比特幣不是黃金，它更好

由於比特幣和黃金都有幾個共同的核心特徵，因此人們將比特幣與黃金進行比較。但比特幣可能不是 21 世紀的現實

As Bitcoin continues to make inroads across financial markets, particularly with the launch of spot ETFs in January 2024, several key points emerge regarding the narrative of bitcoin as a new asset class and its relation to gold.

隨著比特幣繼續進入金融市場，特別是隨著 2024 年 1 月現貨 ETF 的推出，關於比特幣作為一種新資產類別的敘述及其與黃金的關係出現了幾個關鍵點。

The recent sell-off that began in late-July was the first major correction and pullback for crypto since retail and institutional investors gained exposure to bitcoin via the spot ETFs. Prices quickly dropped from all-time highs with a brief recovery before continuing lower. Despite the narrative of bitcoin being a hedge against inflation and a counter-cyclical asset, prices tracked broader markets closely, with crypto prices recovering as optimism returned to financial markets.

自 7 月底開始的最近的拋售是自散戶和機構投資者透過現貨 ETF 投資比特幣以來加密貨幣的首次重大調整和回調。價格從歷史高點迅速下跌，並短暫回升，然後繼續走低。儘管比特幣被認為是一種對沖通膨的工具和一種反週期資產，但其價格卻密切追蹤更廣泛的市場，隨著金融市場的樂觀情緒回歸，加密貨幣價格正在回升。

This sell-off highlighted several points of contention regarding the narrative of bitcoin being a new version of gold. If bitcoin tracks general market movements and reacts in a similar way to geo-political, economic, and interest rate data, then how is bitcoin distinct from other financial instruments? This argument, although persuasive on the surface, overlooks several points of differentiation between bitcoin and gold.

這次拋售凸顯了幾個關於比特幣是新版黃金說法的爭論點。如果比特幣追蹤整體市場走勢並以類似的方式對地緣政治、經濟和利率數據做出反應，那麼比特幣與其他金融工具有何不同？這個論點雖然表面上很有說服力，但卻忽略了比特幣和黃金之間的幾個差異。

In fact, the reality that bitcoin might not be the 21st or 22nd century version of gold bodes well for further adoption of bitcoin and other cryptoassets.

事實上，比特幣可能不是 21 世紀或 22 世紀的黃金，這對比特幣和其他加密資產的進一步採用來說是個好兆頭。

Here's a look at a few of them.

以下是其中的一些。

Mainstream Crypto Has Passed Its First Major Test

主流加密貨幣已經通過了第一次重大測試

The recent dramatic sell-off that occurred was the first major correction and pullback for crypto since retail and institutional investors gained exposure to bitcoin via the spot ETFs. Even with prices still recovering from the dramatic selloffs that occurred, several important facts are worth highlighting as positive developments.

自從散戶和機構投資者透過現貨 ETF 獲得比特幣曝險以來，最近發生的劇烈拋售是加密貨幣的首次重大調整和回調。儘管價格仍在從發生的劇烈拋售中恢復，但有幾個重要事實值得強調，作為積極的進展。

First, according to research by Bloomberg Intelligence, and in the midst of the first major price decline since inception, only approximately 0.3% of assets under management left these ETFs. This speaks to the staying power of bitcoin and crypto as an asset class and bodes well for further inflows into cryptoassets.

首先，根據 Bloomberg Intelligence 的研究，在自成立以來的首次價格大幅下跌期間，只有約 0.3% 的管理資產離開了這些 ETF。這說明了比特幣和加密貨幣作為資產類別的持久力，並預示著資金將進一步流入加密資產。

Second, crypto wallets holding between 1,000 and 10,0000 bitcoin consistently increased holdings during the sell-off, indicating that longer-term and potentially institutional investors retained confidence in the value proposition of bitcoin.

其次，持有 1,000 至 10,0000 枚比特幣的加密錢包在拋售期間持續增加持有量，這表明長期和潛在的機構投資者對比特幣的價值主張保持了信心。

Lastly, it is worth pointing out that beginning on August 7th, Morgan Stanley began allowing its 15,000 financial advisors to pitch spot bitcoin ETFs to wealth management clients that met certain qualifying criteria. Contextually the wealth management business at Morgan Stanley had approximately $6.6 trillion in assets under management at the end of 2023.

