隨著加密貨幣採用趨勢升溫，Coinbase (COIN) 股價在 2024 年上漲 42.8%

根據標準普爾全球市場情報提供的數據，加密貨幣公司 Coinbase Global (COIN -0.47%) 的股價在 2024 年上漲了 42.8%。

Coinbase (NASDAQ:COIN) stock soared 42.8% in 2024, easily outpacing the broader market. The cryptocurrency space came roaring back to life throughout the year. And given that Coinbase is a leading cryptocurrency infrastructure company, it's not surprising to see it enjoy big gains.

Coinbase（納斯達克股票代碼：COIN）股價在 2024 年飆升 42.8%，輕鬆超過大盤。加密貨幣領域在這一年中重新煥發了生機。鑑於 Coinbase 是一家領先的加密貨幣基礎設施公司，看到它獲得巨大收益也就不足為奇了。

Several factors contributed to Coinbase's strong performance in 2024.

多種因素促成了 Coinbase 在 2024 年的強勁表現。

The obvious catalyst were the big gains from Bitcoin (CRYPTO:BTC), the largest cryptocurrency in the world. Bitcoin's price increased by 119% last year. And whenever this happens, it fuels massive interest for the space generally, which is a tailwind for Coinbase.

明顯的催化劑是世界上最大的加密貨幣比特幣（CRYPTO：BTC）的巨大收益。比特幣的價格去年上漲了 119%。每當這種情況發生時，都會引發對該領域的巨大興趣，這對 Coinbase 來說是一個順風車。

But the less obvious tailwind for Coinbase was the adoption trend for USD Coin (CRYPTO:USDC). It's a stablecoin, and its price consequently shouldn't change. By contrast, its market capitalization does go up, and it highlights adoption trends.

但對 Coinbase 來說不太明顯的推動因素是美元硬幣（CRYPTO：USDC）的採用趨勢。它是一種穩定幣，因此其價格不應改變。相比之下，它的市值確實有所上升，並且凸顯了採用趨勢。

USD Coin started 2024 with a roughly $25 billion market cap and ended with a market cap closer to $44 billion, according to CoinMarketCap. That 76% increase is consequential, as I'll explain.

根據 CoinMarketCap 的數據，美元幣 2024 年年初的市值約為 250 億美元，結束時市值接近 440 億美元。正如我將解釋的那樣，76% 的成長是必然的。

Moreover, with the U.S. election cycle, many politicians aligned themselves with a pro-crypto message, including President-elect Donald Trump. This further bolsters confidence in long-term cryptocurrency adoption, to the likely benefit of Coinbase.

此外，隨著美國大選週期的到來，許多政客都支持加密貨幣，其中包括當選總統唐納德·川普。這進一步增強了人們對長期採用加密貨幣的信心，這可能會為 Coinbase 帶來好處。

Multiple things are driving growth for Coinbase

多種因素正在推動 Coinbase 的成長

Coinbase has only reported financial results for the first three quarters of 2024 so far. But revenue for those three quarters was 99% higher than the same three quarters of 2023. And if that's not exciting enough, the company already has nearly $1.3 billion in net income for the year.

截至目前，Coinbase 僅公佈了 2024 年前三季的財務業績。但這三個季度的營收比 2023 年同三個季度高出 99%。

Granted, much of this is the result of gains on its crypto investments. But the business is profitable as well.

誠然，這很大程度上是其加密貨幣投資收益的結果。但這項業務也是有利可圖的。

Gains are coming from multiple areas. For starters, trading volume for retail investors is soaring -- in the third quarter, it was up over 200% year over year.

收益來自多個領域。首先，散戶投資者的交易量正在飆升——第三季度同比增長超過 200%。

Revenue from enterprises was also up -- Coinbase is viewed as a trustworthy crypto partner for these customers with particular needs. For one example, as of Q3, there were 20 approved exchange-traded funds (ETFs) for crypto. Coinbase was the custodian for 17 of them.

企業的收入也有所增加——Coinbase 被視為這些有特殊需求的客戶值得信賴的加密貨幣合作夥伴。例如，截至第三季度，已有 20 隻獲得批准的加密貨幣交易所交易基金 (ETF)。 Coinbase 是其中 17 個的託管人。

Finally, USD Coin's controlling company, Circle, holds cash reserves so that users can quickly redeem stablecoins if they so choose. But it earns interest on these deposits. For its part, Coinbase also partly owns the project. Therefore, as the cash balance for USD Coin goes up (which is what its market cap shows), Coinbase earns more money for its share of the project.

最後，USD Coin 的控股公司 Circle 持有現金儲備，以便用戶可以根據需要快速兌換穩定幣。但它可以從這些存款中賺取利息。就 Coinbase 而言，它也擁有該專案的部分所有權。因此，隨著 USD Coin 的現金餘額增加（這就是其市值所顯示的），Coinbase 可以從其項目份額中賺取更多的錢。

Could Coinbase stock keep rising?

Coinbase 股價還能繼續上漲嗎？

The cryptocurrency space notoriously has ups and downs. It's undeniable in an uptrend right now. And if this crypto bull market is as long as past ones, then 2025 could be another good year for crypto and crypto stocks such as Coinbase.

眾所周知，加密貨幣領域有起有落。不可否認，目前處於上升趨勢。如果這次加密貨幣牛市和過去的牛市一樣長，那麼 2025 年對於加密貨幣和 Coinbase 等加密貨幣股票來說可能又是一個好年。

I'm cautiously optimistic about Coinbase's prospects in the coming year. But I'm also watching whether U.S. politicians bring greater clarity to the space in the coming year as promised.

我對 Coinbase 來年的前景持謹慎樂觀態度。但我也在關注美國政界人士是否會像承諾的那樣在來年更加明確這一領域。

In closing, there could be noteworthy regulatory changes in 2025 that are material for Coinbase's business long term.

最後，2025 年可能會出現值得注意的監管變化，這對 Coinbase 的長期業務至關重要。