<p>比特幣（BTC -1.40%）在過去十年的上漲令人驚歎。在其存在期間經歷了多次超過 50% 的回調後，這種數字資產屢次強勢反彈，創下新高。如今，它已成為華爾街和華盛頓公認的金融資產，大大降低了其變得無關緊要的可能性。</p>
<p>遲到的投資者可能會想，這種領先的加密貨幣在過去五年中價格上漲了 1,030%，在展望未來時是否仍有顯著的上漲空間。你應該在比特幣當前價格低於 110,000 美元（截至 6 月 22 日）時購買嗎？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIzNjIvYnV5aW5nLWJpdGNvaW4tb24tc21hcnRwaG9uZS1jcnlwdG8tYXBwLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIzNjIvYnV5aW5nLWJpdGNvaW4tb24tc21hcnRwaG9uZS1jcnlwdG8tYXBwLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>等待突破</h2>
<p>在過去六週中，比特幣主要在 100,000 到 110,000 美元的區間內交易。在前一個月左右（從四月初到五月初）價格飆升後，比特幣現在似乎在等待向上的突破。有一些潛在的催化因素值得關注。</p>
<p>第一個是美聯儲可能會降息。這表明貨幣政策更加寬鬆，鼓勵投資者承擔更多風險，以期獲得更好的回報。</p>
<p>另一個催化因素是比特幣在減半後通常經歷的持續牛市。上一次事件發生在 2024 年 4 月，因此我們仍可能在今年年底之前看到比特幣創下新高。</p>
<p>當然，宏觀和地緣政治力量也在關注之中。任何貿易解決方案都可能為比特幣等風險資產提供提振。此外，中東緊張局勢的緩解可能有助於提升投資者信心。</p>
<h2>比特幣的長期論點</h2>
<p>雖然投資者容易關注短期價格波動，但長期投資者明白，最好關注未來五年及更長時間。當考慮在比特幣價格低於 110,000 美元時是否購買時，重要的是你對這種數字資產在未來的看漲程度。</p>
<p>在我看來，所有跡象都表明比特幣作為一種更廣泛擁有的金融資產正在朝着正確的方向發展。一個關鍵變量是當前的貨幣體系。特別是，美國日益上升的債務負擔可能會間接推動比特幣價格的上漲。</p>
<p>美國聯邦債務目前高達驚人的 37 萬億美元。財政赤字沒有盡頭，且可能繼續增長，這可能導致對美元和國債市場的信任開始減弱。因此，隨着財政債務的上升，貨幣供應量也在增加。這導致美元持續貶值。</p>
<p>比特幣與財政狀況的關係是一個值得思考的問題。為什麼比特幣的價格會受益於不斷增長的債務和貨幣供應？雖然顯然沒有直接關係，但相關性很強。</p>
<p>宏觀經濟學家 Lyn Alden 與比特幣研究員 Sam Callahan 進行了一項研究，顯示比特幣與全球流動性增加的相關性是多麼緊密。這種聯繫比任何其他主要資產類別都要強。如果由於貨幣供應和流動性增加，美元每年變得越來越不值錢，那麼擁有供應固定的比特幣就變得極具吸引力。儘管其波動性較大，購買和持有這種稀缺資產在歷史上被證明是明智之舉。</p>
<p>當然，另一個重要因素是，越來越多的人——無論是個人、資產管理專業人士、企業高管還是政治家——花更多時間瞭解比特幣的特性以及為什麼擁有它是有吸引力的。這似乎正在發生。</p>
<p>因此，考慮在比特幣交易價格低於 110,000 美元時購買是一個明智的選擇。</p>

GBTC

<p>比特幣在過去十年中經歷了顯著的上漲，過去五年價格上漲了 1,030%。目前交易價格在$100,000 到$110,000 之間，可能的突破催化劑包括美聯儲可能的降息以及減半事件後典型的牛市。長期投資者應考慮比特幣與美國債務和貨幣供應上升的相關性，這可能推動其價值上升。隨着越來越多的個人和專業人士瞭解比特幣，現在可能是一個戰略性的投資時機，因為價格仍低於$110,000</p>

