专家说，随着中国与美国的贸易战争的升级，比特币（BTC）的价格将集结。

唐纳德·特朗普的贸易战正在升级。

Donald Trump’s trade war is escalating. But in crypto, some see a silver lining.

唐纳德·特朗普的贸易战正在升级。但是在加密货币中，有些人看到一线希望。

Take China, which just slapped new tariffs on the US after earlier this week devaluing its currency, dubbed the renminbi or the yuan, in a bid to boost exports.

以中国的身份以本周早些时候将其货币贬值，被称为人民币或人民币之后，中国刚刚对美国的新关税，以增加出口。

Brace for a Bitcoin rally as Chinese investors seek to protect their wealth from diminishing purchasing power, experts say.

专家说，随着中国投资者寻求保护自己的财富免受购买力降低的投资者，对比特币集会的支撑。

“Historically, whenever RMB drops, a lot of Chinese capital flows into BTC, bullish for BTC,” ByBit CEO Ben Zhou wrote on X, using the acronym for the Chinese currency.

拜比特首席执行官本·周（Ben Zhou）在X上写道：“从历史上看，每当rmb下降时，很多中国资本流入BTC，看涨为BTC。”

Maelstrom chief investment officer Arthur Hayes agreed.

漩涡首席投资官亚瑟·海斯（Arthur Hayes）同意。

The People’s Bank of China “continues a very gradual yuan weakening,” he wrote on X. “Luckily, $BTC loves money printing and associated CCY weakness,” he said, using another China currency acronym.

他在X上写道，中国人民银行“继续逐渐减弱。

China and the US have imposed tit-for-tat tariffs on one another in a massive upending of global trade.

中国和美国在全球贸易的巨大上升中互相征收Tit-Tat关税。

On Wednesday, Trump said he’ll raise tariffs on Chinese goods to 125% while dropping tariffs on all other countries to 10% for a 90-day period. Beijing today said it will raise levies on US goods from 84% to 125% starting April 12.

特朗普周三表示，他将在90天的时间内将中国商品的关税提高到125％，同时将所有其他国家的关税提高到10％。北京今天表示，从4月12日开始，将对美国商品的征税将从84％提高到125％。

Crypto prices have largely reacted to geopolitical shifts as global currencies, stocks, government bonds, and gold react to zig-zagging US policy.

由于全球货币，股票，政府债券和黄金对美国政策的反应，加密价格对地缘政治转变做出了很大的反应。

Surprisingly, say markets watchers, Bitcoin has remained relatively stable, tracking declines in US stocks but not posting wild swings as it does during previous bouts of market volatility.

令人惊讶的是，市场观察家说，比特币保持相对稳定，跟踪美国股票的下降，但没有像以前的市场波动性那样发布野外摇摆。

How crypto traders will react to market chaos in the longer term remains to be seen, but bulls should temper expectations, said Ben Charoenwong, Associate Professor of Finance at INSEAD.

INSEAD财政副教授Ben Charoenwong说，从长远来看，加密货币交易者将如何在长期内对市场混乱做出反应。

“Much of the recent Bitcoin price integration is a factor of traditional financial markets.”

“最近的比特币价格整合大部分是传统金融市场的一个因素。”

He added that China’s capital controls mean its citizens will likely search far and wide for a store of value to protect against a falling yuan.

他补充说，中国的资本管制意味着其公民可能会远远搜寻价值，以防止人民币下降。

“However, it is unlikely in the near future that people use it as a store of value instead, given the volatility,” Charoenwong told DL News.

Charoenwong告诉DL News：“但是，在不久的将来，人们不太可能将其用作价值存储。”

In 2016 and 2017, a weakening renminbi sent people in China scrambling for alternatives. Many turned to Bitcoin.

在2016年和2017年，一个弱势的人民人派遣了中国的人们争先恐后地寻求替代方案。许多人转向比特币。

From June 2015 through April 2017, the renminbi fell 11% against the dollar.

从2015年6月到2017年4月，人民币兑美元下跌了11％。

This coincided with one of Bitcoin’s steepest surges at the time — the cryptocurrency rose from less than $300 to more than $1,300, a rally that would accelerate through the end of that year when Bitcoin exceeded $17,000.

这与当时比特币最陡峭的潮流之一相吻合 - 加密货币从不到300美元上升到1,300美元以上，这是一项集会，直到比特币超过17,000美元的年底。

At the time, China accounted for the vast majority of Bitcoin trading.

当时，中国占了绝大多数比特币交易。

But things have changed. In 2021, China extended a years-long crackdown, declaring all crypto businesses “illegal financial activities.”

但是情况已经改变。 2021年，中国延长了长达一年的镇压，宣布所有加密货币业务“非法财务活动”。

The country cited crypto’s role in financial crime and instability.

该国引用了加密货币在金融犯罪和不稳定中的作用。

But there was “strong evidence” it was a response to Chinese capital flight, the World Economic Forum wrote in 2022.

但是，有“有力的证据”，这是对中国资本飞行的回应，世界经济论坛在2022年写道。

The US could have used that to its advantage, according to Charoenwong.

夏洛恩·华旺（Charoenwong）表示，美国本可以利用它的优势。

“The US had a unique opportunity to lean into crypto regulation to put more financial pressure on China and affect its ability to control its fund flows,” he said.

他说：“美国有一个独特的机会倾向于加密法规，以对中国施加更大的财务压力，并影响其控制其基金流动的能力。”

Market volatility has upended that. As US Treasury bonds lose their lustre, investors have turned to German government bonds, the euro, and gold.

市场波动已经使它颠覆了。随着美国国库债券失去光泽，投资者已转向德国政府债券，欧元和黄金。

“We have yet to see such action in Bitcoin,” Charoenwong said.

“我们还没有在比特币中看到这种行动，” Charoenwong说。

“There will certainly be a flight to safety. Now, the question is, ‘What is the asset that is perceived to be safe?‘”

“肯定会有飞往安全的航班。现在，问题是，'被认为是安全的资产是什么？'”

Aleks Gilbert is DL News’ New York-based DeFi reporter. You can reach him at aleks@dlnews.com.

Aleks Gilbert是DL News位于纽约的Defi记者。您可以通过aleks@dlnews.com与他联系。