<p>2024 年有望成为现代历史上股市表现最好的年份之一，而其中两个最受欢迎的投资是一个重要原因。</p>
<p><strong>比特币</strong>(BTC 0.71%) 和 <strong>英伟达</strong>(NVDA -2.69%) 今年大幅上涨，表现超过几乎所有可比的大型投资。下面的图表显示了在今年的牛市中，每个投资相对于 <strong>标准普尔 500 指数</strong>(^GSPC -0.30%) 的表现。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/45853865820d445de58a526c9ad8bdb0.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/45853865820d445de58a526c9ad8bdb0.png"/></p>
<p>^SPX 数据来源于 YCharts</p>
<p>如您所见，英伟达的表现领先于比特币，尽管这两项投资今年都翻了一番以上。比特币和英伟达可能不被视为可比的投资，但在许多方面，它们正在争夺投资者的资金。</p>
<p>这两个股票在过去十年中都提供了惊人的回报。比特币在此期间上涨了 29000%，而英伟达上涨了 26610%，这两项投资在社交媒体平台上都是最受关注的。作为未来主义的增长投资，它们以类似的方式吸引了人们的想象力，因此自然会相互竞争。但对于 2025 年，哪一个更值得购买呢？让我们看看明年这两项投资的前景。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDA0NjgvYnVsbC1tYXJrZXQtcmlzaW5nLXN0b2NrLWNoYXJ0cy1maW5hbmNpYWwtbmV3c3BhcGVyLXF1b3Rlcy1pbnZlc3QtZ2V0dHkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDA0NjgvYnVsbC1tYXJrZXQtcmlzaW5nLXN0b2NrLWNoYXJ0cy1maW5hbmNpYWwtbmV3c3BhcGVyLXF1b3Rlcy1pbnZlc3QtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>比特币在 2025 年值得购买吗？</h2>
<p>比特币在 2024 年经历了两波增长。第一波是在年初，当时首个比特币现货 ETF 获得批准，第二波是在选举期间，特朗普当选总统后拥抱加密货币，以期赢得年轻选民的支持。他还任命了一位支持加密货币的证券交易委员会主席保罗·阿特金斯。风险投资家大卫·萨克斯被任命为白宫加密货币专员，这是首次设立此职位。</p>
<p>投资者似乎在押注更友好的监管将继续推动比特币价格上涨，因为这种加密货币在主流社会中获得了更多的认可。此外，美联储主席杰罗姆·鲍威尔最近表示，比特币 “就像黄金。它只是虚拟和数字的。”</p>
<p>其他可能帮助提升加密货币价值的想法包括建立战略比特币储备，而特朗普政府可能会结束对比特币和其他加密货币的资本利得税。</p>
<p>包括这些在内的监管进展可能会影响明年加密货币的价值，比特币应该继续表现为高贝塔风险资产。如果标准普尔 500 指数继续上涨，比特币应该会继续上涨，但如果出现急剧回调，比特币投资者可能会兑现利润，出售该加密货币。</p>
<p>数字黄金可能在某一天成为有效的通胀和波动性对冲工具，但目前大多数投资者将其与高风险资产混为一谈，这些资产往往会放大整体市场的涨跌。预计比特币会出现波动，尽管改善的监管环境和股市的乐观势头对该加密货币是个好兆头。</p>
<h2>英伟达在 2025 年会继续飙升吗？</h2>
<p>与比特币一样，英伟达在过去十年中也大幅上涨，但原因不同。该公司从一个相对不知名的图形处理单元（GPU）制造商，发展成为引领人工智能潮流的公司，主导数据中心 GPU 市场以及使 AI 应用（如 ChatGPT）运作的组件。英伟达在今年早些时候曾一度成为全球最有价值的公司，尽管 <strong>苹果</strong> 随后重新夺回了这一头衔。</p>
<p>英伟达的前景比比特币更容易评估，因为它是一家有利润和估值的真实企业。目前，该公司的市盈率为 55，但英伟达仍在为其规模提供异常快速的增长，第三季度收入增长了 94%。此外，首席执行官黄仁勋最近表示，新款 Blackwell 平台的需求 “疯狂”，仍然远远超过供应。</p>
<p>尽管一些分析师预计竞争会侵蚀英伟达的主导地位，但尽管 <strong>AMD</strong> 和 <strong>英特尔</strong> 等竞争对手推出了新产品，这种情况尚未发生，而公司的产品生态系统，包括 CUDA 软件库，赋予了它显著的竞争优势。</p>
<p>与此同时，英伟达已经在开发一个更先进的平台 Rubin，并表示该平台的进度比计划提前了六个月。</p>
<p>此时，英伟达面临的最大威胁似乎不是竞争，而是人工智能泡沫的风险，因为一些人对构建人工智能基础设施的竞赛能否保持其热度表示怀疑。从长远来看，这种热度可能会减退，但考虑到需求与供应之间的持续差距，2025 年可能会是英伟达的又一个强劲年份。</p>
<h2>比特币还是英伟达：你应该买哪个？</h2>
<p>鉴于市场的当前势头，对这两项投资的情绪以及对这两者的有利背景，比特币和英伟达看起来都是明年赢家的好选择。</p>
<p>在这两个选项中，我更愿意拥有英伟达。作为一家企业而非加密货币，其估值由真实收益支撑，公司的增长证明了股票的优异表现。</p>
<p>而比特币似乎更容易在市场动荡时出现急剧回调，因为比特币的价格几乎完全由情绪驱动，而非基本面。</p>
<p>考虑到特朗普政府对比特币的友好态度，2025 年对领先的加密货币看起来前景乐观，但在这两个选择中，英伟达有更强的基础和更清晰的持续成功路径。</p>

