這就是為什麼比特幣的命運仍然取決於美聯儲

隨著全球流動性的收緊和投資者在市場上尋找新的勢頭，宏觀戰略家丹·塔皮埃羅（Dan Tapiero）認為，加密貨幣的失踪火花可能不在區塊鏈世界本身中，而是在傳統的貨幣政策中。

In the present economic climate characterized by tightening global liquidity and investors' keen interest in fresh market momentum, macro strategist Dan Tapiero proposes an intriguing perspective. He suggests that the missing spark for crypto may not be emanating from the blockchain domain but rather from traditional monetary policy.

在目前的經濟氛圍中，以收緊全球流動性和投資者對新鮮市場動力的興趣的興趣，宏觀戰略家丹·塔皮埃羅（Dan Tapiero）提出了一個有趣的觀點。他建議，加密貨幣的缺失火花可能不會從區塊鏈領域散發出來，而是源自傳統的貨幣政策。

During a recent appearance on the Milk Road podcast, Tapiero elaborated on his views, suggesting that the Federal Reserve's current restraint is suppressing what could otherwise be a breakout phase for Bitcoin and digital assets. While decentralized finance continues to grow and use cases for crypto multiply, he argues that this ecosystem still remains partly dependent on liquidity from legacy finance.

在最近在牛奶路播客上的露面中，塔皮埃羅詳細闡述了他的觀點，這表明美聯儲目前的約束是壓制了比特幣和數字資產的突破階段。儘管分散的財務繼續增長和用例增長，但他認為該生態系統仍然部分取決於傳統金融的流動性。

Tapiero highlighted what he sees as a growing mismatch. Fiscal policy is contracting sharply, but the Fed has not yet provided the monetary easing that would normally offset that pullback. With consumer demand softening and the dollar already weakening, he says the writing is on the wall — the current policy setup may be too restrictive to sustain growth.

Tapiero強調了他認為不斷增長的不匹配。財政政策正急劇簽約，但美聯儲尚未提供通常會抵消這種回調的貨幣寬鬆。他說，隨著消費者的需求軟化和美元已經減弱，寫作在牆上 - 當前的政策設定可能太限制了，無法維持增長。

Instead of letting the economy absorb the full weight of tighter government spending, Tapiero believes the Fed should be moving in the opposite direction to balance out the impact. “In a rational environment,” he implied, coordination between fiscal and monetary authorities would be key — but Powell’s hesitance has delayed that outcome.

塔皮埃羅（Tapiero）認為，美聯儲應朝相反的方向移動以平衡影響力，而不是讓經濟吸收更嚴格的政府支出。他暗示：“在理性的環境中，財政當局和貨幣當局之間的協調將是關鍵 - 但鮑威爾的猶豫卻推遲了這一結果。

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Despite the fundamentals of the crypto space looking strong — from rising DeFi activity to renewed interest in NFTs — Tapiero stressed that even a thriving blockchain ecosystem can’t fully detach from broader liquidity flows. When capital from traditional markets begins reentering the space, he believes the effects will be dramatic.

儘管加密貨幣空間的基本原理看起來很強 - 從不斷增加的Defi活動到對NFT的新興趣，Tapiero強調，即使是蓬勃發展的區塊鏈生態系統也無法完全脫離更廣泛的流動性流。當傳統市場的資本開始重新進入該空間時，他認為這種影響將是戲劇性的。

If monetary easing arrives as expected, Tapiero sees Bitcoin resuming its climb, possibly reaching his long-standing target of $180,000. He argues that the combination of favorable macro shifts and accelerating crypto innovation could trigger the next leg of the bull market, one that reaches far beyond just Bitcoin.

如果貨幣寬鬆按預期到達，塔皮埃羅（Tapiero）看到比特幣恢復攀登，可能達到了他的長期目標180,000美元。他認為，有利的宏觀變化和加速加密創新的結合可能會觸發下一個牛市的領域，牛市遠遠超出了比特幣。

At the heart of his message is a broader thesis: the line between traditional finance and digital assets is not as distinct as many assume. As long as monetary policy dictates the flow of capital worldwide, crypto’s biggest rallies may still be rooted in decisions made at central banks.

他信息的核心是一個更廣泛的論文：傳統金融和數字資產之間的界限並不像許多人所假設的那麼不同。只要貨幣政策決定了全球資本的流動，加密貨幣的最大集會仍然可能源於中央銀行做出的決定。