比特幣不是數字黃金，這是一張光榮的技術股票

比特幣的最大主義者像戰略的邁克爾·塞勒（Michael Saylor）經常將加密貨幣視為一種數字黃金的一種形式，這是一種可以保護持有人免受金融風暴的避風港資產。

Bitcoin maximalists like Strategy’s Michael Saylor often tout the cryptocurrency as a form of digital gold, a safe haven asset that can protect holders from financial storms.

比特幣的最大主義者像戰略的邁克爾·塞勒（Michael Saylor）經常將加密貨幣視為一種數字黃金的一種形式，這是一種可以保護持有人免受金融風暴的避風港資產。

Donald Trump’s White House has echoed the argument that Bitcoin’s scarcity makes it ideal as a store of value.

唐納德·特朗普（Donald Trump）的白宮（Donald Trump）回應了一個論點，即比特幣的稀缺性使其理想成為價值存儲。

That narrative has now been challenged — again — after the digital asset’s price nosedived alongside tech stocks like Meta, Nvidia, and Elon Musk’s Tesla. By contrast, gold has surged to record heights.

在數字資產的價格與Meta，Nvidia和Elon Musk的Tesla等科技股並列之後，這種敘述現在再次受到挑戰。相比之下，黃金已經飆升至記錄高度。

In short, Bitcoin is behaving less like digital gold and more like a glorified tech stock, market watchers say.

簡而言之，比特幣的行為不像數字黃金，而更像是一位光榮的科技股票。

“If Bitcoin equals ‘digital gold,’ then time to act like it. Otherwise, it will reinforce the narrative that it’s simply a high beta asset,” said ETF Store President Nate Geraci on X. “Most of crypto equals tech play [in my opinion]. So it currently is and will be caught up in a broader tech sell-off.”

“如果比特幣等於“數字黃金”，那麼該採取行動了。否則，它將加強這樣的敘述，即這只是一個很高的beta資產，” ETF商店主席Nate Geraci在X上說。“我認為（我認為，大多數加密貨幣）等於技術播放。因此，它目前已經並且將被陷入更廣泛的技術拋售中。”

Tariffs trigger tumble

關稅觸發滾滾

The debate about Bitcoin’s role as a safe haven asset comes as it shed 15% of its value over the past month.

關於比特幣作為避風港資產的作用的辯論是由於過去一個月的價值15％。

It now trades at roughly $82,000. Some experts even suggest it will plunge as low as its previous March 2024 high of $74,000.

現在，它的交易約為82,000美元。一些專家甚至認為它將跌至2024年3月的74,000美元。

The overall crypto market’s value dropped 18% and the tech-heavy Nasdaq has dropped 11% in the same period.

總體加密貨幣市場的價值下降了18％，而技術繁重的納斯達克股票在同一時期下降了11％。

Trump triggered the plunge after instating, retracting, then reinstating, re-retracting, and re-reinstating tariffs against the US’ closest trading partners Mexico and Canada.

特朗普在對美國最接近的墨西哥和加拿大的最接近的貿易夥伴徵收關稅後，撤回，恢復，重新撤離並重新徵收關稅後，引發了這種暴跌的襲擊。

The back and forth prompted Canadian Foreign Minister Mélanie Joly to describe US trade policy as a “psychodrama.”

來回促使加拿大外交部長梅拉尼·喬利（MélanieJoly）將美國貿易政策描述為“心理舞會”。

This is not the first time Bitcoin has failed to live up to its reputation as a safe haven. During the March 2020 Covid-induced crash, the asset plunged more than 50% in a two-day period.

這不是比特幣第一次未能辜負其作為避風港的聲譽。在2020年3月的共同造成的撞車事故中，資產在兩天內跌幅超過50％。

Still, the digital gold narrative has picked up speed of late.

儘管如此，數字黃金的敘述卻達到了速度。

The White House referred to Bitcoin’s safe haven potential in Trump’s executive order to create a national stockpile of the asset.

白宮指的是比特幣在特朗普的行政命令中的避風港潛力，以創建資產的全國性庫存。

“Because there is a fixed supply of BTC, there is a strategic advantage to being among the first nations to create a strategic Bitcoin reserve,” it said.

它說：“由於BTC有固定的供應，因此成為創建戰略性比特幣儲備的第一批國家是戰略優勢。”

The argument is that the country will be able to hedge against financial instability by storing up the cryptocurrency. It holds gold and petroleum for the same reason.

論點是，該國將能夠通過儲存加密貨幣來對沖金融不穩定。出於同樣的原因，它擁有黃金和石油。

Other top officials, like Federal Reserve Chair Jerome Powell hum a similar tune.

其他高級官員，例如美聯儲主席杰羅姆·鮑威爾·霍姆（Jerome Powell Hum）也是類似的曲調。

In December, Powell said, “it’s just like gold, only digital.”

鮑威爾在12月說：“這就像黃金一樣，只有數字。”

Industry heavyweights like BlackRock CEO Larry Fink, and Euro Pacific chief economist Peter Schiff have echoed that sentiment over the years.

貝萊德（Blackrock）首席執行官拉里·芬克（Larry Fink）和歐洲太平洋首席經濟學家彼得·希夫（Peter Schiff）等行業重量級人士多年來都回應了這種情緒。

Others adopt a more measured approach.

其他人則採用了一種更具衡量的方法。

In May, Bloomberg Intelligence analyst Eric Balchunas described Bitcoin as investment hot sauce, something to add to a traditional portfolio made out of stocks and bonds.

五月份，彭博情報分析師埃里克·巴爾庫納斯（Eric Balchunas）將比特幣描述為投資辣醬，這是由股票和債券製成的傳統投資組合。

What made it interesting to him, compared with other spicy alternatives, “is this underlying story about hedging the devaluation of the dollar.”

與其他辛辣的替代品相比，他對他來說很有趣的是：“這是關於對沖美元貶值的基本故事。”

“To me, Bitcoin is like gold, but as a teenager,” Balchunas told The Block.

“對我來說，比特幣就像黃金一樣，但是十幾歲的時候，” Balchunas告訴街區。

However, its recent price action says otherwise — and supporters are getting antsy.

但是，其最近的價格行動是其他情況的 - 支持者正在厭惡。

“Can’t act like a high beta asset with every sell-off,” Geraci said.

Geraci說：“每次拋售都不能像高beta資產一樣。”

Pedro Solimano is a markets correspondent based in Buenos Aires. Got a tip? Email him at psolimano@dlnews.com.

Pedro Solimano是位於布宜諾斯艾利斯的市場通訊員。有小費嗎？通過psolimano@dlnews.com給他發送電子郵件。