<p>2024 年有望成為現代歷史上股市表現最好的年份之一，而其中兩個最受歡迎的投資是一個重要原因。</p>
<p><strong>比特幣</strong>(BTC 0.71%) 和 <strong>英偉達</strong>(NVDA -2.69%) 今年大幅上漲，表現超過幾乎所有可比的大型投資。下面的圖表顯示了在今年的牛市中，每個投資相對於 <strong>標準普爾 500 指數</strong>(^GSPC -0.30%) 的表現。</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 數據來源於 YCharts</p>
<p>如您所見，英偉達的表現領先於比特幣，儘管這兩項投資今年都翻了一番以上。比特幣和英偉達可能不被視為可比的投資，但在許多方面，它們正在爭奪投資者的資金。</p>
<p>這兩個股票在過去十年中都提供了驚人的回報。比特幣在此期間上漲了 29000%，而英偉達上漲了 26610%，這兩項投資在社交媒體平台上都是最受關注的。作為未來主義的增長投資，它們以類似的方式吸引了人們的想象力，因此自然會相互競爭。但對於 2025 年，哪一個更值得購買呢？讓我們看看明年這兩項投資的前景。</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>圖片來源：Getty Images。</p>
<h2>比特幣在 2025 年值得購買嗎？</h2>
<p>比特幣在 2024 年經歷了兩波增長。第一波是在年初，當時首個比特幣現貨 ETF 獲得批准，第二波是在選舉期間，特朗普當選總統後擁抱加密貨幣，以期贏得年輕選民的支持。他還任命了一位支持加密貨幣的證券交易委員會主席保羅·阿特金斯。風險投資家大衞·薩克斯被任命為白宮加密貨幣專員，這是首次設立此職位。</p>
<p>投資者似乎在押注更友好的監管將繼續推動比特幣價格上漲，因為這種加密貨幣在主流社會中獲得了更多的認可。此外，美聯儲主席傑羅姆·鮑威爾最近表示，比特幣 “就像黃金。它只是虛擬和數字的。”</p>
<p>其他可能幫助提升加密貨幣價值的想法包括建立戰略比特幣儲備，而特朗普政府可能會結束對比特幣和其他加密貨幣的資本利得税。</p>
<p>包括這些在內的監管進展可能會影響明年加密貨幣的價值，比特幣應該繼續表現為高貝塔風險資產。如果標準普爾 500 指數繼續上漲，比特幣應該會繼續上漲，但如果出現急劇回調，比特幣投資者可能會兑現利潤，出售該加密貨幣。</p>
<p>數字黃金可能在某一天成為有效的通脹和波動性對沖工具，但目前大多數投資者將其與高風險資產混為一談，這些資產往往會放大整體市場的漲跌。預計比特幣會出現波動，儘管改善的監管環境和股市的樂觀勢頭對該加密貨幣是個好兆頭。</p>
<h2>英偉達在 2025 年會繼續飆升嗎？</h2>
<p>與比特幣一樣，英偉達在過去十年中也大幅上漲，但原因不同。該公司從一個相對不知名的圖形處理單元（GPU）製造商，發展成為引領人工智能潮流的公司，主導數據中心 GPU 市場以及使 AI 應用（如 ChatGPT）運作的組件。英偉達在今年早些時候曾一度成為全球最有價值的公司，儘管 <strong>蘋果</strong> 隨後重新奪回了這一頭銜。</p>
<p>英偉達的前景比比特幣更容易評估，因為它是一家有利潤和估值的真實企業。目前，該公司的市盈率為 55，但英偉達仍在為其規模提供異常快速的增長，第三季度收入增長了 94%。此外，首席執行官黃仁勳最近表示，新款 Blackwell 平台的需求 “瘋狂”，仍然遠遠超過供應。</p>
<p>儘管一些分析師預計競爭會侵蝕英偉達的主導地位，但儘管 <strong>AMD</strong> 和 <strong>英特爾</strong> 等競爭對手推出了新產品，這種情況尚未發生，而公司的產品生態系統，包括 CUDA 軟件庫，賦予了它顯著的競爭優勢。</p>
<p>與此同時，英偉達已經在開發一個更先進的平台 Rubin，並表示該平台的進度比計劃提前了六個月。</p>
<p>此時，英偉達面臨的最大威脅似乎不是競爭，而是人工智能泡沫的風險，因為一些人對構建人工智能基礎設施的競賽能否保持其熱度表示懷疑。從長遠來看，這種熱度可能會減退，但考慮到需求與供應之間的持續差距，2025 年可能會是英偉達的又一個強勁年份。</p>
<h2>比特幣還是英偉達：你應該買哪個？</h2>
<p>鑑於市場的當前勢頭，對這兩項投資的情緒以及對這兩者的有利背景，比特幣和英偉達看起來都是明年贏家的好選擇。</p>
<p>在這兩個選項中，我更願意擁有英偉達。作為一家企業而非加密貨幣，其估值由真實收益支撐，公司的增長證明了股票的優異表現。</p>
<p>而比特幣似乎更容易在市場動盪時出現急劇回調，因為比特幣的價格幾乎完全由情緒驅動，而非基本面。</p>
<p>考慮到特朗普政府對比特幣的友好態度，2025 年對領先的加密貨幣看起來前景樂觀，但在這兩個選擇中，英偉達有更強的基礎和更清晰的持續成功路徑。</p>