GBTC

英伟达

<p>在 2024 年，比特币和英伟达成为了顶级投资，二者的价值均翻了一番，表现超过了标准普尔 500 指数。比特币的增长受到监管发展和信誉提升的推动，而英伟达则受益于其在人工智能市场的主导地位和强劲的收入增长。分析师建议，二者在 2025 年可能都是强劲的投资选择，比特币的波动性和英伟达在人工智能技术上的竞争优势是需要考虑的关键因素</p>

<p>2024 is on track to be one of the best years in modern history for the stock market, and two of the most popular investments are a big reason why.</p>
<div class="lb-trans"><p>2024 年有望成为现代历史上股市表现最好的年份之一，而其中两个最受欢迎的投资是一个重要原因。</p>
</div><p><strong>Bitcoin</strong>(BTC 0.71%) and <strong>Nvidia</strong>(NVDA -2.69%) have soared this year, outperforming nearly every comparable large-cap investment. The chart below shows how each one has performed compared to the <strong>S&amp;P 500</strong>(^GSPC -0.30%) so far in this year's bull market.</p>
<div class="lb-trans"><p><strong>比特币</strong>(BTC 0.71%) 和 <strong>英伟达</strong>(NVDA -2.69%) 今年大幅上涨，表现超过几乎所有可比的大型投资。下面的图表显示了在今年的牛市中，每个投资相对于 <strong>标准普尔 500 指数</strong>(^GSPC -0.30%) 的表现。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/45853865820d445de58a526c9ad8bdb0.png" alt="" original-src="https://media.ycharts.com/charts/45853865820d445de58a526c9ad8bdb0.png"/></p>
<p>^SPX data by YCharts</p>
<div class="lb-trans"><p>^SPX 数据来源于 YCharts</p>
</div><p>As you can see, Nvidia is ahead of Bitcoin, though both investments have more than doubled this year. Bitcoin and Nvidia might not be thought of as comparable investments, but in many ways, they are competing for investor dollars.</p>
<div class="lb-trans"><p>如您所见，英伟达的表现领先于比特币，尽管这两项投资今年都翻了一番以上。比特币和英伟达可能不被视为可比的投资，但在许多方面，它们正在争夺投资者的资金。</p>
</div><p>Both tickers have delivered phenomenal returns over the last decade. Bitcoin rose 29,000% during that time, while Nvidia gained 26,610%, and both investments are among the most talked about on social media platforms. As futuristic growth investments that capture the imagination in similar ways, they naturally compete as investments. But which is the better buy for 2025? Let's take a look at how next year is shaping up for each investment.</p>
<div class="lb-trans"><p>这两个股票在过去十年中都提供了惊人的回报。比特币在此期间上涨了 29000%，而英伟达上涨了 26610%，这两项投资在社交媒体平台上都是最受关注的。作为未来主义的增长投资，它们以类似的方式吸引了人们的想象力，因此自然会相互竞争。但对于 2025 年，哪一个更值得购买呢？让我们看看明年这两项投资的前景。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDA0NjgvYnVsbC1tYXJrZXQtcmlzaW5nLXN0b2NrLWNoYXJ0cy1maW5hbmNpYWwtbmV3c3BhcGVyLXF1b3Rlcy1pbnZlc3QtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F800468%2Fbull-market-rising-stock-charts-financial-newspaper-quotes-invest-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Is Bitcoin a buy for 2025?</h2>
<div class="lb-trans"><h2>比特币在 2025 年值得购买吗？</h2>
</div><p>Bitcoin had two separate waves of growth in 2024. The first came early in the year after the first Bitcoin spot ETFs were approved, and then a second wave came in response to the election as president-elect Trump embraced crypto in an effort to win over young voters. He's also named a crypto-friendly SEC head, Paul Atkins. Venture capitalist David Sacks was tapped as the White House Crypto Czar, the first time such a position has ever been created.</p>
