×
Array
(
[fid] => 6974
[description] => 专注于币圈最新最快资讯,数字货币应用及知识普及
[password] =>
[icon] => b1/common_6974_icon.png
[redirect] =>
[attachextensions] =>
[creditspolicy] => Array
(
[post] => Array
(
[usecustom] => 1
[cycletype] => 1
[cycletime] => 0
[rewardnum] => 5
[extcredits1] => 1
[extcredits2] => 1
[extcredits3] => 0
[extcredits4] => 0
[extcredits5] => 0
[extcredits6] => 0
[extcredits7] => 0
[extcredits8] => 0
[rid] => 1
[fid] => 6974
[rulename] => 发表主题
[action] => post
[fids] => 32,52,67,447,1120,1151,1156,6750,6762,6763,6766,6769,6772,6773,6787,6796,6808,6809,6810,6813,6814,6820,6829,6830,6846,6856,6864,6865,6827,6930,6931,6776,6858,6880,6764,6932,6871,6758,6905,1116,6788,6812,6798,6736,6759,6842,6966,6767,6828,6924,6935,6936,6938,6940,6941,6826,6909,6803,6919,6911,6908,6881,6920,6912,6913,6921,6925,6922,6789,6818,6819,6872,6928,6969,6889,6888,6917,6939,6947,6961,6937,6943,6970,6869,6900,6902,6783,6817,1111,6870,6821,6876,6952,6954,6960,6942,6910,6949,6962,6963,6964,6927,6926,6973,6728,6929,6874,6894,6896,6885,6857,6868,1113,6778,56,6844,6878,6802,6933,6811,6923,6877,6875,6918,6892,6757,6832,6833,6795,6793,6848,6837,6849,6850,6851,6852,6853,6854,6863,6882,6836,6790,6838,6794,6791,6873,555,6934,6958,6944,6945,6907,6779,6886,6950,6904,6956,6862,6957,6855,6955,6959,6914,6965,6971,6972,6953,6976,6824,6815,6891,6866,6979,6977,6765,6903,6948,6980,6981,6983,6799,6982,6951,6984,6975,6895,6845,6879,1121,6974
)
[reply] => Array
(
[usecustom] => 1
[cycletype] => 1
[cycletime] => 0
[rewardnum] => 0
[extcredits1] => 0
[extcredits2] => 1
[extcredits3] => 10
[extcredits4] => 0
[extcredits5] => 0
[extcredits6] => 0
[extcredits7] => 0
[extcredits8] => 0
[rid] => 2
[fid] => 6974
[rulename] => 发表回复
[action] => reply
[fids] => 32,52,67,447,1120,1151,1156,6750,6763,6766,6769,6772,6773,6787,6796,6808,6809,6810,6813,6814,6820,6829,6830,6846,6856,6864,6865,6827,6930,6931,6776,6858,6880,6764,6932,6871,6758,1116,6788,6812,6798,6736,6759,6842,6966,6767,6828,6924,6935,6936,6938,6940,6941,6826,6909,6803,6919,6911,6908,6881,6920,6912,6913,6921,6925,6922,6789,6818,6819,6872,6928,6969,6889,6888,6917,6939,6947,6961,6937,6943,6970,6869,6900,6902,6783,6817,1111,6870,6821,6876,6952,6954,6960,6942,6910,6949,6962,6963,6964,6927,6926,6973,6728,6929,6874,6894,6896,6885,6857,6868,1113,6778,56,6844,6878,6802,6933,6811,6923,6877,6875,6918,6892,6757,6832,6833,6795,6793,6848,6837,6849,6850,6851,6852,6853,6854,6863,6836,6790,6838,6794,6791,6873,555,6934,6958,6944,6945,6907,6779,6886,6950,6904,6956,6862,6957,6855,6955,6959,6914,6965,6971,6972,6953,6976,6824,6815,6891,6866,6979,6977,6765,6903,6948,6980,6981,6983,6799,6982,6951,6984,6975,6895,6845,6879,1121,6974
