儘管不鼓勵GDP報告，但比特幣仍具有其價值，並在阿根廷襲擊了一個新的ATH

美國經濟分析局（BEA）今天發布了第1季度2025年第1季度的PCE和GDP報告。儘管有一個令人沮喪的信號，但比特幣仍然保持良好狀態，甚至達到了阿根廷的新歷史最高水平。

The US Bureau of Economic Analysis (BEA) released its PCE and GDP reports for Q1 2025 earlier today. While inflation was lower than expected, the country’s GDP shrank before the tariffs took effect, encouraging fears of a recession.

美國經濟分析局（BEA）今天早些時候發布了第1季度2025年第1季度的PCE和GDP報告。儘管通貨膨脹率低於預期，但該國的GDP在關稅生效之前就縮小了，鼓勵人們擔心經濟衰退。

Despite this discouraging signal, Bitcoin (BTC) has held up rather well, even hitting a new all-time high in Argentina. This lends credence to the notion that BTC is a safe haven from economic chaos.

儘管有一個令人沮喪的信號，但比特幣（BTC）仍然保持良好的狀態，甚至在阿根廷的歷史最高時分達到了新的高度。這對BTC是避免經濟混亂的避風港的觀念表示信任。

Trump’s Tariffs May Cause Recession

特朗普的關稅可能會導致衰退

The global economy is extremely complicated, full of signals that seemingly contradict each other. Since President Donald Trump’s tariff plan began taking effect earlier this year, fears of a US recession have gripped the markets. However, when the BEA released its Q1 2025 PCE report this morning, it prompted relief from some sectors.

全球經濟非常複雜，充滿了彼此之間似乎相互矛盾的信號。自從唐納德·特朗普總統的關稅計劃於今年早些時候開始生效以來，對美國衰退的擔憂已經席捲了市場。但是，當BEA今天早上發布其第一季度2025 PCE報告時，它引起了一些部門的緩解。

“Personal income increased $116.8 billion (0.5 percent at a monthly rate) in March, according to estimates released today by the [BEA]. The increase in current-dollar personal income in March reflected increases in compensation and proprietors' income,” the report claimed.

報告稱：“根據[BEA]今天發布的估計，三月份的估計，3月份的個人收入增加了1,168億美元（每月匯率為0.5％）。3月份的當前個人收入的增加反映了薪酬和所有人的收入的增加。”

At first glance, this data looks highly encouraging. The PCE (personal consumer expenditures) report is the Federal Reserve’s preferred tool to measure inflation, and it’s full of reassuring points.

乍一看，這些數據看起來令人鼓舞。 PCE（個人消費者支出）報告是美聯儲衡量通貨膨脹的首選工具，並充滿了令人放心的積分。

The core PCE price index (YoY) for March was 2.6%, the lowest since June 2024, and the MoM index was at its lowest since April 2020. In other words, the dollar still spends.

3月的核心PCE價格指數（YOY）為2.6％，是自2024年6月以來最低的，媽媽的指數自2020年4月以來最低。換句話說，美元仍然花費。

However, the BEA also released its GDP report today. Although the tariffs haven’t impacted inflation yet, a recession happens after two consecutive quarters of negative GDP growth. The US officially experienced one in Q1, and this report only concerns pre-tariff data:

但是，BEA今天還發布了其GDP報告。儘管關稅尚未影響通貨膨脹，但在連續兩個季度負GDP增長後，經濟衰退發生。美國在第1季度正式經歷了一項，本報告僅涉及到定位前的數據：

CNN hypothesized that the inflation figures were artificially heightened thanks to the tariffs. Specifically, US consumers may have purchased more goods in anticipation of them becoming more expensive. This systematic behavior would throw off the usual metrics of inflation tracking.

美國有線電視新聞網（CNN）假設，由於關稅，通貨膨脹數字人為增加。具體來說，美國消費者可能已經購買了更多商品，以期變得越來越昂貴。這種系統的行為將拋棄通貨膨脹跟踪的通常指標。

How will these statistics impact the crypto industry? Simply put, Bitcoin isn’t acting like tariffs are about to cause the US to enter a recession. It actually sustained its value, trading above $94,000 despite the grim economic outlook.

這些統計數據將如何影響加密行業？簡而言之，比特幣的行為不像關稅將導緻美國進入衰退。它實際上持有其價值，儘管經濟前景嚴峻，但其價值超過94,000美元。

Analysts have been wondering if BTC will be a safe haven in economic chaos, and recent data suggests it could benefit from trade disruptions. After all, cryptocurrencies are decentralized and operate beyond the boundaries of national currencies.

分析師一直在想，BTC是否會成為經濟混亂的避風港，最近的數據表明，它可能會受益於貿易中斷。畢竟，加密貨幣是分散的，並且超出了民族貨幣的邊界。

Bitcoin also reached an all-time high in Argentina today, surpassing 110 million ARS per BTC. This surge is likely due to the significant depreciation of the Argentine peso, which was trading near 1,165 per US dollar in official markets.

當今阿根廷的比特幣也達到了歷史最高水平，每BTC超過1.1億AR。這一激增可能是由於阿根廷比索的重大折舊造成的，官方市場在官方市場中的交易價格接近1,165。

These developments indicate that Bitcoin might successfully function as a hedge against economic instability.

這些事態發展表明，比特幣可能成功地充當對沖經濟不穩定。

Ultimately, these claims are still speculation. The tariffs may or may not cause the US to enter a recession, which would truly test Bitcoin’s status as a safe haven. But from today’s perspective, at least, the hypothesis seems reasonable.

最終，這些主張仍然是猜測。關稅可能會或不會導緻美國進入經濟衰退，這將真正測試比特幣作為避風港的地位。但是至少從今天的角度來看，假設似乎是合理的。