比特币亿万富翁投资者看到了比英伟达更好的前景

随着英伟达 (NVDA 3.10%) 股票在过去几年的飙升，许多亿万富翁投资者纷纷买入。这并不奇怪，因为它的销量飙升

Billionaire investors are reducing their exposure to Nvidia (NASDAQ:NVDA) after its massive 2,100% run over the past five years.

Nvidia（纳斯达克股票代码：NVDA）在过去五年中大幅上涨 2,100% 后，亿万富翁投资者正在减少其投资。

Millennium Management's Israel Englander, for example, reduced his position in Nvidia by 12.5% during the third quarter of 2024. Capula Management's Yan Huo also trimmed his stake in Nvidia by 27.7% during the third quarter.

例如，Millennium Management 的 Israel Englander 在 2024 年第三季度将其在 Nvidia 的持股减少了 12.5%。Capula Management 的 Yan Huo 在第三季度也将其在 Nvidia 的持股减少了 27.7%。

However, both Englander and Huo boosted their exposure to Bitcoin (CRYPTO:BTC) through the popular iShares Bitcoin Trust ETF (NASDAQ:IBIT). During the third quarter, Englander increased his position in the exchange-traded fund by 12.6 million shares as Huo scooped up another 1.1 million shares.

然而，Englander 和 Huo 都通过流行的 iShares Bitcoin Trust ETF (NASDAQ:IBIT) 增加了对比特币 (CRYPTO:BTC) 的投资。第三季度，随着霍又增持了 110 万股，英格兰德在该交易所交易基金中的持仓量增加了 1260 万股。

This shift from Nvidia toward Bitcoin suggests the world's top cryptocurrency might still have room to run after soaring more than 1,000% over the past five years. Cathie Wood, who holds Bitcoin through Ark Invest's 21Shares Bitcoin ETF (NYSEARCA:ARK B), sees its price soaring from about $100,000 to $3.8 million by 2030. If that happens, these spot price ETFs could surge by a whopping 3,700% over the next five years. That rally would turn a modest $10,000 investment into $380,000.

从 Nvidia 转向比特币的这种转变表明，在过去 5 年飙升超过 1,000% 后，世界顶级加密货币可能仍有上涨空间。通过 Ark Invest 的 21Shares 比特币 ETF（NYSEARCA：ARK B）持有比特币的 Cathie Wood 预计，到 2030 年，比特币的价格将从约 10 万美元飙升至 380 万美元。如果这种情况发生，这些现货价格 ETF 可能会在未来飙升 3,700%五年。这次反弹将使 10,000 美元的适度投资变成 380,000 美元。

Investors should take those bullish estimates with a grain of salt, since Bitcoin is still tough to properly value. But let's take a look at Bitcoin's potential catalysts and why it might just outperform Nvidia and other growth stocks over the long term.

投资者应该对这些乐观的估计持保留态度，因为比特币仍然很难正确估值。但让我们来看看比特币的潜在催化剂，以及为什么它可能在长期内跑赢英伟达和其他成长型股票。

Understanding Bitcoin's strengths

了解比特币的优势

Bitcoin is mined using an energy-intensive proof-of-work method that currently requires powerful application-specific integrated circuit miners. There's a finite supply of 21 million Bitcoins, and 19.9 million of those coins have already been mined. Every four years, a scheduled "halving" cuts the rewards for mining Bitcoin in half. The most recent halving occurred in April 2024, and the next one is scheduled for 2028.

比特币是使用能源密集型工作量证明方法开采的，目前需要强大的专用集成电路矿工。比特币的供应量有限，为 2100 万枚，其中 1990 万枚已被开采。每四年，预定的“减半”会将开采比特币的奖励减少一半。最近一次减半发生在 2024 年 4 月，下一次减半预计在 2028 年。

That escalating difficulty will throttle the rate at which new Bitcoins are mined, and the final Bitcoin is expected to be mined by 2140. Those qualities all make Bitcoin more similar to a precious metal like gold or silver than other cryptocurrencies that are either "minted" (by creating new blocks on a blockchain) or paid out as rewards through the less energy-intensive proof-of-stake mechanism. That's why the Securities and Exchange Commission approved the first spot price ETFs for Bitcoin this January. The SEC also states that Bitcoin is the only cryptocurrency that can be classified as a commodity.

不断升级的难度将抑制新比特币的开采速度，最终的比特币预计将在 2140 年开采出来。这些品质都使得比特币比其他“铸造”的加密货币更类似于黄金或白银等贵金属。 （通过在区块链上创建新区块）或通过能源密集度较低的权益证明机制作为奖励支付。这就是美国证券交易委员会今年一月批准首个比特币现货价格 ETF 的原因。美国证券交易委员会还表示，比特币是唯一可以归类为商品的加密货币。

Many Bitcoin bulls believe those strengths make it a viable replacement for gold and other commodities as a hedge against inflation. El Salvador and the Central African Republic have already tried adopting Bitcoin as a national currency, and other countries that are grappling with inflation and currency devaluation issues might follow their lead. As that happens, more institutional investors will likely boost their exposure to Bitcoin -- especially through easily traded spot price ETFs -- and drive its price even higher.

许多比特币多头认为，这些优势使其成为黄金和其他大宗商品的可行替代品，以对冲通胀。萨尔瓦多和中非共和国已经尝试采用比特币作为国家货币，其他正在努力应对通货膨胀和货币贬值问题的国家可能会效仿他们的做法。当这种情况发生时，更多的机构投资者可能会增加对比特币的投资——尤其是通过易于交易的现货价格 ETF——并推高其价格。

Could Bitcoin really outshine Nvidia in the long run?

从长远来看，比特币真的能超越英伟达吗？

Bitcoin certainly has more visible strengths than many other cryptocurrencies, but its true value is nearly impossible to pin down. If it really does soar 3,700% over the next five years, it would easily outshine Nvidia by a mile -- since that kind of rally would boost the chipmaker's market cap of $3.3 trillion to nearly $126 trillion.

比特币确实比许多其他加密货币具有更明显的优势，但其真正价值几乎无法确定。如果它真的在未来五年内飙升 3,700%，那么它将轻松超越 Nvidia 一英里——因为这种反弹将使这家芯片制造商的市值从 3.3 万亿美元增至近 126 万亿美元。

Even Nvidia's most bullish investors probably don't expect it to come anywhere close to that valuation by 2030. But with Bitcoin, it's harder to tell. Bitcoin's market cap would surge from $2 trillion to about $76 trillion if its price hits $3.8 million, but that valuation might be justified if it replaces gold -- which has a market cap of $18.5 trillion -- as the world's most valuable asset.

即使是英伟达最乐观的投资者也可能预计到 2030 年它的估值不会接近这一水平。但对于比特币来说，这就更难说了。如果比特币的价格达到 380 万美元，其市值将从 2 万亿美元飙升至约 76 万亿美元，但如果它取代市值 18.5 万亿美元的黄金成为世界上最有价值的资产，那么这一估值可能是合理的。

So if you believe Bitcoin still has a bright future, it might be smart to follow these billionaires and consider buying a small stake in its spot price ETFs.

因此，如果您相信比特币仍然拥有光明的未来，那么跟随这些亿万富翁的脚步并考虑购买其现货价格 ETF 的少量股份可能是明智之举。