分析人士說，特朗普的進口關稅暴露了美國債券市場的漏洞，強調了比特幣獨特的經濟財產

特朗普對較高的互惠關稅的90天停頓，將其恢復到中國以外的大多數國家的基準10％，在美國債券市場中暴露了脆弱性

A development that some say highlights Bitcoin’s unique economic properties during times of global uncertainty.

有人說的發展突出了全球不確定性時期比特幣獨特的經濟特性。

President Donald Trump’s 90-day pause on higher import tariffs and a return to a 10% baseline for most countries has exposed vulnerabilities in the U.S. bond market, according to critics.

批評家稱，唐納德·特朗普總統（Donald Trump）對更高進口關稅的90天停頓和大多數國家的基準回歸10％的基準都暴露了美國債券市場的脆弱性。

suggesting the administration’s hand was forced.

暗示政府的手被迫。

“Trump fought the bond market and the bond market won,” said economist and author of The Bitcoin Standard, Saifedean Ammous, in an April 23 X post.

“特朗普與債券市場作鬥爭，債券市場贏得了勝利，”經濟學家和比特幣標準標準（Saifedean Ammous）的作者在4月23日的X帖子中說道。

“The gambit seemed to work for the first day, and the huge crash in the stock market was presented as a small price to pay for fiscal sustainability. But then the bonds began to crash, and it became clear how disastrous the tariffs were, and how wrong it was to expect that deliberately crashing the stock market would boost the bond market.”

“ Gambit似乎在第一天就起作用了，股票市場的巨大崩潰是為財政可持續性付出的很小的價格。但是隨後債券開始崩潰，很明顯，關稅的災難性是多麼災難性，以及有意地期望有意崩潰的股票市場會促進債券市場。”

Following Trump’s tariff announcement, CNBC data shows that the 10-year Treasury yield surged from 4% to 4.5% as part of a sell-off driven by inflation and recession concerns.

在特朗普的關稅宣布之後，CNBC的數據顯示，由於通貨膨脹和衰退問題驅動的一部分，10年的財政收益率從4％飆升至4.5％。

“The rise in yields was the exact opposite of what the administration wanted, and reversing course on the tariffs half a day after they go into effect was absolutely devastating for Trump’s negotiating position,” said Ammous.

“收益率的上升與政府想要的完全相反，在生效後半天對關稅的逆轉課程絕對是毀滅性的，這對於特朗普的談判地位造成了巨大損害。”

Some analysts, including Global Macro Investor founder Raoul Pal, have suggested the tariff maneuvering may only be “posturing” for the U.S. to reach a trade agreement with China.

包括全球宏觀投資者創始人Raoul Pal在內的一些分析師表示，關稅操縱可能只對美國達成與中國達成貿易協定的“姿勢”。

“All of the talk about China buckling under the threat of Trump now sounds hilarious in retrospect, when Trump could not keep his tariffs in place for two days,” said Ammous, adding that China “showed absolutely no inclination” to reach out and strike a deal.

“關於中國在特朗普威脅下屈曲的所有討論現在在回想起來聽起來很有趣，當特朗普無法將其關稅持續兩天，”

Delays in reaching a trade agreement may limit the recovery of both equity and cryptocurrency markets, which are closely linked to the outcomes of the trade negotiations, according to Nansen analysts.

據南森分析師稱，達成貿易協定的延誤可能會限制股權和加密貨幣市場的回收，這與貿易談判的結果緊密相關。

Meanwhile, Bitcoin (BTC) is acting “less like a tech stock and more like a hedge against economic uncertainty,” after Trump signaled a “substantial reduction in the tariffs on Chinese goods,” said Nexo dispatch analyst Iliya Kalchev.

同時，在特朗普表示“大幅降低了中國商品關稅”之後，比特幣（BTC）的行為“不像是技術股，更像是針對經濟不確定性的對沖”。

The situation has also renewed proposals to back the U.S. dollar with Bitcoin.

這種情況還提出了用比特幣支持美元的建議。

According to Ammous, the U.S. should keep buying BTC until the government has enough to fully back the dollar supply, ultimately switching to a Bitcoin standard.

據《太雞》認為，美國應該繼續購買BTC，直到政府有足夠的資金來備份美元供應，最終改用比特幣標準。

Historically, the dollar was backed by gold and was convertible for a fixed amount of the precious metal until 1933, when President Franklin D. Roosevelt suspended gold convertibility in response to the Great Depression.

從歷史上看，美元得到了黃金的支持，直到1933年，富蘭克林·羅斯福總統（Franklin D.

In 1971, President Richard Nixon halted the dollar’s convertibility into gold, aiming to protect the U.S. gold reserves and stabilize the economy, beginning the fiat currency system that stands today.

1971年，總統理查德·尼克松（Richard Nixon）停止了美元的兌換性，旨在保護美國黃金儲備並穩定經濟，從而開始了今天的菲亞特貨幣體系。

Bitcoin’s fixed supply, which is hard-coded in its tokenomics, makes it a popular digital competitor to gold.

比特幣的固定供應在其標記學上進行了硬編碼，使其成為黃金的流行數字競爭對手。

Joe Burnett, director of market research at Unchained, predicted that Bitcoin may rival or surpass gold’s market capitalization in the next decade, projecting that the Bitcoin price will reach $1.8 million by 2035.

Unchained市場研究總監Joe Burnett預測，比特幣在未來十年內可能與Gold的市值相抗衡，預計比特幣價格將在2035年達到180萬美元。