下次美國總統唐納德·特朗普（Donald Trump）向市場登上關稅時，比特幣投資者不會閃爍

Bitmex的聯合創始人海斯（Hayes）在周二的博客文章中寫道，比特幣最近的低迷為74,500美元，標誌著資產的底部，它會像黃金一樣“僅”。

The next time US President Donald Trump sends markets cratering with tariffs, Bitcoin (BTC) investors won’t blink, predicts Arthur Hayes.

亞瑟·海斯（Arthur Hayes）預測，下次美國總統唐納德·特朗普（Donald Trump）下次向市場帶來關稅時，比特幣（BTC）投資者不會眨眼。

In a blog post on Tuesday, the BitMEX co-founder said that Bitcoin’s recent slump to $74,500 had marked the asset’s bottom, and it would go “up only” just like gold.

Bitmex聯合創始人在周二的博客文章中說，比特幣最近的低迷至74,500美元標誌著資產的底部，它將像黃金一樣“僅”。

Bitcoin would shed its association with tech stocks and will rejoin gold in the “up only” cuddle position, Hayes said.

海耶斯說，比特幣將與科技股的關聯，並將在“僅”擁抱位置重新加入黃金。

Bitcoin's price crossed $93,000 on Wednesday and has surged 25% from its March lows in the last few days.

比特幣的價格在周三的價格達到了93,000美元，最近幾天的三月低點飆升了25％。

The rebound is in tandem with a broader market recovery; US stock futures on Wednesday were up 0.9% and signalled that they were poised to open higher after the Trump administration signalled its intention to negotiate a trade deal with China.

反彈與更廣泛的市場回收率同時；美國股票期貨週三上漲了0.9％，並表示在特朗普政府表示打算與中國達成貿易協定的意圖後，他們有望開放。

But Bitcoin had reached a pivotal stage by decoupling from the equities market, said Hayes, who is also a keen follower of the US president’s trade policy moves.

海耶斯說，但比特幣通過與股票市場解耦，達到了一個關鍵的階段，他也是美國總統貿易政策舉動的熱衷於追隨者。

Ever since the Covid-19 pandemic, Bitcoin and the rest of crypto had largely tracked stocks, especially tech shares, as a “risk-on” asset. This made the cryptocurrency susceptible to monetary policy by the Federal Reserve, as well as macroeconomic forces such as inflation.

自從COVID-19大流行以來，比特幣和其他加密貨幣的其餘部分主要追踪了股票，尤其是技術股份，作為“風險持續”資產。這使得加密貨幣容易受到美聯儲以及通貨膨脹等宏觀經濟力量的貨幣政策。

Now Hayes is part of a chorus of Bitcoin investors who say it is finally fulfilling its destiny as a store of value or haven asset, like gold. This should make it useful as a hedge against market panics.

現在，海耶斯是比特幣投資者合唱的一部分，他們說，它終於實現了其作為價值或避風港資產的命運，例如黃金。這應該使其可作為對市場恐慌的對沖。

Any investor with US stock and bonds is looking for something whose value is anti-establishment, physically that’s gold and digitally that’s Bitcoin, said Hayes.

Hayes說，任何擁有美國股票和債券的投資者都在尋找具有反建立價值的東西，從物理上講是黃金和數字上的比特幣。

Gold was trading at $3,300 per ounce on Wednesday and has climbed 43% in the last 12 months.

黃金周三的交易價格為每盎司3,300美元，在過去的12個月中攀升了43％。

The sudden shift in Bitcoin's behaviour has long been desired by maxis.

馬克斯長期以來一直希望比特幣行為的突然轉變。

For years, sceptics have derided its purported role as a hedge against macroeconomic risk, especially after it failed to provide a safe harbour during the double-digit surge in consumer prices in the US and Europe in 2022 and 2023.

多年來，持懷疑態度一直嘲笑其所謂的對沖宏觀經濟風險的角色，尤其是在2022年和2023年美國和歐洲的消費者價格上漲期間未能提供安全港口。

To be sure, Bitcoin’s decoupling is still in its earliest stages and may still reverse.

可以肯定的是，比特幣的脫鉤仍處於最早的階段，並且可能仍會逆轉。

Still, Bernstein analysts noted that Bitcoin's outperformance of theNasdaq during the tariff turmoil was “striking.” Eric Balchunas, Bloomberg Intelligence's ETF analyst, said Bitcoin was already showing negative correlation to stocks.

儘管如此，伯恩斯坦分析師仍然指出，在關稅動盪期間，比特幣對ThenASDAQ的表現是“驚人的”。彭博情報公司ETF分析師埃里克·巴爾庫納斯（Eric Balchunas）表示，比特幣已經顯示出與股票的負相關。

As Bitcoin sheds its tech proxy skin, Hayes said the price could reach just shy of $200,000. He previously predicted Bitcoin could jump to $250,000 this year.

當比特幣脫下技術代理皮膚時，海耶斯表示，價格可能僅為20萬美元。他以前預測比特幣今年可能會躍升至25萬美元。

Other market observers also expect a major resurgence for Bitcoin.

其他市場觀察家也預計比特幣將有一個重大的複興。

Zach Pandl, Grayscale's research head, told DL News this week that Bitcoin's price performance in April has validated its position as a “portfolio diversifier” and that it was bound to exceed its peak price of $108,000 this year.

Grayscale的研究負責人Zach Pandl本週告訴DL News，Bitcoin在4月份的價格績效已驗證了其作為“投資組合多元化者”的地位，並且今年勢必會超過其峰值價格108,000美元。