川普勝選後資金湧入加密貨幣，比特幣攀升至歷史新高

分析師將近期的收益很大程度上歸功於即將上任的政府預期的「加密貨幣友善」性質，這可能會轉化為監管更加明確，但也有迴旋餘地。

As more money pours into crypto following Donald Trump's victory last week, bitcoin has climbed to yet another record high.

唐納德·川普上週獲勝後，隨著更多資金湧入加密貨幣，比特幣已攀升至另一個歷史新高。

The world's largest cryptocurrency topped $87,000 for the first time on Monday. As of around 3:45 p.m. ET, bitcoin's price stood at $87,083, per CoinDesk, up over 28% in the last week alone.

全球最大的加密貨幣週一首次突破 87,000 美元。根據 CoinDesk 的數據，截至美國東部時間下午 3:45 左右，比特幣價格為 87,083 美元，僅上週就上漲了 28% 以上。

That's part of a rally across cryptocurrencies and crypto-related investments since Trump won the U.S. presidential election last week. Analysts credit much of the recent gains to an anticipated “crypto-friendly” nature of the incoming administration, which could translate into more regulatory clarity but also leeway.

這是自川普上週贏得美國總統大選以來加密貨幣和加密相關投資反彈的一部分。分析師將近期的收益很大程度上歸功於即將上任的政府預期的「加密貨幣友善」性質，這可能會轉化為監管更加明確，但也有迴旋餘地。

Still, as with everything in the volatile cryptoverse, the future is hard to predict. And while some are bullish, others continue to warn of investment risks.

儘管如此，與動盪的加密世界中的一切一樣，未來很難預測。儘管有些人看好，但有些人則繼續警告投資風險。

Here's what you need to know.

這是您需要了解的內容。

What is cryptocurrency again?

加密貨幣又是什麼？

Cryptocurrency has been around for a while now, but has come under the spotlight in recent years.

加密貨幣已經存在了一段時間，但近年來才受到關注。

In basic terms, cryptocurrency is digital money. This kind of currency is designed to work through an online network without a central authority — meaning it's typically not backed by any government or banking institution — and transactions get recorded with technology called a blockchain.

從根本上來說，加密貨幣是數位貨幣。這種貨幣旨在透過沒有中央權威的線上網路運作——這意味著它通常不受任何政府或銀行機構的支持——並且交易透過稱為區塊鏈的技術進行記錄。

Bitcoin is the largest and oldest cryptocurrency, although other assets like Ethereum, Tether and Dogecoin have gained popularity over the years. Some investors see cryptocurrency as a “digital alternative” to traditional money — but it can be very volatile, and reliant on larger market conditions.

比特幣是最大、最古老的加密貨幣，儘管以太幣、Tether 和狗狗幣等其他資產多年來也越來越受歡迎。一些投資者將加密貨幣視為傳統貨幣的“數位替代品”，但它可能非常不穩定，並依賴更大的市場條件。

Why are bitcoin and other crypto assets soaring now?

為什麼比特幣和其他加密資產現在飆升？

A lot of it has to do with the outcome of last week's election.

這在很大程度上與上週的選舉結果有關。

Trump was previously a crypto skeptic, but changed his mind and embraced cryptocurrencies during this year's presidential race. He has pledged to make the U.S. “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.

川普先前是加密貨幣懷疑論者，但在今年的總統競選期間改變了主意並接受了加密貨幣。他承諾讓美國成為“地球的加密之都”，並建立比特幣的“戰略儲備”。他的競選活動接受了加密貨幣捐款，並在 7 月的比特幣會議上吸引了粉絲。他還創辦了 World Liberty Financial，這是一家與家族成員一起交易加密貨幣的新企業。

Crypto industry players welcomed Trump’s victory, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for. And Trump had previously promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the U.S. government’s crackdown on the crypto industry and repeatedly called for more oversight.

