2025 年加密產業：唐納德·川普支持加密議程下的黃金時代

加密產業正處於十字路口，在有利的監管推動下，2025 年預計將實現前所未有的成長，這可能為 ETF 鋪平道路

The crypto industry is poised for a year of unprecedented growth in 2025, driven by favorable regulations, ETF (exchange-traded funds) approvals, institutional participation, and the emerging concept of Bitcoin (BTC) reserves in national treasuries.

在有利的監管、ETF（交易所交易基金）批准、機構參與以及國家財政部中比特幣（BTC）儲備這一新興概念的推動下，加密行業預計將在 2025 年實現前所未有的增長。

With Donald Trump’s pro-crypto agenda gaining significant momentum, the stage is being set for a promising year for digital assets.

隨著唐納德·川普的支持加密貨幣議程獲得巨大動力，數位資產充滿希望的一年即將到來。

Positive Regulations Under Donald Trump: A Pro-Crypto Blueprint

唐納德·川普的積極監管：支持加密貨幣的藍圖

Donald Trump’s re-election could herald a golden age for the crypto industry. Trump’s policy blueprint, which analysts have highlighted as pro-business and crypto-friendly, is already creating optimism across the sector. During his campaign, Trump expressed strong support for cryptocurrencies, framing them as critical to maintaining US competitiveness in the global financial system.

唐納德·川普的連任可能預示著加密產業的黃金時代。分析師強調川普的政策藍圖有利於商業和加密貨幣友好，已經在整個行業中創造了樂觀情緒。在競選期間，川普表達了對加密貨幣的強烈支持，認為加密貨幣對於維持美國在全球金融體系中的競爭力至關重要。

His victory, according to analysts, could lead to an era of positive regulatory clarity that encourages innovation while providing guardrails for investor protection. Already, Trump’s early moves signal his commitment to fostering crypto adoption. Notably, his appointment of Paul Atkins as the new SEC chair has generated waves in the crypto arena.

分析師認為，他的勝利可能會帶來一個積極監管明確的時代，鼓勵創新，同時為投資者保護提供護欄。川普的早期舉動已經表明了他對促進加密貨幣採用的承諾。值得注意的是，他任命保羅·阿特金斯（Paul Atkins）為新任 SEC 主席，在加密貨幣領域引起了轟動。

Atkins, known for his deregulatory stance and pro-crypto sentiment, is expected to reverse the hostile policies of his predecessor, Gary Gensler. Atkins’ leadership will likely focus on eliminating excessive regulatory burdens, fostering clearer guidelines for token classification, and expediting the approval of crypto-based financial products.

阿特金斯以其放鬆管制的立場和支持加密貨幣的情緒而聞名，預計他將扭轉其前任加里·詹斯勒(Gary Gensler)的敵對政策。阿特金斯的領導可能會專注於消除過多的監管負擔，制定更清晰的代幣分類指南，並加快基於加密貨幣的金融產品的批准。

In addition, Trump has appointed David Sacks as a “crypto czar,” further underlining his administration’s focus on digital assets. Sacks has already positioned himself as a strong opponent of Operation Choke Point 2.0, a controversial initiative that many believe unfairly targeted the crypto industry by restricting access to banking services. Sacks has vowed to dismantle these barriers, allowing crypto firms to operate more freely and access critical financial infrastructure.

此外，川普還任命大衛·薩克斯為“加密貨幣沙皇”，進一步凸顯了其政府對數位資產的關注。薩克斯已經將自己定​​位為「窒息點行動 2.0」的強烈反對者，這是一項有爭議的舉措，許多人認為該舉措通過限制銀行服務的訪問來不公平地針對加密行業。薩克斯發誓要消除這些障礙，讓加密貨幣公司能夠更自由地運作並訪問關鍵的金融基礎設施。

“There are too many stories of people being hurt by Operation Choke Point 2.0. It needs to be looked at,” he said.

「有太多人們因『窒息點行動 2.0』而受傷的故事。需要對其進行研究，」他說。

With these appointments and policies, Trump’s administration is already laying the groundwork for a promising 2025, one where the crypto industry can thrive under supportive regulations.

透過這些任命和政策，川普政府已經為充滿希望的 2025 年奠定了基礎，加密產業可以在支持性法規的支持下蓬勃發展。

More ETF Approvals: A Gradual Expansion of Crypto Financial Products

更多 ETF 核准：加密金融產品逐步擴展

Another significant development in the crypto space is the rise of exchange-traded funds (ETFs). While Bitcoin and Ethereum ETFs have seen growing acceptance, analysts are now eyeing the next phase of approvals, which could include altcoins.

加密貨幣領域的另一個重大發展是交易所交易基金（ETF）的興起。雖然比特幣和以太坊 ETF 的接受度越來越高，但分析師現在正在關注下一階段的批准，其中可能包括山寨幣。

Solana ETF prospects have attracted significant attention following NYSE and Grayscale’s recent filing for approval with the SEC. However, experts caution that a Solana ETF remains unlikely in the immediate future due to regulatory uncertainty and lingering concerns about decentralization.

