比特幣現在只是一種投機工具嗎？

比特幣的主要用途已從實際用例轉向純粹投資，由於預期供應短缺，著名多頭主張長期持有。儘管缺乏現實世界的應用，情緒驅動的投機仍然是比特幣受歡迎的推動力，其價值主要取決於市場情緒和價格升值。

Is Bitcoin Just a Speculation Vehicle?

比特幣只是一種投機工具嗎？

In the realm of cryptocurrency, bitcoin has long been a topic of debate, but recently, its narrative has shifted. Once touted as a transformative force in finance, the focus has narrowed to one simple premise: buy because the price is rising.

在加密貨幣領域，比特幣長期以來一直是爭論的話題，但最近，它的敘述發生了變化。一度被吹捧為金融領域變革力量的焦點已縮小到一個簡單的前提：因為價格上漲而購買。

What Ever Happened to Utility?

實用程式發生了什麼事？

Not long ago, bitcoin enthusiasts raved about its myriad use cases, from facilitating cross-border payments to revolutionizing decentralized finance. However, these aspirations seem to have faded into obscurity. Today's bitcoin investors are more interested in its investment potential than its real-world applications.

不久前，比特幣愛好者對其無數用例讚不絕口，從促進跨境支付到徹底改變去中心化金融。然而，這些願望似乎已經消失得無影無蹤。今天的比特幣投資者對其投資潛力比其實際應用更感興趣。

The Buy-and-Hold Strategy

買入並持有策略

Prominent bitcoin bulls like Michael Saylor and Anthony Scaramucci advocate for a simple approach: buy and hold forever. Saylor believes bitcoin is the "apex property" and the ultimate investment, while Scaramucci advises his clients to "do nothing" with their holdings.

像邁克爾·塞勒（Michael Saylor）和安東尼·斯卡拉穆奇（Anthony Scaramucci）這樣的著名比特幣看漲者提倡一種簡單的方法：購買並永遠持有。塞勒認為比特幣是「頂級財產」和終極投資，而斯卡拉穆奇則建議他的客戶對其持有的資產「什麼都不做」。

Criticisms of Bitcoin's Utility

對比特幣實用性的批評

Skeptics have questioned bitcoin's utility from the outset. Its performance as an inflation hedge has been unimpressive, and its viability as a mainstream payment method remains limited. William Quigley, co-founder of Tether, dismissed bitcoin's lack of utility, arguing that it serves as a "paperweight" for investors.

懷疑論者從一開始就質疑比特幣的實用性。其作為通膨對沖工具的表現並不令人印象深刻，其作為主流支付方式的可行性仍然有限。 Tether 聯合創始人 William Quigley 駁斥了比特幣缺乏實用性的說法，認為它是投資者的「鎮紙」。

Sentiment Trading Dominates

情緒交易占主導地位

According to Quigley, the appeal of bitcoin lies not in its practical applications but in its speculative nature. Traders seek to exploit price discrepancies and ride the waves of investor sentiment. "Crypto is dominated by people speculating on changes in sentiment," he said.

奎格利認為，比特幣的吸引力不在於其實際應用，而在於其投機性。交易者尋求利用價格差異並駕馭投資者情緒的波動。 「加密貨幣是由人們對情緒變化進行投機的，」他說。

Price Appreciation as the Primary Use Case

價格升值作為主要用例

At recent conferences, discussions about bitcoin's utility beyond investment have been scarce. Instead, the dominant theme has been the inevitable rise in price driven by increasing demand and a looming supply shock.

在最近的會議上，關於比特幣在投資之外的用途的討論很少。相反，主導主題是需求增加和迫在眉睫的供應衝擊所推動的價格不可避免的上漲。

The Investment Thesis Overwhelms Utility

投資論壓過了效用

The overwhelming popularity of bitcoin ETFs and the anticipation of the upcoming halving event have eclipsed any talk of real-world use cases. Investors are more concerned with capital appreciation than practical applications.

比特幣 ETF 的壓倒性受歡迎以及對即將到來的減半事件的預期使任何關於現實世界用例的討論都黯然失色。投資者更關心的是資本增值而不是實際應用。

Conclusion

結論

While some may argue that bitcoin's lack of utility diminishes its value, proponents maintain that its speculative potential outweighs any practical shortcomings. As the investment thesis prevails, bitcoin's primary use case becomes the quest for price appreciation.

儘管有些人可能認為比特幣缺乏實用性會降低其價值，但支持者堅持認為其投機潛力超過了任何實際缺點。隨著投資論的盛行，比特幣的主要用例變成了追求價格升值。