随着特朗普关税触发市场溃败，比特币和戈尔德的道路有所不同

随着美国总统唐纳德·特朗普（Donald Trump）的令人陶醉的关税使世界的市场倾斜，两种替代资产的道路差异。

As US President Donald Trump’s eye-watering tariffs triggered a tanking of the world’s markets in the past week, the paths of two alternative assets diverged.

随着美国总统唐纳德·特朗普（Donald Trump）的令人陶醉的关税引发了过去一周的世界市场的坦克，两种替代资产的道路差异。

One was gold, which hit a new high of US$3,132.43 per ounce, then faltered during the extreme sell-offs, and then rose back to above US$3,100 on Thursday (Apr 10). The other, cryptocurrencies, joined the global market rout, with Bitcoin sinking 28 per cent lower than its January peak.

一个是黄金，它的新高点命中了每盎司3,132.43美元的新高点，然后在极端抛售期间步履蹒跚，然后在星期四（4月10日）回到了3,100美元以上。另一个加密货币加入了全球市场溃败，比特币低于其1月的峰值28％。

But prior to the recent volatility, crypto – especially Bitcoin – was seen as a potential challenger to gold’s long-held role as a store of value.

但是，在最近的波动率之前，加密货币（尤其是比特币）被视为戈德长期以来作为价值存储的挑战者的潜在挑战者。

Crypto got a leg-up with US President Donald Trump’s creation of the Bitcoin Strategic Reserve and the US Digital Asset Stockpile in early 2025.

Crypto与美国总统唐纳德·特朗普（Donald Trump）在2025年初创建了比特币战略储备和美国数字资产库存的支持。

Under an executive order in March, Washington started consolidating cryptocurrencies seized through criminal and civil forfeitures, gathering them as a reserve asset in a move that mirrored the stockpiling of gold.

根据三月份的行政命令，华盛顿开始合并通过刑事和民事没收抓住的加密货币，将其作为储备资产收集，以反映黄金储存的举动。

But investors seeking diversification wonder: Would crypto truly rival gold’s timeless appeal?

但是寻求多元化的投资者奇迹：加密货币是否真的会竞争Gold的永恒吸引力？

Ilan Solot, senior global markets strategist of Marex, says: “At this point, Bitcoin is probably best thought of as an emerging store-of-value asset which – for those who believe in it – can be acquired at an early stage in its maturity cycle.”

Marex的全球高级市场策略师Ilan Solot说：“在这一点上，比特币可能是最佳的新兴商店资产，对于那些相信它的人来说，可以在其成熟周期的早期阶段获得。”

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He adds, however, that the recent plunge in crypto prices shows its high correlation with the equity market during times investors are risk-averse – which makes it unlike gold.

但是，他补充说，最近的加密价格暴跌显示了在投资者规避风险的情况下与股票市场的高度相关性 - 这与黄金不同。

Gold and cryptocurrencies are sometimes compared to each other because they are alternative assets that offer hedges against inflation and traditional market shocks, and because they share characteristics such as scarcity and the potential to hold value over time.

有时将黄金和加密货币彼此比较，因为它们是提供抵抗通货膨胀和传统市场冲击的树篱的替代资产，并且因为它们具有稀缺性和随着时间的推移而具有价值的特征。

Investors concerned about counterparty risks would note that both assets allow for self-custody, independent of any single entity; they are also viewed as cushions against traditional, centralised financial systems’ risk of collapse.

关注对手风险的投资者会指出，这两个资产都允许自我顾客独立于任何单一实体；它们还被视为反对传统的集中金融系统崩溃风险的垫子。

Bitcoin turns less volatile than stocks as tariffs wreak havoc

比特币的波动比股票较少，因为关税造成了破坏

Should you go crazy for crypto?

你应该为加密货币发疯吗？

Singapore jewellers keep their shine amid gold’s record run – even as margins thin

新加坡珠宝商在黄金的纪录中保持光芒 - 即使利润很薄

Trump tariffs add polish to gold rally but full market impact yet to hit

特朗普的关税增加了金黄色集会，但全面的市场影响尚未击中

Here’s how they compare:

他们比较以下方式：

How much gold and Bitcoin are out there?

