MicroStrategy 創辦人 Michael Saylor 表示，我們有一位 #Bitcoin 總裁

隨著最近的美國總統大選塵埃落定，唐納德·川普的勝利在金融市場引發了漣漪。

As the dust settles from the recent US presidential election, Donald Trump's victory has sent ripples through financial markets. Notably, JPMorgan analysts predict that both gold and bitcoin are poised for significant gains, highlighting the “debasement trade.”

隨著最近的美國總統大選塵埃落定，唐納德·川普的勝利在金融市場引發了漣漪。值得注意的是，摩根大通分析師預測，黃金和比特幣都將大幅上漲，凸顯了「貶值交易」。

The debasement trade is an investment strategy where investors turn to assets like gold and bitcoin to hedge against the weakening of a currency. This typically occurs during times of inflation or when governments adopt expansionary fiscal policies that increase debt and devalue the currency.

貶值交易是一種投資策略，投資者轉向黃金和比特幣等資產來對沖貨幣貶值。這種情況通常發生在通貨膨脹時期或政府採取擴張性財政政策增加債務並使貨幣貶值時。

“The debasement trade “is likely to be reinforced by both tariffs and geopolitical tensions as well as an expansionary fiscal policy,” wrote JPMorgan's managing director Nikolaos Panigirtzoglou in a report released on Wednesday. “After all, Bitcoin, the other component of the ‘debasement trade’ rallied after the Trump win.”

摩根大通董事總經理尼古拉斯·帕尼吉爾佐格魯(Nikolaos Panigirtzoglou)在周三發布的一份報告中寫道：“關稅、地緣政治緊張局勢以及擴張性財政政策可能會加劇貿易貶值。” “畢竟，’貶值交易’的另一個組成部分——比特幣在川普獲勝後出現了反彈。”

Indeed, the price of Bitcoin skyrocketed to an all-time high of $76,200 on November 6, the day Trump's victory was confirmed. Currently trading around $75,100, Bitcoin's surge reflects market anticipation of favorable policies under the new administration.

事實上，11 月 6 日，川普獲勝確認日，比特幣價格飆升至 76,200 美元的歷史新高。目前比特幣的交易價格約為 75,100 美元，比特幣的飆升反映了市場對新政府有利政策的預期。

Among those closely following Bitcoin's performance is Michael Saylor, founder and chairman of MicroStrategy, the largest public corporate holder of Bitcoin. Saylor expressed his enthusiasm on X, sharing a photo of a Bitcoin flag atop the White House, accompanied by the caption:

密切關注比特幣表現的人包括最大的比特幣上市公司持有者 MicroStrategy 的創始人兼董事長 Michael Saylor。 Saylor 表達了他對 X 的熱情，分享了一張白宮頂上的比特幣旗幟的照片，並附有說明文字：

“We have a #Bitcoin President.”

“我們有一位#Bitcoin 總統。”

Adding to the bullish outlook, MicroStrategy is also embarking on an aggressive bitcoin acquisition strategy, which they are calling the “21/21 plan.” The company aims to raise $42 billion over the next three years – $21 billion from equity and $21 billion from fixed-income securities – to invest in bitcoin.

除了看漲的前景之外，MicroStrategy 還開始實施積極的比特幣收購策略，他們稱之為「21/21 計畫」。該公司計劃在未來三年籌集 420 億美元（其中 210 億美元來自股權，210 億美元來自固定收益證券）來投資比特幣。

“For 2025 alone MicroStrategy would be investing $10 billion into bitcoin which is roughly equal to its cumulative purchases so far since mid-2020!” noted JPMorgan analysts. This substantial investment is bound to significantly impact Bitcoin's market dynamics.

「僅在 2025 年，MicroStrategy 將向比特幣投資 100 億美元，這大致相當於自 2020 年中期以來的累積購買量！”摩根大通分析師指出。這筆巨額投資必將對比特幣的市場動態產生重大影響。

Moreover, Trump's pro-crypto stance has attracted international attention. Leaders like Nayib Bukele, President of El Salvador, a country that adopted Bitcoin as legal tender, congratulated Trump, highlighting the global implications of US crypto policy changes.

此外，川普支持加密貨幣的立場也引起了國際關注。採用比特幣作為法定貨幣的薩爾瓦多總統納伊布·布克萊(Nayib Bukele)等領導人向川普表示祝賀，強調了美國加密貨幣政策變化的全球影響。

During his 2024 presidential campaign, Trump made several promises related to cryptocurrency, which if fulfilled, could create a more favorable regulatory environment in the United States. Among his pledges are firing SEC Chair Gary Gensler, establishing a National Bitcoin Reserve, and eliminating capital gains tax on Bitcoin transactions.

川普在 2024 年總統競選期間做出了多項與加密貨幣相關的承諾，如果這些承諾得以兌現，可能會在美國創造更有利的監管環境。他的承諾包括解僱 SEC 主席加里·詹斯勒 (Gary Gensler)、建立國家比特幣儲備以及取消比特幣交易的資本利得稅。

Meanwhile, JPMorgan analysts also emphasize the importance of central bank activities in shaping the future of gold. After significant gold purchases in 2022 following the Ukraine conflict and sanctions on Russia, central banks like China's have paused acquisitions. However, ongoing geopolitical tensions may prompt renewed diversification away from dollar reserves into gold.

同時，摩根大通分析師也強調了央行活動對於塑造黃金未來的重要性。烏克蘭衝突和俄羅斯制裁導致 2022 年大量購買黃金後，中國等央行已暫停購買黃金。然而，持續的地緣政治緊張局勢可能會促使人們重新從美元儲備轉向黃金儲備。

Interestingly, retail investors have been increasing their holdings in both gold and Bitcoin, with heightened investments in ETFs since last summer. As Trump's policies tend to favor alternative assets, JPMorgan expects this trend to continue into 2025.

有趣的是，自去年夏天以來，散戶投資者一直在增加黃金和比特幣的持有量，並增加了對 ETF 的投資。由於川普的政策傾向另類資產，摩根大通預計這一趨勢將持續到 2025 年。

Lastly, when asked about a 2025 price target for Bitcoin, Panigirtzoglou stated that they “are positive on Bitcoin into 2025”, but refrained from specifying a figure. Nevertheless, the combined effect of policy changes, corporate investments, and global market dynamics suggests a bullish horizon for both Bitcoin and gold.

最後，當被問及比特幣 2025 年的價格目標時，Panigirtzoglou 表示，他們“對 2025 年比特幣持積極態度”，但沒有具體說明具體數字。儘管如此，政策變化、企業投資和全球市場動態的綜合影響表明比特幣和黃金都看漲。