分析人士说，特朗普的进口关税暴露了美国债券市场的漏洞，强调了比特币独特的经济财产

特朗普对较高的互惠关税的90天停顿，将其恢复到中国以外的大多数国家的基准10％，在美国债券市场中暴露了脆弱性

A development that some say highlights Bitcoin’s unique economic properties during times of global uncertainty.

有人说的发展突出了全球不确定性时期比特币独特的经济特性。

President Donald Trump’s 90-day pause on higher import tariffs and a return to a 10% baseline for most countries has exposed vulnerabilities in the U.S. bond market, according to critics.

批评家称，唐纳德·特朗普总统（Donald Trump）对更高进口关税的90天停顿和大多数国家的基准回归10％的基准都暴露了美国债券市场的脆弱性。

suggesting the administration’s hand was forced.

暗示政府的手被迫。

“Trump fought the bond market and the bond market won,” said economist and author of The Bitcoin Standard, Saifedean Ammous, in an April 23 X post.

“特朗普与债券市场作斗争，债券市场赢得了胜利，”经济学家和比特币标准标准（Saifedean Ammous）的作者在4月23日的X帖子中说道。

“The gambit seemed to work for the first day, and the huge crash in the stock market was presented as a small price to pay for fiscal sustainability. But then the bonds began to crash, and it became clear how disastrous the tariffs were, and how wrong it was to expect that deliberately crashing the stock market would boost the bond market.”

“ Gambit似乎在第一天就起作用了，股票市场的巨大崩溃是为财政可持续性付出的很小的价格。但是随后债券开始崩溃，很明显，关税的灾难性是多么灾难性，以及有意地期望有意崩溃的股票市场会促进债券市场。”

Following Trump’s tariff announcement, CNBC data shows that the 10-year Treasury yield surged from 4% to 4.5% as part of a sell-off driven by inflation and recession concerns.

在特朗普的关税宣布之后，CNBC的数据显示，由于通货膨胀和衰退问题驱动的一部分，10年的财政收益率从4％飙升至4.5％。

“The rise in yields was the exact opposite of what the administration wanted, and reversing course on the tariffs half a day after they go into effect was absolutely devastating for Trump’s negotiating position,” said Ammous.

“收益率的上升与政府想要的完全相反，在生效后半天对关税的逆转课程绝对是毁灭性的，这对于特朗普的谈判地位造成了巨大损害。”

Some analysts, including Global Macro Investor founder Raoul Pal, have suggested the tariff maneuvering may only be “posturing” for the U.S. to reach a trade agreement with China.

包括全球宏观投资者创始人Raoul Pal在内的一些分析师表示，关税操纵可能只对美国达成与中国达成贸易协定的“姿势”。

“All of the talk about China buckling under the threat of Trump now sounds hilarious in retrospect, when Trump could not keep his tariffs in place for two days,” said Ammous, adding that China “showed absolutely no inclination” to reach out and strike a deal.

“关于中国在特朗普威胁下屈曲的所有讨论现在在回想起来听起来很有趣，当特朗普无法将其关税持续两天，”

Delays in reaching a trade agreement may limit the recovery of both equity and cryptocurrency markets, which are closely linked to the outcomes of the trade negotiations, according to Nansen analysts.

据南森分析师称，达成贸易协定的延误可能会限制股权和加密货币市场的回收，这与贸易谈判的结果紧密相关。

Meanwhile, Bitcoin (BTC) is acting “less like a tech stock and more like a hedge against economic uncertainty,” after Trump signaled a “substantial reduction in the tariffs on Chinese goods,” said Nexo dispatch analyst Iliya Kalchev.

同时，在特朗普表示“大幅降低了中国商品关税”之后，比特币（BTC）的行为“不像是技术股，更像是针对经济不确定性的对冲”。

The situation has also renewed proposals to back the U.S. dollar with Bitcoin.

这种情况还提出了用比特币支持美元的建议。

According to Ammous, the U.S. should keep buying BTC until the government has enough to fully back the dollar supply, ultimately switching to a Bitcoin standard.

据《太鸡》认为，美国应该继续购买BTC，直到政府有足够的资金来备份美元供应，最终改用比特币标准。

Historically, the dollar was backed by gold and was convertible for a fixed amount of the precious metal until 1933, when President Franklin D. Roosevelt suspended gold convertibility in response to the Great Depression.

从历史上看，美元得到了黄金的支持，直到1933年，富兰克林·罗斯福总统（Franklin D.

In 1971, President Richard Nixon halted the dollar’s convertibility into gold, aiming to protect the U.S. gold reserves and stabilize the economy, beginning the fiat currency system that stands today.

1971年，总统理查德·尼克松（Richard Nixon）停止了美元的兑换性，旨在保护美国黄金储备并稳定经济，从而开始了今天的菲亚特货币体系。

Bitcoin’s fixed supply, which is hard-coded in its tokenomics, makes it a popular digital competitor to gold.

比特币的固定供应在其标记学上进行了硬编码，使其成为黄金的流行数字竞争对手。

Joe Burnett, director of market research at Unchained, predicted that Bitcoin may rival or surpass gold’s market capitalization in the next decade, projecting that the Bitcoin price will reach $1.8 million by 2035.

Unchained市场研究总监Joe Burnett预测，比特币在未来十年内可能与Gold的市值相抗衡，预计比特币价格将在2035年达到180万美元。