為什麼比特幣（BTC）表現優於XRP（XRP）和ETHER（ETH）

最初的加密貨幣約佔整個加密市值的63％。

When it comes to cryptocurrency, one name stands out above the crowd: Bitcoin (BTC -0.19%). The original cryptocurrency accounts for roughly 63% of the entire crypto market cap.

當涉及加密貨幣時，一個名字在人群之上脫穎而出：比特幣（BTC -0.19％）。最初的加密貨幣約佔整個加密市值的63％。

However, Bitcoin is so big that it doesn't always produce the best returns. More recently, XRP (XRP -0.43%) has gotten a lot of attention as regulatory pressure eases on the company, and its utility has gotten a major boost from several advancements from Ripple. Meanwhile, Ether (ETH 0.29%) is often seen as the backbone of DeFi, with its smart contract blockchain doing most of the heavy lifting in the industry.

但是，比特幣是如此之大，以至於並不總是產生最佳的回報。最近，隨著監管壓力減輕了公司的壓力，XRP（XRP -0.43％）受到了很多關注，並且其實用程序已從Ripple的幾項進步中得到了重大提高。同時，以太（ETH 0.29％）通常被視為Defi的骨幹，其智能合同區塊鏈在行業中進行了大部分繁重。

While there's a case to be made for either to outperform Bitcoin, I think Bitcoin will ultimately outperform amid the current environment. Here are three reasons why investors should consider the king of cryptos.

儘管要勝過比特幣的情況，但我認為比特幣最終將勝過當前環境的表現。這是投資者應該考慮加密王的三個原因。

Image source: Getty Images.

圖像來源：蓋蒂圖像。

1. The flight to quality

1。飛往質量的航班

President Donald Trump has quickly and aggressively enacted wide-reaching tariffs on just about everything imported into the United States since taking office in January. Not only has he announced massive potential tariffs on imports, he's also paused them, said he will carve out exceptions, and unpaused certain tariffs.

唐納德·特朗普（Donald Trump）總統自從一月份上任以來，幾乎所有進口到美國進口的一切都迅速徵收了廣泛的關稅。他不僅宣布了對進口的潛在潛在關稅，而且還暫停了他們，他說他會出現例外，並沒有提高某些關稅。

All of this leads to massive amounts of uncertainty in the market. It's hard to know what to do with your money if the playing field could completely change tomorrow.

所有這些都導致市場上存在大量的不確定性。如果運動場明天可以徹底改變，很難知道該怎麼辦。

When markets are uncertain, they sell off riskier assets. That's certainly true of the entire cryptocurrency market, and Bitcoin hasn't been immune.

當市場不確定時，他們會出售風險更高的資產。整個加密貨幣市場當然是如此，而比特幣還沒有免疫。

However, of all the cryptocurrencies investors could buy, Bitcoin is the highest-quality investment. It has significant institutional backing and a lot of big stakeholders, and the U.S. government now holds Bitcoin as part of its strategic cryptocurrency reserve. Investors selling risky altcoins are likely to move their money to Bitcoin.

但是，在所有加密貨幣投資者都可以購買的所有加密貨幣中，比特幣是最高質量的投資。它具有大量的機構支持和許多大利益相關者，美國政府現在將比特幣作為其戰略加密貨幣儲備的一部分。出售有風險的山寨幣的投資者可能會將他們的資金轉移到比特幣上。

As such, it's no surprise that Bitcoin has held up better than either XRP or Ethereum in the last few months. I expect that will continue to be the case as long as the macroeconomic environment remains uncertain.

因此，在過去的幾個月中，比特幣比XRP或以太坊都更好。我希望，只要宏觀經濟環境仍然不確定，情況將會繼續存在。

2. Investors pulling money out of the U.S. markets

2。投資者將資金從美國市場中撤出

Since Trump's tariff announcement, we've seen both U.S. stocks and U.S. debt decline in value. That's not typically how it works. Remember, investors usually move from risky assets (stocks) to safer assets (Treasuries). However, the decline in Treasuries suggests investors are completely abandoning U.S. markets instead of shifting from risky assets to safer assets.

自從特朗普的關稅宣布以來，我們已經看到美國股票和美國債務的價值下降。這通常不是如何工作。請記住，投資者通常會從風險資產（股票）轉變為更安全的資產（國債）。但是，國庫的下降表明，投資者完全放棄了美國市場，而不是從風險資產轉移到更安全的資產。

Those investors will be looking for a safe asset to buy. Foreign debt could be an option; gold is another, but Bitcoin presents an interesting case as well. That's particularly true as a result of a second-order effect from the mass exodus from U.S. securities. The U.S. dollar has grown significantly weaker in the last few weeks.

這些投資者將尋找可以購買的安全資產。外債可能是一種選擇；黃金是另一種，但比特幣也提出了一個有趣的情況。由於美國證券的大規模出埃及記的二階效應尤其如此。在過去的幾周中，美元的增長較弱。

The U.S. Dollar Index has fallen more than 10% since Trump took office in January. The dollar weakened considerably after the tariffs were announced on April 2, and it failed to bounce back after Trump announced a pause on those tariffs. When the U.S. dollar weakens, it typically results in higher pricing for Bitcoin.

自特朗普在一月份上任以來，美元指數下跌了10％以上。在4月2日宣布關稅後，美元大大削弱了，在特朗普宣布對這些關稅停頓後，它未能反彈。當美元減弱時，通常會導致比特幣的價格更高。

3. Inflation could push the price higher

3。通貨膨脹可以提高價格

Bitcoin is seen as a hedge against inflation. Most economists agree the tariffs will be inflationary.

比特幣被視為預防通貨膨脹的對沖。大多數經濟學家都認為關稅將是通貨膨脹。

That only makes sense. An escalating trade war with taxes on every import, from manufacturing equipment to parts to final products, will have a huge impact on the final price of goods. Combine that with the weakening U.S. dollar, and we'll see massive inflationary pressure.

那隻是有道理的。從製造設備到零件再到最終產品的每項進口稅，一場貿易戰不斷提高，將對商品的最終價格產生巨大影響。將其與美元減弱的美元相結合，我們將看到巨大的通貨膨脹壓力。

Since Bitcoin has a fixed supply, a dollar that can buy less will theoretically apply to Bitcoin as well. That means the price of Bitcoin will go up.

由於比特幣具有固定的供應，因此從理論上講，一美元可以購買的一美元也適用於比特幣。這意味著比特幣的價格將上漲。

The economics of Bitcoin don't exist in a vacuum, though. The three factors outlined here, all fallout from Trump's tariffs, point to Bitcoin performing relatively well compared to other cryptocurrencies and other assets in general. The longer the macroeconomic environment remains uncertain, the longer the trade war goes on, the more money we'll see flow into Bitcoin compared to other cryptocurrencies. As such, investors may see Bitcoin's dominance of the market extend even further over the coming months.

不過，比特幣的經濟學並不存在於真空中。這裡概述的三個因素，所有的都來自特朗普的關稅，這表明比特幣的表現相對較好，與其他一般資產相比，比特幣相對較好。與其他加密貨幣相比，宏觀經濟環境仍然不確定的時間越長，貿易戰爭的時間越長，我們會看到比特幣的錢越多。因此，投資者可能會看到比特幣在未來幾個月內進一步延伸。