投資者尋求避風港，通膨加劇推動比特幣飆升

Grayscale 的 Zach Pandl 表示，隨著通貨膨脹持續存在和不可持續的政府赤字造成經濟壓力，比特幣等價值儲存資產受到了關注。儘管通貨膨脹率高，可能會推遲聯準會降息，但潘德爾預計，由於比特幣即將到來的減半事件和經濟成長加快等因素，對加密貨幣的需求將持續存在。

Inflation's Relentless Grip Drives Surge in Bitcoin as Store of Value

通貨膨脹的無情控制推動比特幣作為價值儲存手段的飆升

With inflation showing no signs of abating and government deficits spiraling out of control, investors are increasingly turning to store-of-value assets like Bitcoin, according to research conducted by Grayscale.

根據 Grayscale 進行的研究，由於通貨膨脹沒有減弱的跡象，政府赤字急劇失控，投資者越來越多地轉向比特幣等價值儲存資產。

Zach Pandl, Grayscale's Managing Director of Research, believes the ongoing economic strains are directly correlated with the growing appeal of cryptocurrencies.

Grayscale 的研究董事總經理 Zach Pandl 認為，持續的經濟壓力與加密貨幣日益增長的吸引力直接相關。

"We anticipate that持续的通货膨胀 and unsustainable budget deficits will continue to fuel demand for store of value assets, such as Bitcoin," he told Cointelegraph.

他告訴 Cointelegraph：“我們預計，持續的通貨膨脹和不可持續的預算赤字將繼續刺激對比特幣等價值儲存資產的需求。”

Fiscal Pressures and Crypto's Allure

財政壓力與加密貨幣的魅力

The economic landscape, characterized by persistently high inflation rates, suggests that the Federal Reserve is unlikely to reduce interest rates anytime soon. Despite this, Pandl remains bullish about the future of cryptocurrencies, citing key factors such as Bitcoin's upcoming halving in April 2024, robust economic growth, and expanding crypto adoption.

以持續高通膨為特徵的經濟形勢表明，聯準會不太可能很快降息。儘管如此，Pandl 仍然看好加密貨幣的未來，並列舉了比特幣即將在 2024 年 4 月減半、強勁的經濟成長以及擴大加密貨幣採用等關鍵因素。

"With core inflation remaining elevated, the Fed will be unable to cut rates for the foreseeable future," Pandl explained. "However, robust nominal growth, the Bitcoin halving, and the growing trend of tokenization are likely to create a favorable environment for the crypto markets."

潘德爾解釋說：“由於核心通膨率仍然居高不下，因此聯準會在可預見的未來將無法降息。” “然而，強勁的名義增長、比特幣減半以及代幣化的增長趨勢可能會為加密市場創造有利的環境。”

Inflationary Pressures and Delayed Rate Cuts

通膨壓力和延遲降息

In March, inflation rose by 0.4% on a month-over-month basis and 3.5% year-over-year, exceeding the forecasts of a Dow Jones economist survey, which had predicted a monthly increase of 0.3% and an annual increase of 3.4%. This ongoing high inflation has led many experts, including Pandl, to believe that the Fed will delay any potential interest rate reduction.

3月通膨季增0.4%，年增3.5%，超出道瓊斯經濟學家調查的預測，該調查先前預測月增0.3%，年率上漲3.4% %。持續的高通膨導致包括潘德爾在內的許多專家相信聯準會將推遲任何可能的降息。

Ernst & Young's Chief Economist Greg Daco echoed this view, emphasizing in an interview with Yahoo Finance that elevated inflation necessitates a more stringent monetary policy stance for an extended period.

安永首席經濟學家格雷格·達科（Greg Daco）也同意這一觀點，他在接受雅虎財經採訪時強調，通膨上升需要在較長時期內採取更嚴格的貨幣政策立場。

Silver Lining for Crypto in the Long Term

從長遠來看，加密貨幣的一線希望

Despite the current challenges, Pandl sees a silver lining for cryptocurrencies in the long run. While acknowledging that rising real interest rates may temporarily dampen crypto enthusiasm, he underscores the enduring demand for store-of-value assets.

儘管目前面臨挑戰，但從長遠來看，Pandl 看到了加密貨幣的一線希望。儘管他承認實際利率上升可能會暫時抑制對加密貨幣的熱情，但他強調了對價值儲存資產的持久需求。

Historically, significant spikes in the 10-year real interest rate have prompted investors to shift towards less volatile investments like bonds and term deposits, negatively impacting Bitcoin prices. However, Pandl believes that the underlying demand for store of value assets will ultimately prevail.

從歷史上看，10年期實際利率的大幅飆升促使投資者轉向債券和定期存款等波動性較小的投資，從而對比特幣價格產生負面影響。然而，Pandl 認為，對價值儲存資產的潛在需求最終將佔上風。

Market Reaction and Future Outlook

市場反應及未來展望

Following the release of the latest CPI data, Bitcoin experienced a slight dip, with prices falling by 2.5% on April 10. Currently, Bitcoin is trading at approximately $70,650.

最新CPI數據發布後，比特幣出現小幅下跌，4月10日價格下跌2.5%。

Crypto analyst Matthew Hyland recently highlighted an ascending triangle formation on Bitcoin's chart, suggesting a potential resistance level above $71,500. Bitcoin's price reached a peak of $72,329 on April 8.

加密貨幣分析師 Matthew Hyland 最近強調了比特幣圖表上的上升三角形形態，顯示潛在阻力位高於 71,500 美元。 4 月 8 日，比特幣價格達到 72,329 美元的高峰。

Conclusion

結論

As inflation persists and fiscal challenges mount, investors are increasingly recognizing the value of store-of-value assets like Bitcoin. While short-term fluctuations may occur, the long-term prospects for cryptocurrencies remain promising. The upcoming Bitcoin halving, expanding economic growth, and growing adoption trends are all factors that are expected to support the continued growth of the crypto market.

隨著通貨膨脹持續存在和財政挑戰加劇，投資者越來越認識到比特幣等價值儲存資產的價值。儘管短期波動可能會發生，但加密貨幣的長期前景仍然樂觀。即將到來的比特幣減半、不斷擴大的經濟成長以及不斷增長的採用趨勢都是預計將支持加密貨幣市場持續成長的因素。