)
)
[formulaperm] => a:5:{i:0;s:0:"";i:1;s:0:"";s:7:"message";s:0:"";s:5:"medal";N;s:5:"users";s:0:"";}
[moderators] => 实习版主1
[rules] =>
[threadtypes] => Array
(
[required] => 1
[listable] => 1
[prefix] => 1
[types] => Array
(
[1590] => 论坛公告
[1752] => 公司优惠
[1603] => 虚拟币交流
[1753] => 数字钱包
[1754] => 虚拟币存提
[1755] => 交易所
[1655] => 虚拟币资讯
[1756] => 银行卡
[1757] => 第三方支付
[1760] => 币圈大佬
[1758] => 科技前沿
[1759] => 天策嗨聊
[1661] => 入驻合作
)
[icons] => Array
(
[1590] =>
[1752] =>
[1603] =>
[1753] =>
[1754] =>
[1755] =>
[1655] =>
[1756] =>
[1757] =>
[1760] =>
[1758] =>
[1759] =>
[1661] =>
)
[moderators] => Array
(
[1590] => 1
[1752] =>
[1603] =>
[1753] =>
[1754] =>
[1755] =>
[1655] =>
[1756] =>
[1757] =>
[1760] =>
[1758] =>
[1759] => 1
[1661] =>
)
)
[threadsorts] => Array
(
)
[viewperm] => 9 26 22 11 12 13 14 15 27 43 44 60 61 62 63 64 19 31 67 68 69 73 75 76 83 84 87 90 91 92 33 38 57 58 65 66 74 77 79 80 85 86 1 2 3 7 8
[postperm] => 22 11 12 13 14 15 27 43 44 60 61 62 63 64 19 67 68 69 73 75 76 83 84 87 90 91 92 33 38 57 58 65 66 74 77 79 80 85 86 1 2 3
[replyperm] => 26 22 11 12 13 14 15 27 43 44 60 61 62 63 64 19 67 68 69 73 75 76 83 84 87 90 91 92 33 38 57 58 65 66 74 77 79 80 85 86 1 2 3
[getattachperm] => 26 22 11 12 13 14 15 27 43 44 60 61 62 63 64 19 67 68 69 73 75 76 83 84 87 90 91 92 33 38 57 58 65 66 74 77 79 80 85 86 1 2 3
[postattachperm] => 26 22 11 12 13 14 15 27 43 44 60 61 62 63 64 19 67 68 69 73 75 76 83 84 87 90 91 92 33 38 57 58 65 66 74 77 79 80 85 86 1 2 3
[postimageperm] => 26 22 11 12 13 14 15 27 43 44 60 61 62 63 64 19 67 68 69 73 75 76 83 84 87 90 91 92 33 38 57 58 65 66 74 77 79 80 85 86 1 2 3
[spviewperm] =>
[seotitle] =>
[keywords] =>
[seodescription] =>
[supe_pushsetting] =>
[modrecommend] => Array
(
[open] => 0
[num] => 10
[imagenum] => 0
[imagewidth] => 300
[imageheight] => 250
[maxlength] => 0
[cachelife] => 0
[dateline] => 0
)
[threadplugin] => Array
(
)
[replybg] =>
[extra] => a:2:{s:9:"namecolor";s:0:"";s:9:"iconwidth";s:2:"60";}
[jointype] => 0
[gviewperm] => 0
[membernum] => 0
[dateline] => 0
[lastupdate] => 0
[activity] => 0
[founderuid] => 0
[foundername] =>
[banner] =>
[groupnum] => 0
[commentitem] =>
[relatedgroup] =>
[picstyle] => 0
[widthauto] => 0
[noantitheft] => 0
[noforumhidewater] => 0
[noforumrecommend] => 0
[livetid] => 0
[price] => 0
[fup] => 6729
[type] => forum