<div class="lb-trans"><p>比特币在 2024 年经历了两波增长。第一波是在年初，当时首个比特币现货 ETF 获得批准，第二波是在选举期间，特朗普当选总统后拥抱加密货币，以期赢得年轻选民的支持。他还任命了一位支持加密货币的证券交易委员会主席保罗·阿特金斯。风险投资家大卫·萨克斯被任命为白宫加密货币专员，这是首次设立此职位。</p>
</div><p>Investors seem to be betting that friendlier regulation will help continue to drive Bitcoin prices higher as the cryptocurrency earns more credibility among the establishment. Additionally, Fed chair Jerome Powell recently said that Bitcoin is &#34;like gold. It's just virtual and digital.&#34;</p>
<div class="lb-trans"><p>投资者似乎在押注更友好的监管将继续推动比特币价格上涨，因为这种加密货币在主流社会中获得了更多的认可。此外，美联储主席杰罗姆·鲍威尔最近表示，比特币 “就像黄金。它只是虚拟和数字的。”</p>
</div><p>Other ideas that could help boost the value of the cryptocurrency include starting a strategic Bitcoin reserve, and the Trump administration could potentially end capital gains tax on Bitcoin and other cryptocurrencies.</p>
<div class="lb-trans"><p>其他可能帮助提升加密货币价值的想法包括建立战略比特币储备，而特朗普政府可能会结束对比特币和其他加密货币的资本利得税。</p>
</div><p>Developments on the regulatory front, including those and others, are likely to influence the value of the crypto next year, and Bitcoin should continue to behave as a high-beta risk asset. If the S&amp;P 500 continues to climb, Bitcoin should continue to gain, but if there's a sharp pullback, Bitcoiners are likely to cash in on their profits, selling the cryptocurrency.</p>
<div class="lb-trans"><p>包括这些在内的监管进展可能会影响明年加密货币的价值，比特币应该继续表现为高贝塔风险资产。如果标准普尔 500 指数继续上涨，比特币应该会继续上涨，但如果出现急剧回调，比特币投资者可能会兑现利润，出售该加密货币。</p>
</div><p>The digital gold may become an effective inflation and volatility hedge someday, but most investors currently lump it together with high-risk assets that tend to amplify the ups and downs of the broader market. Expect volatility from Bitcoin, though the improving regulatory climate and bullish momentum in the stock market bodes well for the cryptocurrency.</p>
<div class="lb-trans"><p>数字黄金可能在某一天成为有效的通胀和波动性对冲工具，但目前大多数投资者将其与高风险资产混为一谈，这些资产往往会放大整体市场的涨跌。预计比特币会出现波动，尽管改善的监管环境和股市的乐观势头对该加密货币是个好兆头。</p>
</div><h2>Will Nvidia keep soaring in 2025?</h2>
<div class="lb-trans"><h2>英伟达在 2025 年会继续飙升吗？</h2>
</div><p>Like Bitcoin, Nvidia has soared over the last decade, but for different reasons. The business has gone from a relatively little-known maker of graphics processing units (GPUs) to the company leading the AI charge as it dominates the market for data-center GPUs and the components that make AI applications like ChatGPT work. Nvidia became the most valuable company in the world at one point earlier in the year, though <strong>Apple</strong> has since reclaimed that title.</p>
<div class="lb-trans"><p>与比特币一样，英伟达在过去十年中也大幅上涨，但原因不同。该公司从一个相对不知名的图形处理单元（GPU）制造商，发展成为引领人工智能潮流的公司，主导数据中心 GPU 市场以及使 AI 应用（如 ChatGPT）运作的组件。英伟达在今年早些时候曾一度成为全球最有价值的公司，尽管 <strong>苹果</strong> 随后重新夺回了这一头衔。</p>
</div><p>Nvidia's prospects are easier to assess than Bitcoin's because it is a real business with profits and a valuation. Currently, the company trades at a price-to-earnings ratio of 55, but Nvidia is still delivering extraordinarily rapid growth for a company of its size as revenue jumped 94% in the third quarter. Additionally, CEO Jensen Huang recently said that demand for the new Blackwell platform is &#34;insane&#34; and is still greatly outpacing supply.</p>
