當特朗普的白宮返回火花沖向黃金時，比特幣失去了避風港的地位

比特幣始於3％以上，超過3％，超過了Gold的9％的增長。在2月4日特朗普表示，美國可以接管加沙後，貴金屬達到了每一盎司2 882美元的創紀錄。

Bitcoin’s status as a store of value has come under scrutiny as the cryptocurrency’s price performance lags behind gold amid a surge in demand for safe havens, driven by Donald Trump’s return to the White House and geopolitical tensions.

比特幣作為價值存儲的地位受到了審查，因為在唐納德·特朗普（Donald Trump）返回白宮和地緣政治緊張局勢的驅動下，加密貨幣的價格績效落後於黃金，這落後於黃金。

After outperforming most asset classes in 2024, bitcoin has gained just 3% year-to-date, lagging behind gold’s 9% rise. The precious metal hit a record high of US$2 882 an ounce on 4 February after Trump said the US could take over Gaza — a comment his aides later sought to downplay. Bitcoin is currently about 10% below its peak.

在超過2024年的大多數資產課程之後，比特幣始終獲得3％的速度，落後於Gold的9％上漲。特朗普表示，美國助手後來試圖淡化的評論，這款貴金屬在2月4日達到了2月4日的紀錄高度882美元。比特幣目前低約10％。

While bitcoin has been touted as a store of value, similar to gold, due to the cryptocurrency’s built-in scarcity — its supply is capped at 21-million — the token has not lived up to the billing.

儘管比特幣被吹捧為與黃金相似的價值存儲，但由於加密貨幣的內置稀缺性（其供應量為2100萬），該代幣並未達到計費。

Gold’s enduring appeal during times of economic turmoil, such as the US-China trade war and threat of tariffs, has amplified its price performance. In contrast, bitcoin has often moved in near-lockstep with technology stocks.

戈德在經濟動盪時期的持久吸引力，例如美國 - 中國貿易戰和關稅威脅，都擴大了其價格績效。相比之下，比特幣經常隨著技術庫存而近乎鎖定。

Aoifinn Devitt, senior investment adviser at Moneta Group, said in an interview that while bitcoin could be considered a hedge against fiat currency, its appeal is muted in a market where the US dollar remains in high demand.

Moneta Group的高級投資顧問Aoifinn Devitt在一次採訪中說，儘管比特幣可以被視為對菲亞特貨幣的對沖，但其上訴在美元需求量很高的市場中被貶低。

“In time it will have its own characteristics that act separate and apart from markets but at this point it is behaving as the riskiest of risk-on assets,” he added.

他補充說：“隨著時間的流逝，它將具有自身的特徵，除了市場外，它的作用是分開的，但在這一點上，它的行為是最風險的風險資產。”

However, bitcoin proponents hope that the token’s intrinsic qualities will eventually see it behave more like a store of value.

但是，比特幣的支持者希望代幣的內在品質最終會看到它的行為更像是價值的存儲。

Paul Howard, senior director at market maker Wincent, said the advent of exchange-traded funds that invest directly in the largest digital asset will “gradually decrease volatility and likely see investors chasing volatility move to more riskier cryptocurrency assets”. — Sidhartha Shukla, (c) 2025 Bloomberg LP

市銷商Wincent的高級總監保羅·霍華德（Paul Howard）表示，直接投資於最大數字資產的交易所交易資金的出現將“逐漸降低波動性，並可能看到投資者追逐波動性轉向更風險的加密貨幣資產”。 - Sidhartha Shukla，（C）2025 Bloomberg LP