2025 年哪种加密货币更值得购买：XRP、狗狗币还是比特币？

去年 11 月 5 日选举日后不久，所有流通中的加密货币总价值飙升至 3.9 万亿美元的新纪录高点。

The total value of all cryptocurrencies in circulation soared to a new record high of $3.9 trillion shortly after Election Day on Nov. 5 last year. The breakout can be attributed to President Donald Trump's pro-crypto stance and the friendly policies that may follow now that his administration is officially in office.

去年 11 月 5 日选举日后不久，所有流通中的加密货币总价值飙升至 3.9 万亿美元的新纪录高点。这一突破可归因于唐纳德·特朗普总统的支持加密货币立场以及他的政府正式就职后可能采取的友好政策。

Between Nov. 5 and Jan. 17 (the date of this writing), XRP (XRP -5.35%) has soared by 539%, Dogecoin (DOGE -9.98%) has jumped by 154%, and Bitcoin (BTC -5.26%) has climbed by 50%.

11 月 5 日至 1 月 17 日（撰写本文的日期）期间，XRP (XRP -5.35%) 飙升了 539%，狗狗币 (DOGE -9.98%) 上涨了 154%，比特币 (BTC -5.26%)已经上涨了50%。

The Trump administration is a positive catalyst for each of those three popular cryptocurrencies for different reasons, but which one will be the better buy in 2025?

由于不同的原因，特朗普政府对这三种流行的加密货币都是积极的催化剂，但 2025 年哪一种更适合购买呢？

The case for XRP: Friendly regulation

XRP 的案例：友好的监管

The global banking system is complex, and not every institution uses mainstream payments networks like SWIFT (Society for Worldwide Interbank Financial Telecommunication) to process transactions. As a result, international transfers can take days to settle. In 2012, a company called Ripple created a global payments network, called Ripple Payments, to solve that problem.

全球银行系统非常复杂，并非每个机构都使用 SWIFT（全球银行间金融电信协会）等主流支付网络来处理交易。因此，国际转账可能需要几天时间才能完成结算。 2012 年，一家名为 Ripple 的公司创建了一个名为 Ripple Payments 的全球支付网络来解决这个问题。

The network standardizes payment protocols to allow all banks to communicate with one another, no matter what infrastructure they use. That basically means they can settle transactions with one another directly and instantly. Ripple created the XRP cryptocurrency for banks to use in those transactions, so they can save money on currency exchange fees and other costs.

该网络标准化了支付协议，允许所有银行相互通信，无论它们使用什么基础设施。这基本上意味着他们可以直接、即时地相互结算交易。 Ripple 创建了 XRP 加密货币供银行在这些交易中使用，这样他们就可以节省货币兑换费用和其他成本。

XRP has a total supply of 100 billion tokens. Around 57 billion are in circulation, whereas the other 43 billion are controlled by Ripple, which releases them gradually each month to meet demand from institutions. Therefore, it's very different from a decentralized cryptocurrency like Bitcoin, which has a capped supply and can't be controlled by any person or company.

XRP 的总供应量为 1000 亿枚。大约有 570 亿枚在流通中，其余 430 亿枚由 Ripple 控制，Ripple 每月逐渐释放它们以满足机构的需求。因此，它与像比特币这样的去中心化加密货币有很大不同，后者的供应量是有上限的，并且不能被任何个人或公司控制。

That's why the U.S. Securities and Exchange Commission (SEC) sued Ripple in 2020, arguing the XRP token should be a registered financial security (like a stock or a bond). Companies that issue securities must operate under a strict set of rules, so Ripple's business faced significant disruption. However, in August 2024, the lawsuit was mostly resolved when the judge only penalized Ripple with a $125 million fine, which investors viewed as a win.

这就是为什么美国证券交易委员会 (SEC) 在 2020 年起诉 Ripple，认为 XRP 代币应该是注册的金融证券（如股票或债券）。发行证券的公司必须在一套严格的规则下运营，因此 Ripple 的业务面临严重中断。然而，到了 2024 年 8 月，诉讼基本得到解决，法官仅对 Ripple 处以 1.25 亿美元的罚款，投资者认为这是一场胜利。

The SEC is appealing the decision, but investors are speculating the case could disappear entirely with Trump's team now in office. The president's pick to run the SEC, Paul Atkins, is a pro-crypto businessman who currently serves as the co-chairman of an industry advocacy organization called the Token Alliance. He is likely to be confirmed by the Senate very soon, so it won't be long before investors know whether Ripple is finally off the hook.

