<p>最新的消费者物价指数（CPI）报告由劳工统计局（BLS）发布，显示 6 月份价格同比上涨 2.7%，略高于 5 月份的 2.4%，并且关键的是，超过了美联储希望长期维持的 2% 的舒适区间。根据 Motley Fool 最新的通胀研究报告，住房似乎是涨幅最大的类别，价格同比上涨了 3.8%。</p>
<p>为什么要担心这种超出预期的情况？因为经济越是偏离美联储的 2% 基准，投资者就越会寻找那些不太可能贬值的地方来投资他们的资金。</p>
<p>加密货币在这个名单上名列前茅。以下是通胀对加密投资者特别重要的三个原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUzNTIvdHJhZGVyLWludmVzdG9yLWNoYXJ0LXN0b2NrLWZpbmFuY2Utd2FsbC1zdHJlZXQtYnJva2VyLXBob25lLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUzNTIvdHJhZGVyLWludmVzdG9yLWNoYXJ0LXN0b2NrLWZpbmFuY2Utd2FsbC1zdHJlZXQtYnJva2VyLXBob25lLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. 如果美元表现不佳，比特币看起来更具吸引力</h2>
<p>多年来，<strong>比特币</strong>（BTC 2.13%）的支持者一直认为这枚硬币是数字黄金，得益于其稀缺性、不可变的供应和资本密集型的挖矿过程。在实践中，比特币在这方面的表现喜忧参半，但这并没有阻止通胀对冲的故事在头条通胀上升时重新焕发活力。</p>
<p>例如，在 7 月 15 日发布 6 月份 CPI 数据后，比特币的价格在下滑后立即反弹至超过 117,000 美元。一些人，如宏观投资巨头保罗·都铎·琼斯，在 6 月份强调了这一逻辑，基本上表示比特币现在应该出现在每个投资组合中，以对冲通胀。</p>
<p>对于长期持有者来说，这个提议很简单。如果 CPI 保持在 2% 以上，而比特币的供应上限使得新发行缓慢，那么理论上，它应该能够保持相对于贬值法币的固定购买力。</p>
<p>至少在长期内，这一理论尚未得到充分验证，自 2021 年以来的通胀时代是第一次真正的考验。因此，这种硬币的特性并不能保证在通胀或其他情况下获得丰厚的收益。然而，如果它在未来几年表现良好，这将是其作为抗通胀投资组合中有价值部分的重要证据。</p>
<h2>2. 价格上涨往往会放松投资者的谨慎</h2>
<p>较高的通胀也可能导致投资者在对相对风险和波动性较大的资产（如山寨币和加密货币）下注时变得稍微不那么犹豫。由于安全资产的回报更可能被通胀所掩盖或威胁，因此风险资产在比较中看起来并不那么令人畏惧。</p>
<p>同样，国际货币基金组织（IMF）在 2025 年 4 月发布的全球金融稳定报告警告称，价格不确定性上升会压缩传统投资的风险调整回报，并可能加速投资组合从传统金融市场的流出。这些资本需要一个新的归宿，而加密货币可能正是其中之一。</p>
<p>相对于全球股票或债券，数字资产仍然较小，因此在通胀期间，它们显然是资本流动的候选者，部分原因是它们本身就是一种不同类别的资产，具有不同且高度变化的规则。许多加密货币的供应机制要么与比特币相似，要么至少提供与仅以法币计价的资产不同的替代供应机制。这种动态有助于解释为什么即使是中型市值代币在 CPI 数据高于预期时也常常上涨。</p>
<p>不过，并没有任何规则规定 “不同” 就必须等于 “更好”。在加密货币中，有多种供应控制机制，如代币销毁，但许多项目，包括一些最大的第一层（L1）链，在推出时并没有任何不再简单发行更多代币以丰富开发者的坚定承诺。</p>
<p>加密投资者应注意，并非所有加密货币都可以被合理地期望以与比特币相同的方式对冲通胀。每种资产的供应政策细节很重要，即使它们由于风险较高而看起来更具吸引力。</p>
<h2>3. 通胀推动链上收益产品的繁荣</h2>
<p>加密投资者应密切关注通胀的最后一个原因是，通胀与许多传统金融资产转变为可在区块链上交易的代币化现实世界资产（RWA）的趋势相吻合。</p>
<p>例如，由于代币化趋势而产生的一种新玩法是购买代币化的美国国债。这种方式，如果美联储最终加息，加密投资者可以获得相对安全的收益，这种收益理论上至少应与政府支持的资产的通胀持平。</p>
<p>从某种意义上说，这可以被视为在高通胀时期，投资者更愿意购买风险山寨币的互补趋势。即使这些资产不会成为投资组合增长潜力的支柱，仍然会有大量对具有明确回报和温和风险特征的资产的需求。</p>
<p>换句话说，如果头条通胀持续上升超过 2%，支票账户的负实际利率将使得 5% 的代币化国债看起来非常诱人。这种动态可能会将数十亿美元的额外资金引入区块链本身，惠及那些承载现实世界资产产品的协议，如 <strong>Solana</strong>。</p>
<p>这一趋势的证据已经显现。区块链基础的美国政府债券基金的资产在 2025 年激增 80%，达到 74 亿美元，因为投资者在寻找与上涨价格保持同步的收益。这些国债基金中最大的基金现在被接受作为主要衍生品交易场所的抵押品，显示出现实世界资产如何迅速转变为主流加密基础设施。</p>
<p>这一趋势的净效应将是一个在传统固定收益市场中扎根更深的加密生态系统，正是因为通胀拒绝消退。</p>

GBTC

<p>最新的消费者物价指数（CPI）报告显示，通货膨胀率为 2.7%，超过了美联储 2% 的目标，住房价格上涨了 3.8%。这一通胀超标促使投资者考虑将加密货币作为对冲工具。比特币被视为一种潜在的抗通胀资产，尤其是在价格上涨可能鼓励投资于更高风险资产（如山寨币）的背景下。此外，通货膨胀推动了链上收益产品的增长，使加密投资者能够接触到代币化的现实世界资产，例如美国国债，这些资产可能提供与通货膨胀保持同步的回报</p>

<p>The latest Consumer Price Index (CPI) report issued by the Board of Labor Statistics (BLS) shows prices up 2.7% year over year in June, a notch above May's 2.4% and, crucially, a few ticks above the Federal Reserve's 2% comfort zone that it prefers to maintain over the long term. As shown in the Motley Fool's latest research report on inflation, shelter appears to be the category that's running the hottest, with prices rising by 3.8% year over year.</p>
