黃金飆升，比特幣步履蹣跚：關鍵要點

隨著全球經濟不確定性的加劇，最談論的兩個資產（Gold和Bitcoin）朝相反的方向發展。

As global economic uncertainty intensifies, two of the most talked-about assets are moving in opposite directions.

隨著全球經濟不確定性的加劇，最容易受到關注的資產正在朝相反的方向發展。

Gold has surged to record highs, benefiting from its long-standing reputation as a safe-haven asset, while Bitcoin, often called “digital gold,” has struggled under the weight of market volatility and geopolitical tensions.

黃金迅速升至高高，從其作為避風港資產的長期聲譽中受益，而比特幣（通常稱為“數字黃金”）在市場波動和地緣政治緊張局勢的重量下掙扎。

Despite growing institutional adoption, Bitcoin has yet to prove itself as a reliable hedge in times of crisis. Meanwhile, gold's resilience continues to reaffirm its dominance in the flight to safety.

儘管採用了製度的採用，但比特幣尚未證明自己是危機時期的可靠樹籬。同時，黃金的韌性繼續重申其在飛往安全的飛行中的主導地位。

Gold Solidifies Its Status as the Ultimate Hedge

黃金鞏固了其作為最終樹籬的地位

Gold is proving its resilience once again, hitting a fresh all-time high on Feb. 3 and extending its rally through the week. As of Friday, Feb. 7, gold was trading at $2,866.46, marking six straight weeks of gains.

黃金再次證明了它的韌性，並在2月3日達到了新鮮的歷史最高水平，並將其集會延長到一周中。截至2月7日，星期五，黃金的交易價格為2,866.46美元，連續六週獲得了六週的收益。

The ongoing trade war has pushed investors towards traditional safe-haven assets, and gold has emerged as the clear winner.

正在進行的貿易戰使投資者推向了傳統的避風港資產，黃金已成為明顯的贏家。

Analysts expect further gains as the U.S. prepares to release its latest labor market data on Feb. 7, which could provide new clues on the Federal Reserve’s timeline for interest rate cuts.

分析師預計，隨著美國準備在2月7日發布其最新的勞動力市場數據，這可以為美聯儲降低利率降低的時間表提供新的線索。

Any signs of economic weakness could bolster gold prices further as investors flock to safety.

隨著投資者湧向安全，任何經濟疲軟的跡像都可以進一步增強黃金價格。

The data is also expected to have a significant impact on the U.S. dollar (USD) and Treasury bond yields, both of which influence gold’s short-term trajectory.

預計數據還會對美元（美元）和國庫券產量產生重大影響，這兩者都會影響黃金的短期軌跡。

Bitcoin Falters Amid Economic Uncertainty

比特幣在經濟不確定性的情況下步履蹣跚

While gold soars, Bitcoin is struggling to maintain momentum. The asset remains far from its all-time high of $109,000, with recent volatility exacerbated by economic and political factors.

當黃金飆升時，比特幣正在努力保持動力。該資產遠離其歷史最高額為109,000美元的高度，最近的波動加劇了經濟和政治因素。

Hopes that a second Trump presidency would provide a tailwind for Bitcoin have yet to materialize. Instead, the administration's economic policies—including a new round of tariffs—have sparked uncertainty, weighing on the broader market.

希望第二次特朗普總統將為比特幣提供逆風，尚未實現。取而代之的是，政府的經濟政策（包括新一輪的關稅）引發了不確定性，這在更廣闊的市場上。

Bitcoin’s troubles deepened following the DeepSeek-led stock market rout, which rippled through the crypto ecosystem due to its Trump-linked connections. Just as the dust began to settle, the escalating trade war added further pressure, leading to renewed market instability.

在以Deepseek領導的股票市場潰敗之後，比特幣的麻煩加深了，由於其與特朗普的聯繫，該股票市場突破了加密生態系統。正當塵埃開始彌補時，不斷升級的貿易戰增加了進一步的壓力，導致市場不穩定。

Can Bitcoin Regain Its Hedge Status?

比特幣可以重新獲得對沖狀況嗎？

Bitcoin’s ability to act as a crisis hedge has long been debated. While gold has served as a store of value for centuries, Bitcoin remains a relatively new asset with a volatile track record.

長期以來，比特幣充當危機對沖的能力一直在辯論。雖然黃金已經成為數百年來的價值存儲，但比特幣仍然是一個相對較新的資產，並具有動蕩的往績。

During the COVID-19 crisis, Bitcoin thrived when the Federal Reserve slashed interest rates, and the government injected liquidity through stimulus checks. That flood of capital helped propel the cryptocurrency to record highs.

在199號危機期間，當美聯儲削減利率時，比特幣蓬勃發展，政府通過刺激檢查注入流動性。大量資本有助於推動加密貨幣記錄高點。

But the current environment is different. With interest rate cuts still uncertain and geopolitical risks on the rise, Bitcoin's response remains unclear.

但是當前的環境是不同的。由於降低利率仍然不確定，而地緣政治風險的上升，比特幣的反應尚不清楚。

Still, as more governments and financial institutions add Bitcoin to their treasuries, some market observers believe its role as an inflation hedge will strengthen over time. For now, however, gold remains the undisputed winner in times of economic uncertainty.

儘管如此，隨著越來越多的政府和金融機構在國庫中增加比特幣，一些市場觀察家認為，隨著時間的流逝，其作為通貨膨脹對沖的作用將加強。然而，目前，在經濟不確定性時期，黃金仍然是無可爭議的贏家。