[name] => 虚拟币讨论大厅
[status] => 1
[displayorder] => 3
[styleid] => 0
[threads] => 26630
[posts] => 417454
[todayposts] => 5
[yesterdayposts] => 241
[rank] => 2
[oldrank] => 2
[lastpost] => 2752033 领先AI Claude预测XRP、柴犬币与Pi币在2025年底的价格-转 1753460123 NBA专家
[domain] =>
[allowsmilies] => 1
[allowhtml] => 1
[allowbbcode] => 1
[allowimgcode] => 1
[allowmediacode] => 0
[allowanonymous] => 0
[allowpostspecial] => 21
[allowspecialonly] => 0
[allowappend] => 0
[alloweditrules] => 1
[allowfeed] => 0
[allowside] => 0
[recyclebin] => 1
[modnewposts] => 2
[jammer] => 1
[disablewatermark] => 0
[inheritedmod] => 0
[autoclose] => 0
[forumcolumns] => 3
[catforumcolumns] => 0
[threadcaches] => 0
[alloweditpost] => 1
[simple] => 16
[modworks] => 1
[allowglobalstick] => 1
[level] => 0
[commoncredits] => 0
[archive] => 0
[recommend] => 0
[favtimes] => 0
[sharetimes] => 0
[disablethumb] => 0
[disablecollect] => 0
[ismoderator] => 0
[threadtableid] => 0
[allowreply] =>
[allowpost] =>
[allowpostattach] =>
)
当前离线
经验:
天策币:
活跃币:
策小分:
总在线: 12589 小时
本月在线: 7 小时
|
|
+ w2 m* Q. c' e L W, W/ A
6 u- n& k* L1 N9 [- U& }* ]8 N' `6 g; b) ?$ |
中信证券(26.430, 0.45, 1.73%)发布研报称,加密货币具有较好的隐私性和抗通胀性,自诞生以来成长迅速,并且正在逐步正规资产化。随着加密货币的刚需扩大,
d2 S& n! K# A8 f/ M- h! x+ @1 h4 V% X1 I3 }7 }' O
1 W( X E! q* j4 a+ |; x形成类似黄金的刚需托底,投机定价的格局。但短期来看由于货币化不足和边际定价者风险偏好高,加密货币反而投机性更强。中长期内,预计加密货币和黄金都将受益于
; W6 W" g0 G5 |: M! c D, u, j4 Z- J
2 o2 q7 S* D2 j1 u8 E& K% y( \! K逆全球化、去美元化带来的货币化。“未来黄金”不必然包含比特币,但大概率有加密货币。短期内加密货币有望受益于特朗普任期内可能的监管放松,但需等待贸易、外交政
! ]+ N$ D! v) k: ?; H4 C5 X
0 g( @% s% S/ c2 h3 a5 G策的确定性。* ^' R% Q' ]. {, g! v
% H$ f9 \2 O+ J8 l9 m$ \! [
中信证券主要观点如下:6 c9 m1 {$ p# u( w ^5 X
- c# l* y2 ?6 Z' `) X
加密货币是一种基于区块链技术的数字货币,具有较好的隐私性、抗通胀性。. j+ p( D$ g% N, B; B( k N3 N: \
0 O3 M p6 {: y
自其诞生以来,市场成长迅速,例如比特币呈指数型增长。2 g% N4 i. j3 m \ N- H" R7 |, f
7 T5 e! O, [$ J1 N
近期加密货币表现不佳,并未体现出避险属性。
+ b% p9 ] S! y; u; b8 |. ^; T( B# B) N6 x
2024年比特币主要有一季度和四季度两波集中上涨,分别是因为ETF发行、比特币减半、亚洲投资者热情高;以及特朗普交易影响。但2025年以来比特币及其他加密货币表现" f5 g( s$ D& i( z+ j" b
3 J O5 C' g8 G h7 v1 w不佳,与黄金走势背离,并未体现出避险属性。
2 B+ I+ b4 ^$ z, ^7 {6 F6 Q2 k; s
加密货币市场与黄金愈发相似。
1 M& x5 C" B* G2 G+ E2 N
7 G6 \' K3 ]; t# p7 s- U) H; r 从规模来看,加密货币市场仍明显小于黄金市场,增长空间巨大。从持有结构来看,两者都是集中度较高,且加密货币市场持有结构更加不透明,均有利于价格的长期上行。0 ?) E2 l2 O2 C& q& q" y
" i0 k9 \6 _! \; i$ W
加密货币开始出现刚性需求,形成与黄金类似的刚需托底,投机定价的格局。" g4 J3 _* u: d H8 N4 ~4 ?2 S9 L2 K
6 g, F1 V3 x( \, S
由于加密货币在跨境支付、抗通胀信用方面具有优势,形成了快速增长的刚性需求。加密货币正在快速的“正规化”、“黄金化”,与黄金一样形成了刚需,以确保其难以出现泡沫
6 q& s; V1 Z9 f
S$ D% \8 j, I1 [+ m破灭、大量投机交易完成定价的格局。4 S, ^8 R) w8 [, u' ?
