每当比特币有价值时，叙述总是相同的：作为抵制通货膨胀的树篱，它失败了

每当比特币都有价值时，叙述总是相同的：作为抵制通货膨胀的树篱，它失败了。

Whenever Bitcoin falls in value, the narrative is always the same: It’s failing as a hedge against inflation. In the eyes of critics, Bitcoin is not the “digital gold” that so many others claim it to be.

每当比特币都有价值时，叙述总是相同的：作为抵制通货膨胀的树篱，它失败了。在评论家的眼中，比特币不是许多其他人声称的“数字黄金”。

With gold hitting all-time highs, these critics have grown louder. If Bitcoin is an inflation hedge, they ask, why isn’t it also rallying as investors seek safety?

随着黄金的历史最高点，这些批评家变得更大。他们问，如果比特币是通货膨胀对冲，为什么随着投资者寻求安全性，为什么不集会呢？

Even in today’s bearish, high-inflation environment, the cardinal truth holds: Bitcoin is an inflation hedge — arguably the most important one for long-term capital preservation the world has seen.

即使在当今的看跌，高通气的环境中，基本真理仍然存在：比特币是一种通货膨胀对冲 - 可以说是世界上最重要的长期资本保存。

Strength in scarcity

稀缺力量

Bitcoin has a hard cap of 21 million coins, with full circulation expected by 2140. This built-in scarcity mirrors gold, which has historically served as an inflation hedge. Bitcoin has outperformed gold during multiple periods, such as the COVID-19 era, when global markets were flooded with liquidity.

比特币的硬币硬币为2100万个硬币，预计将达到2140年。这种内置的稀缺镜子反映了黄金，这在历史上一直是通货膨胀对冲。比特币在多个时期（例如COVID-19时代）都表现出色，当时全球市场充满了流动性。

Like gold, Bitcoin works as an inflation hedge over the long term, not the short term. Critics focus too much on short-term volatility and ignore broader trends. Bitcoin has consistently been used as a store of value during extended periods of money printing.

像黄金一样，比特币在长期内是通货膨胀对冲，而不是短期。批评者过多地关注短期波动，忽略更广泛的趋势。比特币在延长的货币印刷期间一直被用作价值存储。

Bitcoin is not controlled by any central bank or politician. It’s a decentralized, peer-to-peer system governed by math and consensus — not by election cycles or political pressure. In places like Zimbabwe or Venezuela, where governments destroyed their currencies, Bitcoin has offered a more stable alternative. When faith in traditional systems weakens, Bitcoin often strengthens.

比特币不受任何中央银行或政治家的控制。这是一个由数学和共识控制的权力下放的，对等体系，而不是由选举周期或政治压力。在津巴布韦或委内瑞拉这样的地方，政府摧毁了货币，比特币提供了一种更稳定的选择。当对传统系统的信仰减弱时，比特币经常增强。

Consensus beats centralization

共识击败集中化

Bitcoin’s value isn’t just in its price — it’s in its design. Countries like the US, EU, UAE, Singapore, and Hong Kong have advanced regulations around Bitcoin, but its relevance goes far beyond developed economies.

比特币的价值不仅在于其设计。美国，欧盟，阿联酋，新加坡和香港等国家围绕比特币采取了制定的法规，但其相关性远远超出了发达经济体。

Inflation is an inconvenience in wealthier countries — rising grocery bills and pricier eggs. In struggling economies, inflation can signal political and financial collapse. Bitcoin offers a way out. It’s not theoretical anymore — it’s happening in real life.

通货膨胀是较富裕国家的不便 - 杂货店越来越多的鸡蛋。在陷入困境的经济体中，通货膨胀可能表明政治和财务崩溃。比特币提供了出路。它不再是理论上了 - 它在现实生活中发生。

During Greece’s 2015 crisis, citizens used Bitcoin to bypass capital controls. In Venezuela and Argentina, where national currencies lost most of their value, Bitcoin became a tool for survival. People used it to preserve wealth, access global markets, and transact on decentralized exchanges.

在希腊2015年的危机期间，公民使用比特币绕过资本管制。在委内瑞拉和阿根廷，国家货币损失了其大部分价值，比特币成为生存的工具。人们用它来保护财富，进入全球市场以及在分散交易所进行交易。

Recent: Bitcoin may rival gold as inflation hedge over next decade — Adam Back

最近：比特币可能会与未来十年的通货膨胀对冲相比 - 亚当回来

Bitcoin’s borderless, censorship-resistant nature is critical. It doesn’t rely on the decisions of any one institution. It’s protected from debt monetization, interest rate manipulation, and geopolitical pressures. Bitcoin runs on consensus, not command.

