巴基斯坦的金融市場著火了，但是每個投資者的想法都有一個問題：您應該把錢放在哪裡？

這些數字令人驚嘆。 KSE-100指數在2024年飆升了84％，仍在攀升，而在大規模集會後，黃金躍升了19.2％。

Pakistan’s financial markets are sizzling hot, but with stocks, gold, and crypto all making headlines, investors are burning a question: Where should you put your money?

巴基斯坦的金融市場嘶啞，但是股票，黃金和加密貨幣都成為頭條新聞，投資者正在燃燒一個問題：您應該把錢放在哪裡？

The KSE-100 Index soared 84% in 2024 and is still climbing, while gold prices shot up 19.2% after a massive rally. Meanwhile, crypto adoption in Pakistan is booming, with 20 million users reportedly engaging in digital assets.

KSE-100指數在2024年飆升了84％，仍在攀升，而在大規模集會後，黃金價格上漲了19.2％。同時，巴基斯坦的加密採用率正在蓬勃發展，據報導，有2000萬用戶從事數字資產。

But as investment avenues multiply, the question remains: What’s the smartest bet? Should you stick with traditional assets like stocks and gold, or is it time to experiment with the volatile world of crypto?

但是，隨著投資途徑的增加，問題仍然存在：最明智的賭注是什麼？您是否應該堅持使用股票和黃金等傳統資產，還是該嘗試揮發性世界的加密世界了？

Let’s break down the pros and cons of each asset class and see what experts have to say.

讓我們分解每個資產類別的利弊，看看專家必須說些什麼。

Stocks: The Long-Term Stability

股票：長期穩定

Experts like Mustafa Fahim, an investment banker, advise keeping 60-70% of a portfolio in stocks, especially blue-chip companies and index funds, for long-term stability and solid returns.

投資銀行家穆斯塔法·法希姆（Mustafa Fahim）等專家建議將60-70％的投資組合保留在股票中，尤其是藍籌公司和指數基金，以提供長期穩定和穩定的回報。

Over the years, the PSX has delivered an annualized average return of 20%, making it a reliable choice. However, stocks are known for their volatility, especially in the short term.

多年來，PSX的年平均水平為20％，使其成為可靠的選擇。但是，股票以波動性而聞名，尤其是在短期內。

This year alone, the KSE-100 Index has shot up 84%, which is an incredible feat. While some analysts predict another 35-40% return in the next year with the IMF review boosting investor confidence, such gains are yet to be seen.

僅在今年，KSE-100指數就投入了84％，這是一項令人難以置信的壯舉。儘管一些分析師預測，隨著國際貨幣基金組織審查增強了投資者的信心，明年再有35-40％的回報，但尚待看到這些收益。

Gold: Safe Haven or Missed Opportunity?

黃金：避風港還是錯過的機會？

Gold is often the go-to asset in uncertain times. It’s stable, easy to liquidate, and has recently surged past Rs325,000 per tola. But is it the best place to park your money?

黃金通常是不確定時期的首選資產。它穩定，易於清算，最近又飆升了325,000盧比。但這是停放您的錢的最佳場所嗎？

Analysts like Shankar Talreja argue that gold’s rally may be slowing down, with future gains likely to be lower than last year.

像Shankar Talreja這樣的分析師認為，黃金的集會可能正在放緩，未來的收益可能低於去年。

Historically, gold’s long-term returns pale in comparison to stocks. While it remains a great stabilizer in any portfolio, relying too heavily on it could mean missing out on bigger opportunities.

從歷史上看，與股票相比，黃金的長期回報蒼白。儘管它在任何投資組合中仍然是一個很好的穩定劑，但過於依賴它可能意味著錯過更大的機會。

Crypto: High-Risk, High-Reward

加密：高風險，高回報

Here’s where things get interesting. Despite being unregulated in Pakistan, crypto has captured massive attention. Reports claim 20 million Pakistanis are using crypto, but here’s the catch—many aren’t investors. They use it for transactions, avoiding banking restrictions.

這是事情變得有趣的地方。儘管在巴基斯坦不受監管，但加密貨幣仍引起了廣泛關注。報導稱，有2000萬巴基斯坦正在使用加密貨幣，但這是捕撈量 - 許多不是投資者。他們將其用於交易，避免銀行業務限制。

Experts remain divided. Talreja warns of crypto’s extreme volatility, suggesting that only those comfortable with the risk should allocate a small portion, like 10%, of their portfolio to digital assets.

專家仍然分裂。塔里亞（Talreja）警告說，加密貨幣的極端波動性，這表明只有那些滿意風險的人才能將一小部分（例如10％的投資組合）分配給數字資產。

On the other hand, Fahim believes younger investors can afford to take the risk, especially with Bitcoin, the most established cryptocurrency, being seen as the safest bet.

另一方面，法興（Fahim）認為，年輕的投資者有能力承擔風險，尤其是比特幣（比特幣，最成熟的加密貨幣，被視為最安全的賭注。

The Real Issue: Lack of Financial Literacy

真正的問題：缺乏金融素養

So why aren’t more people investing in stocks? One word: education. There’s a deeply ingrained belief in Pakistan that gold and real estate are the best investments.

那麼，為什麼沒有更多的人投資股票呢？一個詞：教育。人們對巴基斯坦有一個深深的信念，即黃金和房地產是最好的投資。

Meanwhile, financial literacy remains low, and tax concerns discourage many from entering the stock market.

同時，金融素養仍然很低，稅收問題阻止許多人進入股票市場。

And what about those 20 million crypto users? Fahim believes this figure is misleading. Many people buy and sell crypto for practical reasons, not as an investment strategy.

那2000萬加密使用者呢？法希姆認為這個數字具有誤導性。許多人出於實際原因買賣加密貨幣，而不是作為投資策略。

If Pakistan legalizes crypto, it could see even more adoption—but also taxation, which might change investor sentiment entirely.

如果巴基斯坦使加密貨幣合法化，它可能會看到更多的收養，但也可以徵稅，這可能會完全改變投資者的情緒。

The Verdict: What Should You Do?

判決：你該怎麼辦？

If you’re looking for stability, gold is a safe bet. If you want steady growth, stocks are the clear winner. And if you’re willing to take a high-risk, high- برابر

如果您正在尋找穩定性，黃金是一個安全的選擇。如果您想要穩定的增長，股票是明顯的贏家。如果您願意參加高風險的高風險