比特幣（BTC）成為針對全身風險的首選對沖

這一時期與對美聯儲的獨立性以及美國金融體系的合理性的憂慮越來越吻合。

A recent Standard Chartered analysis highlights Bitcoin (BTC) once again emerging as a preferred hedge against systemic risk. This period coincides with growing concerns over the independence of the U.S. Federal Reserve.

最近的標準特許分析突出顯示了比特幣（BTC）再次成為針對系統性風險的首選對沖。這一時期與對美國美聯儲獨立的關注日益加劇。

As the fabric of the American financial system comes into question, investors are turning to alternative assets, notably pushing Bitcoin higher.

隨著美國金融體系的結構受到質疑，投資者正在轉向替代資產，尤其是將比特幣提高。

Growing Political Concerns over Fed Independence

人們對融合獨立的政治關注日益關注

This period aligns with growing apprehensions over the independence of the Fed and, consequently, the soundness of the American financial system. Concern has increased as a result of President Trump’s repeated criticism of Fed Chair Jerome Powell, his demands for lower interest rates, and even his proposal to fire Powell before the conclusion of his 2026 term.

這一時期與對美聯儲的獨立性以及美國金融體系的合理性的憂慮越來越吻合。由於特朗普一再批評美聯儲主席杰羅姆·鮑威爾（Jerome Powell），他對較低的利率的要求，甚至他在2026年任期結束之前就解僱鮑威爾的提議，人們的關注加劇了。

Pressure on financial markets has led to sell-offs in equities and currencies, and U.S. Treasury rates have risen to a 12-year high. Experts caution that undermining the Fed’s independence would have far-reaching effects, including increased inflation, higher long-term interest rates, and a decline in confidence in the US dollar as the world’s reserve currency.

對金融市場的壓力導致股票和貨幣的拋售，美國國庫利率已上升至12年。專家警告說，破壞美聯儲的獨立性將產生深遠的影響，包括通貨膨脹率提高，長期利率和對美元作為全球儲備貨幣的信心下降。

Bitcoin as Tech Proxy and Systemic Hedge

比特幣作為技術代理和系統性樹籬

The research highlights Bitcoin’s unique position in the realm of investing, where it serves two purposes. When things are relatively calm, it moves in lockstep with high-growth technology stock.

該研究強調了比特幣在投資領域中的獨特地位，它有兩個目的。當事情相對平靜時，它會以高增長的技術庫存鎖定。

However, during times of political or economic turmoil as well as sovereign concerns, it acts as a hedge.

但是，在政治或經濟動蕩的時期以及主權關注時，它是對沖。

According to Geoffrey Kendrick, the bank’s Global Head of Digital Assets Research and the report’s author, Bitcoin and the U.S. Treasury term premium are strongly correlated. The premium, which gauges the risk associated with government debt, has increased as markets account for uncertainty about the Fed’s future course.

該銀行全球數字資產研究負責人杰弗裡·肯德里克（Geoffrey Kendrick）表示，該報告的作者比特幣和美國財政期限溢價密切相關。溢價衡量與政府債務相關的風險，隨著市場解決美聯儲未來課程的不確定性。

Despite Bitcoin lagging behind the rise in the term premium, he believes persistent doubts about the Fed’s independence will likely push BTC to new highs.

儘管比特幣落後於“溢價”一詞，但他認為對美聯儲獨立性的持續懷疑可能會將BTC推向新高。

'Unlikely' But Possible 2025 Bitcoin Price Target of $200,000

“不太可能”但可能2025比特幣的價格目標為200,000美元

Maintaining a year-end 2025 goal of $200,000, Standard Chartered is doubling down on its optimistic Bitcoin prediction, forecasting $500,000 by the end of 2028. Other business executives also echoed the bank’s views.

標準包機保持了200,000美元的年底2025年目標，將其樂觀的比特幣預測降低了一倍，預計到2028年底將預測500,000美元。其他業務高管也呼應了銀行的觀點。

For instance, Jan van Eck, CEO of VanEck, recently advised investors to raise their exposure to Bitcoin and gold as necessary hedges against inflation, fiscal uncertainty, and worldwide de-dollarization trends.

例如，Vaneck的首席執行官Jan Van Eck最近建議投資者提高其對比特幣和黃金的曝光，以應對通貨膨脹，財政不確定性和全球範圍內的趨勢。

Wary of potential capital flight and the risk of increased borrowing costs if the Fed’s credibility is questioned, investors are looking for substitutes for conventional U.S. assets.

警惕潛在的資本飛行和增加借貸成本的風險，如果質疑美聯儲的信譽，投資者正在尋找用於美國常規資產的替代品。

As a result, Bitcoin’s decentralized nature and independence from government control are increasing its appeal for both institutional and retail investors.

結果，比特幣的分散性質和遠離政府控制的獨立性正在增加對機構和零售投資者的吸引力。