隨著特朗普升級關稅，比特幣的行為正在引起人們的重新關注

比特幣的最近表現反映了投資者的情緒轉變，強調BTC不再純粹是投機工具，而是越來越多地視為一種戰略資產。

As financial markets reel from Trump's tariff escalation, Bitcoin's behavior is drawing renewed attention. Unlike previous episodes of high volatility, the current environment has seen the BTC hold its ground more firmly. Despite intense global sell-offs, this measured reaction has sparked conversations around Bitcoin's growing reputation as a macro asset.

隨著金融市場從特朗普的關稅升級中捲起，比特幣的行為正在引起人們的重新關注。與以前的高波動性發作不同，當前的環境使BTC更加堅定地保持了自己的地面。儘管全球拋售強烈，但這種測得的反應引發了圍繞比特幣作為宏觀資產聲譽日益增長的對話。

According to James Toledano, COO at Unity Wallet, Bitcoin's recent performance reflects a shift in investor sentiment, highlighting that BTC is no longer viewed purely as a speculative vehicle but increasingly as a strategic asset in a changing global economy.

根據Unity Wallet的首席運營官James Toledano的說法，比特幣最近的表現反映了投資者情緒的轉變，強調BTC不再純粹被視為投機性的工具，而是越來越多地視為不斷變化的全球經濟中的戰略資產。

BTC Price Declines with Markets, But Reaction Is Different

BTC價格隨市場下降，但反應不同

The BTC price fell from its January high of more than $109,000 to under $75,000 by early April, correcting about 25%. This coincided with a plunge in global markets due to Trump's tariffs on more than 100 different countries, which brought back fears of a potential trade war. However, the BTC did not seem to respond the way it had in previous times.

到4月初，BTC的價格從1月份的高價超過109,000美元，至75,000美元以下，校正了約25％。由於特朗普對100多個不同國家的關稅，這與全球市場的暴跌相吻合，這使人們擔心潛在的貿易戰。但是，BTC似乎沒有像以前那樣做出反應。

Toledano emphasized what distinguishes Bitcoin as an asset is the fact that it stayed stable and didn't crash, unlike other assets would have.

托萊達諾（Toledano）強調了將比特幣作為一種資產的區別是，它保持穩定並且沒有崩潰，這與其他資產不同。

"It is not a risk trade anymore. It is starting to occupy a space between volatility and value," Toledano noted.

托萊達諾指出：“這不再是風險交易。它開始佔據波動和價值之間的空間。”

Bitcoin and Gold: Competing Safe Havens

比特幣和黃金：競爭的避風港

While the BTC price was under pressure, gold surged to new highs—soaring past $3,170 an ounce. This contrast reignited the debate over which asset serves as the better safe haven. Traditionally, gold wins that title, but Bitcoin's resilience is beginning to speak volumes.

儘管BTC的價格承受壓力，但黃金飆升至新高點，每盎司超過3,170美元。這種對比重新點燃了有關資產作為更好的避風港的辯論。傳統上，黃金贏得了冠軍，但比特幣的彈性開始說話。

Critics of the Bitcoin macro asset status pointed to its underperformance against gold. Yet, Toledano disagrees, arguing that the focus should be on Bitcoin's stability during stress, not just price spikes.

對比特幣宏觀資產狀況的批評者表明其對黃金的表現不佳。然而，托萊達諾不同意，認為重點應該放在壓力下的比特幣穩定性上，而不僅僅是價格上漲。

"It’s not about matching gold dollar-for-dollar, it’s about behaving like a durable asset," he explained.

他解釋說：“這不是要匹配金美元的美元，而是要像持久的資產一樣。”

Market Shifts Are Redefining Bitcoin's Role

市場轉變正在重新定義比特幣的角色

As Trump's tariff policies continue to alter the global trade landscape, the investor community is re-evaluating where to place their capital when uncertainty arises. Gold has undoubtedly benefitted, but the narrative surrounding Bitcoin has also evolved from a tabletop gaming currency to being considered a macro asset.

隨著特朗普的關稅政策繼續改變全球貿易環境，投資者社區正在重新評估不確定性時將資本放置在哪裡。黃金無疑受益匪淺，但是圍繞比特幣的敘事也從桌面遊戲貨幣發展為被視為宏觀資產。

While BTC prices have not exploded higher, it has steadied and indicate a changing psychology for investors. More frequently, portfolios are beginning to construct alongside Bitcoin, not just as a play on innovation but as part of a systematic risk hedge as a result of erratic geopolitical policy changes like Trump's tariffs.

儘管BTC價格沒有爆炸更高，但它穩定並表明了投資者的心理不斷變化。更頻繁地，投資組合開始與比特幣一起構建，不僅是創新的作品，而且是由於不穩定的地緣政治政策變化（如特朗普的關稅）而導致的系統風險對沖的一部分。

Conclusion: Bitcoin's Macro Evolution Is Underway

結論：比特幣的宏進化正在進行中

While Bitcoin may not have yet reached safe-haven asset status, it is moving swiftly in that direction. Bitcoin's behavior throughout the fallout of Trump's tariffs suggests it is no longer merely a high-risk speculative outlier.

儘管比特幣可能尚未達到避風港資產狀態，但它朝著這個方向迅速移動。在特朗普的關稅期間，比特幣的行為表明，這不僅僅是高風險的投機異常值。

Although the BTC price responded to this economic shock in a rather tempered way, its response reinforced the growing narrative that Bitcoin is maturing into a genuine macro asset.

儘管BTC的價格以一種相當緩和的方式對這種經濟衝擊做出了反應，但其反應加強了比特幣正在逐漸成為真正宏觀資產的敘述。