關稅對比特幣的影響

該報告解開了這種反應背後的機制，打破了關稅的工作方式，對通貨膨脹和資本市場的影響以及為什麼它們證明是比特幣的看跌催化劑。

It is likely not the direct effect of Tariffs that are crashing markets but the wider impact they may yet have on the US and global economy. Tariffs are not just trade policies; they are economic levers that influence inflation, interest rates, and investor behavior.

關稅可能不是崩潰市場的直接影響，而是它們可能尚未對美國和全球經濟產生的更大影響。關稅不僅是貿易政策；它們是影響通貨膨脹，利率和投資者行為的經濟槓桿。

For better or for worse, BTC exists within the Dollar-Based Financial System. It is priced in US dollars, any shifts in dollar strength, interest strengths, or liquidity directly affect BTC’s purchasing power and attractiveness. BTC remains tied to the US economy and its currency. The current US tariff concerns are affecting crypto, tech stocks, and every major capital market.

無論好壞，BTC都存在於美元的金融體系內。它的價格為美元，美元實力的任何變化，利息優勢或流動性直接影響BTC的購買力和吸引力。 BTC與美國經濟及其貨幣保持聯繫。當前的美國關稅問題正在影響加密貨幣，技術股票和每個主要的資本市場。

This report unpacks the mechanisms behind this reaction, breaking down how tariffs work, their impact on inflation and capital markets, and why they are proving to be a bearish catalyst for Bitcoin.

該報告解開了這種反應背後的機制，打破了關稅的工作方式，對通貨膨脹和資本市場的影響以及為什麼它們證明是比特幣的看跌催化劑。

The White House Is Pivoting Toward Economic Challenges After a Period of Stability

一段時間穩定後，白宮正朝著經濟挑戰樞紐

This view crystallized in the third week of March when President Trump, when asked by a reporter about the recessionary effects of the Tariffs, confirmed that they may force the U.S. economy into a ‘Period of Transition’.

這種觀點在3月的第三週結晶，當時特朗普總統被記者詢問關稅的經濟效果時，證實他們可能會迫使美國經濟進入“過渡時期”。

Another new White House policy stream is also having an effect on digital asset prices. On January 23rd, U.S. President Donald Trump signed an executive order that has the aim of “Strengthening American Leadership in ’Digital Financial Technology’”.

另一個新的白宮政策流也對數字資產價格產生了影響。 1月23日，美國總統唐納德·特朗普（Donald Trump）簽署了一項行政命令，其目的是“加強美國在'數字金融技術方面的領導力”。

“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership,” the order explains.

該命令解釋說：“數字資產行業在美國以及我們國家的國際領導力中在創新和經濟發展中起著至關重要的作用。”

“Protecting and promoting the ability of individual citizens and private-sector entities alike to access and use for lawful purposes open public blockchain networks without undue interference, censorship, or other restriction.” is an example of its goals. Most of the order is dedicated to establishing technology and rules around crypto and its development in the U.S.

“保護和促進個人公民和私營部門實體的能力，無論是在沒有過度干預，審查或其他限制的情況下開放公共區塊鍊網絡而訪問和使用的能力。”是其目標的一個例子。大部分訂單致力於建立圍繞加密貨幣及其在美國發展的技術和規則

One of its most important aspects is the creation of a presidential working group to consider a national digital asset stockpile, “potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.” The EO created an immediate buzz and bullish momentum for digital assets.

其最重要的方面之一是建立一個總統工作組來考慮一項國家數字資產庫存，“有可能源自聯邦政府通過其執法工作法律徵收的加密貨幣。” EO為數字資產創造了直接的嗡嗡聲和看漲勢頭。

“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” US President Trump expounded, on March 2nd, via the Truth Social media platform. This crystallized some of the outlines of the executive order. About an hour after the initial post, Trump clarified — “And, obviously, BTC and ETH, as other valuable cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum!”