<div class="lb-trans"><p>最新的消费者物价指数（CPI）报告由劳工统计局（BLS）发布，显示 6 月份价格同比上涨 2.7%，略高于 5 月份的 2.4%，并且关键的是，超过了美联储希望长期维持的 2% 的舒适区间。根据 Motley Fool 最新的通胀研究报告，住房似乎是涨幅最大的类别，价格同比上涨了 3.8%。</p>
</div><p>Why fret about this overshoot? Because the further the economy drifts from the Federal Reserve's 2% anchor, the more investors start looking for places where their dollars are less likely to melt.</p>
<div class="lb-trans"><p>为什么要担心这种超出预期的情况？因为经济越是偏离美联储的 2% 基准，投资者就越会寻找那些不太可能贬值的地方来投资他们的资金。</p>
</div><p>Cryptocurrencies sit high on that list. Here are three reasons why inflation is particularly important for crypto investors to understand.</p>
<div class="lb-trans"><p>加密货币在这个名单上名列前茅。以下是通胀对加密投资者特别重要的三个原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUzNTIvdHJhZGVyLWludmVzdG9yLWNoYXJ0LXN0b2NrLWZpbmFuY2Utd2FsbC1zdHJlZXQtYnJva2VyLXBob25lLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825352%2Ftrader-investor-chart-stock-finance-wall-street-broker-phone.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>1. Bitcoin looks better if the dollar looks worse</h2>
<div class="lb-trans"><h2>1. 如果美元表现不佳，比特币看起来更具吸引力</h2>
</div><p>For years, <strong>Bitcoin</strong>(BTC 2.13%) supporters have argued that the coin is digital gold, thanks to its scarcity, immutable supply, and capital-intensive mining process. In practice, Bitcoin's record is mixed on that front, but that doesn't stop the inflation-hedge story from sparking back to life whenever headline inflation perks up.</p>
<div class="lb-trans"><p>多年来，<strong>比特币</strong>（BTC 2.13%）的支持者一直认为这枚硬币是数字黄金，得益于其稀缺性、不可变的供应和资本密集型的挖矿过程。在实践中，比特币在这方面的表现喜忧参半，但这并没有阻止通胀对冲的故事在头条通胀上升时重新焕发活力。</p>
</div><p>For example, after the June CPI print was published on July 15, Bitcoin's price, which had been sliding, immediately bounced above $117,000. Some people, like macro heavyweight Paul Tudor Jones, underscored that logic in June, essentially saying Bitcoin should be in every portfolio right now to hedge against inflation.</p>
<div class="lb-trans"><p>例如，在 7 月 15 日发布 6 月份 CPI 数据后，比特币的价格在下滑后立即反弹至超过 117,000 美元。一些人，如宏观投资巨头保罗·都铎·琼斯，在 6 月份强调了这一逻辑，基本上表示比特币现在应该出现在每个投资组合中，以对冲通胀。</p>
</div><p>For long-term holders, the proposal is simple. If the CPI stays north of 2% while the coin's capped supply keeps new issuance crawling slowly, it should, in theory, retain a fixed purchasing power against a devaluing fiat currency.</p>
<div class="lb-trans"><p>对于长期持有者来说，这个提议很简单。如果 CPI 保持在 2% 以上，而比特币的供应上限使得新发行缓慢，那么理论上，它应该能够保持相对于贬值法币的固定购买力。</p>
</div><p>At least over the long term, that theory hasn't been fully proven, and the inflationary era since 2021 has been the first real test. Therefore, none of the coin's properties guarantee mouth-watering gains in a period of inflation or otherwise. However, if it performs well in the coming years, it'll be a big piece of evidence that it's a worthwhile part of an inflation-resistant portfolio.</p>
