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隨著最近在加密貨幣的波動，邁克·費伊（Mike Fay）想知道（1:15）的價格是多少。特朗普的倡議以及為什麼很難長期看漲（3:30）。

The crypto market has been heating up recently, and with recent volatility in the market, Unchained's Mike Fay joins the Investing Experts to discuss what he thinks has been priced in at this point.

加密市場最近一直在升溫，隨著市場最近的波動，Unchained的Mike Fay與投資專家一起討論了他認為在這一點上的價格。

As the role of Trump initiatives is discussed, is it still difficult to be bullish on the crypto market long-term and what does this mean for investors through the rest of 2023?

正如討論了特朗普倡議的角色時，長期以來在加密貨幣市場上看漲仍然很難嗎？這對投資者在2023年的剩餘時間裡意味著什麼？

Plus, with several coins being ranked, what does the market share breakdown look like for the leading smart contracts platforms at this time?

另外，隨著幾枚硬幣的排名，目前領先的智能合約平台的市場份額分解是什麼樣的？

Further highlighting BTC ETFs and how to hold crypto, what advice does Mike have for investors and what does he see being the best reason to go long Coinbase (NASDAQ:COIN) at this time?

進一步強調了BTC ETF以及如何持有加密貨幣，Mike對投資者有什麼建議，他認為這是長期Coinbase（NASDAQ：COIN）的最佳理由？

Listen to the full interview here.

在這裡聽完整的採訪。

Rena Sherbill: Mike Fay, welcome back to the Investing Experts podcast. It’s great to have you back on the show talking crypto and seeing where you're at in the marketplace.

Rena Sherbill：Mike Fay，歡迎回到投資專家播客。很高興讓您回到演出，談論加密貨幣，看看您在市場上的位置。

Mike Fay: Thanks for having me back. It’s a pleasure as always and it’s an interesting time to be talking crypto.

邁克·費伊（Mike Fay）：感謝您讓我回來。一如既往，這是一種榮幸，這是談論加密貨幣的有趣時刻。

RS: It’s definitely an interesting time. So maybe ground us in the present moment. We're almost in the middle of March. We are seeing a lot of volatility in that space. Share with us what you're thinking about how you would articulate your thoughts for investors.

RS：這絕對是一個有趣的時刻。因此，也許在當下我們。我們幾乎在三月中旬。我們在那個領域看到了很多波動。與我們分享您的想法，即如何表達您對投資者的想法。

MF: I think the market is behaving similarly to other markets, specifically US equities. So I think a lot of what we're seeing is being driven by a risk off sentiment and I think there are a lot of reasons for that. Fundamentally it really depends on how you view the space.

MF：我認為市場的行為與其他市場，特別是美國股票相似。因此，我認為我們看到的很多是受風險驅動的驅動，我認為有很多原因。從根本上講，這實際上取決於您如何查看空間。

So if you're someone who thinks that it needs to have utility then there are concerns. If you're someone who thinks that this area is more of a digital adaptation of some of the older tech infrastructure or digital gold in the case of Bitcoin (BTC-USD)USD.

因此，如果您是一個認為需要有實用性的人，那麼會有擔憂。如果您認為在比特幣（BTC-USD）USD的情況下，這個領域更像是對一些較舊的技術基礎架構或數字黃金的數字改編。

Nothing has really changed and in fact maybe the thesis is even getting stronger given some of the things that we've seen from President Trump with the digital asset stockpile, Bitcoin strategic reserve, these are the things that the market's now looking at.

沒有什麼真正改變的東西，實際上，鑑於我們從特朗普總統看到的一些東西庫存，比特幣戰略儲備中我們從特朗普總統那裡看到的一些事情，也許這一論文變得更加強大，這些是市場現在正在關注的東西。

The question is how much of that has been priced in? I think that Bitcoin right now is behaving more as a leveraged play on the Nasdaq (NDAQ) than it would be something like a safe haven. I think that that's pretty clear in the correlation data.

問題是其中有多少定價？我認為現在的比特幣在納斯達克（NDAQ）上的槓桿作用更多，而不是像避風港一樣。我認為相關數據中這很明顯。

I think that's pretty clear in that it's essentially going down with equities rather than going inverse where gold has been performing quite well to start the year.

我認為這很清楚，因為它本質上是在股票上倒下的，而不是在黃金表現良好的一年中表現出色的情況下倒數。

So my view is still that it's largely a capital flow game for Bitcoin. You have to then think from the perspective of the people who are allocating that capital, what do they think Bitcoin is?

因此，我的觀點仍然是，這在很大程度上是比特幣的資本流遊戲。然後，您必須從分配資本的人們的角度思考，他們認為比特幣是什麼？

If they're buying the idea that Bitcoin is digital gold why isn't it behaving more like gold rather than the NASDAQ? My thinking is that currently, right or wrong, it's viewed more like leverage on the NASDAQ or a raw speculative instrument.

如果他們購買了比特幣是數字黃金的想法，為什麼它不像黃金那樣而不是納斯達克？我的想法是，目前，對與錯，它更像是在納斯達克或原始投機工具上的槓桿作用。

So in a risk off environment, which is what we're seeing now, it's gonna probably go down.

因此，在冒險環境中，這就是我們現在看到的，它可能會下降。

RS: Trump's initiatives - the Summit, strategic reserves, how has that affected not just Bitcoin but also investors and sentiment and what do you think it means both in the near term and maybe throughout this year at least?

RS：特朗普的舉措 - 首腦會議，戰略儲備，不僅影響比特幣，而且影響投資者和情感，您認為這在短期內，至少在整個一年中都意味著什麼？

MF: Honestly near term through the end of the year I really wouldn't be surprised if we see markets make another top or another high I should say that may be the top for this cycle. There's also the question of whether or not having cycle theory even still applies.

MF：老實說，到今年年底，我真的不會感到驚訝，如果市場成為另一個高層或另一個高級，我應該說這可能是這個週期的最高點。還有一個問題，即是否仍然有循環理論仍然適用。

I think broadly it's hard to not be bullish long term because, and I don't want to get political but I think that many in the space viewed the previous administration as being combative to the industry, and so I think it would be hard to argue against that.

我認為從長遠來看，很難不看看漲，因為，而且我不想變得政治化，但是我認為空間中的許多人都認為上一個政府對行業是好鬥的，所以我認為很難反對這一點。

I think that this new administration has overtly been far friendlier to the industry, so I think that it's a good time to be an American crypto business if you buy the idea that this is tech and financial tech, financial infrastructure that is going to change maybe settlement works in the future. It's hard to not be bullish long term.

我認為，這個新政府公開對該行業更加友好，因此，如果您購買這是技術和金融技術，將來會改變和解的金融基礎架構，那麼現在是美國加密貨幣業務的好時機。很難長期看漲。

Doesn't mean the price is going to go up right away, but I think that what we've seen is very good.

並不意味著價格會立即上漲，但我認為我們所看到的非常好。

RS: What would you say in terms of the other cryptos? How would you rank them I guess in terms of near term, long term?

RS：用其他加密貨幣而言，您會說什麼？長期，我猜如何將它們排名？

MF: Good question, you're the master. I think that where this goes is, I think that the blockchain network as an idea is going to be, if you're an investor in this space, you really to be selective and this

MF：好問題，你是主人。我認為這是在哪裡，我認為區塊鍊網絡將是一個想法，如果您是這個領域的投資者，那麼您真的要有選擇性，這