比特策略师说，无论特朗普的关税策略的结果如何，比特币都将成为赢家。

杰弗里·帕克（Jeffrey Park）Bitwise的Alpha策略负责人表示，从长远来看，特朗普触发的贸易动荡几乎对比特币都非常好。

Head of Alpha Strategies at Bitwise, Jeffrey Park, has claimed that Trump’s tariff-fueled trade turmoil will ultimately be very good for Bitcoin in the long term.

杰弗里·帕克（Jeffrey Park）Bitwise的Alpha Strategions负责人声称，从长远来看，特朗普的关税贸易动荡最终对比特币将非常有利。

Writing on the Bitwise blog yesterday, Park stated that Trump’s economic strategy has created a scenario where “heads Bitcoin wins, tails fiat loses”, adding that “either way, we go higher”.

帕克昨天在Bitwise博客上写道，特朗普的经济战略创造了一种场景，“负比特币获胜，尾巴菲亚特输了”，并补充说：“无论哪种方式，我们走得更高”。

Park believes that Trump’s tariff strategy is all about getting America’s major trading partners to the negotiating table with the ultimate aim of reducing the value of the US dollar — perhaps by getting countries to sell off some of their US dollar reserves — without increasing long term interest rates.

帕克（Park）认为，特朗普的关税策略是将美国的主要贸易伙伴纳入谈判表，其最终目的是降低美元价值 - 也许是通过让各国出售一些美元储备而不会增加长期利息费率。

If this strategy works, claims Park, the lowered interest rates would likely increase investor appetites for higher-risk assets, like Bitcoin. This is the ‘Bitcoin wins’ scenario.

如果这种策略有效，索赔公园，降低的利率可能会增加投资者对比特币等高风险资产的需求。这是“比特币赢”场景。

If Trump’s strategy backfires — the ‘fiat loses scenario’ — Park argues that would lead to money printing on a scale never before seen in the US. And historically, large-scale money printing has seen Bitcoin’s price increase.

如果特朗普的策略适得其反 - 帕克（Park）认为，这将导致在美国从未见过的规模印刷金钱。从历史上看，大规模的货币印刷已经使比特币的价格上涨了。

Trump Is Seeking “Holy Grail of Fiat Alchemy”, Says Park

帕克说，特朗普正在寻求“菲亚特炼金术的圣杯”。

Park outlines two main points which underlie his argument that Trump’s tariff strategy is good for Bitcoin no matter how it plays out — the first is ‘The Triffin Dilemma’ and the second is Trump’s long term goals.

公园概述了他的两个要点，即他的论点是特朗普的关税策略对比特币有益于比特币 - 第一个是“特里芬困境”，第二个是特朗普的长期目标。

‘The Triffin Dilemma’ refers to a dilemma first described by the Belgian-American economist, Robert Triffin. It says that the US dollar being the global reserve asset provides significant positives and negatives for the US economy — the main positive being the US can borrow at lower rates because there’s always a ready supply of buyers for its debt.

“特里芬困境”是指比利时裔美国经济学家罗伯特·特里芬（Robert Triffin）首先描述的困境。它说，美元作为全球储备资产为美国经济提供了重大的积极和负面影响 - 主要的是，美国可以以较低的价格借入，因为总有现成的买方供应其债务。

On the negative side, the US dollar is structurally over-valued because nations need to hold it in reserve and the US tends to run permanent trade deficits in order to ensure the world has enough US dollars in reserve.

从负面的一面来看，美元在结构上是高估的，因为各国需要将其固定在储备金中，并且美国倾向于遇到永久性贸易赤字，以确保全世界拥有足够的储备金。

So what are Trump’s long term goals? Well according to Park, his number one priority is to lower the US 10-year treasury rate. Why? Because, according to Park, this will be very good for Trump’s personal real estate portfolio. At least he seems to understand how Trump thinks.

那么特朗普的长期目标是什么？据帕克称，他的首要任务是降低美国的10年国库利率。为什么？因为，根据帕克的说法，这对特朗普的个人房地产组合将非常有利。至少他似乎了解特朗普的想法。

Effectively, through his threats of tariffs, Trump is seeking to devalue the US dollar and get rid of US trade deficits, while at the same time driving down the 10-year treasury rate even further. As Park tweeted “the US is charting a path to achieve the holy grail of fiat alchemy: lower dollar and lower yield.”

有效地，特朗普通过对关税的威胁，试图贬值美元并摆脱美国贸易赤字，同时降低了10年的国库券。当帕克在推特上说：“美国正在为实现菲亚特炼金术的圣杯绘制一条途径：较低的美元和较低的收益。”

Park: Sustained Tariff War “Amazing” For Bitcoin

公园：比特币持续的关税战争“惊人”

Something like this has been tried before. In 1985 the US threatened tariffs against many of its major trading partners, including West Germany, France, the UK, and Japan in order to get them to cooperate in a scheme known as ‘The Plaza Accord’ to intentionally devalue the US dollar in order to prop up US manufacturing.

以前已经尝试过这样的事情。 1985年，美国威胁要对许多主要贸易伙伴的关税，包括西德，法国，英国和日本在内支撑我们的制造业。

If Trump is able to achieve something like a ‘Plaza Accord 2.0’ Park said Bitcoin would be very well positioned, explaining:

如果特朗普能够取得像“广场协议2.0”公园之类的东西，说比特币将是很好的位置，可以解释：

“And if he fails? Bitcoin will still be in a great position.”

“如果他失败了？比特币仍然处于一个很好的位置。”

On X / Twitter, Park summarised his view making some extremely bullish noises:

在X / Twitter上，Park总结了他的观点，发出了一些非常看好的声音：