隨著特朗普關稅觸發市場潰敗，比特幣和戈爾德的道路有所不同

隨著美國總統唐納德·特朗普（Donald Trump）的令人陶醉的關稅使世界的市場傾斜，兩種替代資產的道路差異。

As US President Donald Trump’s eye-watering tariffs triggered a tanking of the world’s markets in the past week, the paths of two alternative assets diverged.

隨著美國總統唐納德·特朗普（Donald Trump）的令人陶醉的關稅引發了過去一周的世界市場的坦克，兩種替代資產的道路差異。

One was gold, which hit a new high of US$3,132.43 per ounce, then faltered during the extreme sell-offs, and then rose back to above US$3,100 on Thursday (Apr 10). The other, cryptocurrencies, joined the global market rout, with Bitcoin sinking 28 per cent lower than its January peak.

一個是黃金，它的新高點命中了每盎司3,132.43美元的新高點，然後在極端拋售期間步履蹣跚，然後在星期四（4月10日）回到了3,100美元以上。另一個加密貨幣加入了全球市場潰敗，比特幣低於其1月的峰值28％。

But prior to the recent volatility, crypto – especially Bitcoin – was seen as a potential challenger to gold’s long-held role as a store of value.

但是，在最近的波動率之前，加密貨幣（尤其是比特幣）被視為戈德長期以來作為價值存儲的挑戰者的潛在挑戰者。

Crypto got a leg-up with US President Donald Trump’s creation of the Bitcoin Strategic Reserve and the US Digital Asset Stockpile in early 2025.

Crypto與美國總統唐納德·特朗普（Donald Trump）在2025年初創建了比特幣戰略儲備和美國數字資產庫存的支持。

Under an executive order in March, Washington started consolidating cryptocurrencies seized through criminal and civil forfeitures, gathering them as a reserve asset in a move that mirrored the stockpiling of gold.

根據三月份的行政命令，華盛頓開始合併通過刑事和民事沒收抓住的加密貨幣，將其作為儲備資產收集，以反映黃金儲存的舉動。

But investors seeking diversification wonder: Would crypto truly rival gold’s timeless appeal?

但是尋求多元化的投資者奇蹟：加密貨幣是否真的會競爭Gold的永恆吸引力？

Ilan Solot, senior global markets strategist of Marex, says: “At this point, Bitcoin is probably best thought of as an emerging store-of-value asset which – for those who believe in it – can be acquired at an early stage in its maturity cycle.”

Marex的全球高級市場策略師Ilan Solot說：“在這一點上，比特幣可能是最佳的新興商店資產，對於那些相信它的人來說，可以在其成熟週期的早期階段獲得。”

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He adds, however, that the recent plunge in crypto prices shows its high correlation with the equity market during times investors are risk-averse – which makes it unlike gold.

但是，他補充說，最近的加密價格暴跌顯示了在投資者規避風險的情況下與股票市場的高度相關性 - 這與黃金不同。

Gold and cryptocurrencies are sometimes compared to each other because they are alternative assets that offer hedges against inflation and traditional market shocks, and because they share characteristics such as scarcity and the potential to hold value over time.

有時將黃金和加密貨幣彼此比較，因為它們是提供抵抗通貨膨脹和傳統市場衝擊的樹籬的替代資產，並且因為它們具有稀缺性和隨著時間的推移而具有價值的特徵。

Investors concerned about counterparty risks would note that both assets allow for self-custody, independent of any single entity; they are also viewed as cushions against traditional, centralised financial systems’ risk of collapse.

關注對手風險的投資者會指出，這兩個資產都允許自我顧客獨立於任何單一實體；它們還被視為反對傳統的集中金融系統崩潰風險的墊子。

Bitcoin turns less volatile than stocks as tariffs wreak havoc

比特幣的波動比股票較少，因為關稅造成了破壞

Should you go crazy for crypto?

你應該為加密貨幣發瘋嗎？

Singapore jewellers keep their shine amid gold’s record run – even as margins thin

新加坡珠寶商在黃金的紀錄中保持光芒 - 即使利潤很薄

Trump tariffs add polish to gold rally but full market impact yet to hit

特朗普的關稅增加了金黃色集會，但全面的市場影響尚未擊中

Here’s how they compare:

他們比較以下方式：

How much gold and Bitcoin are out there?

