不要错过您以不到100,000美元的价格购买比特币（BTC）的机会

如今，比特币很容易在比特币（BTC 1.15％）上放下。毕竟，它的历史最高额为109,000美元超过20％

It's easy to be down on Bitcoin (BTC 1.15%) these days. After all, it has fallen more than 20% from an all-time high of $109,000 back in January. And due to ongoing tariff uncertainty, it's failed to live up to the spectacular hype that surrounded it earlier in the year.

如今，比特币很容易在比特币（BTC 1.15％）上放下。毕竟，它从一月份的历史最高额为109,000美元下降了20％以上。而且由于持续的关税不确定性，它未能辜负今年早些时候包围的壮观炒作。

Yet this might turn out to be the last chance you'll ever get to buy Bitcoin for less than $100,000. There are two fundamental changes taking place right now in the global financial markets, and Bitcoin is core to both of them.

然而，这可能是您以不到100,000美元的价格购买比特币的最后机会。目前，全球金融市场发生了两个基本变化，而比特币对他们俩都是核心。

Bitcoin as digital gold

比特币作为数字黄金

The first major change involves investor perceptions of Bitcoin. Is it a frothy, speculative digital asset? Is it a risky tech stock or something entirely different?

第一个主要变化涉及投资者对比特币的看法。它是泡沫，投机性的数字资产吗？它是风险的技术股票还是完全不同的东西？

At the beginning of the year, Bitcoin behaved like a speculative digital asset. Analysts were quick to issue $200,000 price predictions back in January. At the time, the cryptocurrency was trading at about $100,000 and seemed like an obvious, no-brainer candidate to double in value by the end of the year.

在今年年初，比特币的行为就像投机性数字资产。分析师很快就可以在一月份发布200,000美元的价格预测。当时，加密货币的交易价格约为100,000美元，似乎是一个显而易见的，不费吹灰之力的候选人，到今年年底的价值翻了一番。

But after new tariffs on Canada, Mexico, and China were announced by President Donald Trump in late January, Bitcoin started to behave much more like a risky tech stock. In other words, if tech stocks were falling in value one day, then Bitcoin was likely to fall, as well.

但是，在1月下旬唐纳德·特朗普（Donald Trump）总统宣布了对加拿大，墨西哥和中国的新关税之后，比特币的行为更像是风险的科技股。换句话说，如果有一天的技术股票价值下降，那么比特币也可能会下降。

As a result, Bitcoin's price was highly volatile, whipsawing on a daily basis. Every new change in tariff policy showed up in the prices of tech stocks, and that meant every new change in tariff policy also showed up in the price of Bitcoin.

结果，比特币的价格高度波动，每天都在鞭打。关税政策的每项新变化都显示出技术股票的价格，这意味着比特币价格也出现了关税政策的每一个新变化。

However, something very interesting has been taking place since "Liberation Day," when Trump unveiled his tariff plans. The price of Bitcoin has largely remained little changed. On April 2, it was trading for $85,000; now, nearly three weeks later, it's still trading for about $85,000.

但是，自“解放日”以来，当特朗普宣布其关税计划以来，人们一直在发生一些非常有趣的事情。比特币的价格在很大程度上几乎没有变化。 4月2日，它的交易价格为85,000美元；现在，将近三周后，它仍在交易约85,000美元。

Image source: Getty Images.

图像来源：盖蒂图像。

That has led to the development of a very interesting investment thesis for Bitcoin: It might be a long-term store of value. In other words, it might actually be digital gold, as Bitcoin enthusiasts have been declaring for years.

这导致了比特币的一项非常有趣的投资论文的发展：这可能是一个长期的价值存储。换句话说，这实际上可能是数字黄金，因为比特币发烧友多年来一直在宣布。

Just as gold can provide a hedge against economic uncertainty and inflation, so can Bitcoin, due to its inherent scarcity. This is a point that some top hedge fund managers have been making for months.

