在特朗普總統簽署了一項法案，比特幣正在上升

自特朗普總統贏得總統大選以來，加密市場一直在狂野地旅行，最初躍升為有史以來高潮

President Trump signed a bill that reverses Biden era IRS rules, which will make decentralized finance platforms comply with the same tax rules as traditional brokers.

特朗普總統簽署了一項法案，該法案扭轉了拜登時代的IRS規則，該法案將使分散的財務平台遵守與傳統經紀人相同的稅收規則。

The crypto market has been on a wild ride since President Trump won the presidential election, initially impacting to all-time highs passing the $100,000 mark and then falling along with the broader market as investors go risk off amid trade policy uncertainty. But our next guest correctly calling the current so-called crypto bear market here. We've got Kamal Mcadem. He is a general managing partner at finality capital, which is a venture capital firm investing in early stage companies primarily in the blockchain Eden Web 3, IT and Web 3 sectors as well. And before that he also co-founded OmniX, a trading technology platform acquired by Gemini. Also want to mention our executive editor Brian Sozi still here to add additional context. Now Kamal, full disclosure for our audience, you're obviously a Bitcoin investor yourself, but you called this bear market. Talk to me about what you were for seeing and how it's impacting your activity with crypto as an investor himself.

自從特朗普總統贏得總統大選以來，加密市場一直在狂野，最初影響了有史以來的100,000美元大關，然後隨著投資者在貿易政策不確定性的情況下冒險冒險，隨著投資者的風險冒險。但是我們的下一位客人在這裡正確地稱呼當前所謂的加密熊市。我們有Kamal McAdem。他是Finality Capital的一般管理合作夥伴，該合夥人是一家風險投資公司，主要是在區塊鏈Eden Web 3，IT和Web 3領域的早期公司投資。在此之前，他還與Gemini收購的交易技術平台Omnix共同創立了Omnix。還想提及我們的執行編輯Brian Sozi仍在這裡添加其他上下文。現在，卡馬爾（Kamal）是我們受眾的全面披露，您顯然是比特幣投資者，但您稱之為熊市。與我談談您看到的內容以及它如何影響您作為投資者本人的Crypto活動。

Well, I've been trading crypto for a long time since 2013. You know, I started out with $500 and ended up with 50 million back in 2022. Um, what we've seen recently is that I have a macro signal that flips from positive to negative coming into January. So I could top would be around there from the charts. Uh you could narrow down to the week that it

好吧，自2013年以來，我已經交易加密貨幣已經很長時間了。您知道，我以500美元的價格開始，最終在2022年獲得了5000萬美元。嗯，我們最近看到的是，我有一個宏信號，從正面變為負面到一月。因此，我可以從圖表中登上那兒。嗯，你可以縮小到一周

the top would come in sometime between January 13th to January 20th. The actual top was January 19th.

頂部將在1月13日至1月20日之間的某個時候出現。實際上是1月19日。

Come on, why hasn't Bitcoin be why hasn't seen I guess as a safe haven during these risk off day for stocks? You know, you go back in the past and people would would flock to Bitcoin.

來吧，為什麼我不認為比特幣是為什麼我認為在這些股票的風險中沒有看作是避風港？您知道，您回到過去，人們會湧向比特幣。

Well, the number one driver of crypto prices is macro conditions and macro conditions were tightening for whatever reason and um, you know, that's that's what's going to drive crypto prices more than anything.

好吧，加密貨幣價格的第一驅動器是宏觀條件，出於任何原因，宏觀條件都在收緊，嗯，這就是要推動加密貨幣價格的原因，而不是什麼。

And if that's what's going to drive crypto, then I I guess I'm curious how you maintain investing in this digital currency in the environment that's so defined by uncertainty right now.

如果那是要推動加密貨幣的原因，那麼我想我很好奇您如何在現在不確定性定義的環境中維持這種數字貨幣的投資。

Yeah, I mean, that's why you know our particular strategy is to take risk off at times when there's macro tightening and uh to put all that risk back on so that we can capture all the upside without suffering the downside volatility.

是的，我的意思是，這就是為什麼您知道我們的特殊策略是有時會降低宏觀和嗯，以便將所有這些風險重新承擔起來，以便我們可以捕獲所有上行空間而不會遭受下行的波動。

Okay, so then let's talk about this for from the perspective of like a retail investor who has $10,000 to deploy in this environment. Do you think that they should be buying Bitcoin if they do have a longer time horizon?

好的，然後讓我們從散戶投資者的角度來談論這一點，他在這種環境中有10,000美元的部署。您認為如果他們的時間更長，他們應該購買比特幣？

Yeah, absolutely. I mean, this is a great time to buy. Um, you know, it'll probably be a little lower at the end of the year, but there's often divergences where, you know, Bitcoin might be a little bit lower, but some of the alts that people might invest in might have already hit their lows early in the year. So you won't regret buying anything here five years from now.

是的，絕對。我的意思是，這是購買的好時機。嗯，您知道，到年底可能會稍低一些，但是通常情況下，比特幣可能會稍低一些，但是人們可能投資的某些Alts可能已經在今年年初就已經達到了低點。因此，您將不後悔在這裡五年後購買任何東西。