GBTC

英偉達

<p>在 2024 年，比特幣和英偉達成為了頂級投資，二者的價值均翻了一番，表現超過了標準普爾 500 指數。比特幣的增長受到監管發展和信譽提升的推動，而英偉達則受益於其在人工智能市場的主導地位和強勁的收入增長。分析師建議，二者在 2025 年可能都是強勁的投資選擇，比特幣的波動性和英偉達在人工智能技術上的競爭優勢是需要考慮的關鍵因素</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 年有望成為現代歷史上股市表現最好的年份之一，而其中兩個最受歡迎的投資是一個重要原因。</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>比特幣</strong>(BTC 0.71%) 和 <strong>英偉達</strong>(NVDA -2.69%) 今年大幅上漲，表現超過幾乎所有可比的大型投資。下面的圖表顯示了在今年的牛市中，每個投資相對於 <strong>標準普爾 500 指數</strong>(^GSPC -0.30%) 的表現。</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 數據來源於 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>如您所見，英偉達的表現領先於比特幣，儘管這兩項投資今年都翻了一番以上。比特幣和英偉達可能不被視為可比的投資，但在許多方面，它們正在爭奪投資者的資金。</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>這兩個股票在過去十年中都提供了驚人的回報。比特幣在此期間上漲了 29000%，而英偉達上漲了 26610%，這兩項投資在社交媒體平台上都是最受關注的。作為未來主義的增長投資，它們以類似的方式吸引了人們的想象力，因此自然會相互競爭。但對於 2025 年，哪一個更值得購買呢？讓我們看看明年這兩項投資的前景。</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>圖片來源：Getty Images。</p>
</div><h2>Is Bitcoin a buy for 2025?</h2>
<div class="lb-trans"><h2>比特幣在 2025 年值得購買嗎？</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>比特幣在 2024 年經歷了兩波增長。第一波是在年初，當時首個比特幣現貨 ETF 獲得批准，第二波是在選舉期間，特朗普當選總統後擁抱加密貨幣，以期贏得年輕選民的支持。他還任命了一位支持加密貨幣的證券交易委員會主席保羅·阿特金斯。風險投資家大衞·薩克斯被任命為白宮加密貨幣專員，這是首次設立此職位。</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>投資者似乎在押注更友好的監管將繼續推動比特幣價格上漲，因為這種加密貨幣在主流社會中獲得了更多的認可。此外，美聯儲主席傑羅姆·鮑威爾最近表示，比特幣 “就像黃金。它只是虛擬和數字的。”</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>其他可能幫助提升加密貨幣價值的想法包括建立戰略比特幣儲備，而特朗普政府可能會結束對比特幣和其他加密貨幣的資本利得税。</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>包括這些在內的監管進展可能會影響明年加密貨幣的價值，比特幣應該繼續表現為高貝塔風險資產。如果標準普爾 500 指數繼續上漲，比特幣應該會繼續上漲，但如果出現急劇回調，比特幣投資者可能會兑現利潤，出售該加密貨幣。</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>數字黃金可能在某一天成為有效的通脹和波動性對沖工具，但目前大多數投資者將其與高風險資產混為一談，這些資產往往會放大整體市場的漲跌。預計比特幣會出現波動，儘管改善的監管環境和股市的樂觀勢頭對該加密貨幣是個好兆頭。</p>
