比特币不是黄金，它更好

由于比特币和黄金都有几个共同的核心特征，因此人们将比特币与黄金进行比较。但比特币可能不是 21 世纪的现实

As Bitcoin continues to make inroads across financial markets, particularly with the launch of spot ETFs in January 2024, several key points emerge regarding the narrative of bitcoin as a new asset class and its relation to gold.

随着比特币继续进军金融市场，特别是随着 2024 年 1 月现货 ETF 的推出，关于比特币作为一种新资产类别的叙述及其与黄金的关系出现了几个关键点。

The recent sell-off that began in late-July was the first major correction and pullback for crypto since retail and institutional investors gained exposure to bitcoin via the spot ETFs. Prices quickly dropped from all-time highs with a brief recovery before continuing lower. Despite the narrative of bitcoin being a hedge against inflation and a counter-cyclical asset, prices tracked broader markets closely, with crypto prices recovering as optimism returned to financial markets.

自 7 月底开始的最近的抛售是自散户和机构投资者通过现货 ETF 投资比特币以来加密货币的首次重大调整和回调。价格从历史高点迅速下跌，并短暂回升，然后继续走低。尽管比特币被认为是一种对冲通胀的工具和一种反周期资产，但其价格却密切跟踪更广泛的市场，随着金融市场的乐观情绪回归，加密货币价格正在回升。

This sell-off highlighted several points of contention regarding the narrative of bitcoin being a new version of gold. If bitcoin tracks general market movements and reacts in a similar way to geo-political, economic, and interest rate data, then how is bitcoin distinct from other financial instruments? This argument, although persuasive on the surface, overlooks several points of differentiation between bitcoin and gold.

这次抛售凸显了有关比特币是新版黄金这一说法的几个争论点。如果比特币跟踪总体市场走势并以类似的方式对地缘政治、经济和利率数据做出反应，那么比特币与其他金融工具有何不同？这一论点虽然表面上很有说服力，但却忽略了比特币和黄金之间的几个区别点。

In fact, the reality that bitcoin might not be the 21st or 22nd century version of gold bodes well for further adoption of bitcoin and other cryptoassets.

事实上，比特币可能不是 21 世纪或 22 世纪的黄金，这对于比特币和其他加密资产的进一步采用来说是个好兆头。

Here's a look at a few of them.

以下是其中的一些。

Mainstream Crypto Has Passed Its First Major Test

主流加密货币已经通过了第一次重大测试

The recent dramatic sell-off that occurred was the first major correction and pullback for crypto since retail and institutional investors gained exposure to bitcoin via the spot ETFs. Even with prices still recovering from the dramatic selloffs that occurred, several important facts are worth highlighting as positive developments.

自散户和机构投资者通过现货 ETF 获得比特币敞口以来，最近发生的剧烈抛售是加密货币的首次重大调整和回调。尽管价格仍在从发生的剧烈抛售中恢复，但有几个重要事实值得强调，作为积极的进展。

First, according to research by Bloomberg Intelligence, and in the midst of the first major price decline since inception, only approximately 0.3% of assets under management left these ETFs. This speaks to the staying power of bitcoin and crypto as an asset class and bodes well for further inflows into cryptoassets.

首先，根据 Bloomberg Intelligence 的研究，在自成立以来的首次价格大幅下跌期间，只有约 0.3% 的管理资产离开了这些 ETF。这说明了比特币和加密货币作为一种资产类别的持久力，并预示着资金将进一步流入加密资产。

Second, crypto wallets holding between 1,000 and 10,0000 bitcoin consistently increased holdings during the sell-off, indicating that longer-term and potentially institutional investors retained confidence in the value proposition of bitcoin.

