每當比特幣有價值時，敘述總是相同的：作為抵制通貨膨脹的樹籬，它失敗了

每當比特幣都有價值時，敘述總是相同的：作為抵制通貨膨脹的樹籬，它失敗了。

Whenever Bitcoin falls in value, the narrative is always the same: It’s failing as a hedge against inflation. In the eyes of critics, Bitcoin is not the “digital gold” that so many others claim it to be.

每當比特幣都有價值時，敘述總是相同的：作為抵制通貨膨脹的樹籬，它失敗了。在評論家的眼中，比特幣不是許多其他人聲稱的“數字黃金”。

With gold hitting all-time highs, these critics have grown louder. If Bitcoin is an inflation hedge, they ask, why isn’t it also rallying as investors seek safety?

隨著黃金的歷史最高點，這些批評家變得更大。他們問，如果比特幣是通貨膨脹對沖，為什麼隨著投資者尋求安全性，為什麼不集會呢？

Even in today’s bearish, high-inflation environment, the cardinal truth holds: Bitcoin is an inflation hedge — arguably the most important one for long-term capital preservation the world has seen.

即使在當今的看跌，高通氣的環境中，基本真理仍然存在：比特幣是一種通貨膨脹對沖 - 可以說是世界上最重要的長期資本保存。

Strength in scarcity

稀缺力量

Bitcoin has a hard cap of 21 million coins, with full circulation expected by 2140. This built-in scarcity mirrors gold, which has historically served as an inflation hedge. Bitcoin has outperformed gold during multiple periods, such as the COVID-19 era, when global markets were flooded with liquidity.

比特幣的硬幣硬幣為2100萬個硬幣，預計將達到2140年。這種內置的稀缺鏡子反映了黃金，這在歷史上一直是通貨膨脹對沖。比特幣在多個時期（例如COVID-19時代）都表現出色，當時全球市場充滿了流動性。

Like gold, Bitcoin works as an inflation hedge over the long term, not the short term. Critics focus too much on short-term volatility and ignore broader trends. Bitcoin has consistently been used as a store of value during extended periods of money printing.

像黃金一樣，比特幣在長期內是通貨膨脹對沖，而不是短期。批評者過多地關注短期波動，忽略更廣泛的趨勢。比特幣在延長的貨幣印刷期間一直被用作價值存儲。

Bitcoin is not controlled by any central bank or politician. It’s a decentralized, peer-to-peer system governed by math and consensus — not by election cycles or political pressure. In places like Zimbabwe or Venezuela, where governments destroyed their currencies, Bitcoin has offered a more stable alternative. When faith in traditional systems weakens, Bitcoin often strengthens.

比特幣不受任何中央銀行或政治家的控制。這是一個由數學和共識控制的權力下放的，對等體系，而不是由選舉週期或政治壓力。在津巴布韋或委內瑞拉這樣的地方，政府摧毀了貨幣，比特幣提供了一種更穩定的選擇。當對傳統系統的信仰減弱時，比特幣經常增強。

Consensus beats centralization

共識擊敗集中化

Bitcoin’s value isn’t just in its price — it’s in its design. Countries like the US, EU, UAE, Singapore, and Hong Kong have advanced regulations around Bitcoin, but its relevance goes far beyond developed economies.

比特幣的價值不僅在於其設計。美國，歐盟，阿聯酋，新加坡和香港等國家圍繞比特幣採取了製定的法規，但其相關性遠遠超出了發達經濟體。

Inflation is an inconvenience in wealthier countries — rising grocery bills and pricier eggs. In struggling economies, inflation can signal political and financial collapse. Bitcoin offers a way out. It’s not theoretical anymore — it’s happening in real life.

通貨膨脹是較富裕國家的不便 - 雜貨店越來越多的雞蛋。在陷入困境的經濟體中，通貨膨脹可能表明政治和財務崩潰。比特幣提供了出路。它不再是理論上了 - 它在現實生活中發生。

During Greece’s 2015 crisis, citizens used Bitcoin to bypass capital controls. In Venezuela and Argentina, where national currencies lost most of their value, Bitcoin became a tool for survival. People used it to preserve wealth, access global markets, and transact on decentralized exchanges.

在希臘2015年的危機期間，公民使用比特幣繞過資本管制。在委內瑞拉和阿根廷，國家貨幣損失了其大部分價值，比特幣成為生存的工具。人們用它來保護財富，進入全球市場以及在分散交易所進行交易。

Recent: Bitcoin may rival gold as inflation hedge over next decade — Adam Back

最近：比特幣可能會與未來十年的通貨膨脹對沖相比 - 亞當回來

Bitcoin’s borderless, censorship-resistant nature is critical. It doesn’t rely on the decisions of any one institution. It’s protected from debt monetization, interest rate manipulation, and geopolitical pressures. Bitcoin runs on consensus, not command.

