埃里克·巴尔库纳斯（Eric Balchunas）捍卫比特币与股票的崩溃，称其为过渡资产

- 高级ETF分析师埃里克·巴尔库纳斯（Eric Balchunas）消除了比特币作为价值存储的说法，不应对最近的美国股票崩溃产生负面反应。

Recently, there has been a discussion about Bitcoin's role as a store of value in the face of the recent US stock crash.

最近，关于比特币作为最近的美国股票崩溃的价值存储的作用的讨论。

Rising Tariffs Impact US Stock Market

关税的上升影响美国股市

Concerns around the looming tariff war between major countries, like the United States, Canada, and China, are impacting the global stock market.

对美国，加拿大和中国等主要国家之间迫在眉睫的关税战争的担忧正在影响全球股票市场。

Particularly, the US stock market has been on the wrong side of the trade war, recording its highest daily decline in 30 months, with over $1 trillion wiped out on Monday.

特别是，美国股市在贸易战争的错误方面，记录了30个月内每日最高下降，周一耗资超过1万亿美元。

While the S&P 500, Dow Jones, and Nasdaq crashed, Bitcoin followed suit. On Tuesday, the asset dumped below $80,000 for the first time since early November amid pessimistic macroeconomics and incessant outflows from US Bitcoin ETFs.

当标准普尔500指数，道琼斯琼斯和纳斯达克坠毁时，比特币也遵循。周二，自11月初以来，该资产首次倾倒了80,000美元，这是由于悲观的宏观经济学和美国比特币ETF的不断流出的流出。

Now, as the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite fell to their lowest levels since December 2024, Balchunas shared his thoughts on a statement by ETF Trends president Nate Geraci.

现在，随着标准普尔500指数，道琼斯工业平均水平和纳斯达克综合综合的水平，自2024年12月以来，Balchunas分享了他对ETF趋势总裁Nate Geraci声明的想法。

Recently, Geraci shared his opinion on Bitcoin's reaction to the US stock crash. He branded the scenario a "showtime" for the premier asset, insinuating that it should stand out as a hedge against the crash.

最近，格拉西（Geraci）对比特币对美国股票崩溃的反应分享了他的看法。他将该方案贴上了主要资产的“表演时间”，并暗示它应该脱颖而出，作为对坠机事故的树篱。

"If Bitcoin is the ‘store of value’ or ‘hedge’ that people keep saying it is, then it should be doing it now. BTC shouldn’t be acting like a high-beta asset in a period of US stock sell-offs," Geraci suggested.

Geraci建议：“如果比特币是人们一直在说的'价值'或'树篱'，那么现在应该这样做。在美国股票抛售的时期，BTC不应像高β资产一样行动。”

However, Balchunas defended Bitcoin's crash with stocks. He stressed that its hedge was against inflation and not against stock declines. Moreover, the market expert highlighted that nothing has really withstood the decline, including the US Treasury bonds.

但是，Balchunas捍卫了比特币与股票的崩溃。他强调，它的对冲是反对通货膨胀的，而不是反对股票下降。此外，市场专家强调，包括美国财政部债券在内的衰落实际上没有任何真正的能力。

It isn’t a hedge against stock declines (what really is? Even treasuries aren’t that great at this) but rather a hedge against the global money printing, no? At least that’s how I would positioned it.

这不是针对股票下降的对冲（到底是什么？即使是国债也不是那么伟大），而是对全球货币印刷的对冲，不是吗？至少这就是我将其定位的方式。

— Eric Balchunas (@EricBalchunas) March 12, 2025

- 2025年3月12日

As a result, he maintains that expecting Bitcoin to act as a store of value against this US stock crash was a bit out of place, at least in his own view of the pioneering cryptocurrency.

结果，他坚持认为，预计比特币对这次美国股票崩溃的价值存储有些不合适，至少在他自己的开创性加密货币的看来。

Bitcoin Still Transitioning to a Serious Asset Class

比特币仍过渡到严重的资产类别

Moreover, enthusiasts weighed in on the argument, with some insisting that expecting Bitcoin to act as a hedge against market conditions is somewhat too early to ask of the asset.

此外，发烧友对这一论点进行了权衡，有些人坚持认为，预计比特币是针对市场条件的对冲还为时过早。

One reaction highlighted that Bitcoin is still transitioning from once a highly speculative coin to a maturing asset class. As a result of this, it is still early to expect complete protection against stock crashes from the relatively new investment vehicle.

一种反应强调，比特币仍在过渡到曾经是高度投机的硬币到成熟的资产类别。因此，还要期望完全保护相对较新的投资工具完全保护股票崩溃。

Another reaction supported this line of thought, insisting that investors need to first experience a paradigm shift from their current view of Bitcoin as a speculative asset. Furthermore, he noted that Bitcoin must be worth at least millions per coin and gain mainstream adoption to attain stability like gold.

另一种反应支持这种思路，坚持认为投资者需要首先体验范式从目前对比特币作为投机资产的转变。此外，他指出，比特币必须每枚硬币至少价值数百万美元，并获得主流采用，以达到像黄金这样的稳定​​性。

Meanwhile, data has shown that Bitcoin has shown more resilience in the face of geopolitical tensions than gold and the S&P 500. A chart shows the asset’s price performance during major global events compared to both traditional asset classes.

同时，数据表明，面对地缘政治紧张局势的比特币比黄金和标准普尔500指数表现出更大的弹性。与两个传统资产类别相比，图表显示了在全球重大事件中的资产价格绩效。

Bitcoin's Reaction to Major Geopolitical Events

比特币对重大地缘政治事件的反应

In the meantime, Bitcoin trades at $82,783, up 2.66% in the past 24 hours.

同时，比特币的交易价格为82,783美元，在过去24小时内增长了2.66％。