由於美元美元墜毀至三年低點，比特幣高高

這一周開始了一個有趣的音符，美元跌至三年的低點，而華爾街的損失

The week has begun on an interesting note, with the U.S. dollar crashing to three-year lows alongside losses on Wall Street, yet bitcoin (BTC) stands tall despite usually following the sentiment on the stock markets.

這一周已經開始了一個有趣的音符，美元倒流到三年的低點，而在華爾街的損失以及比特幣（BTC）的損失很高，儘管通常遵循股票市場上的情緒。

This could just be the beginning.

這可能只是開始。

The shift away from the USD and toward seizure and censorship-resistant assets like BTC and stablecoins could accelerate if President Donald Trump follows through with his reported plans to fire Federal Reserve Chairman Jerome Powell, which have pushed the DXY and U.S. stock markets lower today.

如果唐納德·特朗普（Donald Trump）總統遵循報導的計劃解僱聯邦儲備主席杰羅姆·鮑威爾（Jerome Powell），那將從美元和持續的資產轉向扣押和抗審查資產，例如BTC和Stablecoins，這將使DXY和美國股市今天降低。

That's the lesson from Turkey, which has seen its currency, the lira (TRY), collapse over the years mainly due to President Recep Tayyip Erdogan's repeated interference in the central bank's operations. The sliding lira has triggered a capital flight into BTC and stablecoins since at least 2020-21.

這是土耳其的教訓，該教訓已經看到了其貨幣，里拉（Try）（Try）多年來倒塌，主要是由於總統雷切普·塔伊普·埃爾多安（Recep Tayyip Erdogan）反复干預中央銀行的業務。滑動里拉至少從2020-21開始引發了向BTC和Stablecoins的資本飛行。

Trump's issues with the Fed

特朗普在美聯儲的問題

Trump has feuded publicly with the Federal Reserve and its chairman, Jerome Powell, for years, criticizing Powell for being too late on rate cuts even during his first term when interest rates were way lower than today.

多年來，特朗普已經與美聯儲及其主席杰羅姆·鮑威爾（Jerome Powell）公開爭執，批評鮑威爾（Powell）即使在第一任期內的利率低於今天的第一任期，鮑威爾（Powell）的削減太晚也太晚了。

However, Trump's criticism has recently reached a fever pitch with reports suggesting he is looking for ways to get rid of Powell, who recently warned of stagflation even as the President reiterated calls for lower borrowing costs while suggesting there is no inflation.

但是，特朗普的批評最近發燒了，報導表明他正在尋找擺脫鮑威爾的方法，後者最近警告說，儘管總統重申了降低借貸費用的呼籲，同時暗示沒有通貨膨脹。

Powell's patient approach follows a trade war-led spike in survey-based measures of inflation expectations, which could always become self-fulfilling.

鮑威爾的患者方法遵循以貿易戰為主導的高峰，這是基於調查的通貨膨脹預期措施，這總是可以變得自我實現。

Still, on Monday, Trump went further, calling Powell a "major loser" and warning that the economy could slow down unless interest rates are immediately lowered.

儘管如此，在周一，特朗​​普進一步走了，稱鮑威爾為“主要失敗者”，並警告說，除非立即降低利率，否則經濟可以放慢速度。

Lesson From Turkey

來自土耳其的教訓

Erdogan began interfering in the central bank's operations in 2019, and since then, the lira has collapsed sevenfold from 5.3 per dollar to 38 per dollar.

埃爾多安（Erdogan）於2019年開始乾預中央銀行的業務，從那時起，里拉（Lira）從每美元5.3倍倒塌到每美元38倍。

It all started with Turkey's inflation rate reaching double digits in 2017. It remained elevated in the subsequent year, which prompted the country's central bank to increase the one-week repo rate from 17.5% to 24% in September 2018.

這一切始於土耳其的通貨膨脹率在2017年達到兩位數。隨後的一年，它仍然升高，這促使該國的中央銀行將一周的存儲率從2018年9月提高到24％。

The move likely didn't go well with Erodgan, who issued the first decree dismissing Central Bank of Turkey (CBT) governor Murat Cetinkaya in July 2019. From then on until the end of 2021, Erdogan issued multiple decrees dismissing and hiring several CBT officials. Amid all this, inflation remained elevated, and the lira continued to depreciate at an alarming rate.

這一舉動可能與埃羅根（Erodgan）交往，埃羅根（Erodgan）於2019年7月發布了第一份駁回土耳其中央銀行（CBT）州長穆拉特·塞替卡亞（Cetinkaya）的法令。從那時起，直到2021年底，埃爾多安（Erdogan）頒布了多個法令，駁回了多個法令，並僱用了幾名CBT官員。在這一切之中，通貨膨脹率仍然升高，里拉繼續以驚人的速度貶值。

"We certainly don't believe in high interest rates. We will pull down inflation and exchange rates with low-rate policy … High rates make the rich richer, the poor poorer. We won't let that happen," Erdogan said.

埃爾多安說：“我們當然不相信高利率。我們會以低利率政策來降低通貨膨脹和匯率……高利率使富人更富有，貧窮的貧困者。我們不會讓這種情況發生。”

As of 2025, Turkey faces an inflation rate of nearly 40%, according to data source TradingEconomics.

根據數據源交易經濟學，截至2025年，土耳其面臨的通貨膨脹率接近40％。

This episode serves as a cautionary tale for Trump, highlighting that tampering with central bank independence — especially in the face of looming inflation — can erode investor confidence and send the domestic currency into a tailspin.

這一集是特朗普的一個警示故事，強調了對中央銀行獨立的篡改（尤其是面對迫在眉睫的通貨膨脹）可以侵蝕投資者的信心，並將本幣送入尾巴。

This does not necessarily mean that the USD will crash exactly like lira but may see significant devaluation.

這並不一定意味著美元將像里拉一樣崩潰，但可能會看到大量貶值。

Perhaps it could prove even more destabilizing for global markets, considering the dollar is a global reserve currency, and the U.S. Treasury market is the bedrock for international finance.

考慮到美元是全球儲備貨幣，也許它可以證明全球市場的穩定，而美國國庫市場是國際金融的基石。

If better sense fails to prevail, U.S. investors may feel incentivized to move away from U.S. assets and into BTC and other alternative investments, just as Turks did.

如果更好的感覺尚未佔上風，美國的投資者可能會激勵從美國資產轉移到BTC和其他替代投資中，就像土耳其人一樣。