比特币现在只是一种投机工具吗？

比特币的主要用途已从实际用例转向纯粹投资，由于预期供应短缺，著名多头主张长期持有。尽管缺乏现实世界的应用，情绪驱动的投机仍然是比特币受欢迎的推动力，其价值主要取决于市场情绪和价格升值。

Is Bitcoin Just a Speculation Vehicle?

比特币只是一种投机工具吗？

In the realm of cryptocurrency, bitcoin has long been a topic of debate, but recently, its narrative has shifted. Once touted as a transformative force in finance, the focus has narrowed to one simple premise: buy because the price is rising.

在加密货币领域，比特币长期以来一直是争论的话题，但最近，它的叙述发生了变化。一度被吹捧为金融领域变革力量的焦点已缩小到一个简单的前提：因为价格上涨而购买。

What Ever Happened to Utility?

实用程序发生了什么？

Not long ago, bitcoin enthusiasts raved about its myriad use cases, from facilitating cross-border payments to revolutionizing decentralized finance. However, these aspirations seem to have faded into obscurity. Today's bitcoin investors are more interested in its investment potential than its real-world applications.

不久前，比特币爱好者对其无数用例赞不绝口，从促进跨境支付到彻底改变去中心化金融。然而，这些愿望似乎已经消失得无影无踪。今天的比特币投资者对其投资潜力比其实际应用更感兴趣。

The Buy-and-Hold Strategy

买入并持有策略

Prominent bitcoin bulls like Michael Saylor and Anthony Scaramucci advocate for a simple approach: buy and hold forever. Saylor believes bitcoin is the "apex property" and the ultimate investment, while Scaramucci advises his clients to "do nothing" with their holdings.

像迈克尔·塞勒（Michael Saylor）和安东尼·斯卡拉穆奇（Anthony Scaramucci）这样的著名比特币看涨者提倡一种简单的方法：购买并永远持有。塞勒认为比特币是“顶级财产”和终极投资，而斯卡拉穆奇则建议他的客户对其持有的资产“什么也不做”。

Criticisms of Bitcoin's Utility

对比特币实用性的批评

Skeptics have questioned bitcoin's utility from the outset. Its performance as an inflation hedge has been unimpressive, and its viability as a mainstream payment method remains limited. William Quigley, co-founder of Tether, dismissed bitcoin's lack of utility, arguing that it serves as a "paperweight" for investors.

怀疑论者从一开始就质疑比特币的实用性。其作为通胀对冲工具的表现并不令人印象深刻，其作为主流支付方式的可行性仍然有限。 Tether 联合创始人 William Quigley 驳斥了比特币缺乏实用性的说法，认为它是投资者的“镇纸”。

Sentiment Trading Dominates

情绪交易占主导地位

According to Quigley, the appeal of bitcoin lies not in its practical applications but in its speculative nature. Traders seek to exploit price discrepancies and ride the waves of investor sentiment. "Crypto is dominated by people speculating on changes in sentiment," he said.

奎格利认为，比特币的吸引力不在于其实际应用，而在于其投机性。交易者寻求利用价格差异并驾驭投资者情绪的波动。 “加密货币是由人们对情绪变化进行投机的，”他说。

Price Appreciation as the Primary Use Case

价格升值作为主要用例

At recent conferences, discussions about bitcoin's utility beyond investment have been scarce. Instead, the dominant theme has been the inevitable rise in price driven by increasing demand and a looming supply shock.

在最近的会议上，关于比特币在投资之外的用途的讨论很少。相反，主导主题是需求增加和迫在眉睫的供应冲击所推动的价格不可避免的上涨。

The Investment Thesis Overwhelms Utility

投资论压倒了效用

The overwhelming popularity of bitcoin ETFs and the anticipation of the upcoming halving event have eclipsed any talk of real-world use cases. Investors are more concerned with capital appreciation than practical applications.

比特币 ETF 的压倒性受欢迎以及对即将到来的减半事件的预期使任何关于现实世界用例的讨论都黯然失色。投资者更关心的是资本增值而不是实际应用。

Conclusion

结论

While some may argue that bitcoin's lack of utility diminishes its value, proponents maintain that its speculative potential outweighs any practical shortcomings. As the investment thesis prevails, bitcoin's primary use case becomes the quest for price appreciation.

尽管有些人可能认为比特币缺乏实用性会降低其价值，但支持者坚持认为其投机潜力超过了任何实际缺点。随着投资论的盛行，比特币的主要用例变成了追求价格升值。