103.pngThe price of bitcoin as of 8.20 a.m. on December 24, after a very volatile week. Markets Insider12月24日上午8点20分,比特币价格波动剧烈。Even after a rough week, bitcoin is trading at around $14,400.即便是在经历了一个艰难的一周之后,比特币的交易价格仍在14400美元左右。A recent research note from Morgan Stanley points out how hard it is to justify that valuation.摩根士丹利(Morgan Stanley)最近的一份研究报告指出,要评估这个估值有多困难。The scarcity of people willing to accept it as a means of payment indicates that its actual value might be nothing.人们不愿意接受它作为一种支付手段,这表明它的实际价值可能是零。Morgan Stanley analyst James Faucette and his team sent a research note to clients a few days ago suggesting that the real value of bitcoin might be ... $0.摩根士丹利(Morgan Stanley)的分析师詹姆斯·福赛特(James Faucette)和他的团队几天前向客户发送了一份研究报告,表明比特币的真正价值可能是……0美元。That's zero dollars. (Bitcoin stood at around $14,400 at the time of writing.)这是零元。(在写作的时候,比特币的价格约为14400美元。)The paper (titled "Bitcoin decrypted") did not give a price target for bitcoin.这篇论文(标题为“比特币解密”)并没有给出比特币的价格目标。But in a section titled "Attempts to Value Bitcoin," Faucette described why it is so hard to ascribe value to the cryptocurrency. It's not like a currency, it's not like gold, and it has had difficulty scaling. He concluded:但在一篇名为“试图评估比特币价值”的章节中,Faucette描述了为什么很难将价值归因于加密货币。它不像货币,它不像黄金,它有难以缩放的功能。他的结论是:• Very difficult question to answer, but some points to consider•很难回答的问题,但有几点要考虑• Can Bitcoin be valued like a currency? No. There is no interest rate associated with Bitcoin.•比特币能像货币一样被重视吗?没有。没有与比特币相关的利率。• Like digital gold? Maybe. Does not have any intrinsic use like gold has in electronics or jewelry. But investors appear to be ascribing some value to it.•喜欢数字黄金吗?也许吧。没有任何内在的使用,如黄金在电子或珠宝。但投资者似乎将某些价值归咎于它。• Is it a payment network? Yes but it is tough to scale and does not charge a transaction fee.•它是一个支付网络吗?是的,但规模很难,也不收取交易费。• Bitcoin average daily trading volume of $3bn (last 30 days) vs $5.4 trillion in the FX market.•比特币的日均交易量为30亿美元(过去30天),而外汇市场则为5.4万亿美元。• Est. <$300mn in daily purchase volume vs. $17bn for Visa.•Est . <每日采购量300万美元,签证金额为170亿美元。Faucette backed his argument with this chart of online retailers who accept bitcoin, titled "Virtually no acceptance, and shrinking":Faucette支持他的观点,这张图表是在线零售商接受比特币的,标题为“几乎没有接受和收缩”:104.pngThis is possibly the saddest bitcoin chart ever. Morgan Stanley这可能是有史以来最糟糕的比特币图表。摩根士丹利(Morgan Stanley)"If nobody accepts the technology for payment then the value would be 0," Faucette suggested.“如果没有人接受支付技术,那么价值将是0,”Faucette建议道。Of course, even if bitcoin can't be used to buy goods it is still largely exchangeable for fiat currency.当然,即使比特币不能用于购买商品,它仍可在很大程度上兑换为法定货币。本文为爱思英语原创内容,转载文章请注明来源。