那裡有多少黃金和比特幣？

Gold is a rare metal that presents only in small amounts in the earth’s crust. Bitcoin, designed to mimic gold in the digital age, is capped at only 21 million coins by the algorithm.

黃金是一種罕見的金屬，僅在地殼中少量出現。比特幣旨在模仿數字時代的黃金，該算法僅限制為2100萬個硬幣。

As of end-2024, the amount of total above-ground gold stood at 216,265 tonnes. Based on the spot gold price of US$3,033.07 an ounce in Asian morning trade on Thursday, the world’s mined gold is worth US$23.8 trillion. In comparison, the total worth of the world’s cryptocurrencies stands at US$2.6 trillion.

截至2024年底，地上金的總數為216,265噸。根據周四亞洲早晨貿易的3,033.07美元的現貨黃金價格，全球礦的黃金價值23.8萬億美元。相比之下，全球加密貨幣的總價值為2.6萬億美元。

The limited supply of cryptocurrencies offers a “shield against inflation and irresponsible monetary or fiscal policy”, says Marex’s Solot, adding that this trait attracts investors concerned about fiat currency risks, geopolitical tensions and capital controls in emerging markets.

Marex的Solot說，有限的加密貨幣供應提供了“抵抗通貨膨脹和不負責任的貨幣或財政政策的盾牌”。

Lasanka Perera, chief executive officer of Independent Reserve (the first cryptocurrency exchange licensed by the Monetary Authority of Singapore), notes that although Bitcoin is a computationally scarce asset, it is easy to acquire, store and transfer across borders at any time. These attributes give it a “massive advantage” in the race to be regarded as “digital gold” in a global and digital economy.

獨立儲備首席執行官拉桑卡·佩雷拉（Lasanka Perera）（由新加坡貨幣當局許可的第一家加密貨幣交易所許可）指出，儘管比特幣是計算上稀缺的資產，但隨時都可以輕鬆地獲取，存儲和轉讓跨境。這些屬性在競賽中使其在全球和數字經濟中被視為“數字黃金”具有“巨大的優勢”。

Charu Sethi, president of NFT (non-fungible token) infrastructure Unique Network sees a positive future for the blockchain industry because of its “intrinsic value”, despite the current volatility of cryptocurrencies.

NFT（不可殺死的令牌）基礎設施的總裁Charu Sethi獨特的網絡對區塊鏈行業的未來視為其“內在價值”，儘管當前的加密貨幣波動性。

“I really look forward to what comes out of Trump’s industry-forward regulations after the phases of volatility amid speculations,” she adds.

她補充說：“我真的很期待特朗普在猜測的波動階段之後的行業法規。”

What is the implication of a Bitcoin reserve?

比特幣儲備的含義是什麼？

While gold has established itself as a safe-haven asset, crypto is often seen as the opposite.

雖然黃金已將自己確立為避風港資產，但加密貨幣通常被視為相反。

The Trump administration’s setting up of the digital asset reserve “massively boosted crypto’s credibility”, says Independent Reserve’s Perera. “It’s a signal to investors that governments might treat Bitcoin like a commodity or reserve currency, not just a speculative asset class.”

Independent Reserve的Perera說，特朗普政府對數字資產儲備的建立“大大提高了加密貨幣的信譽”。 “這向投資者發出信號，表明政府可能將比特幣視為商品或儲備貨幣，而不僅僅是投機資產類別。”

However, while the move legitimises Bitcoin, boosts investor confidence and puts pressure on foreign entities to adopt a similar stance, it could well dent crypto’s appeal of being decentralised; critics are concerned about governmental control and perception of the industry, says Marex’s Solot.

但是，儘管此舉使比特幣合法化，但增強了投資者的信心，並向外國實體施加了壓力，要求採取類似的立場，但它很可能會抑制加密貨幣的訴求。 Marex的Solot說，批評家關注政府控制和對該行業的看法。

He adds: “The way in which the reserve was announced got mixed reactions, especially after Trump

他補充說：“宣布的儲備的方式收到了不同的反應，尤其是在特朗普之後