比特幣作為價值儲存手段的旅程遠非一帆風順

雖然最近的市場波動和批評凸顯了其波動性，但比特幣的長期前景在於其獨特的特性

As Bitcoin's recent price drop continues to draw attention, skepticism has emerged regarding its claim to be a “store of value.” Critics have highlighted the cryptocurrency's volatility, comparing it unfavorably to traditional safe-haven assets. Bloomberg columnist Joe Weisenthal expressed this view, suggesting that Bitcoin's recent performance makes it appear more like a collection of tech stocks than a stable asset.

隨著比特幣最近的價格下跌繼續引起人們的關注，人們對其自稱的「價值儲存手段」產生了懷疑。批評者強調了加密貨幣的波動性，並將其與傳統的避險資產進行比較。彭博社專欄作家 Joe Weisenthal 表達了這一觀點，他認為比特幣最近的表現使其看起來更像是科技股的集合，而不是穩定的資產。

However, this perspective may be too narrow, as it fails to distinguish between "store-of-value" and "flight-to-quality" assets. According to Andy Baehr, head of product at CoinDesk Indices, a store-of-value asset is judged based on long-term expectations, while a flight-to-quality asset is more about immediate market movements.

然而，這種視角可能過於狹隘，因為它無法區分「價值儲存」和「逃往優質」資產。 CoinDesk Indices 產品主管 Andy Baehr 表示，價值儲存資產是根據長期預期來判斷的，而優質資產則更專注於即時的市場趨勢。

During severe market downturns, such as the recent 12% drop in the Nikkei index, traditional safe-haven assets like U.S. Treasury bonds tend to see increased demand as they are viewed as offering a safe refuge during market crises. However, Bitcoin does not yet possess this status as a safe-haven asset.

在市場嚴重低迷時期，例如日經指數最近下跌 12%，美國國債等傳統避險資產往往會出現需求增加，因為它們被視為在市場危機期間提供安全避難所。然而，比特幣尚未具備避險資產的地位。

“Bitcoin is still undeniably volatile and speculative,” Baehr noted. “But it has attributes—such as its scarcity, portability, and detachment from government policies—that could make it a valuable store of value over the long term.”

「不可否認，比特幣仍然具有波動性和投機性，」貝爾指出。 “但它具有稀缺性、可移植性和脫離政府政策等屬性，從長遠來看，這些屬性可能使其成為有價值的價值儲存手段。”

For investors viewing Bitcoin as a store of value, the focus is not on short-term volatility but rather on its potential as a hedge against long-term economic risks. Bitcoin's fixed supply, capped at 21 million coins, and its resistance to inflationary pressures make it an appealing alternative to traditional fiat currencies.

對於將比特幣視為價值儲存手段的投資者來說，重點不是短期波動，而是其對沖長期經濟風險的潛力。比特幣的固定供應量（上限為 2,100 萬枚）及其對通膨壓力的抵抗力使其成為傳統法定貨幣的有吸引力的替代品。

Baehr explains, “People who invest in Bitcoin as a store of value are often more concerned with the long-term erosion of currency value rather than day-to-day market fluctuations. The goal is to safeguard against the devaluation of fiat money.”

Baehr 解釋說：「投資比特幣作為價值儲存手段的人往往更關心貨幣價值的長期侵蝕，而不是日常的市場波動。目標是防止法定貨幣貶值。

Arthur Breitman, co-founder of the Tezos blockchain protocol, adds another dimension to Bitcoin's role as a store of value. He points out that Bitcoin's decentralized nature and resistance to confiscation make it a viable option for safeguarding assets in scenarios where traditional financial systems might be compromised.

Tezos 區塊鏈協議聯合創始人 Arthur Breitman 為比特幣作為價值儲存手段的角色增添了另一個維度。他指出，比特幣的去中心化性質和抗沒收性使其成為在傳統金融體係可能受到損害的情況下保護資產的可行選擇。

“Bitcoin is a good store of value if traditional banking systems face crises or seizures,” Breitman said. “Its value is contextual and depends on the circumstances in which it's used.”

布萊特曼表示：“如果傳統銀行系統面臨危機或沒收，比特幣是一種很好的價值儲存手段。” “它的價值是與環境相關的，取決於它的使用環境。”

Dan McArdle, co-founder of Messari, offers a historical perspective on Bitcoin's behavior during various types of crises. He notes that while Bitcoin might sell off during liquidity crises, it has the potential to rise during sovereign debt or fiat confidence crises. The recent market turmoil is an example of the former scenario, where Bitcoin's price was affected by broader liquidity issues.

Messari 共同創辦人 Dan McArdle 對比特幣在各類危機期間的行為提供了歷史視角。他指出，雖然比特幣可能在流動性危機期間遭到拋售，但在主權債務或法定信心危機期間，它有可能上漲。最近的市場動盪就是前一種情況的一個例子，比特幣的價格受到更廣泛的流動性問題的影響。

In comparison, gold—a traditional store of value—also experienced a minor decline of about 1% on Monday. This highlights that even well-established assets can face volatility.

相較之下，傳統的價值儲存手段黃金週一也小幅下跌約 1%。這凸顯出即使是成熟的資產也可能面臨波動。

Alex Thorn, head of firmwide research at Galaxy Digital, emphasizes that Bitcoin's role as a store of value should be viewed in the context of its ongoing development. Compared to gold, which has been a store of value for thousands of years, Bitcoin is still relatively new.

Galaxy Digital 公司研究主管 Alex Thorn 強調，比特幣作為價值儲存手段的角色應該放在其持續發展的背景下來看。與數千年來一直作為價值儲存手段的黃金相比，比特幣仍然相對較新。

“Bitcoin is in its infancy as a store of value,” Thorn explained. “Its volatility reflects its growing pains and the process of adoption. Investing in Bitcoin is a venture-like bet on its future potential.”

「比特幣作為一種價值儲存手段還處於起步階段，」索恩解釋。 「它的波動性反映了它成長的煩惱和採用的過程。投資比特幣就像是對其未來潛力的風險投資。

Bitcoin's journey as a store of value is far from straightforward. While recent market fluctuations and criticisms highlight its volatility, Bitcoin's long-term promise lies in its unique characteristics, such as its limited supply and independence from traditional financial systems.

比特幣作為一種價值儲存手段的歷程遠非一帆風順。雖然最近的市場波動和批評凸顯了其波動性，但比特幣的長期前景在於其獨特的特徵，例如其供應有限和獨立於傳統金融體系。