“在拜登政府遭到了多年的腐敗攻擊之後，美國加密儲備將提升這個關鍵行業，這就是為什麼我對數字資產的行政命令指示總統工作組推進了包括XRP，SOL和ADA在內的加密戰略儲備，”美國總統特朗普於3月2日通過真實社會媒體媒體平台揭示了美國總統特朗普。這結晶了行政命令的一些輪廓。在首次發表後大約一個小時後，特朗普澄清了 - “而且，顯然，BTC和ETH作為其他有價值的加密貨幣，將是保護區的核心。我也喜歡比特幣和以太坊！”

However, on Friday last week David Sacks, Trump’s AI and Crypto Czar, revealed that Trump’s comments were simply expository and not a firm commitment towards creating a reserve. This dampened much of the positive momentum that Trump’s initial post created.

但是，在上週的星期五，特朗普的AI和加密沙皇戴維·薩克斯（David Sacks）透露，特朗普的評論只是說明性的，而不是堅定的承諾。這削弱了特朗普最初的職位創造的許多積極勢頭。

Brave New Coin has previously covered the variety of factors that influence the price of BTC, including fundamental onchain metrics and miner activity.

Brave New Coin先前涵蓋了影響BTC價格的各種因素，包括基本的OnChain指標和礦工活動。

The price of Bitcoin can be affected by regulatory decisions like the approval of spot Bitcoin ETFs in the United States, fundamental events like the halving which affects the flow of new BTC, and price movements that may be tied to historical price activity.

比特幣的價格可能會受到監管決策的影響，例如在美國獲得現場比特幣ETF的批准，影響新BTC流動的減半以及可能與歷史價格活動相關的價格變動的基本事件。

The most obvious and clear factor driving the price of BTC is demand to use it, which can be measured by adoption. Are people using BTC as an alternative for money? Is it being stored away for a rainy day like gold?

最明顯，最明顯的因素推動了BTC的價格使用它，可以通過採用來衡量。人們是否使用BTC作為金錢的替代方案？像黃金一樣，它被存放在雨天嗎？

Is there a demand to use BTC, outside of money, because of the utility of an immutable ledger of accounts? An example of this is the Ordinals phenomenon.

由於不可變的帳戶賬戶的效用，是否需要使用BTC（在貨幣之外）使用BTC？一個例子是序數現象。

What’s Driving Bitcoin Adoption in 2025

什麼是在2025年駕駛比特幣採用

Bitcoin company River Financial in February 2025 published a report titled ‘What’s Driving Bitcoin Adoption in 2025’. Much of the report is focused on the recent growth of the Bitcoin network. It reports a surge in development activity, the decentralization of hashrate, and the increase in the usage of BTC for high-value transactions.

比特幣公司River Financial於2025年2月發表了一份報告，標題為“駕駛比特幣在2025年採用什麼”。該報告的大部分都集中在比特幣網絡的最新增長上。它報告了開發活動的激增，哈希酸鹽的權力下放以及BTC對高價值交易的使用增加。

They note that in previous cycles accumulation was driven by individuals but in 2024 institutions and ETFs were the primary accumulators. They also report that 52% of the top 25 Hedge Funds and RIAs own BTC ETFs.

他們指出，在先前的周期中，積累是由個人驅動的，但在2024年，機構和ETF是主要的蓄能器。他們還報告說，在前25名對沖基金和RIA擁有BTC ETF中，有52％。

River reports that more public companies are holding BTC as treasury assets than ever before, larger-scale Bitcoin custody solutions are improving, and the list of nation-states embarking on BTC is growing rapidly.

River報告稱，更多的上市公司將BTC作為國庫資產，比以往任何時候都在改善大規模的比特幣監護權解決方案，而投入BTC的民族國家列表正在迅速增長。

There are clearly agents across the world who want to buy crypto and these adoption factors sit behind headline macro events like the Trump Tariffs or a crypto reserve. Brave New Coin has also discussed how much speculation is built into the price of Bitcoin because of optimism surrounding what it could be rather than what it is.

顯然，世界各地的代理商想購買加密貨幣，這些採用因素就位於標題宏觀事件之後，例如特朗普關稅或加密儲備。勇敢的新硬幣還討論了比特幣價格內置了多少猜測，因為圍繞它可能而不是它的本質。

Today, in the short term, growth in BTC

今天，在短期內，BTC的增長