花旗援引 ETF、穩定幣和川普當選 2025 年可能是加密貨幣的關鍵一年

花旗分析師表示，2025 年可能是數位資產的關鍵一年，理由是多種因素將推動該市場。一些強大的催化劑包括越來越多地採用穩定幣來增強 DeFi 市場，以及加密貨幣 ETF 的擴張，從而在該領域創造更容易的准入和更多的機構曝光。

Citi analysts are optimistic about 2025 for digital assets, highlighting several factors expected to drive market growth. Stablecoin adoption is a key catalyst, with the combined market capitalization of Tether (USDT), USD Coin (USDC), and Dai (DAI) increasing by over $25 billion following the 2024 U.S. presidential election. Citi views stablecoins as a primary driver for decentralized finance (DeFi), noting that “stablecoins are the on-ramp to decentralized finance.”

花旗分析師對 2025 年數位資產持樂觀態度，強調了預計將推動市場成長的幾個因素。穩定幣的採用是一個關鍵的催化劑，2024 年美國總統大選後，Tether (USDT)、美元硬幣 (USDC) 和 Dai (DAI) 的總市值增加了超過 250 億美元。花旗將穩定幣視為去中心化金融（DeFi）的主要驅動力，並指出“穩定幣是去中心化金融的入口。”

As stablecoin usage expands, more participants are likely to enter DeFi applications, which use these assets for lending, borrowing, and other financial services. The rapid rise in Ethereum network activity, including layer-2 scaling solutions, has also bolstered this growth, with on-chain activity up by 210% compared to 2023 levels.

隨著穩定幣使用的擴大，更多的參與者可能會進入 DeFi 應用，這些應用程式使用這些資產進行借貸和其他金融服務。以太坊網路活動（包括第 2 層擴展解決方案）的快速成長也促進了這一成長，與 2023 年的水準相比，鏈上活動增加了 210%。

Another pivotal factor, according to Citi analysts, is the election of Donald Trump as U.S. President-elect. His stance on the industry, particularly support for pro-crypto officials, is massively considered one major optimism factor among investors for their support. This will also increase crypto-friendly policies initiated during his administration and involve appointments of key heads within key agencies, such as the head of the Securities and Exchange Commission, Paul Atkins.

花旗分析師表示，另一個關鍵因素是唐納德·川普當選美國候任總統。他對該行業的立場，特別是對支持加密貨幣的官員的支持，被廣泛認為是投資者支持的主要樂觀因素之一。這也將增加他在任期間發起的加密貨幣友善政策，並涉及關鍵機構內關鍵負責人的任命，例如證券交易委員會主席保羅·阿特金斯。

Crypto prices, including Bitcoin, reaching an unprecedented valuation of $100,000 for the first time in history, jumped immediately after the victory of Trump in November 2024. A conducive regulatory framework coupled with growing involvement by institutions could lead to a “demand shock” for Bitcoin, pushing up its price even further into the next few years.

2024 年11 月川普獲勝後，包括比特幣在內的加密貨幣價格歷史上首次達到前所未有的10 萬美元估值。 ” ，在未來幾年進一步推高其價格。

Citi analysts added that, although the outlook for 2025 remains upbeat, sustained growth would depend on broad-based adoption. They note countries such as Turkey, Argentina, and Venezuela, which face economic instability and thus increased demand for digital assets, as the countries to keep an eye on. However, they warned that ongoing regulatory development may also play a very important role in deciding the fate of the market.

花旗分析師補充說，儘管 2025 年的前景仍然樂觀，但持續成長將取決於廣泛的採用。他們指出，土耳其、阿根廷和委內瑞拉等國家面臨經濟不穩定，因此對數位資產的需求增加，值得關注。然而，他們警告說，持續的監管發展也可能在決定市場命運方面發揮非常重要的作用。

Citi believes the regulatory environment under the administration of Trump is set to become clearer. A move from regulation by enforcement to one more legislative-based might mean much-needed stability to lure even more institutional capital and retail investors into the sector.

花旗認為，川普政府的監管環境將變得更加清晰。從執法監管轉向立法監管可能意味著急需的穩定性，以吸引更多機構資本和散戶投資者進入該行業。