比特幣規則：阿瑟·海耶斯的警告標誌著新時代的到來

阿瑟·海耶斯 (Arthur Hayes) 宣布舊的比特幣週期已經結束，並警告說，決定未來的是宏觀流動性，而不是減半。這是一個時代的結束，還是一個新時代的開始？

Yo, crypto fam! Buckle up because Arthur Hayes is dropping truth bombs, and they're shaking up everything we thought we knew about Bitcoin. Forget the four-year halving cycle; Hayes says it's all about the Benjamins (and the Yuans!).

喲，加密貨幣家族！係好安全帶，因為阿瑟·海耶斯正在投下真相炸彈，他們正在動搖我們認為我們所了解的關於比特幣的一切。忘記四年減半週期；海耶斯說這一切都與本傑明家族（以及袁家族！）有關。

The King is Dead, Long Live Liquidity

國王已死，流動性萬歲

For years, we've been religiously following Bitcoin's four-year halving cycle, anticipating the next surge after each supply cut. But Hayes, the BitMEX co-founder, is here to tell us that's old news. In his essay, "Long Live the King!," Hayes argues that Bitcoin's price isn't tied to its code but to the flow of cold, hard cash. He contends that the monetary policies of Washington and Beijing are paving the way for easier money, which will keep pushing Bitcoin higher, irrespective of any textbook cycle peak.

多年來，我們一直虔誠地關注比特幣的四年減半週期，預計每次供應削減後都會出現下一次飆升。但 BitMEX 聯合創始人 Hayes 在這裡告訴我們，這已經是舊聞了。海耶斯在他的文章《國王萬歲！ 》中認為，比特幣的價格並不與其代碼相關，而是與冰冷的現金流動相關。他認為，華盛頓和北京的貨幣政策正在為更寬鬆的貨幣政策鋪平道路，這將繼續推高比特幣，無論任何教科書周期的峰值如何。

Hayes' Four Eras of Bitcoin

海耶斯的比特幣四個時代

Hayes breaks down Bitcoin's history into four distinct cycles, linking each to the ebb and flow of dollar and yuan liquidity:

海耶斯將比特幣的歷史分為四個不同的周期，將每個週期與美元和人民幣流動性的潮起潮落聯繫起來：

• The Genesis Cycle (2009-2013): Fueled by post-GFC quantitative easing and a surge in Chinese credit.
• The ICO Cycle (2013-2017): Powered by a