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2020年的印钞。我说的是美联储从加息突然转向，“是的，我们不再加息了”，这发生在2022年末，导致了一波大反弹，
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然后说，
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“是的，我们不再加息了”，这发生在2022年末，导致了一波大反弹，
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在ETF推出前，
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比特币和所有加密货币的每一个部分，都涉及到流动性从其他资产转移到最快增值的资产。
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而且，
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通常发生的是，比特币比其他资产跑得更快。好的，这意味着
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任何投机者
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和散户在认为行情结束后，比如解放日，就会去买比特币。
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这很好，但是
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这次他们买的时候，还有另一件事正在发生，那就是防护措施已经启动了。
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我们看到稳定币交易量爆炸性增长，
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稳定币市值也在爆炸性增长。
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而且，这是稳定币与比特币历史上首次，
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稳定币的市值和交易量不断攀升，但比特币并未同步上涨。
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因此我相信，
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当下一阶段开始从低位稳住时，不仅比特币会以更高的贝塔系数上涨，
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因为这次超级增长资产，
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不再反弹，这是一场大宗商品驱动的行情，我认为比特币将从债务资产类别中脱颖而出。
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到时候，全世界的养老基金和个人都会觉得，
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“嘿，如果标普500因为大宗商品牛市干扰而无法上涨，
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那我得找其他能涨的资产，
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于是他们就会开始买比特币。”
1:01
明白了，
1:02
所以你期待比特币与软件股脱钩，预计比特币会开始上涨。
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2020 print. I'm talking about things like a Fed pivot from hiking to all of a
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sudden saying,
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"Yeah, we're done hiking," which was the end of 2022, which led to a big rally
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before we got into
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the ETF. Every single part of Bitcoin and every single part of crypto involves
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something where
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the liquidity moves from one of the other assets into the fastest asset. And
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what always happens
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is Bitcoin comes out faster than everything. Okay, great. So that means that
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any speculators
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retail, when they think it's over, like at Liberation Day, let's go buy Bitcoin
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. That's great. Well,
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this time when they buy it, there's another thing sitting there, which is the
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guardrails are happening
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already. We have exploding volumes and stablecoins. We have exploding market
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cap and stablecoins.
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And for the first time in the history of stablecoins versus Bitcoin, Bitcoin is
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not rallying as the
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market cap and the volumes of stablecoins are going higher. So I do believe
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that when we get the next
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phase where this stabilizes from lower levels, not only will Bitcoin go higher
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on a higher beta,
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but because the hyperscalers and this time the other growth assets will not be
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bouncing,
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this is a commodity-driven situation. I think Bitcoin will now separate itself
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from that
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debt asset class. And then every pension fund and individual in the world will
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be like,
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"Hey, I got to make my returns if the S&P 500 can't rally because of the stupid
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commodity bull market,
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let me go buy something that does and they'll start buying Bitcoin."
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Gotcha. So you're looking for this decoupling of Bitcoin from software and you
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're expecting
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Bitcoin to start rising in operation.
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