它的支持者说，比特币现在是一个避风港

自从唐纳德·特朗普（Donald Trump）总统开始宣布关税以来，我们一直在谈论避风港 - 当世界变得混乱时，投资者投入了钱。

As President Donald Trump began announcing tariffs, we’ve been talking about safe havens — places investors put their money when the world turns chaotic.

当总统唐纳德·特朗普（Donald Trump）开始宣布关税时，我们一直在谈论安全避风港 - 当世界变得混乱时，投资者投入了钱。

Usually, that’s U.S. debt, backed by the full faith and credit of the U.S. government. But in the immediate wake of that tariff stock market sell-off, investors sold U.S. Treasurys too.

通常，这是美国债务，并得到美国政府的全部信仰和信誉的支持。但是，在关税股市抛售后，投资者也出售了美国国债。

There’s gold, an ancient safe haven, which hit another record high Wednesday — more than $3,350 an ounce.

有黄金，一个古老的避风港，在周三的另一个创纪录的纪录中达到了又一盎司的纪录。

But now, in 2025, there’s also bitcoin, whose proponents love to tell you will be the future digital gold.

但是现在，在2025年，还有比特币，他们的支持者喜欢告诉您将是未来的数字黄金。

In the last couple years, when the stock market threw a temper tantrum, bitcoin seemed to have an absolute hissy fit. Like back in the summer of 2022, when the Federal Reserve started raising interest rates to fight inflation.

在过去的几年中，当股市发脾气时，比特币似乎非常合身。就像2022年夏天一样，美联储开始提高利率来打击通货膨胀。

“We had a large … decline in bitcoin associated with a pretty large decline in the Nasdaq,” said Leigh Drogen, chief investment officer at Starkiller Capital, a crypto investment firm.

加密投资公司Starkiller Capital的首席投资官Leigh Drogen说：“我们的比特币下降了大量……比特币下降。”

He said that’s because investors have viewed bitcoin more like a risky tech stock than as an actual currency capable of storing value.

他说，这是因为投资者认为比特币更像是一种风险的技术股票，而不是能够存储价值的实际货币。

But, in the past few weeks, “we've seen a significant amount of relative strength that bitcoin has shown to other risk assets. It’s been less volatile.”

但是，在过去的几周中，“我们看到了比特币向其他风险资产显示的相对强度。这幅度较小。”

One bitcoin cost around $84,000 right before those massive April 2 tariffs. And after dipping some, it’s now right back at around $84,000.

在4月2日的大规模关税之前，一个比特币的价格约为84,000美元。在浸入一些后，现在又回到了84,000美元左右。

Bitcoin true believers say that’s a milestone.

比特币真正的信徒说这是一个里程碑。

“Bitcoin is a teenager, from a literal perspective,” said Matt Hougan, chief investment officer at Bitwise Asset Management. “It's, you know, 14, 15 years old, and it's so it's going from this early start as a risky asset to its eventual adult life as a hedge asset, just like gold.”

Bitwise Asset Management首席投资官Matt Hougan说：“从字面上看，比特币是一个少年。” “这是14岁，15岁，所以从早期开始，这是一种风险的资产，就像黄金一样，作为对冲资产的最终成人生活。”

Bitcoin backers argue that because it has a limited supply that can’t be tampered with, bitcoin should be immune from, say, the inflationary impacts of tariffs or eroding faith in the U.S. dollar.

比特币支持者认为，由于它的供应有限而无法篡改，因此比特币应该免受关税的通货膨胀影响或以美元的侵蚀的信念的通货膨胀影响。

Lee Reiners at Duke University is skeptical.

杜克大学的Lee Reiners持怀疑态度。

“You could apply that logic to any asset with a fixed supply, right? If that's, you know, if that's your thesis, like, why not, like, why not Beanie Babies or, like, baseball cards or something else?”

“您可以将该逻辑应用于带有固定供应的任何资产，对吗？

Reiners said bitcoin is still far more correlated with risky tech stocks than actual gold, and he worries that embracing crypto as something safer than it actually is could endanger the noncrypto economy.

赖因斯说，比特币与风险的科技股相比，比实际黄金更加相关，他担心将加密货币视为比实际上更安全的东西可能会危害非Crypto经济。