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.

比特币的复苏是不可否认的。在经历了丑闻、公司倒闭和价值大幅下跌的痛苦时期后，这种加密货币惊人地卷土重来，在 3 月 5 日达到 69,191.95 美元的新高。一度甚至飙升至 70,000 美元大关，提振了整个加密货币市场，包括以太坊、Solana 和狗狗币。

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.

最新的上涨对加密货币爱好者来说是一个福音，增强了他们对加密货币长期潜力的信念——这种信念体现在流行的加密俚语“hodl”中。与此同时，那些新近对加密货币市场感兴趣的人想知道现在是否是投资的最佳时机。

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.

我们不能否认比特币经历了相当多的起伏。继 2019 年和 2020 年的低点之后，该货币在 Covid-19 大流行的第一波期间经历了大幅反弹，但在 2021 年春季又面临了另一次低迷，FTX 交易所的崩溃使情况变得更糟。然而，当前比特币价格的上涨始于 1 月 10 日左右，恰逢 SEC 批准贝莱德、景顺和富达等主要金融公司的现货交易所交易基金 (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.

这些 ETF 的推出旨在反映比特币的价格，而无需直接拥有加密货币，自推出以来已吸引了超过 90 亿美元的净流入。纽约的注册财务规划师 Douglas Boneparth 承认这种机构参与增强了市场信心，建议谨慎地将最多 10% 的比特币分配给客户投资组合，这标志着投资的变化。

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.

尽管比特币的波动性众所周知，并且引起了传统金融领域的怀疑，但人们的态度正在逐渐转变。从个人散户投资者到华尔街资深人士，经验丰富的基金经理都见证了从各个领域的比特币投资中获得的巨额利润。这种不断发展的观点承认了比特币在市场上的感知价值，表明比特币在多元化投资组合中的潜在作用，尽管有限。

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.

北方信托财富管理公司（Northern Trust Wealth Management）的彼得·姆拉迪纳（Peter Mladina）建议采取保守的方法，挑战了比特币由于其波动性而可以作为传统货币或稳定的价值储存手段的说法。同样，Parkmount Financial Partners 的 Joseph Boughan 强调了管理比特币价格波动预期的重要性，主张在客户投资组合中最多分配 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.

将比特币添加到投资组合中，即使比例很小，也可以显着改变其风险状况，类似于增加股票持有量。这种加剧的波动性虽然可能有利可图，但也带来风险，特别是对于那些在市场低迷期间需要清算投资的人来说。

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.

比特币的复苏也见证了更具投机性的数字资产的回归，例如模因币和不可替代代币（NFT），这些资产历来容易出现剧烈波动和投机泡沫。专家警告不要将这些趋势视为可持续的投资策略，提醒投资者真正的损失风险。

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.

在这种情况下，尽管最近价格达到顶峰，但比特币鲸鱼（持有大量加密货币的投资者）却表现出不愿出售的态度。持有至少 1,000 个比特币的地址数量有所增加，但仍低于 2021 年 2 月的峰值水平。这种模式表明主要投资者相信比特币有进一步升值的潜力。