加密產業參與者對川普的勝利表示歡迎，希望他能推動他們長期以來一直遊說的立法和監管改革。而川普先前曾承諾，如果當選，他將罷免美國證券交易委員會主席加里·詹斯勒(Gary Gensler)，後者一直領導美國政府打擊加密貨幣行業，並多次呼籲加強監管。

“Crypto rallied as Election Day progressed into the night and as it became increasingly clear that Trump would emerge victorious,” Citi analysts David Glass and Alex Saunders wrote in a Friday research note, pointing to larger industry sentiment around Trump being “crypto-friendly" and a potential shift in regulatory backing.

花旗分析師大衛·格拉斯（David Glass）和亞歷克斯·桑德斯（Alex Saunders）在周五的研究報告中寫道：「隨著選舉日進入深夜，隨著川普將獲勝的情況越來越明顯，加密貨幣上漲。

Even before the post-election rally, assets like bitcoin posted notable gains over the past year or so. Much of the credit goes to early success of a new way to invest in the asset: spot bitcoin ETFs, which were approved by U.S. regulators in January.

即使在大選後反彈之前，比特幣等資產在過去一年左右的時間裡也取得了顯著的成長。這在很大程度上要歸功於一種新的資產投資方式的早期成功：現貨比特幣 ETF，該產品於 1 月獲得美國監管機構的批准。

Inflows into spot ETFs, or exchange-traded funds, "have been the dominant driver of Bitcoin returns from some time, and we expect this relationship to continue in the near-term,” Glass and Saunders noted. They added that spot crypto ETFs saw some of their largest inflows on record in the days following the election.

Glass 和Saunders 指出，流入現貨ETF（即交易所交易基金）「一段時間以來一直是比特幣回報的主要驅動力，我們預計這種關係在短期內將持續下去」。到了比特幣收益的增長。

What are the risks?

有哪些風險？

Crypto assets like bitcoin have a history of drastic swings in value — which can come suddenly and happen over the weekend or overnight in trading that continues at all hours, every day.

像比特幣這樣的加密資產有著價值劇烈波動的歷史——這種波動可能會突然發生，並發生在周末或過夜的交易中，每天都在持續進行。

In short, history shows you can lose money as quickly as you've made it. Long-term price behavior relies on larger market conditions.

簡而言之，歷史表明，你賺錢的速度和賠錢的速度一樣快。長期價格行為依賴更大的市場條件。

At the start of the COVID-19 pandemic, bitcoin stood at just over $5,000. Its price climbed to nearly $69,000 by November 2021, in a time marked by high demand for technology assets, but later crashed during an aggressive series of Federal Reserve rate hikes aimed at curbing inflation. Then came the 2022 collapse of FTX, which significantly undermined confidence in crypto overall.

在 COVID-19 大流行開始時，比特幣價格略高於 5,000 美元。到 2021 年 11 月，科技資產需求旺盛，其價格攀升至近 69,000 美元，但後來在聯準會旨在抑制通膨的一系列激進升息期間暴跌。然後 FTX 於 2022 年崩潰，這極大地削弱了人們對加密貨幣的整體信心。

At the start of last year, a single bitcoin could be had for less than $17,000. Investors, however, began returning in large numbers as inflation started to cool — and gains skyrocketed on the anticipation and then early success of spot ETFs. While some crypto supporters see the potential for more record-breaking days, experts still stress caution, especially for small-pocketed investors.

去年年初，單一比特幣的價格不到 17,000 美元。然而，隨著通膨開始降溫，投資者開始大量回歸，由於現貨 ETF 的預期和早期成功，收益飆升。儘管一些加密貨幣支持者看到了更多破紀錄日子的潛力，但專家們仍然強調謹慎，尤其是對於財力有限的投資者。

“Investors should only dabble in crypto with money that they can be prepared to lose,” Susannah Streeter, head of money and markets at Hargreaves Lansdown, said last week. “Because we’ve seen these wild swings in the past.”

Hargreaves Lansdown 貨幣和市場主管 Susannah Streeter 上週表示：“投資者應該只用可以承受損失的資金來涉足加密貨幣。” “因為我們過去見過這些劇烈的波動。”

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