正如黄金可以为经济不确定性和通货膨胀提供对冲一样，由于比特币的固有稀缺也是如此。这是一些顶级对冲基金经理已经制作数月的观点。

That type of thinking has started to filter down into the mainstream investing narrative. Outflows from the spot Bitcoin exchange-traded funds (ETFs) have started to reverse, with money now flowing back in.

这种思维已经开始渗透到主流投资叙事中。来自现货比特币交易所交易基金（ETF）的流出已经开始倒转，现在钱流入了。

The Trump White House and Bitcoin

特朗普白宫和比特币

There's another fundamental change taking place right now, and that involves government support of Bitcoin as a national strategic asset. Just as nations stockpile oil and other commodities, they're now starting to stockpile Bitcoin.

目前还有另一个基本变化，其中涉及政府对比特币作为国家战略资产的支持。就像国家储存石油和其他商品一​​样，他们现在开始储存比特币。

The most obvious sign of this change, of course, was the establishment of a Strategic Bitcoin Reserve by the White House back in March. A number of U.S. states -- including Texas, Arizona, and North Carolina -- are also starting to formulate plans for their own Bitcoin reserves at the state level.

当然，这一变化的最明显迹象是三月份白宫建立了战略性比特币保护区。美国许多州（包括德克萨斯州，亚利桑那州和北卡罗来纳州）也开始为州一级制定自己的比特币储备计划。

As part of this new shift in thinking, the first-ever Strategic Bitcoin Reserve Summit took place on April 15. Panelists discussed topics such as the geopolitical implications of Bitcoin and the role that the cryptocurrency might play in reordering the global financial system.

作为这一新思维转变的一部分，有史以来第一个战略性比特币储备峰会于4月15日举行。小组成员讨论了诸如比特币的地缘政治含义以及加密货币在重新订购全球金融体系中的作用。

This concept of Bitcoin as a strategic asset is starting to resonate with other nations, as well. Emerging markets, for example, are now getting into the act, launching plans for Bitcoin reserves of their own. And some have even suggested that, if the U.S. government starts to buy Bitcoin aggressively, it could set off a Bitcoin "arms race" with Russia or China.

比特币作为战略资产的概念也开始引起其他国家的共鸣。例如，新兴市场现在正在制定该法案，启动了自己的比特币储备计划。而且有些人甚至建议，如果美国政府开始积极购买比特币，它可能会与俄罗斯或中国建立比特币“军备竞赛”。

Things get even more interesting when you consider that Bo Hines, executive director of the President's Council of Advisers on Digital Assets, recently suggested that new tariff revenue might be used to buy Bitcoin. That's important because the U.S. government currently can't buy more Bitcoin unless it does so in a “budget-neutral” (i.e., no new taxes) way.

当您考虑到总统数字资产顾问委员会执行董事Bo Hines最近建议新的关税收入可能用于购买比特币时，情况变得更加有趣。这很重要，因为美国政府目前无法购买更多比特币，除非以“预算中立”（即没有新税款）方式这样做。

New tariff revenue might be able to meet the definition of "budget neutral." Theoretically, a portion of the new revenue coming in from tariffs could be sent to the U.S. Treasury Department, which is in charge of the Strategic Bitcoin Reserve, to buy Bitcoin in the spot market.

新的关税收入可能能够满足“预算中性”的定义。从理论上讲，从关税中获得的新收入的一部分可以发送给负责战略比特币储备的美国财政部，以在现货市场上购买比特币。

How high can Bitcoin go?

比特币可以多高？

Even if you dismiss the new Strategic Bitcoin Reserve as just a lot of hype and bluster, it's impossible to ignore that there's a lot of discussion happening right now about ways that Bitcoin might be able to help the U.S. government achieve its strategic goals. If Bitcoin starts to follow gold's upward trajectory this year, it

即使您将新的战略比特币储备视为大量炒作和狂热，也不可能忽略目前正在讨论很多讨论，即关于比特币可能能够帮助美国政府实现其战略目标的方式。如果比特币今年开始遵循Gold的向上轨迹，那么