比特幣邁向 10 萬美元的動盪之旅：復甦與繁榮

最近，比特幣達到了一個歷史性的里程碑，於2024年12月5日飆升至103,577美元的歷史新高。

Bitcoin's Historic Ascent: From the Brink to $100K and Beyond

比特幣的歷史性上漲：從邊緣到 10 萬美元及以上

Bitcoin recently achieved a historic milestone, soaring to an all-time high of $103,577 on December 5, 2024. This marked a triumphant moment for the digital asset after enduring a prolonged struggle against global inflation, stringent regulations, and vocal detractors over the past few years.

比特幣最近實現了一個歷史性的里程碑，於2024 年12 月5 日飆升至103,577 美元的歷史新高。後的勝利時刻。

Today, Bitcoin's growing popularity has solidified its position as one of the most valuable assets in the world, with its market capitalisation ($1.95 Trillion) almost equalling the GDP of major economies like Canada and Brazil. However, this remarkable ascent did not come without its share of hurdles. The road to $100,000 has been riddled with challenges, controversies, and relentless speculation about Bitcoin’s future. In this article, I’ll explore the tumultuous journey of Bitcoin that led to this achievement and analyse whether its current momentum is sustainable.

如今，比特幣的日益普及鞏固了其作為世界上最有價值資產之一的地位，其市值（1.95 兆美元）幾乎相當於加拿大和巴西等主要經濟體的 GDP。然而，這種顯著的上升並非沒有障礙。通往 10 萬美元的道路充滿了挑戰、爭議和對比特幣未來的無情猜測。在本文中，我將探討比特幣取得這項成就的動盪歷程，並分析其當前的動能是否可持續。

The Collapse: When Bitcoin Tumbled

崩潰：當比特幣暴跌時

At the start of 2022, Bitcoin was in dire straits, languishing below the $20,000 mark—a value not seen in years. The situation worsened in May 2022 when the Terra-Luna crisis wiped out $40-60 billion from the crypto market. Terra, an algorithmic stablecoin, lost its peg to the US dollar, resulting in a catastrophic collapse. Investor confidence plummeted, prompting large-scale withdrawals from exchanges, and liquidity dried up.

2022 年初，比特幣陷入了困境，跌破了 20,000 美元大關——這是多年來從未見過的價格。 2022 年 5 月，情況進一步惡化，Terra-Luna 危機導致加密貨幣市場損失 400-600 億美元。 Terra 是一種演算法穩定幣，失去了與美元的掛鉤，導致了災難性的崩潰。投資者信心暴跌，導致交易所大規模撤資，流動性枯竭。

Even in India, the 2022 Union Budget's announcement of a 30% flat tax on crypto withdrawals caused trading volumes at prominent exchanges like CoinSwitch and CoinDCX to plummet by over 90%.

即使在印度，2022 年聯邦預算宣布對加密貨幣提款徵收 30% 的統一稅，也導致 CoinSwitch 和 CoinDCX 等知名交易所的交易量驟降 90% 以上。

In November of the same year, the crypto world was dealt another blow when FTX, a leading cryptocurrency exchange in the US, declared bankruptcy. Its founder, Sam Bankman-Fried, was implicated in financial misconduct involving customer funds. He remains in jail pending further trial. This scandal further tarnished crypto's reputation, prompting governments to crack down on cryptocurrencies and instead shift focus to blockchain-based Central Bank Digital Currencies (CBDCs). Even in India, to counter the threat of crypto and promote the idea of digital currencies, the government launched its CBDC pilot in December 2022 but the tech didn't reach the final stages facing stiff competition from existing tech like UPI.

同年11月，美國領先的加密貨幣交易所FTX宣布破產，加密世界再次遭受打擊。其創始人山姆·班克曼·弗里德 (Sam Bankman-Fried) 涉嫌涉及客戶資金的金融不當行為。他仍被關在監獄中，等待進一步審判。這場醜聞進一步損害了加密貨幣的聲譽，促使各國政府打擊加密貨幣，轉而將重點轉向基於區塊鏈的中央銀行數位貨幣（CBDC）。即使在印度，為了應對加密貨幣的威脅並推廣數位貨幣的概念，政府於 2022 年 12 月推出了 CBDC 試點，但由於面臨 UPI 等現有技術的激烈競爭，該技術並未進入最後階段。

By the end of 2022, Bitcoin’s market cap had fallen by nearly 80% compared to 2021. For many, it seemed like the era of Bitcoin dominance was over.

