為什麼比特幣能勝過華爾街：Pantera首席執行官解釋說明

Pantera Capital的首席執行官Dan Morehead認為，當前的加密市場被低估了，對於投資者來說是一個罕見的購買窗口

Dan Morehead, CEO of Pantera Capital, sees a unique opportunity for investors as the crypto market, in his view, is “massively undervalued.” This, he says, is due to recent political and macroeconomic shifts that have created a rare buying window.

Pantera Capital的首席執行官Dan Morehead認為投資者是一個獨特的機會，因為他認為加密貨幣市場“被低估了”。他說，這是由於最近的政治和宏觀經濟轉變造成了罕見的購買窗口。

Speaking at TOKEN2049 in Dubai, Morehead argued that digital assets like Bitcoin are set to benefit from the pro-crypto environment being cultivated by the U.S. president’s administration.

莫爾黑德（Morehead）在迪拜（Dubai）的Token2049上發表講話，認為像比特幣這樣的數字資產將受益於美國總統政府正在培養的親克萊托普環境。

“We’re seeing sweeping policy changes, including executive orders focused on crypto, strategic Bitcoin reserves being announced by the U.S., and a rapidly evolving financial landscape,” Morehead noted.

莫爾黑德（Morehead）指出：“我們看到了徹底的政策變化，包括專注於加密貨幣的執行命令，美國宣布的戰略比特幣儲備以及迅速發展的金融景觀。”

“Considering the magnitude of these political developments, the fact that markets have only risen 35% is a testament to the incredible opportunities present,” stated Morehead, whose firm’s Bitcoin fund has historically generated 85% annualized returns. “From that perspective, we’re still at the beginning stages of this journey.”

莫爾黑德（Morehead）表示：“考慮到這些政治發展的規模，市場僅增長了35％的事實，這證明了目前令人難以置信的機會。” “從這個角度來看，我們仍處於這一旅程的開始階段。”

However, Morehead contrasted this with what he sees as overvalued traditional markets. Observing that Bitcoin has appreciated 50% year-over-year compared to the S&P 500’s 8% gain, he believes stocks and bonds are now carrying an excessive amount of risk relative to the returns they offer.

但是，莫爾黑德與他認為被高估的傳統市場相比。觀察到比特幣與標準普爾500指數的8％收益相比，比特幣同比同比增長了50％，他認為股票和債券現在相對於他們提供的收益而產生的風險過高。

“The equity risk premium is rapidly converging to zero,” he said.

他說：“股權風險溢價迅速融合到零。”

“Either bond yields will need to increase sharply, or equities are due for a correction. In comparison, crypto continues to be one of the few remaining avenues for capital preservation in this turbulent economic climate.”

“要么債券收益率都需要急劇增加，要么股票應進行更正。相比之下，在這種動蕩的經濟氛圍中，加密貨幣仍然是剩下的少數剩下的資本保存途徑之一。”

As institutions are now engaging with crypto and policy support is growing, Morehead predicts that capital will naturally flow into blockchain assets, setting the stage for a prolonged bullish period for the sector.

隨著機構現在與加密貨幣的互動，政策支持正在增長，莫爾黑德（Morehead）預測，資本將自然流入區塊鏈資產，為該行業的長期看漲時期奠定了基礎。