<div class="lb-trans"><p>至少在长期内，这一理论尚未得到充分验证，自 2021 年以来的通胀时代是第一次真正的考验。因此，这种硬币的特性并不能保证在通胀或其他情况下获得丰厚的收益。然而，如果它在未来几年表现良好，这将是其作为抗通胀投资组合中有价值部分的重要证据。</p>
</div><h2>2. Rising prices often loosen investors' grip on caution</h2>
<div class="lb-trans"><h2>2. 价格上涨往往会放松投资者的谨慎</h2>
</div><p>Higher inflation can also cause investors to be a bit less hesitant to place bets on comparatively risky and volatile assets, like altcoins, and cryptocurrency, in general. As returns on safer assets are more likely to be eclipsed or threatened by inflation, riskier assets don't look as daunting in comparison.</p>
<div class="lb-trans"><p>较高的通胀也可能导致投资者在对相对风险和波动性较大的资产（如山寨币和加密货币）下注时变得稍微不那么犹豫。由于安全资产的回报更可能被通胀所掩盖或威胁，因此风险资产在比较中看起来并不那么令人畏惧。</p>
</div><p>In the same vein, the International Monetary Fund's (IMF's) April 2025 Global Financial Stability Report warns that elevated price uncertainty crimps risk-adjusted returns on traditional investments and can accelerate portfolio outflows from conventional financial markets. That capital needs a new home, and it may well be cryptocurrency.</p>
<div class="lb-trans"><p>同样，国际货币基金组织（IMF）在 2025 年 4 月发布的全球金融稳定报告警告称，价格不确定性上升会压缩传统投资的风险调整回报，并可能加速投资组合从传统金融市场的流出。这些资本需要一个新的归宿，而加密货币可能正是其中之一。</p>
</div><p>Digital assets, which are still small, relative to global equities or bonds, are an obvious candidate for capital flows during inflation, in part because they're simply a different class of asset with different and highly varying rules. Many cryptocurrencies have supply schemes that are either similar to Bitcoin's or, barring that, at least offer alternative supply schemes, compared to assets denominated solely in fiat currency. That dynamic helps explain why even mid-cap tokens often rally on hotter-than-forecast CPI prints.</p>
<div class="lb-trans"><p>相对于全球股票或债券，数字资产仍然较小，因此在通胀期间，它们显然是资本流动的候选者，部分原因是它们本身就是一种不同类别的资产，具有不同且高度变化的规则。许多加密货币的供应机制要么与比特币相似，要么至少提供与仅以法币计价的资产不同的替代供应机制。这种动态有助于解释为什么即使是中型市值代币在 CPI 数据高于预期时也常常上涨。</p>
</div><p>Still, there's not any rule that says &#34;different&#34; must equal &#34;better.&#34; In crypto, there are various mechanisms for supply control, like token burning, but many projects, including some of the largest layer-1 (L1) chains, launch without any firm commitments to not simply issue more tokens to enrich developers.</p>
<div class="lb-trans"><p>不过，并没有任何规则规定 “不同” 就必须等于 “更好”。在加密货币中，有多种供应控制机制，如代币销毁，但许多项目，包括一些最大的第一层（L1）链，在推出时并没有任何不再简单发行更多代币以丰富开发者的坚定承诺。</p>
</div><p>Crypto investors should take heed that not all cryptocurrencies can be logically expected to hedge against inflation in the same way that Bitcoin could. The details of each asset's supply policy matter, even if they look more attractive due to being riskier assets.</p>
<div class="lb-trans"><p>加密投资者应注意，并非所有加密货币都可以被合理地期望以与比特币相同的方式对冲通胀。每种资产的供应政策细节很重要，即使它们由于风险较高而看起来更具吸引力。</p>
</div><h2>3. Inflation is fueling the boom in on-chain yield products</h2>
