比特币作为价值储存手段的旅程远非一帆风顺

虽然最近的市场波动和批评凸显了其波动性，但比特币的长期前景在于其独特的特性

As Bitcoin's recent price drop continues to draw attention, skepticism has emerged regarding its claim to be a “store of value.” Critics have highlighted the cryptocurrency's volatility, comparing it unfavorably to traditional safe-haven assets. Bloomberg columnist Joe Weisenthal expressed this view, suggesting that Bitcoin's recent performance makes it appear more like a collection of tech stocks than a stable asset.

随着比特币最近的价格下跌继续引起人们的关注，人们对其自称的“价值储存手段”产生了怀疑。批评者强调了加密货币的波动性，并将其与传统的避险资产进行比较。彭博社专栏作家 Joe Weisenthal 表达了这一观点，他认为比特币最近的表现使其看起来更像是科技股的集合，而不是稳定的资产。

However, this perspective may be too narrow, as it fails to distinguish between "store-of-value" and "flight-to-quality" assets. According to Andy Baehr, head of product at CoinDesk Indices, a store-of-value asset is judged based on long-term expectations, while a flight-to-quality asset is more about immediate market movements.

然而，这种视角可能过于狭隘，因为它无法区分“价值储存”和“逃往优质”资产。 CoinDesk Indices 产品主管 Andy Baehr 表示，价值储存资产是根据长期预期来判断的，而优质资产则更多地关注即时的市场走势。

During severe market downturns, such as the recent 12% drop in the Nikkei index, traditional safe-haven assets like U.S. Treasury bonds tend to see increased demand as they are viewed as offering a safe refuge during market crises. However, Bitcoin does not yet possess this status as a safe-haven asset.

在市场严重低迷时期，例如日经指数最近下跌 12%，美国国债等传统避险资产往往会出现需求增加，因为它们被视为在市场危机期间提供安全避难所。然而，比特币尚未具备避险资产的地位。

“Bitcoin is still undeniably volatile and speculative,” Baehr noted. “But it has attributes—such as its scarcity, portability, and detachment from government policies—that could make it a valuable store of value over the long term.”

“不可否认，比特币仍然具有波动性和投机性，”贝尔指出。 “但它具有稀缺性、可移植性和脱离政府政策等属性，从长远来看，这些属性可能使其成为有价值的价值储存手段。”

For investors viewing Bitcoin as a store of value, the focus is not on short-term volatility but rather on its potential as a hedge against long-term economic risks. Bitcoin's fixed supply, capped at 21 million coins, and its resistance to inflationary pressures make it an appealing alternative to traditional fiat currencies.

对于将比特币视为价值储存手段的投资者来说，重点不是短期波动，而是其对冲长期经济风险的潜力。比特币的固定供应量（上限为 2100 万枚）及其对通胀压力的抵抗力使其成为传统法定货币的有吸引力的替代品。

Baehr explains, “People who invest in Bitcoin as a store of value are often more concerned with the long-term erosion of currency value rather than day-to-day market fluctuations. The goal is to safeguard against the devaluation of fiat money.”

Baehr 解释说：“投资比特币作为价值储存手段的人往往更关心货币价值的长期侵蚀，而不是日常的市场波动。目标是防止法定货币贬值。”

Arthur Breitman, co-founder of the Tezos blockchain protocol, adds another dimension to Bitcoin's role as a store of value. He points out that Bitcoin's decentralized nature and resistance to confiscation make it a viable option for safeguarding assets in scenarios where traditional financial systems might be compromised.

Tezos 区块链协议联合创始人 Arthur Breitman 为比特币作为价值储存手段的角色增添了另一个维度。他指出，比特币的去中心化性质和抗没收性使其成为在传统金融体系可能受到损害的情况下保护资产的可行选择。

“Bitcoin is a good store of value if traditional banking systems face crises or seizures,” Breitman said. “Its value is contextual and depends on the circumstances in which it's used.”

布莱特曼表示：“如果传统银行系统面临危机或没收，比特币是一种很好的价值储存手段。” “它的价值是与环境相关的，取决于它的使用环境。”

Dan McArdle, co-founder of Messari, offers a historical perspective on Bitcoin's behavior during various types of crises. He notes that while Bitcoin might sell off during liquidity crises, it has the potential to rise during sovereign debt or fiat confidence crises. The recent market turmoil is an example of the former scenario, where Bitcoin's price was affected by broader liquidity issues.

Messari 联合创始人 Dan McArdle 对比特币在各类危机期间的行为提供了历史视角。他指出，虽然比特币可能在流动性危机期间遭到抛售，但在主权债务或法定信心危机期间，它有可能上涨。最近的市场动荡就是前一种情况的一个例子，比特币的价格受到更广泛的流动性问题的影响。

In comparison, gold—a traditional store of value—also experienced a minor decline of about 1% on Monday. This highlights that even well-established assets can face volatility.

相比之下，传统的价值储存手段黄金周一也小幅下跌约 1%。这凸显出即使是成熟的资产也可能面临波动。

Alex Thorn, head of firmwide research at Galaxy Digital, emphasizes that Bitcoin's role as a store of value should be viewed in the context of its ongoing development. Compared to gold, which has been a store of value for thousands of years, Bitcoin is still relatively new.

Galaxy Digital 公司研究主管 Alex Thorn 强调，比特币作为价值储存手段的作用应该放在其持续发展的背景下来看待。与数千年来一直作为价值储存手段的黄金相比，比特币仍然相对较新。

“Bitcoin is in its infancy as a store of value,” Thorn explained. “Its volatility reflects its growing pains and the process of adoption. Investing in Bitcoin is a venture-like bet on its future potential.”

“比特币作为一种价值储存手段还处于起步阶段，”索恩解释道。 “它的波动性反映了它成长的烦恼和采用的过程。投资比特币就像是对其未来潜力的风险投资。”

Bitcoin's journey as a store of value is far from straightforward. While recent market fluctuations and criticisms highlight its volatility, Bitcoin's long-term promise lies in its unique characteristics, such as its limited supply and independence from traditional financial systems.

比特币作为一种价值储存手段的历程远非一帆风顺。虽然最近的市场波动和批评凸显了其波动性，但比特币的长期前景在于其独特的特征，例如其供应有限和独立于传统金融体系。