比特幣：一種新型的財產

隨著野火，颶風甚至社會動盪變得更加普遍，意識到傳統的財富保存方法可能不像以前認為的那樣可靠。

Traditionally, real estate has been viewed as one of the safest and most reliable ways to preserve wealth. Unlike stocks, bonds, or cash, real estate is a physical asset—you can feel it, live in it, and pass it down through generations. This tangible nature has established real estate as a cornerstone asset class for protecting wealth.

傳統上，房地產被視為保存財富的最安全，最可靠的方法之一。與股票，債券或現金不同，房地產是物理資產 - 您可以感覺到它，生活在其中並將其傳遞給世代。這種有形的性質已將房地產確立為保護財富的基石資產類別。

Conversely, bitcoin has often been seen by traditional investors as the antithesis of real estate. Detractors claim that it has no physical form, utility, or ability to retain value long-term. They argue that, unlike property, bitcoin is untouchable, uninhabitable, and difficult to insure. They see it as nothing more than code, questioning how something so intangible can serve as a store of value.

相反，傳統投資者經常將比特幣視為房地產的對立面。批評者聲稱它沒有物理形式，效用或長期保留價值的能力。他們認為，與財產不同，比特幣是無法觸及的，無法居住的，並且難以保險。他們認為這只不過是代碼，質疑如此無形的東西如何用作價值存儲。

Ironically, the answer lies in those same physical characteristics—specifically, the vulnerabilities associated with physical assets. Recent events in California and North Carolina starkly illustrate that the ability to touch an asset does not guarantee its safety. In an era of rising geopolitical tensions, natural disasters, and shifting economic landscapes, bitcoin is emerging as an optimal store of value precisely because of its unique form of physicality. Essentially, bitcoin is a physical entity, just not one that is subject to the risks posed by natural disasters.

具有諷刺意味的是，答案在於相同的物理特徵 - 特別是與物理資產相關的漏洞。加利福尼亞和北卡羅來納州最近發生的事件明確表明，觸摸資產的能力並不能保證其安全性。在地緣政治緊張局勢，自然災害和改變經濟景觀的時代，比特幣正逐漸成為價值的最佳存儲，這正是由於其獨特的物理形式。本質上，比特幣是一個物理實體，而不是遭受自然災害帶來的風險。

The Fragility Of Tangible Wealth

有形財富的脆弱性

The devastating wildfires in Los Angeles have left a nightmarish scene of destruction, reducing over 12,000 homes and structures to ashes. Families who spent decades building wealth through their properties returned only to find the ruins and the grim truth that their most prized asset—their home—was gone.

洛杉磯毀滅性的野火留下了噩夢般的破壞場面，將12,000多個房屋和建築物減少到灰燼中。幾十年來通過其財產建立財富的家庭又回來了，只是找到了廢墟和嚴峻的真理，即他們最珍貴的資產（他們的家）已經消失了。

In Western North Carolina, hurricanes wiped out entire communities. Months later, many residents still live in RVs, tents, or makeshift shelters, unable to rebuild due to skyrocketing costs, insurance disputes, or the fact that the land itself is no longer habitable.

在北卡羅來納州西部，颶風消滅了整個社區。幾個月後，許多居民仍然住在房車，帳篷或臨時避難所中，由於成本飆升，保險糾紛或土地本身不再可居住的事實而無法重建。

These incidents serve as harsh reminders of a fundamental truth: real estate does not inherently possess a low-risk quality. A house, no matter its value, is tied to a specific location. If that area is ravaged, occupied, or rendered uninhabitable, the asset’s value could quickly evaporate. The wealth encapsulated in a home can vanish in an instant, and rebuilding can take years—and even then, the process may be subject to environmental changes, regulatory decisions, and other external factors.

這些事件是對基本真理的嚴厲提醒：房地產本質上沒有低風險的質量。無論其價值如何，都與特定位置相關。如果該地區被破壞，佔領或渲染不可居住，那麼資產的價值可能會迅速蒸發。封裝在房屋中的財富可能會立即消失，重建可能需要數年的時間，即使那樣，該過程可能會受到環境變化，監管決策和其他外部因素的影響。

For those impacted by these disasters, the notion that real estate is a fail-safe method of wealth preservation is evidently false. Instead, they are faced with the realization that everything they’ve worked for can be wiped out—by natural catastrophes like fires and floods, or by bureaucratic hurdles such as affordable housing mandates, “Coastal Commission” stipulations, and endless administrative roadblocks.

