比特幣 (BTC) 價格預測：隨著機構投資者主導市場，到 2025 年底將達到 20 萬美元

隨著華爾街將成為最大持有者，礦工的整合和人工智慧能源需求的不斷上升進一步增強了比特幣的潛力。

A Bernstein report reveals that Bitcoin (BTC) could rise to $200,000 by the end of 2025 as institutional investors dominate the market.

Bernstein 的一份報告顯示，隨著機構投資者主導市場，比特幣 (BTC) 到 2025 年底可能會升至 20 萬美元。

The report predicts that Bitcoin miners will continue to consolidate the sector, and rising artificial intelligence (AI) energy demand will further boost BTC's potential.

該報告預測，比特幣礦商將繼續整合該產業，而不斷增長的人工智慧（AI）能源需求將進一步提升比特幣的潛力。

Bitcoin's Institutional Era to Drive Price Surge

比特幣的製度時代推動價格飆升

A Bernstein Research report on Oct. 22 predicted that the cryptocurrency's price might reach $200,000 by the end of 2025 as Bitcoin enters "a new institutional era."

Bernstein Research 10 月 22 日的一份報告預測，隨著比特幣進入“一個新的製度時代”，到 2025 年底，加密貨幣的價格可能會達到 20 萬美元。

Bernstein's 160-page "Black Book" explains why Bitcoin miners will keep consolidating the sector, according to Matthew Sigel, head of digital asset analysis at VanEck, in an Oct. 23 article on the X platform.

VanEck 數位資產分析主管 Matthew Sigel 在 10 月 23 日 X 平台上發表的一篇文章中表示，伯恩斯坦的 160 頁「黑皮書」解釋了為什麼比特幣礦商將繼續整合該行業。

"Ten global asset managers now own ~$60Bn wrapped as regulated [exchange-traded funds] compared with $12Bn in September 2022," the report says.

報告指出：“十家全球資產管理公司目前擁有約 600 億美元的受監管 [交易所交易基金]，而 2022 年 9 月的規模為 120 億美元。”

Wall Street Set to Overtake Satoshi as Bitcoin’s Biggest Holder

華爾街將取代中本聰成為比特幣最大持有者

Bernstein predicted that Wall Street will surpass Satoshi as the leading Bitcoin wallet by the end of 2024, Cointelegraph shares.

Cointelegraph 表示，伯恩斯坦預測，到 2024 年底，華爾街將超越中本聰，成為領先的比特幣錢包。

Bitcoin has been the undisputed star of the exchange-traded fund (ETF) scene in 2024, accounting for six of the top ten most successful launches, according to a post on the X platform by Nate Geraci, president of a financial adviser The ETF Store.

金融顧問The ETF Store 總裁Nate Geraci 在X 平台上發布的一篇文章稱，比特幣已成為2024 年交易所交易基金(ETF) 領域無可爭議的明星，在最成功的十大發行中佔據了六席。

Institutional Investors Back Bitcoin Ahead of U.S. Election

機構投資者在美國大選前支持比特幣

In the run-up to the November US presidential election, institutional investors like Paul Tudor Jones, Bernstein, and JP Morgan are becoming more and more positive about Bitcoin.

在 11 月美國總統大選前夕，保羅都鐸瓊斯 (Paul Tudor Jones)、伯恩斯坦 (Bernstein) 和摩根大通 (JP Morgan) 等機構投資者對比特幣越來越看好。

In a research published on October 3rd, JPMorgan stated that investors are opting for gold and Bitcoin as part of a "debasement trade" in anticipation of a "catastrophic scenario" due to increasing global tensions.

摩根大通在 10 月 3 日發布的一項研究中表示，由於全球緊張局勢加劇，投資者預計將出現“災難性場景”，因此他們選擇黃金和比特幣作為“貶值交易”的一部分。

The research, provided with Cointelegraph by JPMorgan, states that "[R]ising geopolitical tensions and the coming [United States] election are likely to reinforce the ‘debasement trade’ thus favoring both gold and Bitcoin."

摩根大通往 Cointelegraph 提供的這項研究指出，“不斷加劇的地緣政治緊張局勢和即將到來的（美國）大選可能會強化‘貶值貿易’，從而有利於黃金和比特幣。”

Debasement Trade Drives Bitcoin and Gold Demand

貶值貿易推動比特幣和黃金需求

"Structurally higher geopolitical uncertainty since 2022, to persistent high uncertainty about the longer-term inflation backdrop, to concerns about […] persistently high government deficits across major economies," JPMorgan said, referring to the so-called debasement trade as an increase in gold demand.

摩根大通表示：「自 2022 年以來，地緣政治不確定性出現結構性上升，長期通膨背景的持續高度不確定性，以及對主要經濟體持續高企的政府赤字的擔憂。」黃金需求。

"All roads lead to inflation" following the US presidential election, according to Jones, who created the hedge fund Tudor Investment Corporation, who expressed his desire for Bitcoin and other commodities on October 22.

創建對沖基金都鐸投資公司的瓊斯表示，美國總統大選後“條條大路通往通貨膨脹”，他於 10 月 22 日表達了對比特幣和其他大宗商品的渴望。

"I probably have some basket of gold, Bitcoin, commodities and Nasdaq [technology stocks] and I would own zero fixed income," Jones stated on CNBC's Squawk Box.

瓊斯在 CNBC 的 Squawk Box 上表示：“我可能有一籃子黃金、比特幣、大宗商品和納斯達克（科技股），而我的固定收益為零。”

Bitcoin Miners to Capitalize on AI Energy Demand

比特幣礦工利用人工智慧能源需求

Bitcoin miners are expected to recover from a post-halving downturn in mid-2024, according to Bernstein, as the sector consolidates and capitalizes on energy demand from artificial intelligence (AI).

Bernstein 表示，隨著該產業整合並充分利用人工智慧 (AI) 的能源需求，比特幣礦商預計將在 2024 年中期從減半後的低迷中復甦。

"We expect Riot, ClearSpark and Marathon to consolidate the Bitcoin mining industry," Bernstein claimed.

伯恩斯坦聲稱：“我們預計 Riot、ClearSpark 和 Marathon 將鞏固比特幣挖礦業。”

AI-Powered Computation Boosts Mining Profits

人工智慧驅動的計算提高了挖礦利潤

The mining rewards for Bitcoin were cut in half in April, going from 6.25 BTC to 3.125 BTC each block.

4 月份，比特幣的挖礦獎勵減少了一半，從每個區塊 6.25 BTC 降至 3.125 BTC。

At the same time, processing power driven by AI is experiencing a meteoric rise in demand.

與此同時，人工智慧驅動的處理能力的需求正在迅速增長。

Reportedly, mining business Luxor CEO Nick Hansen stated that, in comparison to Bitcoin (BTC) mining, miners may earn $2 to $3 per kwH of energy consumed from AI.

據報道，礦業公司 Luxor 執行長 Nick Hansen 表示，與比特幣（BTC）挖礦相比，礦工從人工智慧消耗的每千瓦時能源中可以獲得 2 至 3 美元的收入。

Core Scientific, Hut 8 (HUT), and Hive Digital Technologies (HIVE) are among the Bitcoin miners that are embracing AI as an additional source of revenue.

Core Scientific、Hut 8 (HUT) 和 Hive Digital Technologies (HIVE) 等比特幣礦工都將人工智慧作為額外的收入來源。