盧克·格羅門 (Luke Gromen) 表示，即使沒有美國政府的支持，比特幣 (BTC) 的表現將優於黃金 (XAU)

資深宏觀投資者 Luke Gromen 認為，即使沒有美國政府的支持，比特幣 (BTC) 的表現也將超越黃金。

Veteran macro investor Luke Gromen is sharing his thoughts on Bitcoin (BTC) and gold, arguing that the leading crypto will likely outperform the precious metal even without the support of the US government.

資深宏觀投資者盧克·格羅門(Luke Gromen)分享了他對比特幣(BTC)和黃金的看法，他認為即使沒有美國政府的支持，領先的加密貨幣也可能跑贏貴金屬。

In a video posted on the Forest for the Trees YouTube channel, Gromen discusses the key factors that give Bitcoin an edge over gold.

在森林換樹 YouTube 頻道上發布的影片中，格羅門討論了比特幣相對於黃金的優勢的關鍵因素。

“Support or no support from the government, I would expect Bitcoin to rise versus gold over time on face-peeling volatility that needs to be accounted for by most investors on a position-sizing basis.

「無論政府是否支持，我預計隨著時間的推移，比特幣相對於黃金的價格將會上漲，因為大多數投資者需要在頭寸規模的基礎上考慮到劇烈的波動性。

That’s precisely what happened. If you call up a chart, this isn’t speculative. You call up a chart Bitcoin over gold, Bitcoin has crushed gold on face-peeling volatility. So that makes sense.

這正是發生的事情。如果你調出圖表，你會發現這並不是推測。你調出一張比特幣與黃金的圖表，比特幣已經因為劇烈的波動而壓垮了黃金。所以這是有道理的。

Bitcoin has a higher stock-to-flow ratio, it has an energy tie like gold does and Bitcoin has a growing network effect. As long as that growing network effect continues, then I don’t see any reason that that would change regardless of whether administrative continues or not.”

比特幣具有更高的存量與流量比率，它像黃金一樣具有能源紐帶，並且比特幣的網路效應不斷增強。只要這種不斷增長的網路效應持續下去，那麼無論行政管理是否繼續，我都看不出有任何理由會改變。

According to Gromen, Bitcoin benefits from a higher stock-to-flow (S2F) ratio than gold. The S2F model, which is traditionally used for commodities, predicts the performance of an asset based on the idea that the price increases as the asset becomes more scarce.

根據 Gromen 的說法，比特幣受益於比黃金更高的存量與流量 (S2F) 比率。 S2F 模型傳統上用於商品，它基於隨著資產變得更加稀缺而價格上漲的想法來預測資產的表現。

The macro investor also highlights Bitcoin’s energy tie and growing network effect as factors that will likely contribute to its outperformance over gold.

這位宏觀投資者也強調，比特幣的能源連結和不斷增長的網路效應可能是其表現優於黃金的因素。

At time of writing, Bitcoin is trading at $90,593, up nearly 2% on the day.

截至撰寫本文時，比特幣交易價格為 90,593 美元，當日上漲近 2%。