比特策略師說，無論特朗普的關稅策略的結果如何，比特幣都將成為贏家。

杰弗裡·帕克（Jeffrey Park）Bitwise的Alpha策略負責人表示，從長遠來看，特朗普觸發的貿易動盪幾乎對比特幣都非常好。

Head of Alpha Strategies at Bitwise, Jeffrey Park, has claimed that Trump’s tariff-fueled trade turmoil will ultimately be very good for Bitcoin in the long term.

杰弗裡·帕克（Jeffrey Park）Bitwise的Alpha Strategions負責人聲稱，從長遠來看，特朗普的關稅貿易動盪最終對比特幣將非常有利。

Writing on the Bitwise blog yesterday, Park stated that Trump’s economic strategy has created a scenario where “heads Bitcoin wins, tails fiat loses”, adding that “either way, we go higher”.

帕克昨天在Bitwise博客上寫道，特朗普的經濟戰略創造了一種場景，“負比特幣獲勝，尾巴菲亞特輸了”，並補充說：“無論哪種方式，我們走得更高”。

Park believes that Trump’s tariff strategy is all about getting America’s major trading partners to the negotiating table with the ultimate aim of reducing the value of the US dollar — perhaps by getting countries to sell off some of their US dollar reserves — without increasing long term interest rates.

帕克（Park）認為，特朗普的關稅策略是將美國的主要貿易夥伴納入談判表，其最終目的是降低美元價值 - 也許是通過讓各國出售一些美元儲備而不會增加長期利息費率。

If this strategy works, claims Park, the lowered interest rates would likely increase investor appetites for higher-risk assets, like Bitcoin. This is the ‘Bitcoin wins’ scenario.

如果這種策略有效，索賠公園，降低的利率可能會增加投資者對比特幣等高風險資產的需求。這是“比特幣贏”場景。

If Trump’s strategy backfires — the ‘fiat loses scenario’ — Park argues that would lead to money printing on a scale never before seen in the US. And historically, large-scale money printing has seen Bitcoin’s price increase.

如果特朗普的策略適得其反 - 帕克（Park）認為，這將導致在美國從未見過的規模印刷金錢。從歷史上看，大規模的貨幣印刷已經使比特幣的價格上漲了。

Trump Is Seeking “Holy Grail of Fiat Alchemy”, Says Park

帕克說，特朗普正在尋求“菲亞特煉金術的聖杯”。

Park outlines two main points which underlie his argument that Trump’s tariff strategy is good for Bitcoin no matter how it plays out — the first is ‘The Triffin Dilemma’ and the second is Trump’s long term goals.

公園概述了他的兩個要點，即他的論點是特朗普的關稅策略對比特幣有益於比特幣 - 第一個是“特里芬困境”，第二個是特朗普的長期目標。

‘The Triffin Dilemma’ refers to a dilemma first described by the Belgian-American economist, Robert Triffin. It says that the US dollar being the global reserve asset provides significant positives and negatives for the US economy — the main positive being the US can borrow at lower rates because there’s always a ready supply of buyers for its debt.

“特里芬困境”是指比利時裔美國經濟學家羅伯特·特里芬（Robert Triffin）首先描述的困境。它說，美元作為全球儲備資產為美國經濟提供了重大的積極和負面影響 - 主要的是，美國可以以較低的價格借入，因為總有現成的買方供應其債務。

On the negative side, the US dollar is structurally over-valued because nations need to hold it in reserve and the US tends to run permanent trade deficits in order to ensure the world has enough US dollars in reserve.

從負面的一面來看，美元在結構上是高估的，因為各國需要將其固定在儲備金中，並且美國傾向於遇到永久性貿易赤字，以確保全世界擁有足夠的儲備金。

So what are Trump’s long term goals? Well according to Park, his number one priority is to lower the US 10-year treasury rate. Why? Because, according to Park, this will be very good for Trump’s personal real estate portfolio. At least he seems to understand how Trump thinks.

那麼特朗普的長期目標是什麼？據帕克稱，他的首要任務是降低美國的10年國庫利率。為什麼？因為，根據帕克的說法，這對特朗普的個人房地產組合將非常有利。至少他似乎了解特朗普的想法。

Effectively, through his threats of tariffs, Trump is seeking to devalue the US dollar and get rid of US trade deficits, while at the same time driving down the 10-year treasury rate even further. As Park tweeted “the US is charting a path to achieve the holy grail of fiat alchemy: lower dollar and lower yield.”

有效地，特朗普通過對關稅的威脅，試圖貶值美元並擺脫美國貿易赤字，同時降低了10年的國庫券。當帕克在推特上說：“美國正在為實現菲亞特煉金術的聖杯繪製一條途徑：較低的美元和較低的收益。”

Park: Sustained Tariff War “Amazing” For Bitcoin

公園：比特幣持續的關稅戰爭“驚人”

Something like this has been tried before. In 1985 the US threatened tariffs against many of its major trading partners, including West Germany, France, the UK, and Japan in order to get them to cooperate in a scheme known as ‘The Plaza Accord’ to intentionally devalue the US dollar in order to prop up US manufacturing.

以前已經嘗試過這樣的事情。 1985年，美國威脅要對許多主要貿易夥伴的關稅，包括西德，法國，英國和日本在內支撐我們的製造業。

If Trump is able to achieve something like a ‘Plaza Accord 2.0’ Park said Bitcoin would be very well positioned, explaining:

如果特朗普能夠取得像“廣場協議2.0”公園之類的東西，說比特幣將是很好的位置，可以解釋：

“And if he fails? Bitcoin will still be in a great position.”

“如果他失敗了？比特幣仍然處於一個很好的位置。”

On X / Twitter, Park summarised his view making some extremely bullish noises:

在X / Twitter上，Park總結了他的觀點，發出了一些非常看好的聲音：