比特币的无边界，抗审查的性质至关重要。它不依赖任何一个机构的决定。它受到债务货币化，利率操纵和地缘政治压力的保护。比特币在共识上运行，而不是命令。

Consensus matters most when trust in institutions is low. This immutability is a characteristic that investors are undervaluing — and may not appreciate until they need it the most.

当对机构的信任较低时，共识最重要。这种不变性是投资者低估的特征 - 直到最需要它才能欣赏。

Portability is power

可移植性是力量

Bitcoin’s resilience also matters in developed markets — especially when traditional systems fail. Banks can collapse. Stock markets can crash. Payment processors can go offline. Bitcoin doesn’t sleep. It runs 24/7, 365 days a year.

比特币的弹性在发达市场中也很重要，尤其是当传统系统失败时。银行可能会崩溃。股市可能会崩溃。付款处理器可以离线。比特币不睡觉。它每年365天运行24/7。

During the Silicon Valley Bank collapse in March 2023, Bitcoin jumped 23% as investors sought safety outside the traditional banking system. Bitcoin’s availability and independence became its advantage.

在2023年3月的硅谷银行倒闭期间，随着投资者在传统银行系统之外寻求安全性，比特币跃升了23％。比特币的可用性和独立性成为其优势。

In a bank failure like Lehman Brothers in 2008, consumers can lose access to their funds for months or even years. Bitcoin, held in self-custody, remains in your control — as long as you have the private keys. No third party is needed.

在2008年雷曼兄弟（Lehman Brothers）等银行失败中，消费者可能会在数月甚至数年的时间内失去资金的机会。只要您拥有私钥，比特币一直保持在您的控制范围内。不需要第三方。

Payment networks like Visa or SWIFT can also become chokepoints — and targets for hackers who want to disrupt the global payments infrastructure. Bitcoin isn’t subject to those bottlenecks. Miners, not banks, verify it. While congestion can slow transactions, scaling solutions are evolving to improve speed and cost.

Visa或Swift等支付网络也可以成为备受关注点 - 以及想要破坏全球支付基础架构的黑客目标。比特币不受这些瓶颈的约束。矿工而非银行对其进行验证。尽管交货可以放慢交易，但扩展解决方案正在发展以提高速度和成本。

Bitcoin’s digital nature makes it especially valuable during capital controls, inflation, or crisis. It’s hard to seize, devalue, or freeze — giving individuals more autonomy than traditional financial systems allow.

比特币的数字性质使其在资本控制，通货膨胀或危机中特别有价值。很难抓住，贬值或冻结 - 给个人比传统金融系统允许更多的自治。

A more nuanced term: speculative hedge

一个更细微的术语：投机性树篱

Based on these characteristics, Bitcoin is unmistakably a hedge against inflation. Maybe we need a better term for Bitcoin’s central role in our financial futures.

基于这些特征，比特币无疑是抵抗通货膨胀的对冲。也许我们需要一个更好的术语，即比特币在我们的金融期货中的核心作用。

A more precise term might be speculative hedge — it offers long-term protection thanks to scarcity, consensus and decentralization. However, we might be placing too much emphasis on Bitcoin as a hedge against inflation in the traditional sense, considering the magnitude of the task at hand.

一个更精确的术语可能是投机性的对冲 - 由于稀缺，共识和权力下放，它可以长期保护。但是，考虑到手头的任务的大小，我们可能会过多地将比特币作为反对通货膨胀的对冲。

Yet, adoption and price volatility are still hurdles to Bitcoin dethroning gold as a true global inflation hedge. Still, there are encouraging signs. Companies like Strategy, GameStop, Block and MassMutual have added Bitcoin to their balance sheets as a treasury strategy — with some estimates pointing to one in four companies in the S&P 500 following suit by 2030. More governments are exploring Bitcoin

然而，采用和价格波动仍然是将黄金作为真正的全球通货膨胀对冲的比特币的障碍。尽管如此，仍然有令人鼓舞的迹象。战略，GameStop，Block和Massmutual等公司将比特币作为财政部策略增加了比特币 - 一些估计指出，标准普尔500指数中有四分之一的公司遵循2030年的诉讼。