Bitcoin’s resurgence is undeniable. After a punishing period that witnessed scandal, company failures, and a massive drop in value, the cryptocurrency has made a striking comeback, reaching a new high of $69,191.95 on March 5. For a moment, it even surged past the $70,000 mark, uplifting the entire cryptocurrency market including Ethereum, Solana, and Dogecoin along.

比特幣的復甦是不可否認的。在經歷了醜聞、公司倒閉和價值大幅下跌的痛苦時期後，這種加密貨幣驚人地捲土重來，在 3 月 5 日達到 69,191.95 美元的新高。一度甚至飆升至 70,000 美元大關，提振了整個加密貨幣市場，包括以太幣、Solana 和狗狗幣。

This latest surge has been a boon for cryptocurrency enthusiasts, reinforcing their belief in the long-term potential of cryptocurrencies—a belief encapsulated in the popular crypto slang “hodl.” Meanwhile, those newly interested in the cryptocurrency market are left wondering if now is the opportune moment to invest.

最新的上漲對加密貨幣愛好者來說是一個福音，增強了他們對加密貨幣長期潛力的信念——這種信念體現在流行的加密俚語「hodl」中。同時，那些新近對加密貨幣市場感興趣的人想知道現在是否是投資的最佳時機。

We can’t deny that Bitcoin has seen its fair share of ups and downs. Following a low point in 2019 and 2020, the currency experienced a significant rebound during the initial wave of the Covid-19 pandemic, only to face another downturn in the spring of 2021, made worse by the collapse of the FTX exchange. The current uptick in Bitcoin’s price, however, started around January 10, coinciding with the SEC’s approval of spot exchange-traded funds (ETFs) by major financial companies like BlackRock, Invesco, and Fidelity.

我們不能否認比特幣經歷了相當多的起伏。繼2019 年和2020 年的低點之後，該貨幣在Covid-19 大流行的第一波期間經歷了大幅反彈，但在2021 年春季又面臨了另一次低迷，FTX 交易所的崩潰使情況變得更糟。然而，當前比特幣價格的上漲始於 1 月 10 日左右，恰逢 SEC 批准貝萊德、景順和富達等主要金融公司的現貨交易所交易基金 (ETF)。

The introduction of these ETFs, which aim to mirror the price of Bitcoin without necessitating direct ownership of the cryptocurrency, has attracted more than $9 billion in net inflows since their inception. Douglas Boneparth, a New York-based certified financial planner, acknowledges the heightened market confidence stemming from this institutional engagement, suggesting a cautious allocation of up to 10% in Bitcoin for client portfolios, signaling a change in investment.

這些 ETF 的推出旨在反映比特幣的價格，而無需直接擁有加密貨幣，自推出以來已吸引了超過 90 億美元的淨流入。紐約的註冊財務規劃師 Douglas Boneparth 承認這種機構參與增強了市場信心，建議謹慎地將最多 10% 的比特幣分配給客戶投資組合，這標誌著投資的變化。

Despite Bitcoin’s notorious volatility and the skepticism it has drawn from the traditional financial sector, attitudes are gradually shifting. Seasoned money managers have witnessed substantial profits from Bitcoin investments across the spectrum, from individual retail investors to Wall Street veterans. This evolving perspective acknowledges the perceived value of Bitcoin in the marketplace, suggesting a potential, albeit limited, role for Bitcoin in diversified investment portfolios.

儘管比特幣的波動性眾所周知，並引起了傳統金融領域的懷疑，但人們的態度正在逐漸轉變。從個人散戶投資者到華爾街資深人士，經驗豐富的基金經理人都見證了從各個領域的比特幣投資中獲得的巨額利潤。這種不斷發展的觀點承認了比特幣在市場上的感知價值，顯示比特幣在多元化投資組合中的潛在作用，儘管有限。

Peter Mladina of Northern Trust Wealth Management advises a conservative approach, challenging the narrative that Bitcoin can serve as a conventional currency or stable store of value due to its volatility. Similarly, Joseph Boughan from Parkmount Financial Partners highlights the importance of managing expectations regarding Bitcoin’s price fluctuations, advocating for a maximum allocation of 5% in client portfolios.

北方信託財富管理公司（Northern Trust Wealth Management）的彼得·姆拉迪納（Peter Mladina）建議採取保守的方法，挑戰了比特幣由於其波動性而可以作為傳統貨幣或穩定的價值儲存手段的說法。同樣，Parkmount Financial Partners 的 Joseph Boughan 強調了管理比特幣價格波動預期的重要性，主張在客戶投資組合中最多分配 5%。

Adding Bitcoin to an investment portfolio, even in small proportions, can significantly alter its risk profile, akin to increasing stock holdings. This heightened volatility, while potentially lucrative, carries risks, particularly for those needing to liquidate their investments during a market downturn.

將比特幣添加到投資組合中，即使比例很小，也可以顯著改變其風險狀況，類似於增加股票持有量。這種加劇的波動性雖然可能有利可圖，但也帶來風險，特別是對於那些在市場低迷期間需要清算投資的人來說。

The resurgence of Bitcoin has also seen the return of more speculative digital assets, like meme coins and non-fungible tokens (NFTs), which have historically been prone to dramatic fluctuations and speculative bubbles. Experts caution against viewing these trends as sustainable investment strategies, reminding investors of the real risk of loss.

比特幣的復甦也見證了更具投機性的數位資產的回歸，例如迷因幣和不可替代代幣（NFT），這些資產歷來容易出現劇烈波動和投機泡沫。專家警告不要將這些趨勢視為可持續的投資策略，提醒投資者真正的損失風險。

Amidst this, Bitcoin whales—investors holding substantial amounts of the cryptocurrency—have demonstrated a reluctance to sell, despite the recent price peaks. The number of addresses holding at least 1,000 Bitcoins has increased, although it remains below the peak levels of February 2021. This pattern suggests a belief among major investors in Bitcoin’s potential for further appreciation.

在這種情況下，儘管最近價格達到頂峰，但比特幣鯨魚（持有大量加密貨幣的投資者）表現出不願出售的態度。持有至少 1,000 個比特幣的地址數量有所增加，但仍低於 2021 年 2 月的峰值水平。這種模式表明主要投資者相信比特幣有進一步升值的潛力。