美联储高级VP断言：BTC 的价格不会归零
David Andolfatto，经济学博士，在美联储圣路易斯分行（Federal Reserve Bank of St. Louis）担任高级VP 职务；Andrew Spewak，美联储圣路易斯分行高级研究员。
David Andolfatto, Doctor of Economics, Senior VP position at the Federal Reserve Bank of St. Louis; Andrew Spewak, Senior Fellow at the Fed St. Louis Branch.
作为美国的中央银行，美联储从美国国会获得权利。它被视为独立的中央银行，因其决议无需获得美国总统或者立法机关的批准；它不接受美国国会的拨款，其成员任期也跨越多届总统及国会任期。这种财政独立性是由巨大的盈利能力保证的，主要归功于它对政府公债的所有权。
As the central bank of the United States, the Fed has acquired power from the United States Congress. It is considered an independent central bank, because its resolutions do not require the approval of the President of the United States or the Legislature; it does not accept United States Congress appropriations, and its membership spans several presidential and congressional terms.
美联储圣路易斯分行是美联储设置的12个联邦储备区的分支机构之一，对货币政策影响巨大。
The Fed's St. Louis branch, one of the 12 federal reserve regions set up by the Fed, has had a significant impact on monetary policy.
BTC 作为投资品的未来会如何？
图：2013年4月-2018年12月期间
BTC 在所有数字资产市场中的份额变化情况
BTC 基本价值的来源是什么？
BTC 的核心其实是一个数据库管理系统。如果数据库管理系统被定制为满足特定群体的需求，那么它就有基本价值。
The core of the BTC is actually a database management system. If the database management system is customized to meet the needs of specific groups, it is of fundamental value.
BTC 给人们提供的是资产存储和转移系统，它有两个主要特质：
BTC provides people with an asset storage and transfer system with two main features:
一，自由的入口。
One, free entrance.
二，去中心化的数据库管理。
Second, decentralised database management.
第一个特质意味着，没有人能够阻止用户从一个账户向另一个账户发送任何数量的BTC。
The first quality means that no one can prevent users from sending any amount of BTC from one account to another.
第二个特质表明，协议并不取决于政府代表的存在来管理账户和转移资产。
The second quality suggests that agreements do not depend on the presence of government representatives to manage accounts and transfer assets.
BTC 的基本需求来自于，至少有人是重视这些特点的。这种基本的需求保证了BTC 的价格最低也不会跌到零。
BTC’s basic needs stem from the fact that at least people value these characteristics. Such basic needs guarantee that the BTC’s prices will not fall to zero.
总而言之，根据经济学理论来判断，这种没有政府信用背书的资产，其价格变动会非常多样，无法精准的做出趋势预测。
In sum, based on economic theory, such assets, which have no government credit endorsement, can be subject to very diverse price movements and cannot accurately project trends.
BTC 价格不会归零。但是，随着大量竞争币的涌入，不同加密币之间的竞争会日趋激烈。不管是BTC 还是其他数字资产的购买力，将很可能面临下行压力。
BTC prices will not be zero. But, with the influx of large numbers of competitive currencies, competition between the various encrypted currencies will become more intense. Whether BTC or the purchasing power of other digital assets, it is likely that there will be downward pressure.
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