<p><strong>Bitcoin</strong>'s (BTC -1.40%) rise over the past decade has been amazing to watch. After multiple drawdowns of more than 50% throughout its existence, the digital asset has repeatedly come roaring back to reach fresh highs. And now, it has become a legitimate financial asset, both on Wall Street and in Washington, drastically reducing the likelihood that it becomes irrelevant.</p>
<div class="lb-trans"><p>比特幣（BTC -1.40%）在過去十年的上漲令人驚歎。在其存在期間經歷了多次超過 50% 的回調後，這種數字資產屢次強勢反彈，創下新高。如今，它已成為華爾街和華盛頓公認的金融資產，大大降低了其變得無關緊要的可能性。</p>
</div><p>Investors who are late to the party might be wondering whether this leading cryptocurrency, whose price has risen 1,030% in the past five years, still has meaningful upside as we look to the future. Should you buy Bitcoin while its price is currently below $110,000 (as of June 22)?</p>
<div class="lb-trans"><p>遲到的投資者可能會想，這種領先的加密貨幣在過去五年中價格上漲了 1,030%，在展望未來時是否仍有顯著的上漲空間。你應該在比特幣當前價格低於 110,000 美元（截至 6 月 22 日）時購買嗎？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIzNjIvYnV5aW5nLWJpdGNvaW4tb24tc21hcnRwaG9uZS1jcnlwdG8tYXBwLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822362%2Fbuying-bitcoin-on-smartphone-crypto-app.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>Waiting to break out</h2>
<div class="lb-trans"><h2>等待突破</h2>
</div><p>Over the past six weeks, Bitcoin has been trading primarily within the $100,000 to $110,000 range. After the price soared in the previous month or so (from early April to early May), Bitcoin now appears to be waiting for a breakout to the upside. There are some potential catalysts to keep in mind.</p>
<div class="lb-trans"><p>在過去六週中，比特幣主要在 100,000 到 110,000 美元的區間內交易。在前一個月左右（從四月初到五月初）價格飆升後，比特幣現在似乎在等待向上的突破。有一些潛在的催化因素值得關注。</p>
</div><p>The first is the possibility that the Federal Reserve will cut interest rates. This signals looser and more accommodative monetary policy that incentivizes investors to take on more risk in an effort to earn a better return.</p>
<div class="lb-trans"><p>第一個是美聯儲可能會降息。這表明貨幣政策更加寬鬆，鼓勵投資者承擔更多風險，以期獲得更好的回報。</p>
</div><p>Another catalyst is the ongoing bull run that Bitcoin typically experiences in the 12 to 18 months following a halving. The last event happened in April 2024, so we could still see Bitcoin hit a new record high before the end of this year.</p>
<div class="lb-trans"><p>另一個催化因素是比特幣在減半後通常經歷的持續牛市。上一次事件發生在 2024 年 4 月，因此我們仍可能在今年年底之前看到比特幣創下新高。</p>
</div><p>And of course, macro and geopolitical forces are in focus. Any trade resolution could provide a boost to risk assets such as Bitcoin. What's more, easing tensions in the Middle East could help improve investor confidence.</p>
<div class="lb-trans"><p>當然，宏觀和地緣政治力量也在關注之中。任何貿易解決方案都可能為比特幣等風險資產提供提振。此外，中東緊張局勢的緩解可能有助於提升投資者信心。</p>
</div><h2>Bitcoin's long-term thesis</h2>
<div class="lb-trans"><h2>比特幣的長期論點</h2>
</div><p>While it's easy for investors to think about short-term price movements, long-term investors understand that it's best to maintain a focus on the next five years and beyond. What matters when considering buying Bitcoin while it's below $110,000 is whether you are bullish on the digital asset far into the future.</p>
