当特朗普的白宫返回火花冲向黄金时，比特币失去了避风港的地位

比特币始于3％以上，超过3％，超过了Gold的9％的增长。在2月4日特朗普表示，美国可以接管加沙后，贵金属达到了每一盎司2 882美元的创纪录。

Bitcoin’s status as a store of value has come under scrutiny as the cryptocurrency’s price performance lags behind gold amid a surge in demand for safe havens, driven by Donald Trump’s return to the White House and geopolitical tensions.

比特币作为价值存储的地位受到了审查，因为在唐纳德·特朗普（Donald Trump）返回白宫和地缘政治紧张局势的驱动下，加密货币的价格绩效落后于黄金，这落后于黄金。

After outperforming most asset classes in 2024, bitcoin has gained just 3% year-to-date, lagging behind gold’s 9% rise. The precious metal hit a record high of US$2 882 an ounce on 4 February after Trump said the US could take over Gaza — a comment his aides later sought to downplay. Bitcoin is currently about 10% below its peak.

在超过2024年的大多数资产课程之后，比特币始终获得3％的速度，落后于Gold的9％上涨。特朗普表示，美国助手后来试图淡化的评论，这款贵金属在2月4日达到了2月4日的纪录高度882美元。比特币目前低约10％。

While bitcoin has been touted as a store of value, similar to gold, due to the cryptocurrency’s built-in scarcity — its supply is capped at 21-million — the token has not lived up to the billing.

尽管比特币被吹捧为与黄金相似的价值存储，但由于加密货币的内置稀缺性（其供应量为2100万），该代币并未达到计费。

Gold’s enduring appeal during times of economic turmoil, such as the US-China trade war and threat of tariffs, has amplified its price performance. In contrast, bitcoin has often moved in near-lockstep with technology stocks.

戈德在经济动荡时期的持久吸引力，例如美国 - 中国贸易战和关税威胁，都扩大了其价格绩效。相比之下，比特币经常随着技术库存而近乎锁定。

Aoifinn Devitt, senior investment adviser at Moneta Group, said in an interview that while bitcoin could be considered a hedge against fiat currency, its appeal is muted in a market where the US dollar remains in high demand.

Moneta Group的高级投资顾问Aoifinn Devitt在一次采访中说，尽管比特币可以被视为对菲亚特货币的对冲，但其上诉在美元需求量很高的市场中被贬低。

“In time it will have its own characteristics that act separate and apart from markets but at this point it is behaving as the riskiest of risk-on assets,” he added.

他补充说：“随着时间的流逝，它将具有自身的特征，除了市场外，它的作用是分开的，但在这一点上，它的行为是最风险的风险资产。”

However, bitcoin proponents hope that the token’s intrinsic qualities will eventually see it behave more like a store of value.

但是，比特币的支持者希望代币的内在品质最终会看到它的行为更像是价值的存储。

Paul Howard, senior director at market maker Wincent, said the advent of exchange-traded funds that invest directly in the largest digital asset will “gradually decrease volatility and likely see investors chasing volatility move to more riskier cryptocurrency assets”. — Sidhartha Shukla, (c) 2025 Bloomberg LP

市销商Wincent的高级总监保罗·霍华德（Paul Howard）表示，直接投资于最大数字资产的交易所交易资金的出现将“逐渐降低波动性，并可能看到投资者追逐波动性转向更风险的加密货币资产”。 - Sidhartha Shukla，（C）2025 Bloomberg LP