<div class="lb-trans"><h2>3. 通胀推动链上收益产品的繁荣</h2>
</div><p>The last reason crypto investors should pay close attention to inflation is that inflation is coinciding with the transition of many traditional financial assets into tokenized real-world assets (RWAs), which can be traded on blockchains.</p>
<div class="lb-trans"><p>加密投资者应密切关注通胀的最后一个原因是，通胀与许多传统金融资产转变为可在区块链上交易的代币化现实世界资产（RWA）的趋势相吻合。</p>
</div><p>For instance, one new play made possible by the tokenization trend is to buy tokenized U.S. Treasury bills. That way, if the Federal Reserve ends up eventually hiking interest rates, crypto investors can get relatively safe exposure to yield that should (in theory) at least break even with inflation from government-backed assets.</p>
<div class="lb-trans"><p>例如，由于代币化趋势而产生的一种新玩法是购买代币化的美国国债。这种方式，如果美联储最终加息，加密投资者可以获得相对安全的收益，这种收益理论上至少应与政府支持的资产的通胀持平。</p>
</div><p>In a sense, this could be viewed as the complementary trend of investors buying risky altcoins more readily during times of higher inflation. There's still going to be plenty of demand for assets that have a defined return and a benign risk profile, even if they aren't going to be a pillar of a portfolio's growth potential.</p>
<div class="lb-trans"><p>从某种意义上说，这可以被视为在高通胀时期，投资者更愿意购买风险山寨币的互补趋势。即使这些资产不会成为投资组合增长潜力的支柱，仍然会有大量对具有明确回报和温和风险特征的资产的需求。</p>
</div><p>In other words, if headline inflation keeps rising above 2%, negative real rates on checking accounts will make a 5% tokenized T-bill look downright juicy. That dynamic could channel billions of additional dollars on the blockchain itself, benefiting the protocols that host real-world asset products, like <strong>Solana</strong>.</p>
<div class="lb-trans"><p>换句话说，如果头条通胀持续上升超过 2%，支票账户的负实际利率将使得 5% 的代币化国债看起来非常诱人。这种动态可能会将数十亿美元的额外资金引入区块链本身，惠及那些承载现实世界资产产品的协议，如 <strong>Solana</strong>。</p>
</div><p>The proof of this trend is already visible. Assets in blockchain-based U.S. government bond funds have surged 80% in 2025 to $7.4 billion as investors hunt for yield that keeps pace with rising prices. The largest of these Treasury funds are now accepted as collateral on major derivatives venues, showing how quickly real-world assets are graduating to become mainstream crypto plumbing.</p>
<div class="lb-trans"><p>这一趋势的证据已经显现。区块链基础的美国政府债券基金的资产在 2025 年激增 80%，达到 74 亿美元，因为投资者在寻找与上涨价格保持同步的收益。这些国债基金中最大的基金现在被接受作为主要衍生品交易场所的抵押品，显示出现实世界资产如何迅速转变为主流加密基础设施。</p>
</div><p>The net effect of this trend will be a crypto ecosystem that grows deeper roots in traditional fixed-income markets, precisely because inflation refuses to fade.</p>
<div class="lb-trans"><p>这一趋势的净效应将是一个在传统固定收益市场中扎根更深的加密生态系统，正是因为通胀拒绝消退。</p>
</div>

Inflation Hits Above the Fed's Target 2%, According to the Motley Fool's Latest Research. 3 Reasons Cryptocurrency Investors Should Take Note.

- 最新消费者物价指数报告显示，6 月份价格同比上涨 2.7%。  
- 由于通胀上升，投资者更倾向于风险资产，尤其是加密货币。  
- 区块链上与现实资产相关的产品需求激增，2025 年资产增长 80%。

根据 Motley Fool 的最新研究，通胀率已超过美联储设定的 2% 目标。加密货币投资者应注意的三个原因