It's surged to the cusp of its all time high in 2017 on.

它在2017年飆升至歷史高點的邊緣，在。

Backers are hoping there's less chance of a crash this time round, but it's not yet made it to the mainstream on, analysts say.

支持者希望這次崩盤的機會較小，但分析人士表示，它還沒有成為主流上。

Bitcoin is still far from a safe bet, Reuters Cryptocurrency correspondent Tom Wilson.

路透社加密貨幣記者湯姆-威爾遜（Tom Wilson）表示，比特幣仍遠非安全賭注。

So even though we've seen the embrace off some big companies like PayPal or like Facebook off digital coin technology of Bitcoin of other Cryptocurrencies, Bitcoin is still very much on the fringes.

所以即使我們已經看到了一些大公司的擁抱，比如說PayPal或者是像Facebook的數字幣技術的比特幣的其他加密貨幣，比特幣仍然是非常邊緣的。

For many large investors, pension funds don't really like it.

對於很多大戶來說，養老基金並不是很喜歡。

Large asset managers don't really like it, and that's because there are still many risks associated with it.

大的資產管理公司並不是很喜歡，那是因為它還是有很多風險的。

It's still volatile.

它仍然是波動的。

It's still poorly regulated.

還是監管不力。

There's still a big chance investors could lose their money very quickly.

投資者還是有很大的可能很快就會虧損。

Bitcoin soared 160% this year.

比特幣今年暴漲160%。

The steep trajectory of its rally echoes that of 2017, when a retail led buying spree pushed it to nearly $20,000 only for it to crash more than 50% a month later.

其漲勢的陡峭軌跡與2017年相呼應，當時散戶主導的買盤狂潮將其推至近2萬美元，但一個月後卻暴跌超過50%。

But 2020 isn't the wild West of three years ago.

但2020年已經不是三年前的狂野西部了。

Fans of Bitcoin say that this rally is different to the 2017 bubble.

比特幣的粉絲表示，這次的反彈與2017年的保麗龍不同。

That's because the structure of Bitcoin markets has changed quite considerably.

這是因為比特幣市場的結構已經發生了相當大的變化。

Now there are larger investors involved in the space instead of on overwhelming majority of retail investors.

現在有更大的投資者參與其中，而不是靠絕大多數散戶。

At the same time, there are more sophisticated derivative markets so investors can hedge their positions.

同時，還有比較成熟的衍生品市場，所以投資者可以對沖倉位。

Onda also a wider variety of custody services so investors can safely store their digital clients.

昂達還更廣泛的託管服務，讓投資者可以安全地存儲他們的數字客戶。

It's easier these days for professional investors to seek exposure to crypto.

現在專業投資者尋求接觸加密技術比較容易。

Their involvement, the argument goes, may lead to more liquidity and less volatility.

他們的參與，論點是，可能會導致更多的流動性和更少的波動性。

As regulation develops, big names are moving into the market.

隨著監管的發展，大牌企業紛紛入市。

Now you're starting to see large companies such as PayPal open their networks to cryptocurrencies.

現在，你開始看到PayPal等大公司向加密貨幣開放其網絡。

Governments at the same time has started to become or interested in digital coin technology.

同時各國政府也開始對數字幣技術產生或興趣。

They're looking at issuing their own Cryptocurrencies own a central bank digital currency.

他們正在考慮發行自己的加密貨幣擁有央行數字貨幣。

Bitcoin is also benefiting from increased appetite for riskier assets following government and central bank stimulus measures to combat for sessions.

在政府和央行採取刺激措施打擊會後，比特幣也受益於風險較高的資產的胃口增加。

Yet for all the improvements, it remains highly volatile, sector is still opaque, trading data remains patchy and concerns over market manipulation are rife.

然而，儘管有所改善，但它仍然是高度波動的，部門仍然不透明，交易數據仍然不完整，對市場操縱的擔憂也很普遍。

2020 could just be another Bitcoin bubble waiting to pop, although regulation has improved over the last few years, in particular with areas such as anti money laundering being strengthened.

2020年可能只是另一個等待彈出的比特幣保麗龍，儘管過去幾年的監管有所改善，尤其是反洗錢等領域得到加強。

It's still pretty unclear exactly what the legal status of Bitcoin is in many countries, and this means for investors there are there are risks about compliance.

比特幣在很多國家的法律地位究竟如何，目前還很不清楚，這對投資者來說，意味著存在著合規性的風險。

There are risks about checking the background off people that they do business or, indeed, platforms on which they're buying and selling Bitcoin.

關於檢查背景關閉的人，他們做生意，或者，事實上，他們買賣比特幣的平臺是有風險的。