比特币和黄金：对抗通胀的对冲竞争

比特币经常被比作黄金和房地产，作为一种潜在的价值储存手段，对于对冲通胀至关重要。真正的价值储存手段

Bitcoin has been touted as a safe haven asset, like gold and real estate, due to its potential to maintain purchasing power and be easily exchanged for other assets. However, recent market volatility has put this narrative to the test.

比特币被认为是一种避险资产，就像黄金和房地产一样，因为它具有维持购买力并易于兑换其他资产的潜力。然而，最近的市场波动让这种说法受到了考验。

While both Bitcoin and gold are considered hedges against inflation, their performance this year has varied. Gold is up 17.39%, and Bitcoin has outperformed with a 35% gain.

虽然比特币和黄金都被认为是对冲通胀的工具，但它们今年的表现却各不相同。黄金上涨 17.39%，比特币上涨 35%，表现优于大盘。

Despite the recent market slump, which reduced Bitcoin's year-to-date gains from 77%, its dominance remains significant.

尽管最近的市场低迷导致比特币今年迄今的涨幅从 77% 下降，但其主导地位仍然显着。

In 2023, Bitcoin closed out the year with a 153% gain, outpacing gold, which recorded a modest 13% increase.

2023 年，比特币以 153% 的涨幅结束了这一年，超过了黄金 13% 的小幅涨幅。

Seasoned trader Peter Brandt has been closely examining the rivalry between Bitcoin and gold as competing hedges against inflation.

经验丰富的交易员彼得·勃兰特（Peter Brandt）一直在密切关注比特币和黄金之间的竞争，作为对冲通胀的竞争手段。

In analyzing the BTC/Gold ratio, Brandt highlights the need to be adaptable in interpreting market trends.

在分析比特币/黄金比率时，布兰特强调需要灵活地解释市场趋势。

He notes that while the current ratio stands at 26, even a drop to 16 would not undermine Bitcoin’s long-term positive trajectory. This illustrates Bitcoin's price volatility compared to the relative stability of gold.

他指出，虽然当前比率为 26，但即使下降至 16，也不会破坏比特币的长期积极轨迹。这说明了与黄金的相对稳定性相比，比特币的价格波动性。

Brandt's analysis also suggests the BTC/Gold ratio could experience significant swings, potentially dropping in the short term but soaring to 150 or beyond as per long-term projections.

Brandt 的分析还表明，比特币/黄金比率可能会经历大幅波动，短期内可能会下降，但根据长期预测，会飙升至 150 或更高。

This indicates Bitcoin's potential to be a robust store of wealth, with considerable growth prospects compared to gold. However, Brandt advises a diversified investment strategy that includes both Bitcoin and gold to manage risk and volatility.

这表明比特币有潜力成为一种强大的财富储存手段，与黄金相比具有可观的增长前景。然而，布兰特建议采用多元化的投资策略，包括比特币和黄金，以管理风险和波动性。

However, Nik Bhatia, founder of The Bitcoin Layer, had a more contrarian view than Brandt.

然而，The Bitcoin Layer 的创始人尼克·巴蒂亚 (Nik Bhatia) 的观点比布兰特更为逆向。

Bhatia argued that Bitcoin, at 15 years old, was still too young to be classified as a safe haven asset. He pointed out that Bitcoin is often perceived as risky due to its brief history compared to traditional assets.

巴蒂亚认为，比特币只有 15 年的历史，还太年轻，不足以被归类为避险资产。他指出，由于与传统资产相比，比特币的历史较短，因此通常被认为具有风险。

The Bitcoin Layer founder also noted that while Bitcoin’s price movements generally align with the stock market, there have been instances of significant divergence, demonstrating its potential as a hedge against inflationary pressures from expansive monetary and fiscal policies.

Bitcoin Layer 创始人还指出，虽然比特币的价格走势总体上与股市一致，但也曾出现过严重背离的情况，这表明其作为对冲扩张性货币和财政政策带来的通胀压力的潜力。

Despite these instances, Bhatia observes that Bitcoin often behaves like a risk-on asset. Its recent significant drop alongside global stocks highlights its ongoing maturity challenges in establishing itself as a safe haven.

尽管存在这些情况，巴蒂亚观察到比特币通常表现得像一种风险资产。它最近与全球股市一起大幅下跌，突显了其在将自身打造为避风港方面持续面临的成熟挑战。

Bitcoin and Ether rebounded from sharp declines experienced the previous day. The reigning crypto king climbed back over $56,000, while Ether increased by up to 4.6%, surpassing $2,500. This recovery followed a severe drop on Aug. 5, where Bitcoin fell below $50,000, and Ether recorded its most significant drop since 2021.

比特币和以太币从前一天的大幅下跌中反弹。这位加密王的价格回升至 56,000 美元以上，而以太币则上涨 4.6%，突破 2,500 美元。此次复苏是在 8 月 5 日大幅下跌之后出现的，当时比特币跌破 50,000 美元，以太币则创下 2021 年以来的最大跌幅。

Monday’s volatility was the first time the crypto ETF complex was put to a stress test. Despite the prevailing storm, some ETFs even posted positive gains. Ethereum ETFs, in particular, closed out Monday with net inflows.

周一的波动是加密 ETF 综合体首次接受压力测试。尽管风暴盛行，一些 ETF 甚至录得正收益。尤其是以太坊 ETF，周一以净流入收盘。