<div class="lb-trans"><p>雖然投資者容易關注短期價格波動，但長期投資者明白，最好關注未來五年及更長時間。當考慮在比特幣價格低於 110,000 美元時是否購買時，重要的是你對這種數字資產在未來的看漲程度。</p>
</div><p>In my opinion, all signs point to Bitcoin trending in the right direction as a more widely owned financial asset. One key variable to consider is the current monetary system. In particular, the U.S.'s rising debt burden could indirectly propel Bitcoin's price going forward.</p>
<div class="lb-trans"><p>在我看來，所有跡象都表明比特幣作為一種更廣泛擁有的金融資產正在朝着正確的方向發展。一個關鍵變量是當前的貨幣體系。特別是，美國日益上升的債務負擔可能會間接推動比特幣價格的上漲。</p>
</div><p>The U.S. federal debt currently stands at a jaw-dropping $37 trillion. With no end in sight to the fiscal deficit and the likelihood that it will continue to grow, trust in the U.S. dollar and the Treasury market might start to weaken. Consequently, as fiscal debt has risen, so has the money supply. This has resulted in the U.S. dollar continuously losing value.</p>
<div class="lb-trans"><p>美國聯邦債務目前高達驚人的 37 萬億美元。財政赤字沒有盡頭，且可能繼續增長，這可能導致對美元和國債市場的信任開始減弱。因此，隨着財政債務的上升，貨幣供應量也在增加。這導致美元持續貶值。</p>
</div><p>The question of how Bitcoin relates to the fiscal situation is something to think about. Why should Bitcoin's price benefit from growing debt and money supply? While there is obviously no direct relationship, the correlation is strong.</p>
<div class="lb-trans"><p>比特幣與財政狀況的關係是一個值得思考的問題。為什麼比特幣的價格會受益於不斷增長的債務和貨幣供應？雖然顯然沒有直接關係，但相關性很強。</p>
</div><p>Macroeconomist Lyn Alden conducted a study with Bitcoin researcher Sam Callahan, which showed how closely correlated Bitcoin is with the increase in global liquidity. The connection is stronger than any other major asset class. If the U.S. dollar becomes worth less and less with each passing year, thanks to the growth of the money supply and added liquidity, then it becomes extremely compelling to own Bitcoin, which has a fixed supply. Buying and holding this scarce asset has historically proven to be a smart move despite its volatility.</p>
<div class="lb-trans"><p>宏觀經濟學家 Lyn Alden 與比特幣研究員 Sam Callahan 進行了一項研究，顯示比特幣與全球流動性增加的相關性是多麼緊密。這種聯繫比任何其他主要資產類別都要強。如果由於貨幣供應和流動性增加，美元每年變得越來越不值錢，那麼擁有供應固定的比特幣就變得極具吸引力。儘管其波動性較大，購買和持有這種稀缺資產在歷史上被證明是明智之舉。</p>
</div><p>Of course, what also matters is that more people -- whether that be individuals, asset management professionals, executives, or politicians -- spend more time learning about Bitcoin's properties and what makes it compelling to own. This appears to be happening.</p>
<div class="lb-trans"><p>當然，另一個重要因素是，越來越多的人——無論是個人、資產管理專業人士、企業高管還是政治家——花更多時間瞭解比特幣的特性以及為什麼擁有它是有吸引力的。這似乎正在發生。</p>
</div><p>That's why it's a smart move to consider buying Bitcoin as it trades below $110,000.</p>
<div class="lb-trans"><p>因此，考慮在比特幣交易價格低於 110,000 美元時購買是一個明智的選擇。</p>
</div>

Should You Buy Bitcoin While It's Under $110,000?

- 比特幣在過去十年中上漲了 1,030%，成為合法金融資產。  
- 當前價格在 $100,000 到 $110,000 之間，可能面臨突破。  
- 美國債務上升和貨幣供應增加可能推動比特幣價格上漲。  

當比特幣價格低於 110,000 美元時，是否值得購買？