<div class="lb-trans"><p>英伟达的前景比比特币更容易评估，因为它是一家有利润和估值的真实企业。目前，该公司的市盈率为 55，但英伟达仍在为其规模提供异常快速的增长，第三季度收入增长了 94%。此外，首席执行官黄仁勋最近表示，新款 Blackwell 平台的需求 “疯狂”，仍然远远超过供应。</p>
</div><p>While some analysts have expected competition to eat into Nvidia's dominance, that has yet to happen despite product launches from peers like <strong>AMD</strong> and <strong>Intel</strong>, and the company's product ecosystem, which includes the CUDA software library, gives it a significant competitive advantage.</p>
<div class="lb-trans"><p>尽管一些分析师预计竞争会侵蚀英伟达的主导地位，但尽管 <strong>AMD</strong> 和 <strong>英特尔</strong> 等竞争对手推出了新产品，这种情况尚未发生，而公司的产品生态系统，包括 CUDA 软件库，赋予了它显著的竞争优势。</p>
</div><p>Meanwhile, Nvidia is already at work on an even more advanced platform, Rubin, which it said was six months ahead of schedule.</p>
<div class="lb-trans"><p>与此同时，英伟达已经在开发一个更先进的平台 Rubin，并表示该平台的进度比计划提前了六个月。</p>
</div><p>At this point, the biggest threat to Nvidia doesn't seem to be competition, but the risk of an AI bubble as some are skeptical that the race to build out AI infrastructure will maintain its feverish pace. Over the long run, it's likely to fade, but given the continuing gap between demand and supply, 2025 is likely to be another strong year for Nvidia.</p>
<div class="lb-trans"><p>此时，英伟达面临的最大威胁似乎不是竞争，而是人工智能泡沫的风险，因为一些人对构建人工智能基础设施的竞赛能否保持其热度表示怀疑。从长远来看，这种热度可能会减退，但考虑到需求与供应之间的持续差距，2025 年可能会是英伟达的又一个强劲年份。</p>
</div><h2>Bitcoin or Nvidia: Which should you buy?</h2>
<div class="lb-trans"><h2>比特币还是英伟达：你应该买哪个？</h2>
</div><p>Given the current momentum in the market, sentiment about both of these investments and a favorable backdrop for the two, Bitcoin and Nvidia both look like good bets to be winners next year.</p>
<div class="lb-trans"><p>鉴于市场的当前势头，对这两项投资的情绪以及对这两者的有利背景，比特币和英伟达看起来都是明年赢家的好选择。</p>
</div><p>Of the two options, I would rather own Nvidia. As a business rather than a cryptocurrency, its valuation is underpinned by real earnings, and the business's growth justifies the stock's outperformance.</p>
<div class="lb-trans"><p>在这两个选项中，我更愿意拥有英伟达。作为一家企业而非加密货币，其估值由真实收益支撑，公司的增长证明了股票的优异表现。</p>
</div><p>Bitcoin, on the other hand, seems more susceptible to a sharp pullback if the market falters as the price of Bitcoin is almost entirely driven by sentiment, rather than fundamentals.</p>
<div class="lb-trans"><p>而比特币似乎更容易在市场动荡时出现急剧回调，因为比特币的价格几乎完全由情绪驱动，而非基本面。</p>
</div><p>Given the Trump administration's friendliness to Bitcoin, 2025 looks promising for the leading cryptocurrency, but between the two choices, Nvidia has a stronger foundation and a clearer path to continuing success.</p>
<div class="lb-trans"><p>考虑到特朗普政府对比特币的友好态度，2025 年对领先的加密货币看起来前景乐观，但在这两个选择中，英伟达有更强的基础和更清晰的持续成功路径。</p>
</div>

Better Buy for 2025: Bitcoin vs. Nvidia?

- 2024 年股市表现强劲，比特币和 Nvidia 是主要推动因素。  
- 比特币和 Nvidia 在过去十年均实现显著增长，分别上涨 29,000% 和 26,610%。  
- 预计 2025 年，Nvidia 因其盈利能力和市场需求将继续强劲，而比特币受市场情绪影响较大。

2025 年更好的投资选择：比特币还是 NVIDIA？