卢克·格罗门 (Luke Gromen) 表示，即使没有美国政府的支持，比特币 (BTC) 的表现也将优于黄金 (XAU)

资深宏观投资者 Luke Gromen 认为，即使没有美国政府的支持，比特币 (BTC) 的表现也将超越黄金。

Veteran macro investor Luke Gromen is sharing his thoughts on Bitcoin (BTC) and gold, arguing that the leading crypto will likely outperform the precious metal even without the support of the US government.

资深宏观投资者卢克·格罗门(Luke Gromen)分享了他对比特币(BTC)和黄金的看法，他认为即使没有美国政府的支持，领先的加密货币也可能跑赢贵金属。

In a video posted on the Forest for the Trees YouTube channel, Gromen discusses the key factors that give Bitcoin an edge over gold.

在 Forest for the Trees YouTube 频道上发布的视频中，Gromen 讨论了比特币相对于黄金的优势的关键因素。

“Support or no support from the government, I would expect Bitcoin to rise versus gold over time on face-peeling volatility that needs to be accounted for by most investors on a position-sizing basis.

“无论政府是否支持，我预计随着时间的推移，比特币相对于黄金的价格将会上涨，因为大多数投资者需要在头寸规模的基础上考虑到剧烈的波动性。

That’s precisely what happened. If you call up a chart, this isn’t speculative. You call up a chart Bitcoin over gold, Bitcoin has crushed gold on face-peeling volatility. So that makes sense.

这正是发生的事情。如果你调出图表，你会发现这并不是推测。你调出一张比特币与黄金的图表，比特币已经因剧烈的波动而压垮了黄金。所以这是有道理的。

Bitcoin has a higher stock-to-flow ratio, it has an energy tie like gold does and Bitcoin has a growing network effect. As long as that growing network effect continues, then I don’t see any reason that that would change regardless of whether administrative continues or not.”

比特币具有更高的存量与流量比率，它像黄金一样具有能源纽带，并且比特币的网络效应不断增强。只要这种不断增长的网络效应持续下去，那么无论行政管理是否继续，我都看不出有任何理由会改变。”

According to Gromen, Bitcoin benefits from a higher stock-to-flow (S2F) ratio than gold. The S2F model, which is traditionally used for commodities, predicts the performance of an asset based on the idea that the price increases as the asset becomes more scarce.

根据 Gromen 的说法，比特币受益于比黄金更高的存量与流量 (S2F) 比率。 S2F 模型传统上用于商品，它基于随着资产变得更加稀缺而价格上涨的想法来预测资产的表现。

The macro investor also highlights Bitcoin’s energy tie and growing network effect as factors that will likely contribute to its outperformance over gold.

这位宏观投资者还强调，比特币的能源联系和不断增长的网络效应可能是其表现优于黄金的因素。

At time of writing, Bitcoin is trading at $90,593, up nearly 2% on the day.

截至撰写本文时，比特币交易价格为 90,593 美元，当日上涨近 2%。