比特币不是数字黄金，这是一张光荣的技术股票

比特币的最大主义者像战略的迈克尔·塞勒（Michael Saylor）经常将加密货币视为一种数字黄金的一种形式，这是一种可以保护持有人免受金融风暴的避风港资产。

Bitcoin maximalists like Strategy’s Michael Saylor often tout the cryptocurrency as a form of digital gold, a safe haven asset that can protect holders from financial storms.

比特币的最大主义者像战略的迈克尔·塞勒（Michael Saylor）经常将加密货币视为一种数字黄金的一种形式，这是一种可以保护持有人免受金融风暴的避风港资产。

Donald Trump’s White House has echoed the argument that Bitcoin’s scarcity makes it ideal as a store of value.

唐纳德·特朗普（Donald Trump）的白宫（Donald Trump）回应了一个论点，即比特币的稀缺性使其理想成为价值存储。

That narrative has now been challenged — again — after the digital asset’s price nosedived alongside tech stocks like Meta, Nvidia, and Elon Musk’s Tesla. By contrast, gold has surged to record heights.

在数字资产的价格与Meta，Nvidia和Elon Musk的Tesla等科技股并列之后，这种叙述现在再次受到挑战。相比之下，黄金已经飙升至记录高度。

In short, Bitcoin is behaving less like digital gold and more like a glorified tech stock, market watchers say.

简而言之，比特币的行为不像数字黄金，而更像是一位光荣的科技股票。

“If Bitcoin equals ‘digital gold,’ then time to act like it. Otherwise, it will reinforce the narrative that it’s simply a high beta asset,” said ETF Store President Nate Geraci on X. “Most of crypto equals tech play [in my opinion]. So it currently is and will be caught up in a broader tech sell-off.”

“如果比特币等于“数字黄金”，那么该采取行动了。否则，它将加强这样的叙述，即这只是一个很高的beta资产，” ETF商店主席Nate Geraci在X上说。“我认为（我认为，大多数加密货币）等于技术播放。因此，它目前已经并且将被陷入更广泛的技术抛售中。”

Tariffs trigger tumble

关税触发滚滚

The debate about Bitcoin’s role as a safe haven asset comes as it shed 15% of its value over the past month.

关于比特币作为避风港资产的作用的辩论是由于过去一个月的价值15％。

It now trades at roughly $82,000. Some experts even suggest it will plunge as low as its previous March 2024 high of $74,000.

现在，它的交易约为82,000美元。一些专家甚至认为它将跌至2024年3月的74,000美元。

The overall crypto market’s value dropped 18% and the tech-heavy Nasdaq has dropped 11% in the same period.

总体加密货币市场的价值下降了18％，而技术繁重的纳斯达克股票在同一时期下降了11％。

Trump triggered the plunge after instating, retracting, then reinstating, re-retracting, and re-reinstating tariffs against the US’ closest trading partners Mexico and Canada.

特朗普在对美国最接近的墨西哥和加拿大的最接近的贸易伙伴征收关税后，撤回，恢复，重新撤离并重新征收关税后，引发了这种暴跌的袭击。

The back and forth prompted Canadian Foreign Minister Mélanie Joly to describe US trade policy as a “psychodrama.”

来回促使加拿大外交部长梅拉尼·乔利（MélanieJoly）将美国贸易政策描述为“心理舞会”。

This is not the first time Bitcoin has failed to live up to its reputation as a safe haven. During the March 2020 Covid-induced crash, the asset plunged more than 50% in a two-day period.

这不是比特币第一次未能辜负其作为避风港的声誉。在2020年3月的共同造成的撞车事故中，资产在两天内跌幅超过50％。

Still, the digital gold narrative has picked up speed of late.

尽管如此，数字黄金的叙述却达到了速度。

The White House referred to Bitcoin’s safe haven potential in Trump’s executive order to create a national stockpile of the asset.

白宫指的是比特币在特朗普的行政命令中的避风港潜力，以创建资产的全国性库存。

“Because there is a fixed supply of BTC, there is a strategic advantage to being among the first nations to create a strategic Bitcoin reserve,” it said.

它说：“由于BTC有固定的供应，因此成为创建战略性比特币储备的第一批国家是战略优势。”

The argument is that the country will be able to hedge against financial instability by storing up the cryptocurrency. It holds gold and petroleum for the same reason.

论点是，该国将能够通过储存加密货币来对冲金融不稳定。出于同样的原因，它拥有黄金和石油。

Other top officials, like Federal Reserve Chair Jerome Powell hum a similar tune.

其他高级官员，例如美联储主席杰罗姆·鲍威尔·霍姆（Jerome Powell Hum）也是类似的曲调。

In December, Powell said, “it’s just like gold, only digital.”

鲍威尔在12月说：“这就像黄金一样，只有数字。”

Industry heavyweights like BlackRock CEO Larry Fink, and Euro Pacific chief economist Peter Schiff have echoed that sentiment over the years.

贝莱德（Blackrock）首席执行官拉里·芬克（Larry Fink）和欧洲太平洋首席经济学家彼得·希夫（Peter Schiff）等行业重量级人士多年来都回应了这种情绪。

Others adopt a more measured approach.

其他人则采用了一种更具衡量的方法。

In May, Bloomberg Intelligence analyst Eric Balchunas described Bitcoin as investment hot sauce, something to add to a traditional portfolio made out of stocks and bonds.

五月份，彭博情报分析师埃里克·巴尔库纳斯（Eric Balchunas）将比特币描述为投资辣酱，这是由股票和债券制成的传统投资组合。

What made it interesting to him, compared with other spicy alternatives, “is this underlying story about hedging the devaluation of the dollar.”

与其他辛辣的替代品相比，他对他来说很有趣的是：“这是关于对冲美元贬值的基本故事。”

“To me, Bitcoin is like gold, but as a teenager,” Balchunas told The Block.

“对我来说，比特币就像黄金一样，但是十几岁的时候，” Balchunas告诉街区。

However, its recent price action says otherwise — and supporters are getting antsy.

但是，其最近的价格行动是其他情况的 - 支持者正在厌恶。

“Can’t act like a high beta asset with every sell-off,” Geraci said.

Geraci说：“每次抛售都不能像高beta资产一样。”

Pedro Solimano is a markets correspondent based in Buenos Aires. Got a tip? Email him at psolimano@dlnews.com.

Pedro Solimano是位于布宜诺斯艾利斯的市场通讯员。有小费吗？通过psolimano@dlnews.com给他发送电子邮件。