在 NYSE 和 Grayscale 最近向 SEC 提交批准申請後，Solana ETF 的前景引起了廣泛關注。然而，專家警告稱，由於監管不確定性和對權力下放的擔憂揮之不去，Solana ETF 在不久的將來仍然不太可能出現。

Similarly, an XRP ETF has emerged as a strong contender. WisdomTree’s recent filing for a spot XRP ETF has created chatter, while Ripple CEO Brad Garlinghouse has called the approval of an XRP ETF “inevitable” as regulatory clarity improves. Market demand for XRP-based products remains high, further increasing the likelihood of approval in the coming months.

同樣，XRP ETF 已成為強而有力的競爭者。 WisdomTree 最近提交的 XRP ETF 現貨申請引發了爭議，而 Ripple 執行長 Brad Garlinghouse 表示，隨著監管透明度的提高，XRP ETF 的批准是「不可避免的」。市場對基於 XRP 的產品的需求仍然很高，這進一步增加了未來幾個月獲得批准的可能性。

Additionally, Bitwise has expressed interest in a broader suite of crypto ETFs, including an ambitious proposal for a 10-crypto index ETF.

此外，Bitwise 還表達了對更廣泛的加密 ETF 套件的興趣，其中包括一項雄心勃勃的 10 種加密指數 ETF 提案。

Meanwhile, HBAR, Hedera Hashgraph’s native token, has also entered the ETF discussion. Canary Capital has filed for an HBAR ETF, marking yet another step toward mainstream institutional acceptance.

同時，Hedera Hashgraph的原生代幣HBAR也進入了ETF討論。 Canary Capital 已申請 HBAR ETF，標誌著向主流機構接受又邁出了一步。

Despite this progress, however, BlackRock, the largest asset management firm, remains conservative. It continues to prioritize only Bitcoin and Ethereum ETFs while steering clear of altcoin offerings for the time being.

然而，儘管取得了這些進展，最大的資產管理公司貝萊德仍然保持保守。它繼續優先考慮比特幣和以太坊 ETF，同時暫時避開山寨幣產品。

If more ETFs gain approval, crypto assets will become increasingly accessible to institutional investors and retail traders alike. This would inject fresh liquidity into the market and drive broader adoption.

如果更多的 ETF 獲得批准，機構投資者和散戶交易者將越來越容易獲得加密資產。這將為市場注入新的流動性並推動更廣泛的採用。

Entry of More Institutional Investors

更多機構投資者進入

Institutional investors are expected to play a pivotal role in 2025, further legitimizing cryptocurrencies as an asset class. Trump’s pro-business stance and regulatory reforms are already paving the way for greater institutional participation.

預計機構投資者將在 2025 年發揮關鍵作用，進一步使加密貨幣作為資產類別合法化。川普的親商立場和監管改革已經為更大程度的機構參與鋪平了道路。

From hedge funds to pension plans, large financial players are exploring crypto as a hedge against inflation, currency devaluation, and global economic uncertainty. As ETF products roll out and regulatory clarity improves, institutional inflows into crypto are likely to accelerate, strengthening market stability and driving prices upward.

從對沖基金到退休金計劃，大型金融機構正在探索利用加密貨幣來對沖通膨、貨幣貶值和全球經濟不確定性。隨著 ETF 產品的推出和監管透明度的提高，機構資金流入加密貨幣可能會加速，從而加強市場穩定性並推動價格上漲。

Bitcoin Reserve Strategy in the US

美國的比特幣儲備策略

One of the most groundbreaking developments under Trump’s administration could be the formal adoption of Bitcoin reserves in the United States. Trump recently emphasized his commitment to advancing a Bitcoin reserve strategy, calling it a necessary step for securing the nation’s financial sovereignty.

川普政府最具突破性的進展之一可能是美國正式採用比特幣儲備。川普最近強調了他對推動比特幣儲備戰略的承諾，稱這是確保國家金融主權的必要步驟。

The Bitcoin reserve bill has already gained bipartisan support, signaling that the concept is being taken seriously across political divides. Notably, Senator Cynthia Lummis has proposed funding the reserve by selling portions of the US gold holdings, marking a strategic pivot toward digital assets.

比特幣儲備法案已經獲得了兩黨的支持，這表明這個概念正在跨越政治分歧而被認真對待。值得注意的是，參議員辛西婭·魯米斯 (Cynthia Lummis) 提議透過出售部分美國黃金儲備來為儲備提供資金，這標誌著向數位資產的戰略支點。

Several US states have already embraced this trend. Florida’s CFO endorsed a Bitcoin reserve, while Pennsylvania and Texas have introduced similar proposals, reflecting growing state-level support for

美國的幾個州已經接受了這個趨勢。佛羅裡達州的財務長支持建立比特幣儲備，而賓州和德州也提出了類似的提議，反映出州級對比特幣的支持不斷增加