加密巨頭以「左曲線」心態在熊市中蓬勃發展

在 2021-2023 年熊市期間，經驗豐富的加密貨幣交易者採取了「左曲線」思維，即儘管市場波動，仍購買並持有加密貨幣。隨著多頭市場的增強，這種以比特幣為代表的方法現在被證明是卓有成效的。推動這一激增的潛在因素包括主權債務、貨幣貶值以及機構投資加密貨幣以對沖法定貨幣貶值。

The Crypto Legends: Embracing the "Left Curve" Mindset in the Bear Market

加密傳奇：熊市中擁抱「左傾」心態

While the recent successes of certain traders may have garnered attention, the true crypto titans lie among those who adopted the "Left Curve" mindset during the crypto winter that spanned from 2021 to 2023. This approach, championed by Arthur Hayes, the seasoned crypto trader and co-founder of Bitmex, involves steadfastly buying and accumulating cryptocurrencies, notably Bitcoin, as the bull market gains momentum.

雖然某些交易員最近的成功可能引起了人們的關注，但真正的加密貨幣巨頭是那些在2021 年至2023 年的加密貨幣寒冬期間採取「左曲線」思維的人。加密貨幣交易員Arthur Hayes 倡導。

Hayes attributes the current crypto surge to a confluence of factors, including sovereign debt, currency debasement, and the growing recognition of cryptocurrencies as a hedge against fiat currency depreciation. Hayes emphasizes that major economic powerhouses like the United States, China, the European Union, and Japan are intentionally weakening their currencies to manage government debts. This strategy, coupled with the availability of Bitcoin Exchange-Traded Funds (ETFs) for traditional financial institutions (TradFi), has spurred institutional investment in cryptocurrencies.

海耶斯將當前的加密貨幣激增歸因於多種因素的綜合作用，包括主權債務、貨幣貶值以及人們日益認識到加密貨幣可以作為法定貨幣貶值的對沖工具。海耶斯強調，美國、中國、歐盟和日本等主要經濟強國正有意壓低本國貨幣以管理政府債務。這項策略，加上傳統金融機構 (TradFi) 的比特幣交易所交易基金 (ETF) 的可用性，刺激了機構對加密貨幣的投資。

As institutions seek to protect their clients' wealth from currency devaluation, this influx of institutional capital has further fueled the crypto surge, validating the perception of crypto as a reliable defense against fiat currency depreciation. Understanding the concept of nominal Gross Domestic Product (GDP) is crucial to comprehending the impact of economic policies on the crypto market. Hayes explains that GDP incorporates both inflation and real economic growth. Governments often resort to borrowing to fund projects, hoping to stimulate growth and attract investors with attractive yields. However, politicians often manipulate the system by ensuring government bond yields remain below GDP growth rates. This enables them to increase spending without raising taxes, but it leads to poor investment decisions and economic stagnation. Consequently, bond yields become distorted, leading central banks to print more money to alleviate government debt.

隨著機構尋求保護客戶的財富免受貨幣貶值的影響，機構資本的湧入進一步推動了加密貨幣的激增，驗證了加密貨幣作為抵禦法定貨幣貶值的可靠防御手段的看法。了解名目國內生產毛額（GDP）的概念對於理解經濟政策對加密貨幣市場的影響至關重要。海耶斯解釋說，GDP 包含了通貨膨脹和實際經濟成長。政府經常透過借貸來資助項目，希望刺激成長並以有吸引力的收益率吸引投資者。然而，政客經常透過確保政府債券殖利率低於 GDP 成長率來操縱這一體系。這使他們能夠在不增稅的情況下增加支出，但會導致糟糕的投資決策和經濟停滯。因此，債券殖利率變得扭曲，導致央行印製更多貨幣來減輕政府債務。

When real yields become negative, traditional government bonds lose their appeal as investments. Investors are compelled to explore alternative assets that can outpace inflation, such as cryptocurrencies like Bitcoin, which have a finite supply and are immune to the debasement affecting fiat currencies. Hayes anticipates that the polarized political landscape in the United States, particularly leading up to the 2024 presidential election, will exacerbate this trend. With both major parties competing for power and promising expansive spending programs, the incentive to maintain negative real yields and facilitate unchecked borrowing will intensify.

當實際殖利率變成負值時，傳統政府公債就失去了投資吸引力。投資者被迫探索能夠超越通膨的替代資產，例如比特幣等加密貨幣，它們的供應量有限，並且不受法定貨幣貶值的影響。海耶斯預計，美國的兩極化政治格局，尤其是 2024 年總統大選前的政治格局，將加劇這一趨勢。由於兩大黨都在爭奪權力並承諾擴大支出計劃，維持負實際收益率和促進不受控制的借貸的動機將會增強。

Hayes urges crypto traders to take advantage of recent market downturns and token launches to strategically accumulate positions. He believes that the overriding macroeconomic narrative of currency devaluation and relentless money printing will continue to propel the crypto bull market, rewarding those who embrace the "Left Curve" mentality and hold their ground.

海耶斯敦促加密貨幣交易者利用最近的市場低迷和代幣發行來策略性地累積頭寸。他認為，貨幣貶值和無情印鈔的宏觀經濟敘事將繼續推動加密貨幣牛市，獎勵那些擁抱「左傾」心態並堅守陣地的人。

Key Takeaways:

要點：

• The "Left Curve" mindset involves accumulating cryptocurrencies during bear markets and holding them through bull market rallies.
• Currency debasement, sovereign debt, and institutional investment are major drivers of the current crypto surge.
• Bitcoin's finite supply and immunity to inflation make it a compelling hedge against fiat currency depreciation.
• Negative real yields and political polarization contribute to the attractiveness of cryptocurrencies as alternative investments.
• Crypto traders are advised to seize opportunities to strategically accumulate positions during market dips and token launches.

「左曲線」心態包括在熊市期間累積加密貨幣，並在牛市反彈時持有它們。其成為一種引人注目的對沖工具負的實際收益率和政治兩極化增加了加密貨幣作為另類投資的吸引力。累積頭寸。