加密货币行业将于 2025 年迎来重大转型

随着 2025 年的临近，加密货币行业即将迎来重大转型。继 1 月份现货比特币 ETF 获得批准后，2024 年迎来了突破性的一年，更重大的变化即将到来。这些发展正在重塑投资策略并吸引政治关注。

2025 promises to be a pivotal year for the cryptocurrency industry, with major shifts on the horizon that will reshape investment strategies and attract political attention. Here's a glimpse into what to expect:

2025 年有望成为加密货币行业的关键一年，即将发生的重大转变将重塑投资策略并吸引政治关注。以下是我们所期待的一瞥：

After a groundbreaking 2024 with the approval of spot Bitcoin ETFs in January, more substantial changes are to come. As January 2024 saw the introduction of spot Bitcoin ETFs, accessing Bitcoin became straightforward and regulated, rendering crypto-trading brokers unnecessary. These ETFs brought in over $20 billion, exceeding expectations. Although there was a dip in August, the trend has since resumed, drawing a diverse range of investors.

继 1 月份现货比特币 ETF 获得批准后，2024 年迎来了突破性的一年，更重大的变化即将到来。随着 2024 年 1 月现货比特币 ETF 的推出，访问比特币变得简单且受监管，使得加密货币交易经纪人变得不必要。这些ETF带来了超过200亿美元的收益，超出了预期。尽管八月份出现下滑，但此后趋势又恢复，吸引了不同类型的投资者。

Now, as 2025 approaches, this momentum is expected to pave the way for more crypto ETFs. July 2024 saw the introduction of spot Ethereum ETFs, hinting at future launches for other major cryptocurrencies like Solana and XRP. These assets, ranking high in market capitalization, are strong candidates for ETF inclusion, further legitimizing the crypto market.

现在，随着 2025 年的临近，这种势头预计将为更多加密 ETF 铺平道路。 2024 年 7 月推出了现货以太坊 ETF，暗示未来还将推出 Solana 和 XRP 等其他主要加密货币。这些资产的市值排名较高，是 ETF 纳入的有力候选者，进一步使加密货币市场合法化。

In fact, Bitwise filed for an XRP ETF earlier this month. With the SEC expected to approve more Bitcoin ETFs and other crypto ETFs in 2025, this could be a major boon for the crypto industry, opening up new avenues for investment and driving broader adoption of digital assets.

事实上，Bitwise 本月早些时候申请了 XRP ETF。由于 SEC 预计将在 2025 年批准更多的比特币 ETF 和其他加密 ETF，这可能对加密行业来说是一个重大福音，开辟新的投资途径并推动数字资产的更广泛采用。

The United States still lacks a comprehensive set of crypto regulations, but this is poised to change in 2025. Both Republicans and Democrats agree on the need for clear regulations, pushing for legislative reforms that could reshape crypto governance. Currently, the regulatory system, based on a 1946 Supreme Court case about Florida citrus groves, is outdated and unsuitable for modern financial tools like cryptocurrencies.

美国仍然缺乏一套全面的加密货币法规，但这种情况有望在 2025 年发生改变。共和党和民主党都同意需要制定明确的法规，并推动可能重塑加密货币治理的立法改革。目前，基于 1946 年最高法院关于佛罗里达柑橘园案件的监管体系已经过时，不适合加密货币等现代金融工具。

In response, new laws are expected to provide clear guidelines for crypto regulation. There is ongoing debate about whether the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) should lead. Pro-crypto advocates are also calling for a new leader at the SEC who supports cryptocurrency. These regulatory updates are vital for providing stability and clarity in the crypto market, as well as promoting growth and innovation.

作为回应，新法律预计将为加密货币监管提供明确的指导方针。关于是否应由美国证券交易委员会 (SEC) 还是商品期货交易委员会 (CFTC) 主导的争论仍在继续。支持加密货币的倡导者还呼吁美国证券交易委员会任命一位支持加密货币的新领导人。这些监管更新对于提供加密市场的稳定性和清晰度以及促进增长和创新至关重要。

Despite regulatory uncertainty, Coinbase Global has been advocating for fair and clear regulations, highlighting its conflicts with the SEC. The push for regulatory change is not just about governance; it’s about ensuring the crypto industry can thrive without being hindered by outdated rules that no longer apply to digital assets.

