比特币（BTC）本周创下历史新高，但投资者并未像对待股票那样引发高估担忧

资产管理公司 Bitwise Invest 首席执行官亨特·霍斯利 (Hunter Horsley) 在 11 月 9 日的 Twitter 帖子中表示，比特币则不同，他解释说，当一家公司的股票“上涨时，市盈率也会上涨”，而市盈率本质上衡量的是该公司的估值及其财务业绩的一个要素。

Bitcoin’s fresh all-time highs this week aren’t sparking overvaluation concerns among investors the way rising stock prices typically do, suggests a crypto exec.

一位加密货币高管表示，比特币本周创下的历史新高并没有像股价上涨通常那样引发投资者对估值过高的担忧。

“Bitcoin is different,” asset manager Bitwise Invest CEO Hunter Horsley opined in a Nov. 9 X post, explaining that when a company’s stock “goes up, the multiple does up,” which essentially measures the company’s valuation and an element of its financial performance.

资产管理公司 Bitwise Invest 首席执行官亨特·霍斯利 (Hunter Horsley) 在 11 月 9 日的一篇文章中表示：“比特币是不同的。”他解释说，当一家公司的股票“上涨时，市盈率也会上涨”，而市盈率本质上衡量的是公司的估值及其财务指标。表现。

People see rising BTC price as ‘more likely to succeed’

人们认为比特币价格上涨“更有可能成功”

For stocks, “at a certain point, people say, “this is overvalued” and become less interested until the price goes down,” Horsley explained.

对于股票，“在某个时候，人们会说，‘这被高估了’，并且在价格下跌之前变得不那么感兴趣，”霍斯利解释道。

However, without the same financial performance metrics, “when Bitcoin’s price goes up, people view it as more likely that it will succeed, and therefore be even more valuable,” Horsley reiterated.

然而，如果没有相同的财务绩效指标，“当比特币价格上涨时，人们认为它更有可能成功，因此更有价值，”霍斯利重申。

“So it’s likely to go up even further,” he claimed.

“所以它可能会进一步上涨，”他声称。

At the time of publication, Bitcoin BTC $79,009 is trading at $77,310, representing a 13.52% increase over the past seven days, according to CoinMarketCap data.

根据 CoinMarketCap 数据，截至发稿时，比特币 BTC 79,009 美元的交易价格为 77,310 美元，过去 7 天上涨 13.52%。

Bitcoin is trading at $77,310 at the time of publication. Source: CoinMarketCap

截至本文发布时，比特币交易价格为 77,310 美元。资料来源：CoinMarketCap

During the United States presidential election trading week (Nov. 4–8), US spot Bitcoin ETFs recorded inflows totaling approximately $1.63 billion, according to Farside data.

据 Farside 数据显示，在美国总统大选交易周（11 月 4 日至 8 日），美国现货比特币 ETF 录得资金流入总额约 16.3 亿美元。

Other Bitcoiners have shared a similar sentiment, with no fears of overvaluation as the asset continues to trade above its all-time high of $73,679 in March.

其他比特币持有者也有类似的看法，他们并不担心估值过高，因为该资产的交易价格继续高于 3 月份 73,679 美元的历史高点。

Pro-Bitcoin author and entrepreneur Robert Kiyosaki claimed he intends to buy another 27 Bitcoin, irrespective of the price, by November 2025. The Rich Dad, Poor Dad author stated in a Nov. 9 X post:

支持比特币的作者兼企业家 Robert Kiyosaki 声称，他打算在 2025 年 11 月之前再购买 27 个比特币，无论价格如何。这位《富爸爸，穷爸爸》的作者在 11 月 9 日的帖子中表示：

“I bought my first Bitcoin at $6000, and I continue to acquire at $76,000,” Kiyosaki added.

“我以 6000 美元的价格购买了我的第一个比特币，并且我继续以 76,000 美元的价格购买比特币，”Kiyosaki 补充道。

10T Holdings founder Dan Tapiero added, “It’s still perceived as an early-stage asset even though it is not.” In October, Tapiero made a call that Bitcoin would go to $100,000 regardless of who won the US election.

10T Holdings 创始人 Dan Tapiero 补充道：“它仍然被视为早期资产，尽管事实并非如此。” 10 月，Tapiero 呼吁无论谁赢得美国大选，比特币价格都将达到 10 万美元。

Positive momentum is expected to continue for Bitcoin

预计比特币将继续保持积极势头

In the meantime, capital market commentator “Infra” noted that a company’s equity valuation could be diluted further by raising capital through an At-the-Market (ATM) offering — something that is impossible with Bitcoin.

与此同时，资本市场评论员“Infra”指出，通过市场（ATM）发行筹集资金可能会进一步稀释公司的股权估值，而这对于比特币来说是不可能的。

“When Bitcoin price goes higher, no one can make more. The only way to increase supply is to raise the price,” they stated.

“当比特币价格走高时，没有人能赚得更多。增加供应的唯一方法是提高价格，”他们表示。

Following Bitcoin breaking its all-time high on Nov. 5, analysts declared from a core analysis perspective, Bitcoin is showing no signs of being overheated.

继比特币于 11 月 5 日突破历史新高后，分析师从核心分析角度宣称，比特币没有表现出过热的迹象。

On Nov. 7, Galaxy head of research Alex Thorn opined that “the market does not look overheated from a fundamental perspective.”

11月7日，银河研究主管亚历克斯·索恩(Alex Thorn)表示，“从基本面来看，市场看起来并没有过热。”

Crypto analysis firm Nansen analyst Aurelie Barthere stated, “Bitcoin crossing its all-time high with heavy volume is a clear signal of ongoing positive momentum following the elections.”

加密货币分析公司 Nansen 分析师 Aurelie Barthere 表示：“比特币以大量交易量突破历史新高，这是选举后持续积极势头的明显信号。”