加密貨幣產業將於 2025 年迎來重大轉型

隨著 2025 年的臨近，加密貨幣產業即將迎來重大轉型。繼 1 月現貨比特幣 ETF 獲得批准後，2024 年迎來了突破性的一年，更重大的變化即將到來。這些發展正在重塑投資策略並吸引政治關注。

2025 promises to be a pivotal year for the cryptocurrency industry, with major shifts on the horizon that will reshape investment strategies and attract political attention. Here's a glimpse into what to expect:

2025 年有望成為加密貨幣產業的關鍵一年，即將發生的重大轉變將重塑投資策略並吸引政治關注。以下是我們所期待的一瞥：

After a groundbreaking 2024 with the approval of spot Bitcoin ETFs in January, more substantial changes are to come. As January 2024 saw the introduction of spot Bitcoin ETFs, accessing Bitcoin became straightforward and regulated, rendering crypto-trading brokers unnecessary. These ETFs brought in over $20 billion, exceeding expectations. Although there was a dip in August, the trend has since resumed, drawing a diverse range of investors.

繼 1 月現貨比特幣 ETF 獲得批准後，2024 年迎來了突破性的一年，更重大的變化即將到來。隨著 2024 年 1 月現貨比特幣 ETF 的推出，存取比特幣變得簡單且受監管，使得加密貨幣交易經紀人變得不必要。這些ETF帶來了超過200億美元的收益，超出了預期。儘管八月份出現下滑，但此後趨勢又恢復，吸引了不同類型的投資者。

Now, as 2025 approaches, this momentum is expected to pave the way for more crypto ETFs. July 2024 saw the introduction of spot Ethereum ETFs, hinting at future launches for other major cryptocurrencies like Solana and XRP. These assets, ranking high in market capitalization, are strong candidates for ETF inclusion, further legitimizing the crypto market.

現在，隨著 2025 年的臨近，這種勢頭預計將為更多加密 ETF 鋪平道路。 2024 年 7 月推出了現貨以太坊 ETF，暗示未來還將推出 Solana 和 XRP 等其他主要加密貨幣。這些資產的市值排名較高，是 ETF 納入的有力候選者，進一步使加密貨幣市場合法化。

In fact, Bitwise filed for an XRP ETF earlier this month. With the SEC expected to approve more Bitcoin ETFs and other crypto ETFs in 2025, this could be a major boon for the crypto industry, opening up new avenues for investment and driving broader adoption of digital assets.

事實上，Bitwise 本月稍早申請了 XRP ETF。由於 SEC 預計將在 2025 年批准更多的比特幣 ETF 和其他加密 ETF，這可能對加密行業來說是一個重大福音，開闢新的投資途徑並推動數位資產的更廣泛採用。

The United States still lacks a comprehensive set of crypto regulations, but this is poised to change in 2025. Both Republicans and Democrats agree on the need for clear regulations, pushing for legislative reforms that could reshape crypto governance. Currently, the regulatory system, based on a 1946 Supreme Court case about Florida citrus groves, is outdated and unsuitable for modern financial tools like cryptocurrencies.

美國仍然缺乏一套全面的加密貨幣法規，但這種情況有望在 2025 年發生改變。目前，基於 1946 年最高法院關於佛羅裡達柑橘園案件的監管體系已經過時，不適合加密貨幣等現代金融工具。

In response, new laws are expected to provide clear guidelines for crypto regulation. There is ongoing debate about whether the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) should lead. Pro-crypto advocates are also calling for a new leader at the SEC who supports cryptocurrency. These regulatory updates are vital for providing stability and clarity in the crypto market, as well as promoting growth and innovation.

作為回應，新法律預計將為加密貨幣監管提供明確的指導方針。關於是否應由美國證券交易委員會 (SEC) 還是商品期貨交易委員會 (CFTC) 主導的爭論仍在繼續。支持加密貨幣的倡導者也呼籲美國證券交易委員會任命一位支持加密貨幣的新領導人。這些監管更新對於提供加密市場的穩定性和清晰度以及促進成長和創新至關重要。

Despite regulatory uncertainty, Coinbase Global has been advocating for fair and clear regulations, highlighting its conflicts with the SEC. The push for regulatory change is not just about governance; it’s about ensuring the crypto industry can thrive without being hindered by outdated rules that no longer apply to digital assets.