</div><h2>Will Nvidia keep soaring in 2025?</h2>
<div class="lb-trans"><h2>英偉達在 2025 年會繼續飆升嗎？</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>與比特幣一樣，英偉達在過去十年中也大幅上漲，但原因不同。該公司從一個相對不知名的圖形處理單元（GPU）製造商，發展成為引領人工智能潮流的公司，主導數據中心 GPU 市場以及使 AI 應用（如 ChatGPT）運作的組件。英偉達在今年早些時候曾一度成為全球最有價值的公司，儘管 <strong>蘋果</strong> 隨後重新奪回了這一頭銜。</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>英偉達的前景比比特幣更容易評估，因為它是一家有利潤和估值的真實企業。目前，該公司的市盈率為 55，但英偉達仍在為其規模提供異常快速的增長，第三季度收入增長了 94%。此外，首席執行官黃仁勳最近表示，新款 Blackwell 平台的需求 “瘋狂”，仍然遠遠超過供應。</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>儘管一些分析師預計競爭會侵蝕英偉達的主導地位，但儘管 <strong>AMD</strong> 和 <strong>英特爾</strong> 等競爭對手推出了新產品，這種情況尚未發生，而公司的產品生態系統，包括 CUDA 軟件庫，賦予了它顯著的競爭優勢。</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>與此同時，英偉達已經在開發一個更先進的平台 Rubin，並表示該平台的進度比計劃提前了六個月。</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>此時，英偉達面臨的最大威脅似乎不是競爭，而是人工智能泡沫的風險，因為一些人對構建人工智能基礎設施的競賽能否保持其熱度表示懷疑。從長遠來看，這種熱度可能會減退，但考慮到需求與供應之間的持續差距，2025 年可能會是英偉達的又一個強勁年份。</p>
</div><h2>Bitcoin or Nvidia: Which should you buy?</h2>
<div class="lb-trans"><h2>比特幣還是英偉達：你應該買哪個？</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>鑑於市場的當前勢頭，對這兩項投資的情緒以及對這兩者的有利背景，比特幣和英偉達看起來都是明年贏家的好選擇。</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>在這兩個選項中，我更願意擁有英偉達。作為一家企業而非加密貨幣，其估值由真實收益支撐，公司的增長證明了股票的優異表現。</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>而比特幣似乎更容易在市場動盪時出現急劇回調，因為比特幣的價格幾乎完全由情緒驅動，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>考慮到特朗普政府對比特幣的友好態度，2025 年對領先的加密貨幣看起來前景樂觀，但在這兩個選擇中，英偉達有更強的基礎和更清晰的持續成功路徑。</p>
</div>

Better Buy for 2025: Bitcoin vs. Nvidia?

- 2024 年股市表現強勁，比特幣和 Nvidia 是主要推動因素。  
- 比特幣和 Nvidia 在過去十年均實現顯著增長，分別上漲 29,000% 和 26,610%。  
- 預計 2025 年，Nvidia 因其盈利能力和市場需求將繼續強勁，而比特幣受市場情緒影響較大。

2025 年更好的投資選擇：比特幣還是 NVIDIA？