尽管监管存在不确定性，Coinbase Global 一直主张公平和明确的监管，并强调其与 SEC 的冲突。推动监管变革不仅涉及治理，还涉及治理。这是为了确保加密行业能够蓬勃发展，而不会受到不再适用于数字资产的过时规则的阻碍。

Bitcoin is set to become a key asset for the U.S. government in 2025. Calls for government support of the Bitcoin mining industry are growing, positioning Bitcoin as a tool to address national financial challenges. Some policymakers see Bitcoin as a potential solution to the $35 trillion national debt, suggesting its growth could outpace debt accumulation and help manage the debt burden.

比特币将在 2025 年成为美国政府的重要资产。要求政府支持比特币采矿业的呼声越来越高，将比特币定位为解决国家金融挑战的工具。一些政策制定者将比特币视为解决 35 万亿美元国家债务的潜在解决方案，表明其增长速度可能超过债务积累并有助于管理债务负担。

For instance, U.S. Senator Cynthia Lummis (R-Wyoming) has introduced legislation for a strategic Bitcoin reserve. The proposal involves purchasing one million BTC over several years, creating a reserve that could be used to pay down national debt. This initiative highlights the growing link between cryptocurrency and national economic strategies, reflecting Bitcoin’s increasing legitimacy.

例如，美国参议员辛西娅·鲁米斯（怀俄明州共和党人）提出了比特币战略储备立法。该提案涉及在几年内购买 100 万比特币，创建可用于偿还国家债务的储备。这一举措凸显了加密货币与国家经济战略之间日益紧密的联系，反映出比特币日益增强的合法性。

These developments will be heavily influenced by the political landscape. The potential reelection of Donald Trump, who has declared himself the first pro-Bitcoin president, could speed up these changes. Trump’s vision of making America the “crypto capital of the planet” resonates with many investors, though it raises concerns for others wary of rapid, large-scale adoption. For crypto enthusiasts, Trump’s stance represents a significant endorsement that could drive further investment and innovation within the sector.

这些事态发展将很大程度上受到政治格局的影响。唐纳德·特朗普宣布自己是第一位支持比特币的总统，他的连任可能会加速这些变化。特朗普让美国成为“地球加密货币之都”的愿景引起了许多投资者的共鸣，尽管这引起了其他人对快速、大规模采用持谨慎态度的担忧。对于加密货币爱好者来说，特朗普的立场代表了重要的认可，可以推动该行业的进一步投资和创新。

Investors eyeing 2025 should rethink their portfolios to capitalize on expected changes. Bitcoin leads, holding over half the crypto market cap. Regulatory and political shifts mainly affect Bitcoin, making it the biggest beneficiary of upcoming developments. Diversifying into other major cryptocurrencies like Ethereum, Solana, and XRP through new ETFs could also be profitable.

着眼 2025 年的投资者应该重新考虑他们的投资组合，以利用预期的变化。比特币处于领先地位，占据加密货币市值的一半以上。监管和政治变化主要影响比特币，使其成为未来发展的最大受益者。通过新的 ETF 多元化投资以太坊、Solana 和 XRP 等其他主要加密货币也可能有利可图。

However, the broader effects of new crypto laws remain unclear. Watching international trends, like the EU’s Markets in Crypto-Assets (MiCA) regulation starting in December 2024, offers valuable insights. MiCA sets a legal framework for crypto assets in the EU, potentially influencing U.S. regulations. These global trends will likely shape the U.S. crypto scene, so investors must stay informed and flexible.

然而，新加密法的更广泛影响仍不清楚。观察国际趋势，例如 2024 年 12 月开始实施的欧盟加密资产市场 (MiCA) 监管，可以提供宝贵的见解。 MiCA 为欧盟的加密资产制定了法律框架，可能会影响美国的法规。这些全球趋势可能会塑造美国的加密货币场景，因此投资者必须保持知情并保持灵活性。

The 2024 presidential election outcome is another key factor that could impact the crypto market for years. A post-election rally, especially under a pro-crypto administration, could boost growth and integrate cryptocurrencies into mainstream finance. Conversely, a different political result might bring new challenges and uncertainties.

2024 年总统选举结果是可能影响加密货币市场多年的另一个关键因素。选举后的反弹，尤其是在支持加密货币的政府领导下，可能会促进增长并将加密货币纳入主流金融。相反，不同的政治结果可能会带来新的挑战和不确定性。