock “goes up, the multiple does up,” which essentially measures the company’s valuation and an element of its financial performance.

資產管理公司Bitwise Invest 執行長 Hunter Horsley 在11 月9 日的一篇文章中表示：「比特幣是不同的。」他解釋說，當一家公司的股票「上漲時，市盈率也會上漲”，而本益比本質上是衡量公司估值及其財務狀況的一個因素。表現。

People see rising BTC price as ‘more likely to succeed’

人們認為比特幣價格上漲“更有可能成功”

For stocks, “at a certain point, people say, “this is overvalued” and become less interested until the price goes down,” Horsley explained.

對於股票，“在某個時候，人們會說，’這被高估了’，並且在價格下跌之前變得不那麼感興趣，”霍斯利解釋道。

However, without the same financial performance metrics, “when Bitcoin’s price goes up, people view it as more likely that it will succeed, and therefore be even more valuable,” Horsley reiterated.

然而，如果沒有相同的財務績效指標，「當比特幣價格上漲時，人們認為它更有可能成功，因此更有價值，」霍斯利重申。

“So it’s likely to go up even further,” he claimed.

「所以它可能會進一步上漲，」他聲稱。

At the time of publication, Bitcoin BTC $79,009 is trading at $77,310, representing a 13.52% increase over the past seven days, according to CoinMarketCap data.

根據 CoinMarketCap 數據，截至發稿時，比特幣 BTC 79,009 美元的交易價格為 77,310 美元，過去 7 天上漲 13.52%。

Bitcoin is trading at $77,310 at the time of publication. Source: CoinMarketCap

截至本文發佈時，比特幣交易價格為 77,310 美元。資料來源：CoinMarketCap

During the United States presidential election trading week (Nov. 4–8), US spot Bitcoin ETFs recorded inflows totaling approximately $1.63 billion, according to Farside data.

根據 Farside 數據顯示，在美國總統大選交易週（11 月 4 日至 8 日），美國現貨比特幣 ETF 錄得資金流入總額約 16.3 億美元。

Other Bitcoiners have shared a similar sentiment, with no fears of overvaluation as the asset continues to trade above its all-time high of $73,679 in March.

其他比特幣持有者也有類似的看法，他們並不擔心估值過高，因為資產的交易價格繼續高於 3 月 73,679 美元的歷史高點。

Pro-Bitcoin author and entrepreneur Robert Kiyosaki claimed he intends to buy another 27 Bitcoin, irrespective of the price, by November 2025. The Rich Dad, Poor Dad author stated in a Nov. 9 X post:

支持比特幣的作者兼企業家Robert Kiyosaki 聲稱，他打算在2025 年11 月之前再購買27 個比特幣，無論價格如何。表示：

“I bought my first Bitcoin at $6000, and I continue to acquire at $76,000,” Kiyosaki added.

「我以 6000 美元的價格購買了我的第一個比特幣，我繼續以 76,000 美元的價格購買比特幣，」Kiyosaki 補充道。

10T Holdings founder Dan Tapiero added, “It’s still perceived as an early-stage asset even though it is not.” In October, Tapiero made a call that Bitcoin would go to $100,000 regardless of who won the US election.

10T Holdings 創始人 Dan Tapiero 補充道：“它仍然被視為早期資產，儘管事實並非如此。” 10 月，Tapiero 呼籲無論誰贏得美國大選，比特幣價格都將達到 10 萬美元。

Positive momentum is expected to continue for Bitcoin

預計比特幣將繼續保持積極勢頭

In the meantime, capital market commentator “Infra” noted that a company’s equity valuation could be diluted further by raising capital through an At-the-Market (ATM) offering — something that is impossible with Bitcoin.

同時，資本市場評論員「Infra」指出，透過市場（ATM）發行籌集資金可能會進一步稀釋公司的股權估值，而這對比特幣來說是不可能的。

“When Bitcoin price goes higher, no one can make more. The only way to increase supply is to raise the price,” they stated.

「當比特幣價格走高時，沒有人能賺得更多。增加供應的唯一方法是提高價格，」他們表示。

Following Bitcoin breaking its all-time high on Nov. 5, analysts declared from a core analysis perspective, Bitcoin is showing no signs of being overheated.

繼比特幣於 11 月 5 日突破歷史新高後，分析師從核心分析角度宣稱，比特幣沒有表現出過熱的跡象。

On Nov. 7, Galaxy head of research Alex Thorn opined that “the market does not look overheated from a fundamental perspective.”

11月7日，銀河研究主管亞歷克斯·索恩(Alex Thorn)表示，“從基本面來看，市場看起來並沒有過熱。”

Crypto analysis firm Nansen analyst Aurelie Barthere stated, “Bitcoin crossing its all-time high with heavy volume is a clear signal of ongoing positive momentum following the elections.”

加密貨幣分析公司 Nansen 分析師 Aurelie Barthere 表示：“比特幣以大量交易量突破歷史新高，這是選舉後持續積極勢頭的明顯信號。”