當前的資本市場結構未能為投資者提供廣泛的基礎

根據Solana基金會的非首席營銷官Akshay BD的說法。在加速2025會議上的小組討論中，阿克沙伊認為區塊鏈技術可以幫助解決這些缺點

Non-chief marketing officer at the Solana Foundation Akshay BD argued that the current structure of capital markets isn't serving a broad base of investors, especially as

Solana基金會Akshay BD的非主持營銷官員認為，當前資本市場的結構不是為投資者提供廣泛的基礎，尤其是

Optimism towards a 60-40 portfolio isn't working in a long time and younger investors are struggling to keep up with older generations who managed to purchase property early and benefitted from rising asset prices, while also having time in the market on their side.

對60-40投資組合的樂觀情緒很長一段時間都沒有工作，年輕的投資者正在努力跟上那些設法儘早購買房地產並從上漲的資產價格中受益的年長一代，同時也有時間在市場上。

"You have low bond yields, you have asset price bubbles, and people don't really know how the traditional asset allocation model works anymore. The 60-40 portfolio hasn't delivered consistent returns in a long time, and there's a growing sense of uncertainty among investors. Investment managers are reporting that clients are feeling more anxious and burnt out, especially the younger generation who feel like they're starting the game later and have less time to recover if things go wrong.

“您的債券收益率低，資產價格泡沫，人們真的不知道傳統的資產分配模型如何工作。60-40個投資組合在很長一段時間內沒有帶來一致的回報，投資者之間的不確定性越來越不確定性。投資經理之間的不確定性越來越多。投資經理人在越來越焦慮，尤其是年輕的一代人覺得自己更加沮喪，他們會覺得自己更加沮喪，如果他們覺得自己更加不錯，那麼他們就恢復過來了。

"And a lot of this tension is due to a widening gap between the income earned through wages and wealth accumulated through asset ownership. Retail investors are largely locked out of private markets, which are typically accessible only to accredited investors, a dynamic that may be contributing to overheated public markets.

“而且這種緊張局勢大部分是由於通過資產所有權積累的工資和財富收入的收入之間的差距擴大。散戶投資者在很大程度上被鎖定在私人市場之外，通常僅適用於認可的投資者，這種動態可能會導致過熱的公眾市場。

"This tension will only escalate with the rapid advancement of artificial intelligence, which could further deepen existing economic divides. So the question is, which way do we go? Is it ... universal basic income, where we're essentially creating a welfare economy to support those unable to keep jobs or own assets? Or is it what we propose, universal basic ownership, where everybody with a mobile phone can own assets?"

“這種張力只會隨著人工智能的快速發展而升級，這可以進一步加深現有的經濟鴻溝。因此，問題是，我們走哪條路？這是……普遍的基本收入，我們本質上是在這裡創造一種無法保留工作或自己的資產的人，或者我們提出了什麼，我們提出了什麼，我們提出了什麼，我們提出了什麼，每個人都可以擁有一部移動手機的地方？”

In the Solana ecosystem, the "Non-Chief Marketing Officer" (nCMO) is a role within the Solana Foundation that focuses on supporting the Solana community's marketing efforts. It seems that Akshay is focused on highlighting the potential of blockchain technology to help address these shortcomings, saying that Solana could "make everyone an investor or a dreamer over time."

在Solana生態系統中，“非首席營銷官”（NCMO）是Solana基金會中的角色，致力於支持Solana社區的營銷工作。似乎Akshay專注於強調區塊鏈技術的潛力來幫助解決這些缺點，稱Solana可以“隨著時間的流逝，使每個人都成為投資者或夢想家”。

This would involve crypto infrastructure facilitating broader asset ownership, allowing individuals to invest in anything they wish, from energy companies to local coffee shops, through tokenization.

這將涉及加密基礎設施促進更廣泛的資產所有權，使個人能夠投資於他們希望的任何東西，從能源公司到當地咖啡店，直接通過令牌化。

"We can create a world where people can invest in anything they care about, whether it's a solar energy company or a coffee shop down the street. Imagine scanning a QR code on a coffee cup to invest in the local roastery or a restaurant that serves amazing food. This isn't science fiction; we have the technology to do this today.

“我們可以創建一個世界，無論是太陽能公司還是街上的咖啡店，人們都可以投資於他們關心的任何東西。想像一下在咖啡杯上掃描QR碼以投資於當地的烘焙店或提供令人驚嘆的食物的餐廳。這不是科幻小說；我們有技術可以做到這一點。

"We're not limited to investing in large, publicly traded companies. We can invest in anything we choose, and we can do so in small increments that fit our own budgets. This opens up possibilities that weren't available before. People can become owners of the companies and organizations that they use and support daily."

“我們不僅限於投資於大型公開交易的公司。我們可以對我們選擇的任何東西進行投資，而且我們可以以較小的增量來適合自己的預算。這打開了以前沒有的可能性。人們可以成為他們每天使用和支持的公司和組織的所有者。”

According to Akshay, this could help combat the overheating of certain markets, a lofty goal that some sectors of crypto, like RWA tokenization, aim to facilitate. Akshay noted that some entrepreneurs had tried this before, but the available technology didn't support this view.

根據Akshay的說法，這可能有助於與某些市場過熱的鬥爭，這是一個崇高的目標，即Crypto（例如RWA令牌化）的目標是促進。阿克沙伊（Akshay）指出，一些企業家以前曾嘗試過，但是可用的技術不支持這種觀點。

"People have tried to do this before, but the technology wasn't there yet. They envisioned a world of modularity and fluidity, but they couldn't quite achieve it. But now, with the dawn of Web3, we can finally realize these ambitions. It starts with the game, and very quickly becomes interesting, but it's also economically efficient.

“人們以前曾嘗試過這樣做，但是這項技術還不存在。他們設想了一個模塊化和流動性的世界，但是他們無法完全實現。但是現在，隨著Web3的黎明，我們終於可以意識到這些野心。它始於遊戲，很快就變得有趣了，但是它也很有效。

"What it gives you is the ability for you to financialise all the productive assets in an economy, so you can have anybody who participates in that economy be an owner of that economy. It’s efficient in terms of capital allocation because capital flows to the best opportunities, and it creates a more engaged and invested society, where people feel a sense of belonging and contribution."

“它給您的是您能夠使經濟中的所有生產資產財務能力，因此您可以讓任何參與該經濟的人成為這種經濟的所有者。它在資本分配方面是有效的，因為資本流向了最佳機會，並且會創造一個更具參與和投資的社會，在人們的情況下，人們會感到遺產和貢獻。”

According to data from market analytics firm Multpl, the S&P 500's price-to-earnings (P/E) ratio has consistently remained above 19.6 since December 2018, higher than the index's historical average P/E ratio of around 16.1 and suggesting that investors have been willing to pay a premium for earnings in recent years.

根據市場分析公司Multpl的數據，S＆P 500的收入（P/E）比率一直保持在2018年12月以來的19.6以上，高於該指數的歷史平均P/E比率約為16.1左右，並表明投資者近年來願意為收益支付溢價。

Zooming out, the S&P 500's average valuation has been gradually rising for decades, driven by factors such as low interest rates, growing corporate gains, and investor optimism about technology. However, high valuations have also coincided with periods of market corrections, like the dot-com crash and the 2008 financial crisis after the collapse of the subprime mortgage market.

縮小，標準普爾500指數的平均估值數十年來逐漸上升，這是由於低利率，不斷增長的公司收益和對技術的樂觀態度等因素所驅動的。但是，高估值也與市場糾正時期相吻合，例如次級抵押貸款市場崩潰後的互聯網崩潰和2008年的金融危機。