埃里克·巴爾庫納斯（Eric Balchunas）捍衛比特幣與股票的崩潰，稱其為過渡資產

- 高級ETF分析師埃里克·巴爾庫納斯（Eric Balchunas）消除了比特幣作為價值存儲的說法，不應對最近的美國股票崩潰產生負面反應。

Recently, there has been a discussion about Bitcoin's role as a store of value in the face of the recent US stock crash.

最近，關於比特幣作為最近的美國股票崩潰的價值存儲的作用的討論。

Rising Tariffs Impact US Stock Market

關稅的上升影響美國股市

Concerns around the looming tariff war between major countries, like the United States, Canada, and China, are impacting the global stock market.

對美國，加拿大和中國等主要國家之間迫在眉睫的關稅戰爭的擔憂正在影響全球股票市場。

Particularly, the US stock market has been on the wrong side of the trade war, recording its highest daily decline in 30 months, with over $1 trillion wiped out on Monday.

特別是，美國股市在貿易戰爭的錯誤方面，記錄了30個月內每日最高下降，週一耗資超過1萬億美元。

While the S&P 500, Dow Jones, and Nasdaq crashed, Bitcoin followed suit. On Tuesday, the asset dumped below $80,000 for the first time since early November amid pessimistic macroeconomics and incessant outflows from US Bitcoin ETFs.

當標準普爾500指數，道瓊斯瓊斯和納斯達克墜毀時，比特幣也遵循。週二，自11月初以來，該資產首次傾倒了80,000美元，這是由於悲觀的宏觀經濟學和美國比特幣ETF的不斷流出的流出。

Now, as the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite fell to their lowest levels since December 2024, Balchunas shared his thoughts on a statement by ETF Trends president Nate Geraci.

現在，隨著標準普爾500指數，道瓊斯工業平均水平和納斯達克綜合綜合的水平，自2024年12月以來，Balchunas分享了他對ETF趨勢總裁Nate Geraci聲明的想法。

Recently, Geraci shared his opinion on Bitcoin's reaction to the US stock crash. He branded the scenario a "showtime" for the premier asset, insinuating that it should stand out as a hedge against the crash.

最近，格拉西（Geraci）對比特幣對美國股票崩潰的反應分享了他的看法。他將該方案貼上了主要資產的“表演時間”，並暗示它應該脫穎而出，作為對墜機事故的樹籬。

"If Bitcoin is the ‘store of value’ or ‘hedge’ that people keep saying it is, then it should be doing it now. BTC shouldn’t be acting like a high-beta asset in a period of US stock sell-offs," Geraci suggested.

Geraci建議：“如果比特幣是人們一直在說的'價值'或'樹籬'，那麼現在應該這樣做。在美國股票拋售的時期，BTC不應像高β資產一樣行動。”

However, Balchunas defended Bitcoin's crash with stocks. He stressed that its hedge was against inflation and not against stock declines. Moreover, the market expert highlighted that nothing has really withstood the decline, including the US Treasury bonds.

但是，Balchunas捍衛了比特幣與股票的崩潰。他強調，它的對沖是反對通貨膨脹的，而不是反對股票下降。此外，市場專家強調，包括美國財政部債券在內的衰落實際上沒有任何真正的能力。

It isn’t a hedge against stock declines (what really is? Even treasuries aren’t that great at this) but rather a hedge against the global money printing, no? At least that’s how I would positioned it.

這不是針對股票下降的對沖（到底是什麼？即使是國債也不是那麼偉大），而是對全球貨幣印刷的對沖，不是嗎？至少這就是我將其定位的方式。

— Eric Balchunas (@EricBalchunas) March 12, 2025

- 2025年3月12日

As a result, he maintains that expecting Bitcoin to act as a store of value against this US stock crash was a bit out of place, at least in his own view of the pioneering cryptocurrency.

結果，他堅持認為，預計比特幣對這次美國股票崩潰的價值存儲有些不合適，至少在他自己的開創性加密貨幣的看來。

Bitcoin Still Transitioning to a Serious Asset Class

比特幣仍過渡到嚴重的資產類別

Moreover, enthusiasts weighed in on the argument, with some insisting that expecting Bitcoin to act as a hedge against market conditions is somewhat too early to ask of the asset.

此外，發燒友對這一論點進行了權衡，有些人堅持認為，預計比特幣是針對市場條件的對沖還為時過早。

One reaction highlighted that Bitcoin is still transitioning from once a highly speculative coin to a maturing asset class. As a result of this, it is still early to expect complete protection against stock crashes from the relatively new investment vehicle.

一種反應強調，比特幣仍在過渡到曾經是高度投機的硬幣到成熟的資產類別。因此，還要期望完全保護相對較新的投資工具完全保護股票崩潰。

Another reaction supported this line of thought, insisting that investors need to first experience a paradigm shift from their current view of Bitcoin as a speculative asset. Furthermore, he noted that Bitcoin must be worth at least millions per coin and gain mainstream adoption to attain stability like gold.

另一種反應支持這種思路，堅持認為投資者需要首先體驗範式從目前對比特幣作為投機資產的轉變。此外，他指出，比特幣必須每枚硬幣至少價值數百萬美元，並獲得主流採用，以達到像黃金這樣的穩定​​性。

Meanwhile, data has shown that Bitcoin has shown more resilience in the face of geopolitical tensions than gold and the S&P 500. A chart shows the asset’s price performance during major global events compared to both traditional asset classes.

同時，數據表明，面對地緣政治緊張局勢的比特幣比黃金和標準普爾500指數表現出更大的彈性。與兩個傳統資產類別相比，圖表顯示了在全球重大事件中的資產價格績效。

Bitcoin's Reaction to Major Geopolitical Events

比特幣對重大地緣政治事件的反應

In the meantime, Bitcoin trades at $82,783, up 2.66% in the past 24 hours.

同時，比特幣的交易價格為82,783美元，在過去24小時內增長了2.66％。