美国证券交易委员会正在对这一决定提出上诉，但投资者猜测，随着特朗普团队的上任，此案可能会完全消失。总统任命的 SEC 负责人保罗·阿特金斯 (Paul Atkins) 是一位支持加密货币的商人，目前担任名为“代币联盟”的行业倡导组织的联合主席。他很可能很快就会得到参议院的确认，因此不久之后投资者就会知道 Ripple 是否最终摆脱了困境。

The case for Dogecoin: Elon Musk

狗狗币的案例：埃隆·马斯克

I want to start off by reminding readers that Dogecoin was literally created as a joke by its two founders in 2013. However, it took off in 2021 when Tesla CEO Elon Musk started promoting it on social media, sharing memes and engaging in banter with other enthusiasts.

首先，我想提醒读者，狗狗币实际上是其两位创始人在 2013 年创建的一个玩笑。然而，当特斯拉首席执行官埃隆·马斯克开始在社交媒体上推广它、分享表情包并与其他人开玩笑时，狗狗币在 2021 年开始腾飞。爱好者。

His support hit a new level on May 8, 2021 when he participated in a Dogecoin-themed skit on Saturday Night Live (SNL). By that point, the token was sitting on an incredible gain of 15,769% for the year, but its record high of $0.73 on the night of Musk's SNL appearance proved to be the peak. Once investors realized he didn't have a proper plan to back up his banter, Dogecoin plunged by more than 90%, and it still hasn't fully recovered.

2021 年 5 月 8 日，当他参加周六夜现场 (SNL) 的狗狗币主题短剧时，他的支持率达到了新的水平。到那时，该代币今年的涨幅令人难以置信，达到了 15,769％，但事实证明，马斯克在 SNL 亮相当晚创下的 0.73 美元的历史新高达到了顶峰。当投资者意识到他没有适当的计划来支持他的玩笑时，狗狗币暴跌超过 90%，而且至今仍未完全恢复。

Dogecoin remained dormant for three years up until Trump's election win on Nov. 5. Musk was a major financial supporter of the president's campaign, and when the crypto markets started to soar, his influence over Dogecoin was rekindled. Shortly after the election, Trump announced he would appoint Musk to lead an initiative to cut down on government spending. It will be called the "Department of Government Efficiency," or DOGE for short, which is a reference to the Tesla chief's favorite cryptocurrency.

狗狗币一直处于休眠状态三年，直到 11 月 5 日特朗普赢得大选。马斯克是总统竞选的主要财务支持者，当加密货币市场开始飙升时，他对狗狗币的影响力又被重新点燃。大选后不久，特朗普宣布他将任命马斯克领导一项削减政府支出的举措。它将被称为“政府效率部”，简称 DOGE，这是指特斯拉首席执行官最喜欢的加密货币。

There is no indication that Dogecoin will play a role in the project, but that didn't stop investors from pushing it to a new 52-week high of $0.47. With that said, considering it's still below its 2021 high of $0.73, maybe investors are actually being more cautious this time around.

没有迹象表明狗狗币将在该项目中发挥作用，但这并没有阻止投资者将其推至 0.47 美元的 52 周新高。话虽如此，考虑到它仍低于 2021 年高点 0.73 美元，也许投资者这次实际上更加谨慎。

Since there are no concrete fundamentals supporting Dogecoin, there is a real risk this latest rally ends the same way as the last one -- in an eventual collapse of 90% or more.

由于没有具体的基本面支持狗狗币，因此最近一次的反弹确实存在以与上一次相同的方式结束的风险——最终暴跌 90% 或更多。

The case for Bitcoin: A U.S. government reserve, and more

比特币的案例：美国政府储备等

Bitcoin has a market capitalization of $2.0

比特币的市值为 2.0 美元