最後，值得指出的是，從 8 月 7 日開始，摩根士丹利開始允許其 15,000 名財務顧問向符合某些資格標準的財富管理客戶推銷現貨比特幣 ETF。截至 2023 年底，摩根士丹利的財富管理業務管理的資產約為 6.6 兆美元。

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今日《紐約時報》迷你填字遊戲線索與答案（8 月 10 日星期六）

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Bitcoin And Crypto Represents Technological Innovation

比特幣和加密貨幣代表技術創新

Unlike gold, which has remained unchanged for millennia, bitcoin and cryptoassets more broadly represent significant technological innovation and advancement on several fronts. The possibilities for sovereign self-identity, portable and immutable data across multiple industry lines, instantaneous access to funds and payments, and real-time analytics all continue to move from concept to reality across the globe.

與數千年來保持不變的黃金不同，比特幣和加密資產更廣泛地代表了多個領域的重大技術創新和進步。主權自我身份、跨多個行業線的可移植和不可變數據、即時獲取資金和支付以及實時分析的可能性都在全球範圍內繼續從概念轉變為現實。

These innovations, alongside the benefits that blockchain-based information can deliver to AI applications – providing a trusted and readily available pool of data from which to work – allow bitcoin to stand apart from other comparative commodities such as gold.

這些創新，加上基於區塊鏈的資訊可以為人工智慧應用程式帶來的好處——提供可信賴且隨時可用的數據池，使比特幣能夠從黃金等其他同類商品中脫穎而出。

The fact that virtually every large TradFi institution in the world has invested into developing blockchain and crypto related products and services illustrates this point clearly. Additionally, with legislation being floated that the Federal Reserve should convert gold holdings to bitcoin, the benefits of divesting from gold into bitcoin continue to become more widely discussed.

事實上，世界上幾乎所有大型 TradFi 機構都投資開發區塊鏈和加密相關產品和服務，這一事實清楚地說明了這一點。此外，隨著聯準會應將持有的黃金轉換為比特幣的立法出台，從黃金撤資到比特幣的好處繼續受到更廣泛的討論。

Crypto Is Well Represented In The 2024 Presidential Race

加密貨幣在 2024 年總統競選中得到了很好的體現

From being an issue discussed primarily in online forums and message boards, crypto has emerged as something being discussed at every level of the 2024 U.S. Presidential campaign.

加密貨幣從主要在線上論壇和留言板中討論的問題，現已成為 2024 年美國總統競選各個層面都在討論的問題。

From crypto superPACs raising over $100 million to fund races and push crypto-specific issues forward, swing voters consistently listing crypto as an important policy issue, or candidates that publicly disclosed pro-crypto views and crypto holdings (republication VP candidate J.D. Vance), crypto has moved front and center in short order.

從籌集超過1 億美元資金用於資助競選並推動加密貨幣特定問題向前發展的加密貨幣超級政治行動委員會，到搖擺不定的選民一致將加密貨幣列為重要的政策問題，或者公開披露支持加密貨幣觀點和加密貨幣持有量的候選人（共和黨副總裁候選人JD Vance），加密貨幣很快就移動到了前面和中間。

This highlights not only the rise in prices that have occurred in 2024, but the speed with which bitcoin and other tokenized financial products (payments and otherwise) have permeated the wider investor marketplace.

這不僅凸顯了 2024 年價格的上漲，還凸顯了比特幣和其他代幣化金融產品（支付等）滲透到更廣泛的投資者市場的速度。

With discussions around the role of crypto as a strategic asset continuing to progress, institutions continuing to buy crypto, and bitcoin surviving its first major decline in the retail era, crypto looks like a political issue here to stay.

隨著圍繞加密貨幣作為戰略資產的作用的討論不斷取得進展，機構繼續購買加密貨幣，以及比特幣在零售時代的首次大幅下跌中倖存下來，加密貨幣看起來像是一個長期存在的政治問題。