比特幣還是黃金？一個驚人的比較重新點燃了古老的辯論

隨著世界的金融系統面臨數字化轉型的一波，引人注目的比較重新點燃了古老的辯論：比特幣還是黃金？

In the world of finance, empires rise and fall, and the balance of capital can tip dramatically with each passing market cycle. As the world’s financial systems face a wave of digital transformation, perhaps no other comparison has been more hotly debated than Bitcoin vs. Gold.

在金融世界中，帝國的崛起和下降，資本的平衡在每個過去的市場週期中都可以急劇尖銳。隨著世界的金融系統面臨數字化轉型的一波，也許沒有其他比比特幣與黃金更激烈的辯論。

Well, to heat things up further, CoinMarketCap decided to put the two assets' market caps directly against each other. The difference in size is striking, but perhaps more importantly, it serves as a snapshot of how Bitcoin’s growing stature is now being measured in global wealth distribution—and how it’s beginning to challenge an asset class that has held dominion for centuries.

好吧，為了進一步加熱，CoinMarketCap決定將兩個資產的市值直接互相抗衡。大小的差異令人驚訝，但也許更重要的是，它是比特幣在全球財富分配中如何衡量比特幣的地位的快照，以及它如何開始挑戰幾個世紀以來一直保持統治的資產類別。

A $2.2 Trillion Asset vs. an $8.4 Trillion Legacy

2.2萬億美元的資產與8.4萬億美元的遺產

According to CoinMarketCap data from May 2025, Bitcoin’s market capitalization is currently estimated at around $2.2 trillion.

根據2025年5月的CoinMarketCap數據，比特幣的市值目前估計約為2.2萬億美元。

While this remains a relatively small portion of gold’s total investable market cap—which is broadly calculated at $8.4 trillion—the figures suggest that the narrative surrounding Bitcoin is shifting. It is no longer viewed as a speculative outlier but rather as a serious contender in the world of store-of-value assets, particularly among younger generations.

儘管這仍然是Gold總可投資市值的一部分（總體計算為8.4萬億美元），但該數字表明，圍繞比特幣的敘述正在轉移。它不再被視為投機性異常值，而是在價值存儲資產的世界中，尤其是在年輕一代中的嚴重競爭者。

Gold’s value is largely divided into three categories:

黃金的價值在很大程度上分為三類：

* Physical holdings, which are tricky to quantify but some researchers place in the $7 trillion range.

*物理持有量，量化很棘手，但一些研究人員將7萬億美元的範圍置於7萬億美元的範圍內。

* Gold ETFs and trusts, which come in at roughly $1.3 trillion.

*黃金ETF和Trusts，大約1.3萬億美元。

* Finally, there are opportunistic investments in gold futures and related instruments, which are valued at around $0.4 trillion.

*最後，在黃金期貨和相關工具上有機會主義投資，價值約為0.4萬億美元。

Bitcoin, on the other hand, is consolidated entirely under one umbrella as a single decentralized asset, held by retail investors, institutional players, and increasingly, sovereign entities.

另一方面，比特幣完全由一個單一的分散資產鞏固，由散戶投資者，機構參與者以及越來越多的主權實體持有。

This stark difference in valuation is a testament to the unique characteristics of each asset class and how they are perceived within the evolving global financial landscape.

估值的這種嚴重差異證明了每個資產類別的獨特特徵以及在不斷發展的全球金融格局中如何看待它們。

Bitcoin's Evolution From Speculation to Store of Value

比特幣從投機到價值存儲的演變

For over a decade, Bitcoin was often referred to as “digital gold” due to its capped supply and deflationary model. But in recent years, the comparison has matured beyond metaphor. Its market cap crossing the $2 trillion threshold isn't just symbolic; it signifies a fundamental shift in how investors view long-term value in the digital era.

十多年來，由於供應和放置模型，比特幣通常被稱為“數字黃金”。但是近年來，比較已經超出了隱喻。它的市值超過了2萬億美元的門檻，不僅是像徵性的。它意味著投資者如何看待數字時代的長期價值的基本轉變。

Unlike gold, which has tangible use cases in industries like jewelry and electronics, Bitcoin’s value is entirely derived from its monetary properties: scarcity, security, and decentralization. Despite being intangible, it offers an edge in portability, divisibility, and programmability.

與黃金在珠寶和電子產品等行業中具有切實的用例不同，比特幣的價值完全來自其貨幣特性：稀缺，安全和權力下放。儘管無形，但它在可移植性，可分裂性和可編程性方面具有優勢。

This difference in "use case" is crucial. While gold's value is fundamentally tied to its industrial and physical attributes, Bitcoin's value is derived from its role in the emerging decentralized financial system.

“用例”中的這種差異至關重要。儘管黃金的價值從根本上與其工業和物理屬性相關，但比特幣的價值源於其在新興分散金融體系中的作用。

Gold: Still Dominant, But No Longer Alone

黃金：仍然占主導地位，但不再孤單

Gold remains a dominant force in the global financial ecosystem, deeply embedded in central bank reserves and long-term investment strategies. Its physical nature gives it intrinsic value and trust built over millennia.

黃金仍然是全球金融生態系統中的主導力量，深層嵌入了中央銀行儲備和長期投資策略中。它的物理性質賦予了它在數千年中建立的內在價值和信任。

However, gold's fluidity is limited by its physicality. Storage, verification, and transport pose challenges in today’s digitized world.

但是，黃金的流動性受其物理性的限制。在當今數字化的世界中，存儲，驗證和運輸構成挑戰。

While gold continues to act as a hedge against inflation and geopolitical risk, Bitcoin is being viewed increasingly as a hedge against monetary debasement and technological stagnation. Younger investors, in particular, show a growing preference for Bitcoin due to its accessibility and alignment with internet-native infrastructure.

儘管黃金繼續充當抵抗通貨膨脹和地緣政治風險的對沖，但比特幣越來越被視為抵制貨幣貶低和技術停滯的對沖。特別是年輕的投資者，由於比特幣的可訪問性和與互聯網本地基礎設施的一致性，對比特幣的偏好越來越大。

A Gradual, Not Sudden, Reallocation

逐漸而不是突然的重新分配

CoinMarketCap frames this shift as the “greatest reallocation of value in modern history,” which may sound dramatic—but the underlying trend is real. The flow of capital from traditional assets like gold into digital alternatives is expected to play out gradually, not overnight.

CoinMarketCap將這種轉變框起來是“現代歷史上最大的價值重新分配”，這聽起來很引人注目 - 但潛在的趨勢是真實的。從傳統資產（例如黃金）到數字替代品的資本流動將逐漸發揮作用，而不是一夜之間發揮作用。

However, with each market cycle, Bitcoin gains a stronger foothold as a macroeconomic asset.

但是，隨著每個市場週期，比特幣作為宏觀經濟資產的立足點變得更加強大。

This isn't about one asset replacing the other. Rather, it highlights a reshaping of global portfolios, where digital-native assets begin to coexist with legacy stores of value. And as regulations mature and adoption broadens, perhaps Bitcoin may continue to close the gap.

這不是一個資產代替另一個資產。相反，它突出了全球投資組合的重塑，在該投資組合中，數字本地資產開始與價值的傳統商店共存。隨著法規成熟和採用的擴大，也許比特幣可能會繼續縮小差距。