到 2022 年底，比特幣的市值與 2021 年相比下降了近 80%。

The Resurgence: A Turning Point for Bitcoin

復興：比特幣的轉折點

Despite the bleak outlook in 2022, the Bitcoin ecosystem began to show signs of recovery by mid-2023. One pivotal development was the introduction of Bitcoin Ordinals, enabling the creation of NFTs (Non-Fungible Tokens) on the Bitcoin blockchain. Although initially controversial, this innovation opened up new possibilities for the network.

儘管 2022 年前景黯淡，但比特幣生態系統在 2023 年中期開始出現復甦跡象。一項關鍵的發展是比特幣序數的引入，使得能夠在比特幣區塊鏈上創建 NFT（不可替代代幣）。儘管最初存在爭議，但這項創新為網路開闢了新的可能性。

Bitcoin’s value steadily climbed past the $20,000 mark in early 2023, buoyed by favourable macroeconomic conditions, slowing Federal Reserve interest rate hikes, and growing institutional interest. By October 2023, Bitcoin had surged to $30,000, signalling a sustained revival.

受有利的宏觀經濟條件、聯準會升息放緩以及機構興趣不斷增長的推動，比特幣的價值在 2023 年初穩步攀升至 20,000 美元大關。到 2023 年 10 月，比特幣已飆升至 30,000 美元，標誌著持續復甦。

Several Factors Contributed to This Resurgence:

有幾個因素促成了這種復甦：

- Global Adoption: Luxury brands like Ferrari, Gucci, and Philipp Plein began accepting Bitcoin payments, expanding its utility.

- 全球採用：法拉利、Gucci 和 Philipp Plein 等奢侈品牌開始接受比特幣支付，擴大了其效用。

- Retail Support: Companies like Home Depot, Microsoft, and Australia’s RelayPay embraced Bitcoin for transactions.

- 零售支援：家得寶、微軟和澳洲的 RelayPay 等公司都採用比特幣進行交易。

- Regulatory Progress: The European Union introduced a regulatory framework for cryptocurrencies, offering legitimacy to the market.

- 監管進展：歐盟推出了加密貨幣監管框架，為市場提供了合法性。

- Institutional Interest: Financial giants such as Blackrock and Fidelity filed for spot Bitcoin ETFs, allowing everyday investors to access Bitcoin without navigating crypto exchanges. This move infused $1.9 billion into newly launched ETFs and further legitimised Bitcoin.

- 機構利益：貝萊德（Blackrock）和富達（Fidelity）等金融巨頭申請了現貨比特幣 ETF，允許普通投資者無需瀏覽加密貨幣交易所即可獲取比特幣。此舉為新推出的 ETF 注入了 19 億美元，並進一步使比特幣合法化。

By the end of 2023, Bitcoin had crossed $40,000, rekindling optimism among crypto enthusiasts and holders.

到 2023 年底，比特幣已突破 4 萬美元，重新點燃了加密貨幣愛好者和持有者的樂觀情緒。

December 2024: The Bitcoin Boom

2024 年 12 月：比特幣繁榮

Bitcoin’s meteoric rise to $103,577 in December 2024 represents its magnificent recovery and its ability to sustain against testing macroeconomic conditions. A significant catalyst for this surge has been the influence of President-elect Donald Trump.

比特幣在 2024 年 12 月迅速上漲至 103,577 美元，代表其巨大的復甦及其承受宏觀經濟條件考驗的能力。當選總統唐納德·川普的影響力是這一激增的重要催化劑。

During his campaign in 2024, Trump positioned himself as the “crypto president,” vowing to transform the United States into the “crypto capital of the planet.” His administration has already begun shaping a favourable crypto landscape by nominating crypto advocate Paul Atkins as chair of the Securities and Exchange Commission (SEC).

在 2024 年競選期間，川普將自己定位為“加密貨幣總統”，誓言要將美國轉變為“地球的加密貨幣之都”。他的政府已經開始透過提名加密貨幣倡導者保羅·阿特金斯（Paul Atkins）擔任美國證券交易委員會（SEC）主席來塑造有利的加密貨幣格局。

In addition, Trump hinted at policies that include tax incentives for crypto investors and a strategic Bitcoin stockpile for the U.S. These moves have instilled confidence among

此外，川普還暗示了一些政策，包括對加密貨幣投資者的稅收激勵措施以及美國的戰略性比特幣儲備。