0 x* C% c4 }; d) c' W 短期内,加密货币的货币及避险属性仍不及黄金,因此表现背离。
9 \, L8 t5 m3 t4 n& V; J2 }8 h
" ]6 j$ }9 x9 w' @. @1 O8 |8 V# c 我们认为根本的原因是1)社会认知、税收制度中加密货币的货币化程度不及黄金。2)由于加密货币高成长性,边际定价者的风险偏好高。短期内,加密货币避险属性和投机属性1 U5 j# E% D+ D2 d, i
$ S% u/ w) y# q$ q F
共存,后者更占上风。长期来看这些因素望将淡化。
8 i$ _+ U; @0 z8 v: v/ i; p3 y1 L7 N2 |+ C0 {- d; j: M( w9 E1 ^7 ~
长期来看,加密货币料仍然有极大的增长空间,最根本的逻辑是逆全球化及去美元化,驱动黄金、加密货币的货币化。+ L& S# i# a# ^& c
% D' b1 z$ k) W" a1 p# t0 @
2008年以来逆全球化和去美元化进程持续,预计加密货币坚实的市场需求仍将持续扩大。我们判断在长时间维度上,黄金和加密货币的货币属性,都会是“未来黄金”。由于技术劣
" O; t) Q n0 ]3 e! T
0 S0 ^5 v7 `1 M; s势,比特币不必然是未来的黄金,但“未来黄金”大概率包含加密货币。尽管如此,我们认为技术优势战胜信念优势需要很长时间,比特币在加密货币中的独有地位仍将维持很久。/ j p' f7 m! ?4 s9 a3 s! y
/ _$ O y6 Z* f) S9 {7 {
展望未来四年,比特币及其他加密货币在特朗普的支持下仍然可能表现亮眼,但短期转好需要特朗普给出确定性信号。
- [6 T4 \, B$ c6 S5 S. y4 e6 {0 k9 l+ h' {* i( h
本届特朗普ZF与硅谷的紧密联系让加密货币有望受益于潜在的监管放松。但短期内贸易政策不确定性等因素压制了风险偏好与流动性宽松。转涨或需等待特朗普给出外交和贸易政9 W& P p9 Y5 t g
" E8 E. \7 I5 j5 h4 Q- Q
策确定性。未来若特朗普ZF对俄政策转向也可能带来风险。1 i% c8 p/ k6 _5 B2 M- C5 g( Q, N
6 G* H" n% u; B& X 风险因素:; G$ ?* x6 X s! u+ ?
- \" _' G, ^& W* [: L 特朗普ZF政策超预期;美国联邦债务问题超预期;美联储货币政策宽松不及预期;地缘ZZ风险。: z3 M' E0 h: X d
|
|
|
|
|
|
|
当前离线
经验:
天策币:
活跃币:
策小分:
总在线: 13192 小时
本月在线: 82 小时
|
|
|
|
|
|
|
|
当前离线
经验:
天策币:
活跃币:
策小分:
总在线: 19054 小时
本月在线: 113 小时
|
|
|
|
|
|
|
|
当前离线
经验:
天策币:
活跃币:
策小分:
总在线: 10082 小时
本月在线: 42 小时
|
|
|
|
|
|
|
|
当前离线
经验:
天策币:
活跃币:
策小分:
总在线: 3927 小时
本月在线: 19 小时
|
|
|
|
|
|
|
|
当前离线
经验:
天策币:
活跃币:
策小分:
总在线: 2816 小时
本月在线: 20 小时
|
|
|
|
|
|
|
|
当前离线
经验:
天策币:
活跃币:
策小分:
总在线: 8938 小时
本月在线: 28 小时
|
|
|
|
|
|
|
|
当前离线
经验:
天策币:
活跃币:
策小分:
总在线: 10167 小时
本月在线: 30 小时
|
|
|
|
|
|
|
|