對於那些受這些災難影響的人來說，房地產是一種保存財富保險的方法顯然是錯誤的。取而代之的是，他們面臨著這樣的意識到，他們所努力的一切都可以消除，例如火災和洪水等自然災難，或通過官僚主義的障礙，例如負擔得起的住房任務，“沿海委員會”規定，以及無盡的行政路障。

Bitcoin: A New Kind Of Property

比特幣：一種新型的財產

This is where bitcoin upends the traditional narrative. While bitcoin is indeed a physical commodity—it has a real-world existence—its physicality is fundamentally different from that of real estate or precious metals. Rather than residing in a single location that is vulnerable to natural or political disturbances, bitcoin exists as uniform data replicated in computer memory across hundreds of thousands of devices scattered around the globe—and even in outer space.

這是比特幣顛覆傳統敘事的地方。儘管比特幣確實是一種物理商品（它具有現實世界），但它的物理性與房地產或貴金屬的物理根本不同。比特幣並沒有居住在容易受到自然或政治干擾的單一位置，而是在數十萬個散佈在全球範圍內的設備，甚至在外太空中復制的統一數據。

Bitcoin’s ledger meticulously records claims of ownership, and this ledger is both immutable and uniformly distributed millions of times over. You access your wealth through a secret key that only you control. It can be stored in multiple locations, encrypted digitally, or even memorized. If secured properly, your assets cannot be destroyed, confiscated, or lost in any disaster short of one so extreme that it threatens humanity as a whole.

比特幣的分類帳會記錄所有權的主張，該分類帳既不是一成不變的，而且分發了數百萬次。您可以通過只有控制的秘密鑰匙來獲得財富。它可以存儲在多個位置，數字化甚至記憶。如果得到適當的固定，您的資產將在任何極端的災難中被摧毀，沒收或丟失，以至於它威脅著整個人類。

Consider the implications: If a fire consumes your house, your bitcoin remains intact. If a hurricane devastates an entire region, your bitcoin assets don’t change. If conflict erupts and you must cross a border, there’s no need to abandon your wealth—you can carry it with you simply by knowing a secret. No matter where you end up, as long as you can eventually access the internet, your money is accessible.

考慮一下含義：如果大火消耗您的房屋，您的比特幣仍然完好無損。如果颶風破壞了整個地區，您的比特幣資產不會改變。如果衝突爆發並且您必須越過邊界，則無需放棄您的財富 - 您只需了解一個秘密就可以隨身攜帶它。無論您最終到達哪裡，只要您最終可以訪問互聯網，您的錢就可以使用。

This concept is something that people enduring geopolitical turmoil instinctively grasp. A person fleeing a war-torn nation understands that their wealth, if tied to a business or property, could be seized, bombed, or taken over by a new ruling power. Bitcoin, on the other hand, offers a lifeline—a means to maintain financial independence even if all else is lost.

這個概念是人們本能地掌握地緣政治動蕩的人們。一個逃離飽受戰爭war的國家的人知道，如果與企業或財產相關的財富，可能會被新的統治權抓住，轟炸或接管。另一方面，比特幣提供了一條生命線 - 即使所有其他人都丟失了，也意味著保持財務獨立。

For many Americans, this perspective has been largely foreign. Unlike people in nations ravaged by conflict or oppressive regimes, Americans have enjoyed relative stability for decades. However, as wildfires, hurricanes, and even civil unrest become more prevalent, the realization is setting in that traditional methods of wealth preservation may not be as reliable as once thought.

對於許多美國人來說，這種觀點在很大程度上是外國的。與衝突或壓迫性政權破壞的國家不同，美國人在數十年中一直保持相對穩定。但是，隨著野火，颶風甚至內亂變得越來越普遍，這種認識是因為傳統的財富保存方法可能並不像曾經想到的那樣可靠。

In reality, the “stability” of the U.S. is more of a comforting illusion than a fact. A close examination of American history shows that any given American has a guaranteed 100% chance of experiencing civil unrest in their vicinity. This observation is not meant to imply that the U.S. is particularly

實際上，美國的“穩定”更像是一種令人安慰的幻想，而不是事實。對美國歷史的仔細檢查表明，任何給定的美國人都有100％在附近發生內亂的機會。這種觀察並不意味著美國特別是