投资者寻求避风港，通胀加剧推动比特币飙升

Grayscale 的扎克·潘德尔 (Zach Pandl) 表示，随着通货膨胀持续存在和不可持续的政府赤字造成经济压力，比特币等价值储存资产受到了关注。尽管通货膨胀率高，可能会推迟美联储降息，但潘德尔预计，由于比特币即将到来的减半事件和经济增长加快等因素，对加密货币的需求将持续存在。

Inflation's Relentless Grip Drives Surge in Bitcoin as Store of Value

通货膨胀的无情控制推动比特币作为价值储存手段的飙升

With inflation showing no signs of abating and government deficits spiraling out of control, investors are increasingly turning to store-of-value assets like Bitcoin, according to research conducted by Grayscale.

根据 Grayscale 进行的研究，由于通货膨胀没有减弱的迹象，政府赤字急剧失控，投资者越来越多地转向比特币等价值储存资产。

Zach Pandl, Grayscale's Managing Director of Research, believes the ongoing economic strains are directly correlated with the growing appeal of cryptocurrencies.

Grayscale 的研究董事总经理 Zach Pandl 认为，持续的经济压力与加密货币日益增长的吸引力直接相关。

"We anticipate that持续的通货膨胀 and unsustainable budget deficits will continue to fuel demand for store of value assets, such as Bitcoin," he told Cointelegraph.

他告诉 Cointelegraph：“我们预计，持续的通货膨胀和不可持续的预算赤字将继续刺激对比特币等价值储存资产的需求。”

Fiscal Pressures and Crypto's Allure

财政压力和加密货币的魅力

The economic landscape, characterized by persistently high inflation rates, suggests that the Federal Reserve is unlikely to reduce interest rates anytime soon. Despite this, Pandl remains bullish about the future of cryptocurrencies, citing key factors such as Bitcoin's upcoming halving in April 2024, robust economic growth, and expanding crypto adoption.

以持续高通胀为特征的经济形势表明，美联储不太可能很快降息。尽管如此，Pandl 仍然看好加密货币的未来，并列举了比特币即将在 2024 年 4 月减半、强劲的经济增长以及扩大加密货币采用等关键因素。

"With core inflation remaining elevated, the Fed will be unable to cut rates for the foreseeable future," Pandl explained. "However, robust nominal growth, the Bitcoin halving, and the growing trend of tokenization are likely to create a favorable environment for the crypto markets."

潘德尔解释说：“由于核心通胀率仍然居高不下，美联储在可预见的未来将无法降息。” “然而，强劲的名义增长、比特币减半以及代币化的增长趋势可能会为加密市场创造有利的环境。”

Inflationary Pressures and Delayed Rate Cuts

通胀压力和延迟降息

In March, inflation rose by 0.4% on a month-over-month basis and 3.5% year-over-year, exceeding the forecasts of a Dow Jones economist survey, which had predicted a monthly increase of 0.3% and an annual increase of 3.4%. This ongoing high inflation has led many experts, including Pandl, to believe that the Fed will delay any potential interest rate reduction.

3月份通胀环比上涨0.4%，同比上涨3.5%，超出道琼斯经济学家调查的预测，该调查此前预测月度上涨0.3%，年率上涨3.4% %。持续的高通胀导致包括潘德尔在内的许多专家相信美联储将推迟任何可能的降息。

Ernst & Young's Chief Economist Greg Daco echoed this view, emphasizing in an interview with Yahoo Finance that elevated inflation necessitates a more stringent monetary policy stance for an extended period.

安永首席经济学家格雷格·达科（Greg Daco）也赞同这一观点，他在接受雅虎财经采访时强调，通胀上升需要在较长时期内采取更严格的货币政策立场。

Silver Lining for Crypto in the Long Term

从长远来看，加密货币的一线希望

Despite the current challenges, Pandl sees a silver lining for cryptocurrencies in the long run. While acknowledging that rising real interest rates may temporarily dampen crypto enthusiasm, he underscores the enduring demand for store-of-value assets.

尽管目前面临挑战，但从长远来看，Pandl 看到了加密货币的一线希望。尽管他承认实际利率上升可能会暂时抑制加密货币的热情，但他强调了对价值储存资产的持久需求。

Historically, significant spikes in the 10-year real interest rate have prompted investors to shift towards less volatile investments like bonds and term deposits, negatively impacting Bitcoin prices. However, Pandl believes that the underlying demand for store of value assets will ultimately prevail.

从历史上看，10年期实际利率的大幅飙升促使投资者转向债券和定期存款等波动性较小的投资，从而对比特币价格产生负面影响。然而，Pandl 认为，对价值存储资产的潜在需求最终将占上风。

Market Reaction and Future Outlook

市场反应及未来展望

Following the release of the latest CPI data, Bitcoin experienced a slight dip, with prices falling by 2.5% on April 10. Currently, Bitcoin is trading at approximately $70,650.

最新CPI数据发布后，比特币出现小幅下跌，4月10日价格下跌2.5%。目前，比特币交易价格约为70,650美元。

Crypto analyst Matthew Hyland recently highlighted an ascending triangle formation on Bitcoin's chart, suggesting a potential resistance level above $71,500. Bitcoin's price reached a peak of $72,329 on April 8.

加密货币分析师 Matthew Hyland 最近强调了比特币图表上的上升三角形形态，表明潜在阻力位高于 71,500 美元。 4 月 8 日，比特币价格达到 72,329 美元的峰值。

Conclusion

结论

As inflation persists and fiscal challenges mount, investors are increasingly recognizing the value of store-of-value assets like Bitcoin. While short-term fluctuations may occur, the long-term prospects for cryptocurrencies remain promising. The upcoming Bitcoin halving, expanding economic growth, and growing adoption trends are all factors that are expected to support the continued growth of the crypto market.

随着通货膨胀持续存在和财政挑战加剧，投资者越来越认识到比特币等价值储存资产的价值。尽管短期波动可能会发生，但加密货币的长期前景仍然乐观。即将到来的比特币减半、不断扩大的经济增长以及不断增长的采用趋势都是预计将支持加密货币市场持续增长的因素。