儘管監管存在不確定性，Coinbase Global 一直主張公平和明確的監管，並強調其與 SEC 的衝突。推動監管變革不僅涉及治理，也涉及治理。這是為了確保加密產業能夠蓬勃發展，而不會受到不再適用於數位資產的過時規則的阻礙。

Bitcoin is set to become a key asset for the U.S. government in 2025. Calls for government support of the Bitcoin mining industry are growing, positioning Bitcoin as a tool to address national financial challenges. Some policymakers see Bitcoin as a potential solution to the $35 trillion national debt, suggesting its growth could outpace debt accumulation and help manage the debt burden.

比特幣將在 2025 年成為美國政府的重要資產。一些政策制定者將比特幣視為解決 35 兆美元國家債務的潛在解決方案，表明其成長速度可能超過債務累積並有助於管理債務負擔。

For instance, U.S. Senator Cynthia Lummis (R-Wyoming) has introduced legislation for a strategic Bitcoin reserve. The proposal involves purchasing one million BTC over several years, creating a reserve that could be used to pay down national debt. This initiative highlights the growing link between cryptocurrency and national economic strategies, reflecting Bitcoin’s increasing legitimacy.

例如，美國參議員辛西婭·魯米斯（懷俄明州共和黨人）提出了比特幣戰略儲備立法。該提案涉及在幾年內購買 100 萬個比特幣，創建可用於償還國家債務的儲備。這項措施凸顯了加密貨幣與國家經濟戰略之間日益緊密的聯繫，反映出比特幣日益增強的合法性。

These developments will be heavily influenced by the political landscape. The potential reelection of Donald Trump, who has declared himself the first pro-Bitcoin president, could speed up these changes. Trump’s vision of making America the “crypto capital of the planet” resonates with many investors, though it raises concerns for others wary of rapid, large-scale adoption. For crypto enthusiasts, Trump’s stance represents a significant endorsement that could drive further investment and innovation within the sector.

這些事態發展將很大程度上受到政治格局的影響。唐納德·川普宣布自己是第一位支持比特幣的總統，他的連任可能會加速這些變化。川普讓美國成為「地球加密貨幣之都」的願景引起了許多投資者的共鳴，儘管這引起了其他人對快速、大規模採用持謹慎態度的擔憂。對於加密貨幣愛好者來說，川普的立場代表了重要的認可，可以推動該行業的進一步投資和創新。

Investors eyeing 2025 should rethink their portfolios to capitalize on expected changes. Bitcoin leads, holding over half the crypto market cap. Regulatory and political shifts mainly affect Bitcoin, making it the biggest beneficiary of upcoming developments. Diversifying into other major cryptocurrencies like Ethereum, Solana, and XRP through new ETFs could also be profitable.

著眼於 2025 年的投資者應該重新考慮他們的投資組合，以利用預期的變化。比特幣處於領先地位，佔據加密貨幣市值的一半以上。監管和政治變化主要影響比特幣，使其成為未來發展的最大受益者。透過新的 ETF 多元化投資以太幣、Solana 和 XRP 等其他主要加密貨幣也可能有利可圖。

However, the broader effects of new crypto laws remain unclear. Watching international trends, like the EU’s Markets in Crypto-Assets (MiCA) regulation starting in December 2024, offers valuable insights. MiCA sets a legal framework for crypto assets in the EU, potentially influencing U.S. regulations. These global trends will likely shape the U.S. crypto scene, so investors must stay informed and flexible.

然而，新加密法更廣泛的影響仍不清楚。觀察國際趨勢，例如 2024 年 12 月開始實施的歐盟加密資產市場 (MiCA) 監管，可以提供寶貴的見解。 MiCA 為歐盟的加密資產制定了法律框架，可能會影響美國的法規。這些全球趨勢可能會塑造美國的加密貨幣場景，因此投資者必須保持知情並保持靈活性。

The 2024 presidential election outcome is another key factor that could impact the crypto market for years. A post-election rally, especially under a pro-crypto administration, could boost growth and integrate cryptocurrencies into mainstream finance. Conversely, a different political result might bring new challenges and uncertainties.

2024 年總統大選結果是可能影響加密貨幣市場多年的另一個關鍵因素。選舉後的反彈，尤其是在支持加密貨幣的政府領導下，可能會促進成長並將加密貨幣納入主流金融。相反，不同的政治結果可能會帶來新的挑戰和不確定性。