比特幣的無邊界，抗審查的性質至關重要。它不依賴任何一個機構的決定。它受到債務貨幣化，利率操縱和地緣政治壓力的保護。比特幣在共識上運行，而不是命令。

Consensus matters most when trust in institutions is low. This immutability is a characteristic that investors are undervaluing — and may not appreciate until they need it the most.

當對機構的信任較低時，共識最重要。這種不變性是投資者低估的特徵 - 直到最需要它才能欣賞。

Portability is power

可移植性是力量

Bitcoin’s resilience also matters in developed markets — especially when traditional systems fail. Banks can collapse. Stock markets can crash. Payment processors can go offline. Bitcoin doesn’t sleep. It runs 24/7, 365 days a year.

比特幣的彈性在發達市場中也很重要，尤其是當傳統系統失敗時。銀行可能會崩潰。股市可能會崩潰。付款處理器可以離線。比特幣不睡覺。它每年365天運行24/7。

During the Silicon Valley Bank collapse in March 2023, Bitcoin jumped 23% as investors sought safety outside the traditional banking system. Bitcoin’s availability and independence became its advantage.

在2023年3月的矽谷銀行倒閉期間，隨著投資者在傳統銀行系統之外尋求安全性，比特幣躍升了23％。比特幣的可用性和獨立性成為其優勢。

In a bank failure like Lehman Brothers in 2008, consumers can lose access to their funds for months or even years. Bitcoin, held in self-custody, remains in your control — as long as you have the private keys. No third party is needed.

在2008年雷曼兄弟（Lehman Brothers）等銀行失敗中，消費者可能會在數月甚至數年的時間內失去資金的機會。只要您擁有私鑰，比特幣一直保持在您的控制範圍內。不需要第三方。

Payment networks like Visa or SWIFT can also become chokepoints — and targets for hackers who want to disrupt the global payments infrastructure. Bitcoin isn’t subject to those bottlenecks. Miners, not banks, verify it. While congestion can slow transactions, scaling solutions are evolving to improve speed and cost.

Visa或Swift等支付網絡也可以成為備受關注點 - 以及想要破壞全球支付基礎架構的黑客目標。比特幣不受這些瓶頸的約束。礦工而非銀行對其進行驗證。儘管交貨可以放慢交易，但擴展解決方案正在發展以提高速度和成本。

Bitcoin’s digital nature makes it especially valuable during capital controls, inflation, or crisis. It’s hard to seize, devalue, or freeze — giving individuals more autonomy than traditional financial systems allow.

比特幣的數字性質使其在資本控制，通貨膨脹或危機中特別有價值。很難抓住，貶值或凍結 - 給個人比傳統金融系統允許更多的自治。

A more nuanced term: speculative hedge

一個更細微的術語：投機性樹籬

Based on these characteristics, Bitcoin is unmistakably a hedge against inflation. Maybe we need a better term for Bitcoin’s central role in our financial futures.

基於這些特徵，比特幣無疑是抵抗通貨膨脹的對沖。也許我們需要一個更好的術語，即比特幣在我們的金融期貨中的核心作用。

A more precise term might be speculative hedge — it offers long-term protection thanks to scarcity, consensus and decentralization. However, we might be placing too much emphasis on Bitcoin as a hedge against inflation in the traditional sense, considering the magnitude of the task at hand.

一個更精確的術語可能是投機性的對沖 - 由於稀缺，共識和權力下放，它可以長期保護。但是，考慮到手頭的任務的大小，我們可能會過多地將比特幣作為反對通貨膨脹的對沖。

Yet, adoption and price volatility are still hurdles to Bitcoin dethroning gold as a true global inflation hedge. Still, there are encouraging signs. Companies like Strategy, GameStop, Block and MassMutual have added Bitcoin to their balance sheets as a treasury strategy — with some estimates pointing to one in four companies in the S&P 500 following suit by 2030. More governments are exploring Bitcoin

然而，採用和價格波動仍然是將黃金作為真正的全球通貨膨脹對沖的比特幣的障礙。儘管如此，仍然有令人鼓舞的跡象。戰略，GameStop，Block和Massmutual等公司將比特幣作為財政部策略增加了比特幣 - 一些估計指出，標準普爾500指數中有四分之一的公司遵循2030年的訴訟。