那里有多少黄金和比特币？

Gold is a rare metal that presents only in small amounts in the earth’s crust. Bitcoin, designed to mimic gold in the digital age, is capped at only 21 million coins by the algorithm.

黄金是一种罕见的金属，仅在地壳中少量出现。比特币旨在模仿数字时代的黄金，该算法仅限制为2100万个硬币。

As of end-2024, the amount of total above-ground gold stood at 216,265 tonnes. Based on the spot gold price of US$3,033.07 an ounce in Asian morning trade on Thursday, the world’s mined gold is worth US$23.8 trillion. In comparison, the total worth of the world’s cryptocurrencies stands at US$2.6 trillion.

截至2024年底，地上金的总数为216,265吨。根据周四亚洲早晨贸易的3,033.07美元的现货黄金价格，全球矿的黄金价值23.8万亿美元。相比之下，全球加密货币的总价值为2.6万亿美元。

The limited supply of cryptocurrencies offers a “shield against inflation and irresponsible monetary or fiscal policy”, says Marex’s Solot, adding that this trait attracts investors concerned about fiat currency risks, geopolitical tensions and capital controls in emerging markets.

Marex的Solot说，有限的加密货币供应提供了“抵抗通货膨胀和不负责任的货币或财政政策的盾牌”。

Lasanka Perera, chief executive officer of Independent Reserve (the first cryptocurrency exchange licensed by the Monetary Authority of Singapore), notes that although Bitcoin is a computationally scarce asset, it is easy to acquire, store and transfer across borders at any time. These attributes give it a “massive advantage” in the race to be regarded as “digital gold” in a global and digital economy.

独立储备首席执行官拉桑卡·佩雷拉（Lasanka Perera）（由新加坡货币当局许可的第一家加密货币交易所许可）指出，尽管比特币是计算上稀缺的资产，但随时都可以轻松地获取，存储和转让跨境。这些属性在竞赛中使其在全球和数字经济中被视为“数字黄金”具有“巨大的优势”。

Charu Sethi, president of NFT (non-fungible token) infrastructure Unique Network sees a positive future for the blockchain industry because of its “intrinsic value”, despite the current volatility of cryptocurrencies.

NFT（不可杀死的令牌）基础设施的总裁Charu Sethi独特的网络对区块链行业的未来视为其“内在价值”，尽管当前的加密货币波动性。

“I really look forward to what comes out of Trump’s industry-forward regulations after the phases of volatility amid speculations,” she adds.

她补充说：“我真的很期待特朗普在猜测的波动阶段之后的行业法规。”

What is the implication of a Bitcoin reserve?

比特币储备的含义是什么？

While gold has established itself as a safe-haven asset, crypto is often seen as the opposite.

虽然黄金已将自己确立为避风港资产，但加密货币通常被视为相反。

The Trump administration’s setting up of the digital asset reserve “massively boosted crypto’s credibility”, says Independent Reserve’s Perera. “It’s a signal to investors that governments might treat Bitcoin like a commodity or reserve currency, not just a speculative asset class.”

Independent Reserve的Perera说，特朗普政府对数字资产储备的建立“大大提高了加密货币的信誉”。 “这向投资者发出信号，表明政府可能将比特币视为商品或储备货币，而不仅仅是投机资产类别。”

However, while the move legitimises Bitcoin, boosts investor confidence and puts pressure on foreign entities to adopt a similar stance, it could well dent crypto’s appeal of being decentralised; critics are concerned about governmental control and perception of the industry, says Marex’s Solot.

但是，尽管此举使比特币合法化，但增强了投资者的信心，并向外国实体施加了压力，要求采取类似的立场，但它很可能会抑制加密货币的诉求。 Marex的Solot说，批评家关注政府控制和对该行业的看法。

He adds: “The way in which the reserve was announced got mixed reactions, especially after Trump

他补充说：“宣布的储备的方式收到了不同的反应，尤其是在特朗普之后