其次，持有 1,000 至 10,0000 枚比特币的加密钱包在抛售期间持续增加持有量，这表明长期和潜在的机构投资者对比特币的价值主张保持了信心。

Lastly, it is worth pointing out that beginning on August 7th, Morgan Stanley began allowing its 15,000 financial advisors to pitch spot bitcoin ETFs to wealth management clients that met certain qualifying criteria. Contextually the wealth management business at Morgan Stanley had approximately $6.6 trillion in assets under management at the end of 2023.

最后，值得指出的是，从 8 月 7 日开始，摩根士丹利开始允许其 15,000 名财务顾问向符合某些资格标准的财富管理客户推销现货比特币 ETF。截至 2023 年底，摩根士丹利的财富管理业务管理的资产约为 6.6 万亿美元。

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Bitcoin And Crypto Represents Technological Innovation

比特币和加密货币代表技术创新

Unlike gold, which has remained unchanged for millennia, bitcoin and cryptoassets more broadly represent significant technological innovation and advancement on several fronts. The possibilities for sovereign self-identity, portable and immutable data across multiple industry lines, instantaneous access to funds and payments, and real-time analytics all continue to move from concept to reality across the globe.

与数千年来保持不变的黄金不同，比特币和加密资产更广泛地代表了多个领域的重大技术创新和进步。主权自我身份、跨多个行业线的可移植和不可变数据、即时获取资金和支付以及实时分析的可能性都在全球范围内继续从概念转变为现实。

These innovations, alongside the benefits that blockchain-based information can deliver to AI applications – providing a trusted and readily available pool of data from which to work – allow bitcoin to stand apart from other comparative commodities such as gold.

这些创新，加上基于区块链的信息可以为人工智能应用程序带来的好处——提供可信赖且随时可用的数据池，使比特币能够从黄金等其他同类商品中脱颖而出。

The fact that virtually every large TradFi institution in the world has invested into developing blockchain and crypto related products and services illustrates this point clearly. Additionally, with legislation being floated that the Federal Reserve should convert gold holdings to bitcoin, the benefits of divesting from gold into bitcoin continue to become more widely discussed.

事实上，世界上几乎所有大型 TradFi 机构都投资开发区块链和加密相关产品和服务，这一事实清楚地说明了这一点。此外，随着美联储应将持有的黄金转换为比特币的立法出台，从黄金撤资到比特币的好处继续受到更广泛的讨论。

Crypto Is Well Represented In The 2024 Presidential Race

加密货币在 2024 年总统竞选中得到了很好的体现

From being an issue discussed primarily in online forums and message boards, crypto has emerged as something being discussed at every level of the 2024 U.S. Presidential campaign.

加密货币从主要在在线论坛和留言板中讨论的问题，现已成为 2024 年美国总统竞选各个层面都在讨论的问题。

From crypto superPACs raising over $100 million to fund races and push crypto-specific issues forward, swing voters consistently listing crypto as an important policy issue, or candidates that publicly disclosed pro-crypto views and crypto holdings (republication VP candidate J.D. Vance), crypto has moved front and center in short order.

从筹集超过 1 亿美元资金用于资助竞选并推动加密货币特定问题向前发展的加密货币超级政治行动委员会，到摇摆不定的选民一致将加密货币列为重要的政策问题，或者公开披露支持加密货币观点和加密货币持有量的候选人（共和党副总裁候选人 JD Vance），加密货币很快就移动到了前面和中间。

This highlights not only the rise in prices that have occurred in 2024, but the speed with which bitcoin and other tokenized financial products (payments and otherwise) have permeated the wider investor marketplace.

这不仅凸显了 2024 年价格的上涨，还凸显了比特币和其他代币化金融产品（支付等）渗透到更广泛的投资者市场的速度。

With discussions around the role of crypto as a strategic asset continuing to progress, institutions continuing to buy crypto, and bitcoin surviving its first major decline in the retail era, crypto looks like a political issue here to stay.

随着围绕加密货币作为战略资产的作用的讨论不断取得进展，机构继续购买加密货币，以及比特币在零售时代的首次大幅下跌中幸存下来，加密货币看起来像是一个长期存在的政治问题。