比特幣公牛剛開始，Bitwise的Matt Hougan說

比特幣最近的歷史最高高位只是長期上升趨勢的開始

Bitwise Asset Management's Investment Director, Matt Hougan, remains bullish on Bitcoin despite its recent all-time high, suggesting it's just the beginning of a broader market uptrend.

Bitwise Asset Management的投資總監Matt Hougan仍然對比特幣看漲，儘管它最近有史以來高漲，這表明這只是更廣泛的市場上升趨勢的開始。

"This is not the peak—this is the kickoff," Hougan stated optimistically. He attributes this optimism to several key factors, including the persistent interest from institutions and the unfolding macroeconomic pressures.

霍根樂觀地說：“這不是峰值，這是開球。”他將這種樂觀歸因於幾個關鍵因素，包括機構的持續興趣和不斷發展的宏觀經濟壓力。

Highlighting the recent activity in Bitcoin ETFs, Hougan pointed out that over the last 30 days alone, more than $8 billion has flowed into these products. This massive influx of capital creates a very strong demand for Bitcoin, an asset known for its limited supply.

Hougan強調了比特幣ETF的最新活動，他指出，僅在過去30天中，超過80億美元就流入了這些產品。大量資本湧入對比特幣的需求非常強，這是一種以有限的供應而聞名的資產。

"The simplest way to put it is that when you combine huge demand with no supply, prices go up—especially for an asset like Bitcoin, which is fundamentally tied to the concept of scarcity," Hougan explained.

Hougan解釋說：“最簡單的方法是，當您將巨大的需求結合起來而沒有供應時，價格上漲，尤其是對於像比特幣這樣的資產，這與稀缺性的概念根本上相關。”

Moreover, he noted that U.S. fiscal decisions are also pushing investors towards Bitcoin. With massive budget deficits and the continuation of money printing, confidence in fiat currencies is diminishing.

此外，他指出，美國財政決策也在推動投資者推向比特幣。隨著預算不足和貨幣印刷的延續，對法定貨幣的信心正在減少。

"These policies are turning investors away from the dollar and toward Bitcoin," he asserted. "The U.S. is no longer serious about budget cuts. That erodes trust in long-term dollar value."

他斷言：“這些政策正在使投資者遠離美元和比特幣。” “美國不再認真對待削減預算。這會侵蝕長期美元價值的信任。”

Finally, Hougan touched upon the rising yields on long-term U.S. bonds and the changes in global markets like Japan as indicators of a shift away from debt-driven investing, a factor that could further fuel Bitcoin's ascent.

最後，霍根（Hougan）談到了美國長期債券的收益率上升，以及日本等全球市場的變化，是從債務驅動的投資轉移的指標，這一因素可以進一步加劇比特幣的上升。