在黃金價格強勢上漲、避險資產波動加劇之際，摩根大通最新分析指出，比特幣相對於黃金的長期投資吸引力正明顯提升，並在風險調整後的表現上展現出更具潛力的上行空間。
（前情提要：Glassnode：比特幣跌穿真實均值，市場進入「空頭時間」）
（背景補充：比特幣跌破7萬美元大關！回到2024年11月水準，川普任期漲幅全部回吐）
在傳統避險資產黃金價格強勢上漲、波動性同步升高之際，華爾街重量級投行摩根大通（JPMorgan）對比特幣的長期投資價值提出新的評估。該行最新分析指出，從風險調整後的表現來看，比特幣相較於黃金的長期吸引力已顯著提升，未來潛在上行空間不容忽視。
黃金強勢後，比特幣相對吸引力浮現
Walter Bloomberg 援引摩根大通報告指出，儘管近期加密貨幣市場整體走弱，比特幣價格承壓，但摩根大通指出，市場並未出現大規模恐慌性清算，整體去槓桿過程相對有序。不過，現貨比特幣 ETF 仍持續出現資金流出，顯示短期投資情緒仍偏保守。
JPMORGAN: BITCOIN NOW MORE ATTRACTIVE THAN GOLD LONG TERM
JPMorgan says Bitcoin’s long-term appeal versus gold has improved after gold’s strong outperformance and rising volatility.
Despite recent crypto weakness, liquidations have been modest, though spot Bitcoin ETFs continue…
— *Walter Bloomberg (@DeItaone) February 5, 2026
摩根大通進一步指出，目前比特幣價格已明顯低於其估算的生產成本（約為 87,000 美元）。從歷史經驗來看，當比特幣跌破生產成本區間時，往往形成所謂的「軟性底部」，為中長期價格提供支撐，也降低進一步大幅下跌的機率。
風險調整後表現轉強，長期潛力受矚目
報告的核心觀點在於，比特幣相對於黃金的風險調整後表現已顯著改善。摩根大通指出，比特幣相對黃金的波動率已降至歷史新低，顯示其價格走勢逐漸趨於成熟。在波動性下降的同時，若需求回溫，比特幣在長期仍具備可觀的上行潛力。
摩根大通的最新觀點反映出主流金融機構對比特幣態度的持續轉變。從過去的高度投機資產，逐步轉向被納入與黃金比較的長期配置選項，比特幣在全球資產配置中的角色，正悄然發生變化。
免責聲明：本頁面資訊可能來自第三方，不代表 Gate 的觀點或意見。頁面顯示的內容僅供參考，不構成任何財務、投資或法律建議。Gate 對資訊的準確性、完整性不作保證，對因使用本資訊而產生的任何損失不承擔責任。虛擬資產投資屬高風險行為，價格波動劇烈，您可能損失全部投資本金。請充分了解相關風險，並根據自身財務狀況和風險承受能力謹慎決策。具體內容詳見
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