它的支持者說，比特幣現在是一個避風港

自從唐納德·特朗普（Donald Trump）總統開始宣布關稅以來，我們一直在談論避風港 - 當世界變得混亂時，投資者投入了錢。

As President Donald Trump began announcing tariffs, we’ve been talking about safe havens — places investors put their money when the world turns chaotic.

當總統唐納德·特朗普（Donald Trump）開始宣布關稅時，我們一直在談論安全避風港 - 當世界變得混亂時，投資者投入了錢。

Usually, that’s U.S. debt, backed by the full faith and credit of the U.S. government. But in the immediate wake of that tariff stock market sell-off, investors sold U.S. Treasurys too.

通常，這是美國債務，並得到美國政府的全部信仰和信譽的支持。但是，在關稅股市拋售後，投資者也出售了美國國債。

There’s gold, an ancient safe haven, which hit another record high Wednesday — more than $3,350 an ounce.

有黃金，一個古老的避風港，在周三的另一個創紀錄的紀錄中達到了又一盎司的紀錄。

But now, in 2025, there’s also bitcoin, whose proponents love to tell you will be the future digital gold.

但是現在，在2025年，還有比特幣，他們的支持者喜歡告訴您將是未來的數字黃金。

In the last couple years, when the stock market threw a temper tantrum, bitcoin seemed to have an absolute hissy fit. Like back in the summer of 2022, when the Federal Reserve started raising interest rates to fight inflation.

在過去的幾年中，當股市發脾氣時，比特幣似乎非常合身。就像2022年夏天一樣，美聯儲開始提高利率來打擊通貨膨脹。

“We had a large … decline in bitcoin associated with a pretty large decline in the Nasdaq,” said Leigh Drogen, chief investment officer at Starkiller Capital, a crypto investment firm.

加密投資公司Starkiller Capital的首席投資官Leigh Drogen說：“我們的比特幣下降了大量……比特幣下降。”

He said that’s because investors have viewed bitcoin more like a risky tech stock than as an actual currency capable of storing value.

他說，這是因為投資者認為比特幣更像是一種風險的技術股票，而不是能夠存儲價值的實際貨幣。

But, in the past few weeks, “we've seen a significant amount of relative strength that bitcoin has shown to other risk assets. It’s been less volatile.”

但是，在過去的幾周中，“我們看到了比特幣向其他風險資產顯示的相對強度。這幅度較小。”

One bitcoin cost around $84,000 right before those massive April 2 tariffs. And after dipping some, it’s now right back at around $84,000.

在4月2日的大規模關稅之前，一個比特幣的價格約為84,000美元。在浸入一些後，現在又回到了84,000美元左右。

Bitcoin true believers say that’s a milestone.

比特幣真正的信徒說這是一個里程碑。

“Bitcoin is a teenager, from a literal perspective,” said Matt Hougan, chief investment officer at Bitwise Asset Management. “It's, you know, 14, 15 years old, and it's so it's going from this early start as a risky asset to its eventual adult life as a hedge asset, just like gold.”

Bitwise Asset Management首席投資官Matt Hougan說：“從字面上看，比特幣是一個少年。” “這是14歲，15歲，所以從早期開始，這是一種風險的資產，就像黃金一樣，作為對沖資產的最終成人生活。”

Bitcoin backers argue that because it has a limited supply that can’t be tampered with, bitcoin should be immune from, say, the inflationary impacts of tariffs or eroding faith in the U.S. dollar.

比特幣支持者認為，由於它的供應有限而無法篡改，因此比特幣應該免受關稅的通貨膨脹影響或以美元的侵蝕的信念的通貨膨脹影響。

Lee Reiners at Duke University is skeptical.

杜克大學的Lee Reiners持懷疑態度。

“You could apply that logic to any asset with a fixed supply, right? If that's, you know, if that's your thesis, like, why not, like, why not Beanie Babies or, like, baseball cards or something else?”

“您可以將該邏輯應用於帶有固定供應的任何資產，對嗎？

Reiners said bitcoin is still far more correlated with risky tech stocks than actual gold, and he worries that embracing crypto as something safer than it actually is could endanger the noncrypto economy.

賴因斯說，比特幣與風險的科技股相比，比實際黃金更加相關，他擔心將加密貨幣視為比實際上更安全的東西可能會危害非Crypto經濟。