随着特朗普升级关税，比特币的行为正在引起人们的重新关注

比特币的最近表现反映了投资者的情绪转变，强调BTC不再纯粹是投机工具，而是越来越多地视为一种战略资产。

As financial markets reel from Trump's tariff escalation, Bitcoin's behavior is drawing renewed attention. Unlike previous episodes of high volatility, the current environment has seen the BTC hold its ground more firmly. Despite intense global sell-offs, this measured reaction has sparked conversations around Bitcoin's growing reputation as a macro asset.

随着金融市场从特朗普的关税升级中卷起，比特币的行为正在引起人们的重新关注。与以前的高波动性发作不同，当前的环境使BTC更加坚定地保持了自己的地面。尽管全球抛售强烈，但这种测得的反应引发了围绕比特币作为宏观资产声誉日益增长的对话。

According to James Toledano, COO at Unity Wallet, Bitcoin's recent performance reflects a shift in investor sentiment, highlighting that BTC is no longer viewed purely as a speculative vehicle but increasingly as a strategic asset in a changing global economy.

根据Unity Wallet的首席运营官James Toledano的说法，比特币最近的表现反映了投资者情绪的转变，强调BTC不再纯粹被视为投机性的工具，而是越来越多地视为不断变化的全球经济中的战略资产。

BTC Price Declines with Markets, But Reaction Is Different

BTC价格随市场下降，但反应不同

The BTC price fell from its January high of more than $109,000 to under $75,000 by early April, correcting about 25%. This coincided with a plunge in global markets due to Trump's tariffs on more than 100 different countries, which brought back fears of a potential trade war. However, the BTC did not seem to respond the way it had in previous times.

到4月初，BTC的价格从1月份的高价超过109,000美元，至75,000美元以下，校正了约25％。由于特朗普对100多个不同国家的关税，这与全球市场的暴跌相吻合，这使人们担心潜在的贸易战。但是，BTC似乎没有像以前那样做出反应。

Toledano emphasized what distinguishes Bitcoin as an asset is the fact that it stayed stable and didn't crash, unlike other assets would have.

托莱达诺（Toledano）强调了将比特币作为一种资产的区别是，它保持稳定并且没有崩溃，这与其他资产不同。

"It is not a risk trade anymore. It is starting to occupy a space between volatility and value," Toledano noted.

托莱达诺指出：“这不再是风险交易。它开始占据波动和价值之间的空间。”

Bitcoin and Gold: Competing Safe Havens

比特币和黄金：竞争的避风港

While the BTC price was under pressure, gold surged to new highs—soaring past $3,170 an ounce. This contrast reignited the debate over which asset serves as the better safe haven. Traditionally, gold wins that title, but Bitcoin's resilience is beginning to speak volumes.

尽管BTC的价格承受压力，但黄金飙升至新高点，每盎司超过3,170美元。这种对比重新点燃了有关资产作为更好的避风港的辩论。传统上，黄金赢得了冠军，但比特币的弹性开始说话。

Critics of the Bitcoin macro asset status pointed to its underperformance against gold. Yet, Toledano disagrees, arguing that the focus should be on Bitcoin's stability during stress, not just price spikes.

对比特币宏观资产状况的批评者表明其对黄金的表现不佳。然而，托莱达诺不同意，认为重点应该放在压力下的比特币稳定性上，而不仅仅是价格上涨。

"It’s not about matching gold dollar-for-dollar, it’s about behaving like a durable asset," he explained.

他解释说：“这不是要匹配金美元的美元，而是要像持久的资产一样。”

Market Shifts Are Redefining Bitcoin's Role

市场转变正在重新定义比特币的角色

As Trump's tariff policies continue to alter the global trade landscape, the investor community is re-evaluating where to place their capital when uncertainty arises. Gold has undoubtedly benefitted, but the narrative surrounding Bitcoin has also evolved from a tabletop gaming currency to being considered a macro asset.

随着特朗普的关税政策继续改变全球贸易环境，投资者社区正在重新评估不确定性时将资本放置在哪里。黄金无疑受益匪浅，但是围绕比特币的叙事也从桌面游戏货币发展为被视为宏观资产。

While BTC prices have not exploded higher, it has steadied and indicate a changing psychology for investors. More frequently, portfolios are beginning to construct alongside Bitcoin, not just as a play on innovation but as part of a systematic risk hedge as a result of erratic geopolitical policy changes like Trump's tariffs.

尽管BTC价格没有爆炸更高，但它稳定并表明了投资者的心理不断变化。更频繁地，投资组合开始与比特币一起构建，不仅是创新的作品，而且是由于不稳定的地缘政治政策变化（如特朗普的关税）而导致的系统风险对冲的一部分。

Conclusion: Bitcoin's Macro Evolution Is Underway

结论：比特币的宏进化正在进行中

While Bitcoin may not have yet reached safe-haven asset status, it is moving swiftly in that direction. Bitcoin's behavior throughout the fallout of Trump's tariffs suggests it is no longer merely a high-risk speculative outlier.

尽管比特币可能尚未达到避风港资产状态，但它朝着这个方向迅速移动。在特朗普的关税期间，比特币的行为表明，这不仅仅是高风险的投机异常值。

Although the BTC price responded to this economic shock in a rather tempered way, its response reinforced the growing narrative that Bitcoin is maturing into a genuine macro asset.

尽管BTC的价格以一种相当缓和的方式对这种经济冲击做出了反应，但其反应加强了比特币正在逐渐成为真正宏观资产的叙述。